On December 5th, the Hong Kong stock market of Miniso (MNSO. N, 9896. HK) weakened in the morning, falling more than 26% at one point. On the news front, there are rumors that Li Minxin, a senior executive at Miniso, has reduced his holdings by 1.8 million shares.
In the afternoon of that day, Miniso responded to a reporter from Pengpai News that the company had noticed unusual fluctuations in stock trading prices and volumes in recent trading days. After internal inquiries, the company's management confirmed that they were not aware of any information that could cause significant fluctuations in stock prices and trading volumes that needed to be publicly disclosed. Since the fourth quarter of this year, the company's various business operations have been normal and smooth, and its financial situation has been stable without any significant adverse changes.
However, in the response from Miniso, there was no mention of whether Li Minxin would reduce his holdings.
According to the information disclosed by the Hong Kong Stock Exchange, during March 2023, Li Minxin sold the company's stocks five times, reducing his total holdings by 12 million shares. After the reduction, Li Minxin's shareholding decreased from 4.44% to 3.49%, with a cash flow of approximately $49.87 million.
On May 16th of this year, Miniso announced that starting from May 16th, 2023, Li Minxin will resign as an executive director due to age, in order to focus on serving as the executive vice president of the company. The board of directors approved his resignation as an executive director of the company with immediate effect. Li Minxin also confirms that his resignation is not due to any differences with the board of directors or the company regarding any matters related to the operation, policies or practices of the company, and there is no matter related to his resignation that requires attention from the shareholders of the company or the Hong Kong Stock Exchange. After resigning, Li Minxin continued to serve as the Executive Vice President of the company.
On November 21st, Miniso Group announced its unaudited financial performance for the first quarter of the 2024 fiscal year. In the first quarter, the company's revenue was 3.79 billion yuan, a year-on-year increase of 37%, setting a single quarter record. Among them, domestic revenue exceeded 2.49 billion yuan, a year-on-year increase of 35%, and overseas revenue reached 1.3 billion yuan, a year-on-year increase of 41%. The gross profit margin also exceeded 40% for the first time, an increase of 6.1 percentage points from the same period last year to 41.8%. The adjusted net profit for non International Financial Reporting Standards (Non IFRS) was RMB 640 million, achieving a year-on-year growth of 54% and reaching a new historical high.
According to public information, Miniso is a global value retailer that offers lifestyle home products with IP design as its main feature. In the ten years since opening its first store in China in 2013, two brands have been incubated, namely Miniso and TOP TOY. At present, the flagship brand "Mingchuang Youpin" has established a global store network.
As of the close on the 5th, Miniso fell 14.04% to close at HKD 39.8.