Hong Kong, June 6, 2025 — MINISO Group Holding Limited (9896.HK) has issued a voluntary announcement clarifying recent media reports suggesting that it is considering a separate listing of its toy business, operated under the brand TOP TOY.
The company said it is conducting a preliminary assessment on the feasibility of spinning off TOP TOY for a potential listing, with the goal of optimizing shareholder value. MINISO emphasized that the plan remains in its early stages and may not proceed, as it will depend on market conditions and other external factors.
TOP TOY, launched by MINISO in late 2020, has rapidly gained popularity in the designer toy and pop culture space in China, competing with the likes of Pop Mart. The brand has become a major driver of MINISO’s youth market appeal, offering collectible toys, blind boxes, and IP collaborations.
While MINISO has not disclosed details such as the listing venue or valuation, industry watchers speculate that Hong Kong’s stock exchange is a likely destination, given MINISO’s existing dual listing in Hong Kong and New York.
Investors are advised to stay cautious. “The proposed plan is preliminary in nature and may or may not proceed,” the company stated in the filing.
MINISO was founded by Ye Guofu, who also chairs the board. The company has expanded rapidly since its inception, with over 5,000 stores globally and a growing product portfolio targeting Gen Z and millennial shoppers.
