We are short MINISO Group Holding Limited (the “Company” or “MINISO”), a global retailer based in China which claims to operate an asset-light, high-margin network of over 5,000 allegedly independent franchise stores selling stuffed animals, plush toys and knickknacks.

On July 26, 2022, we published our investment opinion (the “Report”) on MINISO Group Holding Limited (the “Company” or “MINISO”), detailing an extensive investigation which indicated that hundreds of MINISO’s supposedly independent franchise stores are secretly owned and operated by MINISO executives or individuals closely connected to the chairman. In response, MINISO announced the formation of an independent committee to investigate our claims. Less than 48 hours later, the Company released its “preliminary findings.” This must surely set a record for the shortest turnaround on “preliminary findings” of an investigation in market history.