(Yicai Global) Oct. 29 -- Chinese discount retailer Miniso Group is looking to take back a carcinogenic nail polish from the market, paying buyers 10 times the original price of the product.

Moreover, Miniso's founder and Chief Executive Ye Guofu will set up a CNY100 million (USD14.9 million) quality assurance fund by using his personal wealth, the Guangzhou-based firm, which went public earlier this month, said at a press conference yesterday.

In September, Shanghai's Food and Drug Administration revealed that a nail polish product of the retailer of Japanese-inspired goods contains an excessive amount of trichloromethane.

Miniso's stock price [NYSE: MNSO] fell 0.2 percent to USD19 yesterday. It priced its shares at USD20 in its initial public offering on Oct. 16.

Editor: Emmi Laine