Miniso announces public listing on HKSE

Chinese budget chain retailer Miniso Group Holding Ltd announced its public listing on the Hong Kong Stock Exchange on Wednesday in Guangzhou, capital of Guangdong province, with a listing price set at HK$13.80 ($1.76) per share.

The net amount of funds raised in the listing, which is worth about HK$480 million, will be used according to the company's development strategy, including store expansion plans for domestic and overseas markets, improving supply chain management, digital retail and product development capabilities, brand promotion and new brand incubation, the company said.

According to the listing announcement, 41.1 million shares will be sold worldwide, with 4.11 million shares in Hong Kong and 36.99 million shares in the international market.

Since its listing in the New York Stock Exchange in October 2020, Miniso has released financial results for 15 quarters, achieving profits in all periods consecutively.

By the end of 2021, the company had opened more than 5,000 outlets across about 100 countries and regions, of which over 3,100 in the Chinese mainland.

The proportion of the company's overseas revenue has increased to 24.7 percent in the six months ending on December 2021, showing its strong ability to resist risks brought about by the global COVID-19 pandemic.

"We will unswervingly accelerate the process of globalization in the future," said Ye Guofu, founder and CEO of Miniso.

Miniso will bring more low-budget household products for global consumers, according to Ye.