Miniso Group Holding Ltd - authorised and approved a new share repurchase program under which company may repurchase up to HKD2 bln in value

MINISO Group Holding Limited (NYSE: MNSO; HKEX: 9896) has authorized and approved a new share repurchase program, under which the company may repurchase up to HKD2 billion in value of its outstanding ordinary shares and/or American depositary shares representing its ordinary shares over a 12-month period starting from August 30, 2024. The repurchase program is intended to be funded from surplus cash on the company’s balance sheet, with the board expressing confidence in the company’s business outlook and the belief that current share price is below intrinsic value.

The repurchase may be conducted through various methods, including open market purchases, privately negotiated transactions, and block trades, depending on market conditions and regulatory requirements. The company will operate within the Share Repurchase Mandate granted by shareholders, which allows repurchases up to 10% of issued shares, excluding treasury shares, and will comply with Hong Kong Stock Exchange Listing Rules and the Codes on Takeovers and Mergers and Share Buy-backs.

The board has emphasized that the repurchase program aims to enhance shareholder value while maintaining flexibility in capital management. However, the company cautions that repurchases are subject to market conditions and the board’s discretion. Shareholders are advised to exercise caution when trading in the company’s shares during the repurchase period.