MINISO Announces US$200 Million Share Repurchase Program
- MINISO Group Holding has authorized a new share repurchase program worth $200 million. The Company expects to fund repurchases from surplus cash on its balance sheet. The share repurchase demonstrates the Company's confidence in its business outlook and prospects and aims to create value for shareholders.
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The Board believes that a share repurchase in the present conditions will demonstrate the Company's confidence in its business outlook and prospects and would benefit the Company and create value for the shareholders of the Company (the "Shareholders") ultimately.
The Company's proposed repurchases under the 2023 Share Repurchase Program may be made from time to time on the open market at prevailing market prices, in privately negotiated transactions, in block trades, and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations and its insider trading policy.
The Company shall conduct the repurchase by exercising its powers under the repurchase mandate to be given or to be given to the Board pursuant to the resolutions of the Shareholders passed at the annual general meeting of the Company each year to repurchase the Shares not exceeding
For the period from September 15, 2023 to the date of holding the upcoming annual general meeting of the Company before the end of 2023, the Company will repurchase under the authority of the repurchase mandate granted by the Shareholders passed on December 28, 2022, and for the subsequent periods under the 2023 Share Repurchase Program, the Company will repurchase under the repurchase mandate to be granted by the Shareholders at the upcoming annual general meeting, subject to the approval of the Shareholders and the general mandate conditions as specified above. It is the intention of the Board to implement the 2023 Share Repurchase Program during the 12-month period only in such a way and only to such an extent that would not cause a mandatory general offer obligation to arise under Rule 26 of the Codes on Takeovers and Mergers and Share Buy-backs.
The Company will conduct the share repurchase in compliance with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules"). Pursuant to Rule 10.06(2)(e) of the Listing Rules an issuer shall not purchase its shares on The Stock Exchange of Hong Kong Limited (the "Stock Exchange") at any time after inside information has come to its knowledge until the information is made publicly available. In particular, during the period of one month immediately preceding the earlier of (i) the date of the board meeting for the approval of the issuer's results for any year, half-year, quarterly or any other interim period; and (ii) the deadline for the issuer to announce its results for any year or half-year under the Listing Rules, or quarterly or any other interim period, and ending on the date of the results announcement, the issuer shall not purchase its shares on the Stock Exchange, unless the circumstances are exceptional.
The Company will conduct the proposed share repurchase in compliance with the memorandum and articles of association of the Company, the Listing Rules, the Codes on Takeovers and Mergers and Share Buy-backs, the Companies Law of the
The Board believes that the current financial resources of the Company would enable it to implement the share repurchase without causing any material impact on its working capital.
The Board will review the 2023 Share Repurchase Program periodically, and may authorize adjustment of its terms and size.
Shareholders and potential investors should note that any repurchase may be done subject to market conditions and at the Board's absolute discretion. There is no assurance of the timing, quantity or price of any repurchase. Shareholders and potential investors should therefore exercise caution when dealing in the Shares.
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
Investor Relations Contacts:
Raine Hu
MINISO Group Holding Limited
Email: ir@miniso.com
Phone: +86 (20) 36228788 Ext.8039
Eric Yuan
Christensen Advisory
Email: miniso@christensencomms.com
Phone: +86 1380 111 0739
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SOURCE MINISO Group Holding Limited