BUSINESS Miniso to make NYSE debut

BUSINESS

Miniso to make NYSE debut

China Daily

14:24, September 24, 2020

A Miniso retail store in Shenzhen, South China's Guangdong province, on July 12, 2019. (Photo: Sipa)

Miniso Group Holding, a leading discount retailer in China, filed for an initial public offering on Thursday to raise up to $100 million on the US stock market.

The company plans to list on the New York Stock Exchange under the ticker symbol "MNSO", with major outside shareholders HH SPR-XIV Holdings Limited and Tencent Holding Ltd, which own 5.4 percent of stock share each.

Goldman Sachs and BofA Securities are the joint bookrunners on the deal, according to its latest prospectus filed today.

Founded in 2013 in South China's Guangzhou, the company generated annual revenue of 8.98 billion yuan ($1.27 billion) for a fiscal year ending June 30, 2020, with gross profit hitting 2.73 billion yuan.

In 2019, Miniso's gross merchandise volume reached 19 billion yuan, making it the largest global branded variety retailer of lifestyle products, according to Frost $ Sullivan, a world research and consulting firm.

Selling home decor, small electronics, accessories and cosmetics, Miniso has more than 4,200 stores across the globe as of June 30, including 129 it operates directly, around 2,500 in China and 1,680 overseas.

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