The Hong Kong stock exchange has approved the dual primary listing of Miniso Group Holding in the city.
People who asked not to be identified because the information is private said the company got the green light after a hearing. One of the people said it was considering raising as much as 100 million dollars.
As soon as next week, the affordable goods seller will begin to gauge investor demand for the offering. Many companies are rushing to launch first-time share sales before the June 30th deadline.
The people said that the fundraise amount and timing could still change. A representative for Miniso didn't reply immediately.
Miniso went public in the US in October of 2020. The company's shares have fallen in New York this year, giving it a market value of over two billion dollars.
Some Chinese companies are trying to get a foothold in their home country as a hedge against delisting from the US. If regulators aren't allowed to review audits, Chinese companies could be kicked off exchanges in the US
The listing is being sponsored by Bank of America Corp., Haitong Securities Co. and UBS Group AG.
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