Chinese budget retailer Miniso plans to spin off its Top Toy brand and pursue a listing on the Hong Kong Stock Exchange (HKEX), Reuters has reported.  

The decision follows increasing investor interest in Chinese toy manufacturers. 

The new entity, Top Toy, will remain a part of the Guangzhou-based Miniso group but will operate as an independent brand.

The company produces collectible toys based on popular culture. In June 2025, the company announced it was considering a spin-off. 

Top Toy, which launched in late 2020 with nine stores in five cities in China, has expanded to 293 locations by June 2023.  

The decision to list Top Toy comes after the expansion of Pop Mart International, another Chinese toymaker known for its Labubu dolls. 

Top Toy's operational and financial clarity would be enhanced by the spin-off and subsequent public offering.

Forming an independent company would make Top Toy more attractive to potential investors. 

The IPO for Top Toy will be coordinated by UBS, JP Morgan and CLSA. 

Miniso had already completed a secondary stock offering in Hong Kong in July 2022, raising $72m amid concerns of potential delisting.  

A flagship store was opened in Hong Kong in January 2024. 

In early 2024, Miniso raised $550m via a debt instrument to support its international expansion and share buy-back plans.  

This was done through equity-linked securities set to mature in January 2032, according to a filing with HKEX.

In October 2024, Miniso’ top executives told the South China Morning Post that  Miniso's long-term vision includes establishing a global chain of 40,000 stores, focusing on "interest-driven" consumption with products linked to popular entertainment franchises.  

The company has formed 150 partnerships with brands such as Harry Potter and Barbie.  

Miniso identifies growth opportunities in the US and Europe due to higher consumer spending on franchise-related items compared to China.