By Dean Seal
Miniso Group Holdings' American depositary receipts dropped after the company said it would offer $550 million worth of equity linked securities.
The ADRs were down 11%, at $24.43, in Monday afternoon trading. They were trading at $21.38 this time a year ago.
The Chinese retailer said the securities are direct, unconditional, unsubordinated and unsecured obligations that will accrue interest at 0.5% a year, paid in mid-July each year and maturing in January 2032.
The initial exercise price of the securities for exchange will be 64.4 Hong Kong dollars, or US$8.28, an ordinary share. Miniso's ADRs consist of four ordinary shares, according to Nasdaq.
The company said it plans to use half of the proceeds for overseas store network expansion, optimizing its supply chain, brand building, overseas working capital and other general corporate purposes.
The other half will be used to repurchase the company's shares and American depositary shares, Miniso said.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
January 06, 2025 14:39 ET (19:39 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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