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MNSO.US
id: 130
C.D. California
Court
On July 26, 2022, market researcher Blue Orca Capital published a report on MINISO that alleged several issues.
From the Chinese registry and other sources, it was found that over 620 supposedly independent franchises were registered in the name of MINISO executives or individuals closely connected to MINISO Chairman. Chinese media published reports that 40% of MINISO stores were owned and operated by the company. This means lower revenues and higher costs than the picture presented before the IPO. The report also alleged that MINISO chairman bilked hundreds of millions of dollars of IPO proceeds through a series of crooked transactions.
Back on October 15, 2020, MINISO Group Holding Limited held its IPO, issuing approximately 30,400,000 ADSs to the investing public at $20.00. Before the IPO, Company’s top managers and investment banking houses serving as underwriters prepared and presented to potential investors highly favorable information about MINISO, its operations and financial prospects.
That information was later shown to be incorrect, with material facts concealed from the investors. As a result of this misinformation, the company’s financial prospects are worse.
The stock now trades in $6-$10 range, with IPO investors losing over 50% of their investments.
Case Status
Attorney Investigation
Alleged Offence
Misleading Statements
Financial Misrepresentation
Failure to Disclose
Breach of Fiduciary duty
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
26 July 2022
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Miniso Group Holding Ltd

MINISO Group Holding Limited, an investment holding company, engages in the retail and wholesale of lifestyle products and pop toy products in China, Asia, the United States, and Europe. The compan...

    Ticker
    MNSO.US
    ISIN
    US66981J1025
    CIK
    1815846
    Sector
    Consumer Cyclical
    Industry
    Specialty Retail
    Country
    USA
    Address
    M Plaza, Guangzhou, China, 510000