MINISO Announces HKD2 Billion Share Buyback Program According to Investing.com

GUANGZHOU, China, August 30, 2024 /PRNewswire/ — MINISO Group Holding Limited (NYSE: MNSO; HKEX: 9896) (“MINIS“,” “MINISO Group” or the “Company”, together with its subsidiary, the “Group”), a global value retailer that offers a wide range of trendy lifestyle products featuring IP designs, today announced that, the Company’s board of directors (“Board”) authorized and approved the program buy back new shares in August 30, 2024 (“2024 Share Repurchase Program”), under which the Company may repurchase up to HKD2 billion in value of the outstanding common stock and/or American depositary shares representing the common stock (collectively, the “Shares”) for a period of 12 months from the date of approval. The Company expects to fund repurchases under the 2024 Share Repurchase Program from excess cash on the balance sheet.

The Board has full confidence in the Company’s business prospects and prospects, and believes that the Company’s current stock price is below its intrinsic value. By implementing the 2024 Share Buyback Program, the Company aims to promote the interests of its shareholders (“Shareholders”), balancing the Group’s rapid growth and commitment to deliver stable and predictable returns to Shareholders.

The Company’s proposed repurchases under the 2024 Share Repurchase Program may be made from time to time in the open market at prevailing market prices, in privately negotiated transactions, in block trades, and/or through other legally permitted means, depending on market conditions and in compliance with applicable rules and regulations.

The Company will carry out repurchases by exercising its power in accordance with the repurchase mandate given or given to the Board in accordance with the resolution of the Shareholders passed at the annual general meeting of the Company every year to repurchase Shares not exceeding 10% of the number of shares. total number of Shares in issue (excluding treasury Shares) on the date of such annual general meeting (“Share Repurchase Mandate”), with each mandate expiring whichever is the earlier of: (a) the conclusion of the next annual general meeting of Company; (b) the expiration of the time at which the Company’s annual general meeting is required by the Company’s memorandum and articles of association or by applicable law to be held; and (c) the date the authorization granted pursuant to the ordinary resolution approving the Share Repurchase Mandate is revoked or amended by an ordinary resolution of the Shareholders.

During the period of August 30, 2024 until the date of holding the annual general meeting of the Company in 2025, the Company will carry out repurchases in accordance with the Share Buyback Mandate provided by the Shareholders in June 20, 2024and for the remaining period of the 2024 Share Buyback Program, the Company will carry out repurchases according to the Share Buyback Mandate that will be given by the Shareholders at the upcoming annual general meeting of the Company, subject to the approval of the Shareholders and the public. mandate requirements as stated above. It is the intention of the Board to implement the 2024 Share Repurchase Program during the 12-month period only in such a manner and only to the extent that it will not result in a mandatory public offer obligation under Rule 26 of the Takeover Code. and Mergers and Share Buy-backs.

The Company will carry out share repurchases in compliance with the Rules Governing the Registration of Securities in Stock Exchange of Hong Kong Limited (“Listing Rules”). Pursuant to Rule 10.06(2)(e) of the Listing Rules, the issuer shall not purchase shares in the Stock Exchange of Hong Kong Limited (at”Stock market“) at any time after inside information is known until the information is made available to the public. In particular, during the period of one month before (i) the date of the board meeting for the approval of the issuing company. results for any year, half year, quarter or another interim period and (ii) the deadline for the issuer to announce the results for the year or half year according to the Listing Rules, or monthly or other interim period, and ending on the date of the announcement of the results, the issuer will not purchase Shares at Stock marketexcept in exceptional circumstances.

The Company will carry out the proposed share buyback in accordance with the Company’s memorandum and articles of association, the Listing Rules, the Code of Takeovers and Mergers and Share Purchases, the Company Law of Cayman Islands and all laws and regulations applicable to the Company.

The Company may cancel Shares repurchased or held as treasury Shares, according to market conditions and the Group’s capital management needs at the appropriate time for repurchase.

The Board believes that the Company’s current financial resources will enable it to implement the share buyback without causing a material impact on working capital.

The Board will periodically review the 2024 Share Repurchase Program, and may authorize it to adjust its terms and dimensions.

Shareholders and potential investors should note that repurchases may be made subject to market conditions and at the absolute discretion of the Board. There is no guarantee of time, quantity or repurchase price. Shareholders and potential investors should exercise caution when dealing in shares.

About MINISO Group

MINISO Group is a global value retailer offering a wide range of trendy lifestyle products with IP designs. The company serves consumers mainly through a large network MINIS store, and promoted relaxing, treasure-hunting and shopping experience full of pleasant surprises that appeals to all demographics. Aesthetic design, quality and affordability are at the heart of every product MINIS wide product portfolio, and the Company continuously and frequently rolls out products of such quality. Since the opening of the first store in China in 2013, the Company has built a flagship brand “MINIS” is a globally recognized retail brand and has established a large network of stores around the world. For more information, visit https://ir.miniso.com/.

Safe Harbor Statement

This announcement contains forward-looking statements. The statement was made under the “safe harbor” provision of the ACE Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words or phrases such as “may”, “will”, “expect”, “intend”, “intend”, “estimate”, “intend” , “plan”, “believe”, “likely”, “potential”, “continue” or similar expressions. MINIS may make written or oral forward-looking statements in periodic reports to US Securities and Exchange Commission (at”SEC“) and The Stock Exchange of Hong Kong Limited (“HKEX”), in annual reports to shareholders, in press releases and other written materials and in oral statements made by officers, directors or employees to third parties. Statements that are not historical facts, including statements about MINIS trust and hope, are forward-looking statements. Forward-looking statements involve risks and uncertainties. A number of factors could cause actual results to differ materially from those in forward-looking statements, including but not limited to the following: MINIS mission, goals and strategy; future business development, financial condition and operating results; the expected growth of the retail market and the market of various retail brands of lifestyle products China and global; expectations related to demand and market acceptance of MINIS products; expectations about MINIS relationships with consumers, suppliers, MINISO Retail Partnerlocal distributors, and other business partners; competition in the industry; proposed use of proceeds; and related government policies and regulations MINIS business and industry. More information about these and other risks is included in the MINIS filing with SEC and HKEX. All information provided in this press release and in the appendix is ​​as of the date of this press release, and MINIS undertakes no obligation to update any forward-looking statement, except as required by applicable law.

Contact Investor Relations:

Hu’s faceMINISO Group Holding Limited
Email: ir@miniso.com
Phone: +86 (20) 36228788 Ext.8039