Consumer Discretionary

MINISO Group Holdings Ltd (MNSO US)

Year: 2022

Short-seller, Blue Orca published a report in July 2022 attacking Chinese gift retailer, Miniso. It made several allegations including holding company-owned or controlled stores off-balance sheet, the extraction of money from the company using related-party transactions, and the company overstating its financial performance. Miniso issued a rebuttal a few days after the initial report and set up an “Independent Committee” to conduct an investigation into the allegations. The company subsequently announced in September 2022 that this investigation, which was assisted by professional legal and accounting advisers, had concluded that the key allegations were not substantiated. Miniso’s FY22 financials were signed off by its auditor, KPMG. Therefore, we find the allegations are unproven.

Last updated May 2023

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