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Miniso prices Hong Kong listing at HK$13.8 per share, raising a less-than-expected US$72 million after its US shares fell
- Miniso set its Hong Kong IPO price at HK$13.8 each, a 9-per cent discount to the Wednesday close of its New York-traded stock
- The Guangzhou-based retailer will issue 41.1 million shares to retailers, which will start trading in Hong Kong on July 13 under the stock code 9896
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Miniso will raise a lower-than-expected HK$567 million (US$72 million) from its secondary stock offer in Hong Kong, after an 11-per cent slump in the low-cost retailer’s stock price in New York.
The Guangzhou-based company will sell its shares to retail investors at HK$13.8 each, 37 per cent less than the HK$22.1 initially sought by Miniso and 9 per cent discount to its American depositary receipts (ADRs) after they fell 11 per cent last week to US$7.78 in New York.
Miniso will issue 41.1 million shares to investors, which will start trading in Hong Kong on July 13 under the stock code 9896, according to a statement to the city’s stock exchange. The shares are fully fungible with Miniso’s ADRs, with each depositary receipt exchangeable for four Hong Kong-listed shares.
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An overallotment option exists, allowing Miniso to sell another 6.2 million more shares if there is strong demand.
Miniso is the latest New York-listed Chinese company to seek secondary listings outside the United States amid rising concerns of being expelled from Wall Street. US lawmakers have been beating a steady drum roll since the Trump administration to expel US-listed Chinese companies, citing everything from supposed links to the People’s Liberation Army to a festering dispute over auditing oversight.
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