On June 4th, according to market sources, Chinese retail group Miniso has hired JPMorgan and UBS to arrange the spin-off and initial public offering (IPO) of its subsidiary TOP TOY in Hong Kong. It was previously reported that the company aimed to raise USD 300 million (approximately CNY 2.16 billion ). Following this news, Miniso's Hong Kong stock surged, with an increase of over 6% at one point.
TOP TOY has significantly contributed to Miniso's strong performance growth. According to Miniso’s Q1 2025 earnings report, as of March 31st, TOP TOY had 280 stores, a net increase of 120 stores year-on-year, and began expanding into international markets in December last year. TOP TOY's brand revenue grew by 58.9%, reaching CNY 339 million , mainly driven by the rapid increase in average store count. Additionally, TOP TOY’s gross margin significantly improved, primarily due to a shift in its product mix towards higher-margin products. Miniso's CFO noted in the earnings report that the company achieved a new record for gross profit this quarter, driven by strong performances from overseas markets and TOP TOY.
Currently, TOP TOY's international expansion is showing positive momentum, with a particular focus on the Southeast Asian market. In August 2024, TOP TOY and Miniso opened a large store in Indonesia, achieving sales of CNY 1.18 million on the first day, setting a global single-store sales record. Furthermore, TOP TOY opened a store-in-store at Miniso's flagship store in Indonesia, attracting significant local consumer attention. In October 2024, it launched its first independent overseas store in Bangkok, Thailand. In March 2025, TOP TOY officially announced the launch of its "Chinese Trendy Toys Riding The Global Wave" strategic upgrade plan, revealing plans to cover 100 key global markets over the next five years, opening more than 1,000 stores, and establishing the "Chinese Trendy Toys Export Alliance" with industry stakeholders.
TOP TOY, founded in December 2020, is Miniso's core business and has developed into a trendy toy platform offering a wide range of products, including blind boxes, building blocks, and figurines.