Miniso ADRs rise as company addresses erratic trading, issues November update

MINISO Holding

05/12/2023 16:15

(Updates)
    ** U.S.-listed shares of department store operator Miniso
Group  MNSO.K  rise 3% to $21.40 
    ** Co's board of directors says it is not aware of any
reason behind the recent "unusual fluctuation" in the price and
trading volume movements of the ordinary shares
    ** Says the business is running "normally and smoothly"
    ** The announcement comes a day after Miniso ADRs dropped
14% on no apparent reason
    ** HK-listed shares fell as much 26% on Tuesday before
ending the session 14% lower in its third consecutive day of
losses and busiest trading session on record 
    ** Co also says CFO and general manager plan to buy some
shares in the open market in the coming month
    ** Management is well-prepared and ready to protect
investors' interest through the $200 mln share buyback program -
Jefferies
    ** Miniso China offline gross merchandise value (GMV)
increased 80% y-o-y in Nov and overseas GMV growth accelerated
compared to the previous month, co said on management call -
Jefferies
    ** HK shares have lost a quarter of their value in the past
three sessions alone, bringing their YTD gains down to 90.4%

 (Reporting by Medha Singh)
 ((medha.singh@thomsonreuters.com))