Miniso's HK shares drop most on record after plan to buy Yonghui stake

MINISO Holding

24/09/2024 04:21

** Hong Kong shares of Miniso Group  9896.HK  plunge as much
as 39.2% to HK$20, on course for biggest one-day percentage drop
since debut in July 2022
    ** Stock hits the lowest since December 2022; top pct loser
on the Hong Kong bourse
    ** Co's U.S.-listed stock  MNSO.N  fell 16.6% on Monday
    ** Lifestyle products retailer says to buy stake in
embattled Chinese supermarket operator Yonghui Superstores
 601933.SS 
    ** Miniso to take up 29.4% stake in Yonghui for 6.3 bln yuan
($893.05 mln), will buy the shares from units of DFI Retail
Group  DFIR.SI  and JD.com  9618.HK 
    ** Yonghui has logged three straight years of net losses,
reflecting mounting costs for closing stores
    ** Nomura, which has "buy" rating on Miniso, says the sudden
acquisition of Yonghui brings notable uncertainties with no
immediate synergy and the bold move may be too aggressive
    ** Shanghai-listed Yonghui jumps 10.2% to 2.48 yuan, the
highest since Aug. 12
    ** In China, the CSI 300 Index  .CSI300  gains 1.1% and the
Shanghai Composite Index  .SSEC  rises 1.4%
    ** In Hong Kong, the Hang Seng Commerce & Industry Index
 .HSNC  jumps 2.4% and the Hang Seng Index  .HSI  gains 2.3%
    

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))