SAN FRANCISCO, Oct. 16, 2022 (GLOBE NEWSWIRE) — Hagens Berman Urges MINISO Group Holdings Limited MNSO Investors who have suffered significant losses Submit your losses now. A securities class action has been filed in connection with MINISO’s IPO on October 15, 2020 of approximately 30.4 million American Depositary Shares at $20/share.
Relevant period: Oct 15, 2020 – July 26, 2021
Deadline for lead plaintiff: October 17, 2022
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MINISO Group Holdings Limited MNSO Securities Class Action:
The litigation focuses on MINISO’s repeated claims, which enabled it to complete its IPO, that its business model was a high-margin, asset-poor network of thousands of independent franchised stores that borne capital and operating expenses, and its claims that it would use an IPO net proceeds to expand operations.
The Complaint alleges that the IPO offering documents misleadingly stated or failed to disclose: (1) MINISO and undisclosed related parties owned and controlled many more MINISO businesses than previously disclosed; (2) as a result, MINISO concealed its true costs; (3) MINISO misrepresented its true business model; (4) MINISO and its Chairman were involved in planned unusual and unclear transactions; (5) As a result of at least one of these transactions, MINISO risks breaching contracts with Chinese authorities; and (6) MINISO would immediately and drastically reduce its franchise fees.
On July 26, 2022, analyst Capital of the Blue Orca published a scathing report that concluded in part that MINISO owns and operates about 40% of MINISO stores. Hundreds of deals are registered with company executives or people associated with the company’s chairman, and “MINISO chairman Ye Guofu has gone through a series of crooked transactions revolving around the purchase and construction of a huge headquarters , Hundreds of millions of freshly raised funds extorted from public investors in China.”
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