New York-listed Chinese retailer Miniso files Hong Kong listing application
- Miniso Group Holding submitted its application to Hong Kong stock exchange late on Thursday evening
- Miniso had raised US$608 million from its NYSE IPO in October 2020
Miniso Group Holding, the New York-listed Chinese household and consumer goods retailer, is planning a second listing in Hong Kong, joining an increasing number of US-listed mainland companies seeking a listing closer to home.
The retailer submitted its application to Hong Kong stock exchange on Thursday, according to the bourse’s website.
The Guangzhou-based company is following in the footsteps of electric-vehicle makers Li Auto and Xpeng in seeking a dual primary listing in Hong Kong to hedge against the risk of being delisted from US exchanges. Legislation introduced by the Trump administration in 2020 seeks to delist Chinese companies that fail to pass US audit reviews for three consecutive years, and the Biden administration is not letting up.
Miniso raised US$608 million from its IPO on the New York Stock Exchange in October 2020. The company’s shares, however, have fallen more than 66 per cent since listing and were trading at US$7.88 on Thursday.
Miniso’s revenue increased by 24.2 per cent to 5.42 billion yuan (US$853.5 million) for the six months ended December 2021, while adjusted net profit rose 114 per cent to 398.6 million yuan, according to its listing application.