Miniso Is Said to Hire JPMorgan, UBS for Top Toy’s Hong Kong IPO

Miniso Group Holding Ltd. has hired JPMorgan Chase & Co. and UBS Group AG for the planned initial public offering of unit Top Toy in Hong Kong, according to people familiar with the development.

Miniso is also looking to bring fresh investment into Top Toy from potential backers such as sovereign wealth funds before the share sale, the people said, asking not to be identified discussing a private matter.

Bloomberg News reported in March that Guangzhou-based Miniso was considering spinning off and listing Top Toy, a move that would follow the staggering rise of Chinese toymaker Pop Mart International Group ...