(Yicai Global) April 1 -- Miniso Group Holding, a Chinese discount retailer of lifestyle and household goods backed by Tencent Holdings, has filed for a secondary listing of shares in Hong Kong.

Bank of America Securities, Haitong International Securities Group, and United Bank of Switzerland will be the joint sponsors, the Guangzhou-based company said in a filing to the Hong Kong Stock Exchange yesterday.

Miniso did not disclose the amount to be raised, but said the proceeds will be used to expand and upgrade its store network, improve the supply chain, develop products, promote and cultivate the brand, and for general expenses.

The retailer, which went public in New York in October 2020, follows compatriots such as e-commerce giants Alibaba Group Holding and JD.Com, artificial intelligence software firm SenseTime Group, and electric carmakers Li Auto and Xpeng Motors in seeking a dual primary listing in Hong Kong. Expectations are that more US-listed Chinese firms will seek to do the same.

Miniso’s shares [NYSE: MNSO] closed 3.6 percent down at USD7.80 in New York yesterday, giving it a market capitalization of USD2.35 billion.

Founded in 2009, Miniso mainly produces, markets, and sells accessories, cosmetics, make-up tools, and gifts. It also owns Top Toy, a blind box series, figurine, and toy brand.

Net profit at the company soared more than fivefold to CNY1.4 billion (USD220.5 million) in the fiscal year ended June 30, 2021, with revenue of CNY9.1 billion (USD1.4 billion). In the six months ended Dec. 31, net profit was CNY338.6 million (USD53.3 million) on revenue of CNY5.4 billion.

For the quarter ended March 31, Miniso has forecast revenue of between CNY2.4 billion and CNY2.7 billion, up 7.7 percent to 21.1 percent from the same period a year ago.

The firm had 3,168 stores in China and 1,877 overseas as of Dec. 31. Top Toy’s offline outlets totaled 89. Miniso and Top Toy had more than 3.4 million and 1.5 million annual active members, respectively, at the end of last year.

Founder and Chief Executive Officer Ye Guofu and his wife own 72.1 percent of the company, Hillhouse HK and Tencent have a 5.4 percent stake.

Editor: Futura Costaglione