MNSO LOSS ALERT: TOP RANKED ROSEN LAW FIRM Encourages MINISO Group Holding Limited Investors with Losses to Inquire About Securities Class Action Investigation - MNSO

NEW YORK, July 28, 2022

WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of MINISO Group Holding Limited (NYSE: MNSO) resulting from allegations that MINISO may have issued materially misleading business information to the investing public.

SO WHAT: If you purchased MINISO securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.

WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=7814 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

WHAT IS THIS ABOUT: On July 26, 2022, during trading hours, market analyst Blue Orca Capital published a report regarding MINISO Group Holding Limited which alleges several issues with the Company including that "MINISO Lies about its Core Business Model" because "MINISO claims that 99% of its stores in China, its key market, are operated by franchisees independent from the Company. … Through our investigation, … we found over 620 supposedly independent franchises, which, according to Chinese corporate records, are registered under the names of MINISO executives or individuals closely connected to the Company's chairman[,]" and "MINISO Admitted in Chinese Media that 40% of Stores Directly Owned." The report further alleges that "IPO Proceeds Siphoned by Chairman through Crooked Headquarters Deal." Finally, the report alleges that MINISO is a "Retailer In Decline: Shrinking Revenues, Falling Franchise Fees and Store Closures[,]" due in part to "Franchise Fees Dropped by 63%, Indicating Lagging Interest."

On this news, MINISO American Depositary Share (ADS) price fell $1.08 per ADS, or 14.98%, to close at $6.13 per ADS on July 26, 2021, on unusually heavy trading volume. On July 27, 2022, MINISO's ADSs closed at $5.66 per ADS, representing more than a 70% decline from the $20.00 IPO price.