MINISO Announces Extraordinary General Meeting on January 17, 2025

Rhea-AI Summary

MINISO Group (NYSE: MNSO; HKEX: 9896) has announced an extraordinary general meeting (EGM) scheduled for January 17, 2025, in Hong Kong. The meeting's primary purpose is to seek shareholder approval for the proposed acquisition of a 29.4% stake in Yonghui Superstores Co., The acquisition agreement was previously announced in September 2024 through MINISO's PRC subsidiary. Shareholders of record as of December 6, 2024, are eligible to vote at the EGM, with specific voting instructions provided for ADS holders through The Bank of New York Mellon.

Positive

• Strategic acquisition of 29.4% stake in Yonghui Superstores, expanding market presence
• Clear corporate action towards business expansion through M&A

Negative

• None.

Insights

Financial Analyst

The upcoming EGM for MINISO's proposed acquisition of a 29.4% stake in Yonghui Superstores represents a significant strategic move. This investment would mark MINISO's entry into the supermarket sector, diversifying beyond its core lifestyle retail business. Yonghui is a major player in China's grocery retail space, operating over 800 stores nationwide.

The deal's structure through a PRC subsidiary suggests careful consideration of regulatory compliance. While the exact transaction value hasn't been disclosed, this substantial minority stake could provide MINISO with significant influence over Yonghui's operations and potential synergies in supply chain and retail operations.

For investors, this move signals MINISO's ambition to expand its retail footprint and could create new revenue streams, though integration risks and capital allocation concerns should be carefully evaluated.

GUANGZHOU, China, Nov. 22, 2024 /PRNewswire/ -- MINISO Group Holding Limited (NYSE: MNSO; HKEX: 9896) ("MINISO", "MINISO Group" or the "Company"), a global value retailer offering a variety of trendy lifestyle products featuring IP design, today announced that it will hold an extraordinary general meeting of the Company's shareholders (the "EGM") at 11:00 a.m. Beijing time on January 17, 2025 at Flats B-D, 35/F, Plaza 88, 88 Yeung Uk Road, Tsuen Wan, the New Territories, Hong Kong, for the purposes of considering and, if thought fit, approving the proposed acquisition of shares of Yonghui Superstores Co., Ltd ("Yonghui"). As previously announced, in September 2024, a wholly owned PRC subsidiary of the Company entered into share purchase agreements with certain existing shareholders of Yonghui to acquire an aggregate of 29.4% of the issued and outstanding shares of Yonghui.

Holders of record of ordinary shares of the Company at the close of business on December 6, 2024, Hong Kong time, are entitled to notice of and to attend and vote at the EGM or any adjournment or postponement thereof. Holders of record of ADSs as of the close of business on December 6, 2024, New York time, who wish to exercise their voting rights for the underlying ordinary shares must give voting instructions directly to The Bank of New York Mellon, the depositary of the ADSs, if ADSs are held on the books and records of The Bank of New York Mellon, or indirectly through a bank, brokerage or other securities intermediary if the ADSs are held by any of them on behalf of holders, as the case may be.

Each of the proposed resolutions to be considered at the EGM is set forth in the notice of the EGM. The EGM notice and circular, the ballot, the form of proxy and other documents for the EGM are available on the Company's website at https://ir.miniso.com.

SHAREHOLDERS AND ADS HOLDERS ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THESE MATERIALS AND OTHER RELATED MATERIALS, AS THEY CONTAIN VOTING INSTRUCTIONS AND IMPORTANT INFORMATION ABOUT THE COMPANY, YONGHUI, THE PROPOSED TRANSACTION AND RELATED MATTERS.

About MINISO Group

MINISO Group is a global value retailer offering a variety of trendy lifestyle products featuring IP design. The Company serves consumers primarily through its large network of MINISO stores, and promotes a relaxing, treasure-hunting and engaging shopping experience full of delightful surprises that appeals to all demographics. Aesthetically pleasing design, quality and affordability are at the core of every product in MINISO's wide product portfolio, and the Company continually and frequently rolls out products with these qualities. Since the opening of its first store in China in 2013, the Company has built its flagship brand "MINISO" as a globally recognized retail brand and established a massive store network worldwide. For more information, please visit https://ir.miniso.com/. 

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "potential," "continue" or other similar expressions. MINISO may also make written or oral forward-looking statements in its periodic reports to the SEC and the HKEx, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about MINISO's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: MINISO's mission, goals and strategies; future business development, financial conditions and results of operations; the expected growth of the retail market and the market of branded variety retail of lifestyle products in China and globally; expectations regarding demand for and market acceptance of MINISO's products; expectations regarding MINISO's relationships with consumers, suppliers, MINISO Retail Partners, local distributors, and other business partners; competition in the industry; proposed use of proceeds; and relevant government policies and regulations relating to MINISO's business and the industry. Further information regarding these and other risks is included in MINISO's filings with the SEC and the HKEx. All information provided in this press release and in the attachments is as of the date of this press release, and MINISO undertakes no obligation to update any forward-looking statement, except as required under applicable law.

Investor Relations Contact:

Email: ir@miniso.com
Phone: +86 (20) 36228788 Ext.8039

View original content:https://www.prnewswire.com/news-releases/miniso-announces-extraordinary-general-meeting-on-january-17-2025-302314058.html

SOURCE MINISO Group Holding Limited

FAQ

When is MINISO (MNSO) holding its extraordinary general meeting for the Yonghui acquisition?

MINISO will hold its extraordinary general meeting on January 17, 2025, at 11:00 a.m. Beijing time in Hong Kong.

What percentage of Yonghui Superstores is MINISO (MNSO) planning to acquire?

MINISO is planning to acquire a 29.4% stake in Yonghui Superstores Co.,

What is the record date for MINISO (MNSO) shareholders to vote at the EGM?

The record date is December 6, 2024, for both ordinary shareholders (Hong Kong time) and ADS holders (New York time).