Chinese budget retailer Miniso plans to spin off its Top Toy brand and pursue a listing on the Hong Kong Stock Exchange (HKEX), Reuters has reported. The decision follows increasing investor interest in Chinese toy manufacturers. The new entity, Top Toy, will remain a part of the Guangzhou-based Miniso group but will operate as an independent brand. The company produces collectible toys based on popular culture. In June 2025, the company announced it was considering a spin-off. Top Toy, which launched ...