China's Pop Toy Market Is No Child's Play: Miniso Spinoff Top Toy Files For Hong Kong Listing
1. Top Toy, a Miniso spinoff, has filed for a Hong Kong IPO. 2. Miniso aims to leverage its 7,000 global stores for Top Toy's success. 3. Top Toy's valuation is $1.3 billion, trailing larger competitor Pop Mart. 4. Sales mostly from licensed IPs, with Miniso as a key distributor. 5. Market reaction to Top Toy's IPO plans has been subdued.