China News Service, July 27. On July 27, MINISO issued an announcement on the Hong Kong Stock Exchange, saying that the allegations of a short-selling report by the short-selling agency Blue Orca Capital were groundless and contained misleading conclusions about company information and Interpretation.
The company's board of directors is reviewing the allegations and considering appropriate action to protect the interests of all shareholders.
MINISO stated that, based on the recommendations of the company's management and in order to protect the interests of all shareholders, the board of directors decided to establish an independent committee composed of independent directors Xu Lili, Zhu Yonghua and Wang Yongping to supervise the independent investigation on the relevant allegations in the report. Investigative work, when appropriate, will hire independent professional advisers to assist in independent investigations.
Screenshot of the MINISO announcement.
Screenshot of Blue Orca Capital's report on MINISO.
On July 26, local time, Blue Orca Capital released a short-selling report on MINISO, saying that after a seven-month investigation, it found that there are hundreds of MINISO stores operated by company executives or those closely related to the chairman. Owned and operated secretly by individuals; the chairman acted as a middleman in illicit transactions, embezzling hundreds of millions of yuan from public companies; MINISO is a brand in decline, whose revenue has dropped 40% from its pre-IPO peak, and the new crown epidemic There has been a wave of mass store closures before, and franchise fees have fallen by 63% in the past two years.
(Zhongxin Finance)
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