Budget retailer Miniso weighing Hong Kong listing next year

[HONG KONG] Miniso Group Holding, a Chinese budget household and consumer goods retailer whose stock is already traded in New York, is considering a second listing in Hong Kong next year, people with knowledge of the matter said.

The firm is working with Bank of America (BofA) and UBS Group on the proposed share sale, the sources said, asking not to be identified as the information is private. Miniso could raise a few hundred million dollars in Hong Kong, they said. Deliberations are at an early stage, and details such as fundraising size and timing could change, the sources said.

Representatives for Miniso and BofA declined to comment. UBS did not immediately respond to requests for comment.

The discount store operator is looking to join a slew of US-traded Chinese firms such as Baidu, Xpeng and Weibo in conducting so-called homecoming listings.

As Sino-US tensions simmer and threaten to block Chinese companies' access to the US capital markets, some of them are seeking a foothold back home as a hedge against risks. Under a bill passed in the US, Chinese companies could be kicked out of exchanges there if American regulators are not allowed to review their audits.

Established in China in 2013, Miniso now runs more than 4,200 stores in over 80 countries and regions, including in the UK, Canada, Australia, Mexico and Singapore. It raised US$608 million in its New York Stock Exchange listing in October last year.

BLOOMBERG