MINISO Group Holding Limited
|Company Name||MINISO Group Holding Limited|
On July 26, 2022, Blue Orca Capital published a report alleging, among other things, that MINISO “lies about its core business model” by claiming that 99% of its stores in China are operated by independent franchises. However, an investigation shows that over 620 supposedly independent franchises are registered under the names of MINISO executives or individuals “closely connected” to the Company’s chairman.
On this news, MINISO’s American Depository Share (“ADS”) price fell $1.08, or 15%, to close at $6.13 per ADS on July 26, 2022, thereby injuring investors.
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