The Chinese company\u2019s stocks opened at $24.40 and capped the day with shares up nearly 12% at $22.33 apiece.<\/p>\n
Miniso is just one among many Chinese companies braving to conduct IPOs in the United States despite ongoing trade tensions between the US and China.<\/p>\n
The US stock markets remain an attractive place for IPOs for many Chinese companies amid tensions in trade and technology including Miniso\u2019s backer Tencent which saw its WeChat application banned by the US government last month.<\/p>\n
Chinese technology giant Tencent<\/a> owns a significant stake in Miniso but the majority of the shares are owned by company founder Ye Guofu, who currently owns an 80% stake in the retail company.<\/p>\n Ye Guofu is also set to become a billionaire following Thursday\u2019s Wall Street listing with a net worth of about $4 billion. He will also own 65% of Miniso following the IPO.<\/p>\n In an interview<\/a> by the Associated Press, Ye said they chose to conduct an IPO in the US instead of Hong Kong\u2019s stock exchange or Shanghai\u2019s STAR Market because many global companies have continued to be listed on Wall Street.<\/p>\n As Miniso aims to expand its market globally, Ye said it is only apt for them to set their sights not only in Asia but in other regions as well.<\/p>\n The Chinese consumer goods retailer, whose fierce competitor include Japan\u2019s Muji, Daiso, and Uniqlo, has been selling consumer and household products like stationery, cosmetics, snacks, fragrances, accessories, household supplies, and small consumer electronics.<\/p>\n Since Ye founded the company, it has expanded to over 80 countries in Asia, Europe, Oceania, Africa, North America, and South America with over 4,200 stores worldwide with a Gross Market Value of 19 billion yuan ($2.8 billion). There are currently 2,500 Miniso stores in China and over 1,680 stores in other countries and regions.<\/p>\n Since it was founded in 2013, the company which is patterned after Japanese brick-and-mortar novelties stores have reported revenue amounting to $1.3 billion ending June 30.<\/p>\n Miniso has also collaborated with world-famous brands including Coca-Cola, Marvel, Hello Kitty, Sesame Street, Mickey and Minnie, Pink Panther, We Bare Bears, and Beijing\u2019s Palace Museum.<\/p>\n In their registration statement<\/a> at the US Securities and Exchange Commission, Miniso disclosed their financial report which showed revenue decreasing by 4.4% from 9.3 billion Yuan ending June 30. Gross profit, however, increased by 8.8 percent to $386.8 million.<\/p>\n The decline in earnings in the first half of the year is mostly blamed on the coronavirus pandemic which saw many of Miniso\u2019s stores closed due to lockdowns.<\/p>\n However, Ye remains optimistic the retail market will pick up by the end of the year as stores reopen. Miniso also plans to use the IPO proceeds to expand its logistics network and open new stores.<\/p>\nMiniso to expand with more stores<\/h2>\n
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