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July 15, Beijing (TMTPost) – Lifestyle and home items retailer MINISO officially launched its secondary listing at Hong Kong Stock Exchange on Wednesday, issuing 41.1 million shares at the price of HK$13.80 per share.

BofA Securities, Haitong International and UBS Securities are the joint sponsors of the secondary listing.

MINISO’s board chair and CEO Ye Guofu said at the listing ceremony that the secondary listing is another important milestone for MINISO. “We are now on a more stable platform and a higher starting point,” Ye said. Although Ye had high hopes for MINISO’s public listing, the company failed to capture good responses from the capital market. On the listing day, MINISO’s share price continued to drop and closed at HK$13.38, falling by 3.04% when compared with the listing offering.

Established in 2013, MINISO is a Chinese low-cost retailer and variety store chain that specializes in household and consumer goods including cosmetics, stationery, toys, and kitchenware. The company is headquartered in Guangzhou, Guangdong under their Chinese holding company Aiyaya.

MINISO went public on New York Stock Exchange in October 2020. According to the reports released by business consulting firm Frost & Sullivan in 2020 and 2022, MINISO is now the biggest lifestyle and home goods retailer in the world. In 2021, MINISO’s gross merchandise volume was around 18 billion yuan.

MINISO has scaled up but has been suffering with profit growth in recent years. The company’s prospectus shows that between 2019 and 2021, MINISO’s revenues were 9.395 billion yuan, 8.979 billion yuan and 9.072 billion yuan respectively. However, loss was 294 million yuan, 260 million yuan and 1.429 billion yuan. The company lost nearly two billion yuan in the past three years. However, the company’s profitability appears to improve in 2022. In Q1-Q3, the company’s net profit was 430 million yuan.