Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

HK Type 4 license through Ballingal Investment Advisors Ltd. 

I'm a highly experienced sell-side analyst with in excess of 22 years of covering Asia Pacific equities, the past 19 years immersed in event strategies encompassing M&A risk arbitrage, directional long/short, stub trades and restructuring.  

My background also includes accountancy (liquidation/bankruptcy/receivership) earlier in my career and as a chief financial officer of a global commodity company based in the US and Mexico.

Pan-Asia Catalysts/Events

Miniso (9896 HK)'s TOP TOY Angling For Labubu Mojo

Quiddity Advisors

Event-Driven

<ul>
<li>Three months ago, local media reported that Chinese lifestyle retailer <a href="https://www.smartkarma.com/entities/miniso-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:36659:1" rel="noopener">MINISO Group Holding (9896 HK)</a> was considering spinning off its collectible toy unit TOP TOY on the Hong Kong exchange. </li>
<li>Reportedly, MINISO could raise ~US$300mn from an IPO. MINISO has now <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0606/2025060600787.pdf" target="_blank" rel="noopener">confirmed</a> that a spin-off is being contemplated; although a proposal is only at a preliminary stage. </li>
<li>TOP TOY has been a growth engine. But its contribution to the group is still ~6%. Applying a holding company discount, post spin-off, MINISO's upside appears limited.</li>
</ul>


Three months ago, local media reported that Chinese lifestyle retailer MINISO Group Holding (9896 HK) was considering spinning off its collectible toy unit TOP TOY on the Hong Kong exchange. 
Reportedly, MINISO could raise ~US$300mn from an IPO. MINISO has now confirmed that a spin-off is being contemplated; although a proposal is only at a preliminary stage. 
TOP TOY has been a growth engine. But its contribution to the group is still ~6%. Applying a holding company discount, post spin-off, MINISO's upside appears limited.


MINISO (9896 HK)'s (Possible) TOP TOY Spin-Off Is Priced In