Variety store chain Miniso Co. Ltd. is considering an IPO in the U.S. instead of Hong Kong and is aiming to raise $500 million to $1 billion in the planned move, The Standard of Hong Kong reported, citing reports in mainland China.

Miniso, which was co-founded by Japanese designer Miyake Junya and Chinese entrepreneur Ye Guofu in Tokyo, now operates in more than 80 countries and regions through its company-owned stores, as well as those operated by franchisees.

The retailer's investors include Japan's Tencent Holdings Ltd., Mexico's Grupo Sanborns SAV de CV and Hong Kong's Hillhouse Capital Management Ltd.

In June 2019 Bloomberg News reported that Miniso planned to raise up to $1 billion in its planned listing in the U.S.

Miniso started preparing for its stock market listing in January 2018. The company has yet to provide an update.