Muji wannabe's $1 bln IPO tests power of mimicry

RYOHIN KEIKAKU

05/07/2019 02:53

(The author is a Reuters Breakingviews columnist.  The opinions
expressed are her own.)
    By Sharon Lam
    HONG KONG, July 5 (Reuters Breakingviews) - Miniso, brash
Chinese rival of the minimalist chain, is considering a listing.
The Tencent-backed seller of toys and gadgets cultivates a
Japanese feel. The challenge will be to convince investors that
its valuation belongs with slick Tokyo peers, not pile-em-high
100-yen shops.
    Full view will be published shortly.
    On Twitter https://twitter.com/sharonlamhk
    
    CONTEXT NEWS
    - Chinese budget household and consumer goods retailer
Miniso is seeking an initial public offering that could raise
around $1 billion, Bloomberg reported on June 25, citing
sources. Refinitiv publication IFR reported on June 25, citing
people with knowledge of the matter, that Miniso was considering
raising $500 million with an IPO. The company has not commented.
    - Tencent and Hillhouse Capital invested 1 billion yuan
($146 million) in 2018. The company also said it aims to enter
100 countries and regions by 2022, with an annual revenue of 100
billion yuan and 10,000 stores worldwide.
    - The market for “variety stores” in the Asia Pacific region
was worth $38 billion in 2018, according to Euromonitor
International. 
    - SIGN UP FOR BREAKINGVIEWS EMAIL ALERTS: http://bit.ly/BVsubscribe

    <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Press release    https://www.prnewswire.com/news-releases/miniso-held-annual-meeting-that-summarized-2018s-performance-rmb-17-billion-in-revenue-and-entered-79-countries-and-regions-300781816.html
Bloomberg story    https://www.bloomberg.com/news/articles/2019-06-25/muji-competitor-miniso-is-said-to-plan-1-billion-ipo
    ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
 (Editing by Clara Ferreira Marques and Katrina Hamlin)
 ((sharon.lam@thomsonreuters.com; Reuters Messaging:
sharon.lam.thomsonreuters.com@reuters.net))