MINISO Announces US$100 Million Share Repurchase Program

GUANGZHOU,China,Sept. 29,2022 --MINISO Group Holding Limited (NYSE: MNSO; HKEX: 9896) ("MINISO","MINISO Group" or the "Company"),a global value retailer offering a variety of design-led lifestyle products,today announced that,following the expiration of the share repurchase program the Company adopted in December 2021,the board of directors of the Company (the "Board") authorized and approved a new share repurchase program on September 29,2022 (the "2022 Share Repurchase Program"),under which the Company may repurchase up to US$100 million in value of its outstanding ordinary shares and/or American depositary shares representing its ordinary shares (collectively,the "Shares") over a period of 12 months starting from the date on which the 2022 Share Repurchase Program was approved. The Company expects to fund repurchases under the 2022 Share Repurchase Program from surplus cash on its balance sheet.

The Company's proposed repurchases under the 2022 Share Repurchase Program may be made from time to time on the open market at prevailing market prices,in privately negotiated transactions,in block trades,and/or through other legally permissible means,depending on market conditions and in accordance with applicable rules and regulations and its insider trading policy.

The Company shall conduct the repurchase by exercising its powers under the repurchase mandate to be given or to be given to the Board pursuant to the resolutions of the shareholders of the Company (the "Shareholders") passed at the annual general meeting of the Company each year to repurchase shares of the Company not exceeding 10% of the total number of the issued Shares (the "Share Repurchase Mandate") as at the date of such annual general meeting,with each mandate to expire upon whichever is the earliest of: (a) the conclusion of the next annual general meeting of the Company; (b) the expiration of the period within which the next annual general meeting of the Company is required by the memorandum and articles of the association of the Company or by any applicable laws to be held; and (c) the date on which the authority given under the ordinary resolution approving the Share Repurchase Mandate is revoked or varied by an ordinary resolution of the Shareholders.

For the period from September 29,2022 to the date of holding the upcoming annual general meeting of the Company before the end of 2022,the Company will repurchase under the authority of the repurchase mandate granted by the Shareholders passed on July 11,2022,and for the subsequent periods under the 2022 Share Repurchase Program,the Company will repurchase under the repurchase mandate to be granted by the Shareholders at the upcoming annual general meeting,subject to the approval of the Shareholders and the general mandate conditions as specified above. It is the intention of the Board to implement the 2022 Share Repurchase Program during the 12-month period only in such a way and only to such an extent that would not cause a mandatory general offer obligation to arise under Rule 26 of the Codes on Takeovers and Mergers and Share Buy-backs.

The Company will conduct the share repurchase in compliance with Listing Rules. Pursuant to Rule 10.06(2)(e) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules"),an issuer shall not purchase its shares on The Stock Exchange of Hong Kong Limited (the "Stock Exchange") at any time after inside information has come to its knowledge until the information is made publicly available. In particular,during the period of one month immediately preceding the earlier of (i) the date of the board meeting for the approval of the issuer's results for any year,half-year,quarterly or any other interim period; and (ii) the deadline for the issuer to announce its results for any year or half-year under the Listing Rules,or quarterly or any other interim period,and ending on the date of the results announcement,the issuer shall not purchase its shares on the Stock Exchange,unless the circumstances are exceptional.

The Company will conduct the proposed share repurchase in compliance with the memorandum and articles of association of the Company,the Listing Rules,the Codes on Takeovers and Mergers and Share Buy-backs,the Companies Law of the Cayman Islands and all applicable laws and regulations to which the Company is subject to.

The Board believes that a share repurchase in the present conditions will demonstrate the Company's confidence in its business outlook and prospects and would benefit the Company and create value to the Shareholders ultimately.

The Board believes that the current financial resources of the Company would enable it to implement the share repurchase without causing any material impact on its working capital.

The Board will review the 2022 Share Repurchase Program periodically,and may authorize adjustment of its terms and size.

Shareholders and potential investors should note that any repurchase may be done subject to market conditions and at the Board's absolute discretion. There is no assurance of the timing,quantity or price of any repurchase. Shareholders and potential investors should therefore exercise caution when dealing in the shares.

About MINISO Group

MINISO Group is a global value retailer offering a variety of design-led lifestyle products. The Company serves consumers primarily through its large network of MINISO stores,and promotes a relaxing,treasure-hunting and engaging shopping experience full of delightful surprises that appeals to all demographics. Aesthetically pleasing design,quality and affordability are at the core of every product in MINISO's wide product portfolio,and the Company continually and frequently rolls out products with these qualities. Since the opening of its first store in China in 2013,the Company has built its flagship brand "MINISO" as a globally recognized retail brand and established a massive store network worldwide. For more information,please visit https://ir.miniso.com/.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "potential," "continue" or other similar expressions. MINISO may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"),in announcements,circulars or other publications made on the website of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"),in its annual report to shareholders,in press releases and other written materials and in oral statements made by its officers,directors or employees to third parties. Statements that are not historical facts,including statements about MINISO's beliefs and expectations,are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement,including but not limited to the following: MINISO's mission,goals and strategies; future business development,financial conditions and results of operations; the expected growth of the retail market and the market of branded variety retail of lifestyle products in China and globally;expectations regarding demand for and market acceptance of MINISO's products; expectations regarding MINISO's relationships with consumers,suppliers,MINISO Retail Partners,local distributors,and other business partners; competition in the industry; proposed use of proceeds; and relevant government policies and regulations relating to MINISO's business and the industry. Further information regarding these and other risks is included in MINISO's filings with the SEC and the Hong Kong Stock Exchange. All information provided in this press release and in the attachments is as of the date of this press release,and MINISO undertakes no obligation to update any forward-looking statement,except as required under applicable law.

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