This article only represents the author's own views.

When entrepreneur Ye Guofu founded his chain of Miniso (9896.HK, MNSO.US) novelty stores in 2013, he took his inspiration from two Japanese retailers, discount chain Daiso, and fast fashion retailer Uniqlo. Miniso became a global giant by pursuing a strategy combining affordability, wide variety and Japanese-style ‘cuteness’ or kawaii aesthetics. Using that formula, he built Miniso into a network of 4,305 domestic and 3,307 overseas stores at the end of June, long ago passing Uniqlo’s 2,500 stores.

Now, Miniso is moving out of the spotlight to make way for its younger offspring, Top Toy International Group Ltd., which filed for a Hong Kong listing late last month, aiming to cash in on the growing global craze for trendy collectible toys.