(Yicai Global) June 28 -- Miniso Group Holding, a Tencent-backed budget retailer of lifestyle and household goods, has secured approval for a dual primary listing of shares in Hong Kong.

Miniso has passed the Hong Kong Stock Exchange’s listing hearing, the bourse said yesterday. Bank of America Securities, Haitong International Securities Group, and UBS Securities are the joint sponsors.

A dual primary listing refers to the listing of a company’s shares on two different bourses, giving access to additional capital and greater liquidity. Miniso debuted on the New York Stock Exchange in October 2020.

The Guangzhou-based firm will use the proceeds of the Hong Kong share sale to expand and upgrade its store network, improve its supply chain, develop products, promote and cultivate brands, supplement capital, invest in operations, and for other purposes, according to its listing prospectus.

Miniso had over 5,000 outlets at the end of last year, 3,168 of which were in China, and 99.3 percent were franchises. About 1,900 outlets are overseas, 80 percent of which are agency stores. The company had expanded to about 100 countries and regions.

Miniso’s New York-listed stock [NYSE: MNSO] closed up 0.2 percent at USD8.79 yesterday. It has fallen 75 percent from a record high of USD34.77 in February 2021.

The company had gross merchandise volume of CNY18 billion (USD2.7 billion) last year, the prospectus noted, citing a report from consultancy Frost & Sullivan.

Its revenue rose 5 percent from a year earlier to CNY2.3 billion (USD343 million) in the third quarter of the fiscal year ended March 31, according to its latest financial report. Non-IFRS adjusted net profit was CNY110 million (USD16.4million), down 25.5 percent in the period.

Founder and Chairman Ye Guofu and his wife own 64.4 percent of the company, and have 76.8 percent of the voting rights. Tencent and Hillhouse Capital Management have a 5.4 percent stake, while Executive Director Li Minxin has 4.6 percent.

Editor: Futura Costaglione