(Bloomberg) -- Miniso Group Holding Ltd., the US-listed Chinese household consumer goods retailer, has won the Hong Kong stock exchange’s approval for its planned dual primary listing in the city, people with knowledge of the matter said.
The company received the green light following a hearing Thursday with the Hong Kong bourse’s listing committee, according to the people, who asked not to be identified because the information is private. It is considering raising as much as $100 million in the share sale, one of the people said.
The affordable goods seller plans to start gauging investor demand for the offering as soon as next week, the people said. It is joining a slew of companies that are rushing to launch first-time share sales before the June 30 deadline.
Deliberations are ongoing and details such as the fundraising amount and timing could still change, the people said. A representative for Miniso didn’t immediately respond to a request for comment.
Miniso raised about $656 million in its US IPO in October 2020. Its shares have fallen about 23% in New York this year, giving it a market value of about $2.4 billion.
As escalating tensions between Beijing and Washington threaten Chinese companies’ access to US capital markets, some of them are seeking a foothold back home as a hedge against delisting risks. Under a bill passed in the US, Chinese companies could be kicked off exchanges there if regulators aren’t allowed to review their audits.
Bank of America Corp., Haitong Securities Co. and UBS Group AG are joint sponsors of the listing, according to a preliminary prospectus.
©2022 Bloomberg L.P.
Advertisement