2022-07-28 | NYSE: MNSO | Press release
Los Angeles, Calif.–(Newsfile Corp. – July 28, 2022) – Schall law firma national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of MINISO Group Holding Limited (“MINISO” or “the Company”) (NYSE: MNSO) for violation of securities.
The investigation aims to determine whether the Company has made false and/or misleading statements and/or has failed to disclose relevant information to investors. MINISO is the subject of a research report published by Blue Orca Capital on July 26, 2022. According to the report, “MINISO Lies about its Core Business Model” due to the company’s “claims that 99% of its stores in China, its main market, are operated by independent franchisees of the Company….During our investigation,…we found more than 620 supposedly independent franchises, which according to Chinese business records are registered under the names of executives from MINISO or persons closely related to the President of the Company.” The report states that “MINISO has admitted in Chinese media that 40% of stores are directly owned”. Blue Orca also alleges that “proceeds from the IPO were siphoned off by the chairman via a crooked headquarters agreement.” Based on this report, shares of MINISO fell more than 14% in intraday trading on the same day.
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