Sep 24, 01:48 AM

Miniso to Acquire 29.4% Stake in Yonghui for $893 Million as Shares Plunge 39%

Retailer Miniso plans to acquire a 29.4% stake in China's embattled and struggling supermarket chain operator Yonghui Superstores for approximately $893 million (6.3 billion yuan). The transaction is expected to help Yonghui achieve its long-term development and strategic goals. Following the announcement, shares of Miniso Group Holding plunged 39%, while Yonghui Superstores' shares opened 10% higher. The acquisition will make Miniso the largest shareholder of Yonghui, acquiring nearly 2.7 billion shares indirectly held by DFI Retail Group and JD Corporate.