Shares of MINISO Group Holding Limited (MNSO) surged 8.74% in the pre-market trading session on Wednesday, driven by the company's plans for a strategic acquisition and optimistic earnings projections.
MINISO announced that it will hold an extraordinary general meeting on January 17, 2025, to discuss acquiring a stake in Yonghui, a Chinese retail chain. This strategic move is expected to bolster MINISO's presence in the Chinese retail market and expand its business operations.
Additionally, analysts anticipate MINISO to report strong financial results for the quarter ending September 30, 2024. The consensus estimate projects earnings of CNY 2.22 per share on revenue of CNY 4.609 billion. With 10 "strong buy" or "buy" recommendations from analysts, the market sentiment towards MINISO remains positive, with a median 12-month price target of $26.00, significantly higher than its current trading price.
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