(Reuters) -Miniso Group ( MNSO ) said on Friday it was making a preliminary assessment of a potential spin-off listing of its pop toy business operating under the brand, "TOP TOY".

The plan is preliminary, with no assurance of the timing, listing venue or other details, the lifestyle products retailer said in a statement.

Miniso ( MNSO ) has hired JPMorgan Chase & Co. and UBS Group AG for a planned initial public offering of the unit, TOP TOY, in Hong Kong, Bloomberg reported on Wednesday, citing sources.

The TOP TOY brand saw a 58.9% rise in its March quarter revenue and an increase of 120 net new stores from a year before.