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NYSE-listed Chinese low-cost retailer Miniso targets US$116 million in secondary Hong Kong float
- The maximum offer price represents a 29.2 per cent premium on the closing price of its American depository shares on Tuesday
- Trading under the stock code 9896 is slated to start on July 13
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Miniso, the Chinese low-cost retailer listed in New York, is selling 41.1 million shares at a maximum of HK$22.1 each in a secondary Hong Kong listing, which will allow it to raise HK$908.3 million (US$115.7 million), as more US-listed Chinese issuers seek listings closer to home.
The maximum offer price represents a 29.2 per cent premium on the US$8.72 closing price of its American depository shares (ADSs) on Tuesday, according to a term sheet seen by the Post. Bank of America, Haitong International and UBS, the listing sponsors, were not immediately available for comment.
Miniso raised US$608 million from an initial public offering on the New York Stock Exchange in October 2020. It is among the latest US-listed Chinese companies that have sought a secondary listing outside America, amid the looming risk of Chinese issuers being kicked out of American capital markets through delistings.
Others that will complete secondary Hong Kong listings in July include Tuya, an internet-of-things cloud development platform that raised HK$141 million, and OneConnect Financial Technology, the technology services unit of Ping An Insurance (Group), which will list by way of introduction and therefore not raise any capital.
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Miniso’s listing has an overallotment option to sell up to 6.17 million more shares if there is strong demand. Each ADS represents four ordinary shares to be listed in Hong Kong, and the two are fully fungible.
The Guangzhou-based company will start its public offering on Thursday and end it next Wednesday. Trading under the stock code 9896 is slated to start on July 13.
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