Soren Aandahl of Blue Orca Capital makes the case that MINISO (MNSO) has been deceiving investors about its core business model.  MNSO claims to operate an asset-light, high-margin network of 5,000 allegedly independent retail franchises, but Blue Orca believes, based on a 7-month due diligence investigation, that hundreds of MNSO retail stores in China are secretly owned by MNSO executives and persons closely connected to MNSO’s chairman. Blue Orca also lays out local filings regarding shady real estate transactions with the chairman and evidence of a retail business secretly struggling under the weight of shrinking revenues, store closures, and falling franchise fees.

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