Chinese budget retailer Miniso plans to spin off its Top Toy brand and list it in Hong Kong, riding a wave of investor enthusiasm for Chinese toymakers and highlighting the city’s renewed status as a global fundraising hotspot, reports the South China Morning Post. The business, which will remain a subsidiary of Guangzhou-based Miniso post spin-off, focuses on pop culture-inspired collectible toys. Hong Kong-listed Miniso had said in June it was assessing a potential spin-off of Top Toy, signalling growing confidence in the brand’s stand-alone appeal.
Launched in late 2020 with just nine stores across five Chinese cities, Top Toy has since expanded to 293 locations as of June, including a push into international markets since the December quarter of 2024.
Top Toy’s listing comes in the wake of the massive rise of Chinese toymaker Pop Mart International, whose ugly-cute Labubu dolls have become popular across the world.