Five firms steer MINISO’s dual-primary listing in Hong Kong

Five firms steer MINISO’s dual-primary listing in Hong Kong

Global retailer MINISO Group has achieved its dual-primary listing on the Hong Kong bourse, raising HKD567 million (USD72.2 million). Five law firms assisted in the listing.

Skadden acted as Hong Kong and US counsel, led by Shanghai-based partner Li Haiping and Hong Kong-based partner Paloma Wang, with Asia-Pacific counsel Martina To, and associates Zheng Xu, Tracy Lee, Charles Shi and Karen Chan.

JunHe acted as PRC counsel while Maples group acted as Cayman Islands counsel.

For the joint sponsors Merrill Lynch, Haitong International Capital and UBS Securities Hong Kong, Zhong Lun Law Firm advised on PRC law and Sidley Austin advised on Hong Kong and US laws.

Sidley Austin’s team was led by partners Ding Meng, Steven Hsu and Claudia Yu, who were assisted by counsels Damien Yeow and Eva Tsui, senior managing associate Xu Liming, registered foreign lawyer Dennis Chan, legal manager Gilbert Han, associates Melinda Li and Chen Junlang. Senior legal assistants Chen Lang, Song Jiangyuan, Tana Tian, Lorraine Wang and Alice Xu also assisted.

MINISO has received several rounds of financing from Hillhouse and Tencent.

In 2021, the aggregate gross merchandise value of MINISO reached approximately RMB18 billion, making it the largest global retailer of lifestyle products according to a Frost & Sullivan Report.

Although more than half of MINISO’s stores were in China, the company’s China revenue had increased 11% to RMB5.9 billion in the nine months to March 31, compared with a nearly 50% overseas surge to RMB1.86 billion, according to MINISO’s fiscal statement..