Shares in New York-listed Chinese discount retail chain Miniso tumbled by as much as 12.3 per cent in Hong Kong on Wednesday after it was accused by a US short seller of hiding the alleged deterioration of its business.
Blue Orca Capital, the Texas-based short seller run by Soren Aandahl, released a report alleging that the retailer had siphoned hundreds of millions of renminbi to its chair through a buyout of a joint venture.
Miniso, backed by Chinese internet group Tencent, raised $608mn when it listed on the New York Stock Exchange in 2020 and HK$567mn (US$72mn) this month when it held a secondary flotation in Hong Kong.
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