Miniso Prepares for Top Toy’s Hong Kong IPO

Miniso Group Holding Ltd. is making strategic moves to spin off its toy brand, Top Toy, for a separate listing in Hong Kong. The company has reportedly hired JPMorgan Chase & Co. and UBS Group AGto assist with the initial public offering (IPO), signaling its intent to expand its presence in the booming collectible toy market.

Top Toy’s Growth and Market Position

Launched in late 2020, Top Toy has rapidly expanded, growing from nine stores in five Chinese cities to 280 locationsby early 2025. The brand specializes in licensed collectibles, partnering with global franchises like Disney and Sanrio, rather than developing original characters. This approach has helped Top Toy achieve strong profitability, with 50% year-over-year growth and RMB 983.5 million in sales in its first full year.

Hong Kong’s IPO Landscape for Toy Companies

Top Toy’s IPO follows a trend of Chinese toymakers listing in Hong Kong, including Bloks (0325.HK) and 52Toys, which have capitalized on the rising popularity of collectible toys. The blind box strategy, pioneered by brands like Pop Mart, has transformed toy collecting into a social experience, driving sustained consumer engagement.

Miniso’s decision to spin off Top Toy reflects the growing demand for collectible toys, particularly among Gen Z and young urban consumers, who now account for over 60% of China’s collectible toy market.

Investment and Future Prospects

Ahead of the IPO, Miniso is reportedly seeking investments from sovereign wealth funds to strengthen Top Toy’s market position. The company’s focus on licensed IP collectibles offers a distinct investment profile, compared to competitors like Pop Mart, which rely on self-developed characters.

With the collectible toy market projected to reach RMB 110.1 billion ($15.2 billion) by 2026, Top Toy’s IPO could be a significant milestone in the industry’s evolution.