MINISO Group Holding Limited reporting persons (Mr. Guofu Ye, Ms. Yunyun Yang and affiliated entities) disclose beneficial ownership of 789,541,061 ordinary shares, representing 63.2% of the company's outstanding ordinary shares based on a total of 1,249,871,833 shares. The filing shows no sole voting or dispositive power; all reported holdings are held with shared voting and shared dispositive power, indicating collective control through affiliated holding vehicles.
The filing breaks the position into affiliated holders: Mini Investment Limited group (328,290,482 shares, 26.3%), YGF MC LIMITED (203,401,382 shares, 16.3%, including 8,896,000 ADS-equivalent shares), YYY MC LIMITED (257,849,197 shares, 20.6%), and Mini Investments SP1 Limited (14,000,000 shares, 1.1%). The disclosure notes a September 2023 transfer of 14,000,000 shares to a subsidiary and a collar transaction that was unwound in June 2025, returning those shares to the subsidiary. Mr. Ye and Ms. Yang jointly make decisions over the voting power of these holdings.
Positive
Clear ownership structure disclosed across named affiliated entities, improving transparency for investors
Founders and family-aligned vehicles hold 63.2%, which can support long-term strategic stability and alignment of interests
Return of 14,000,000 shares to Mini Investments SP1 Limited after unwinding the collar restores previously encumbered shares to the holding group
Negative
High ownership concentration (63.2%) materially reduces public free float and may limit minority shareholder influence
No sole voting power reported and widespread shared voting/dispositive power indicate centralized, joint control that could constrain independent governance
Significant blocks held through trusts and offshore vehicles can complicate oversight and reduce transparency for some investors
Insights
Founders and affiliates control a majority stake, creating concentrated ownership with clear governance implications.
The Schedule 13G/A reports a combined beneficial stake of 63.2% held by reporting persons through multiple affiliated entities. From a market-structure perspective, this concentration materially reduces free float and centralizes voting power, which can affect liquidity and the stock's responsiveness to public investor activism. The filing also discloses that there is no sole voting or dispositive power listed; instead control is exercised jointly through holding vehicles, implying coordinated decision-making rather than dispersed passive holdings. The inclusion of 8,896,000 shares in ADS form within one affiliate's total is relevant for cross-listing dynamics.
Joint control by founders and trust structures indicates centralized governance and potential minority shareholder influence constraints.
The filing makes clear that Mr. Ye and Ms. Yang, via trusts and BVI holding companies, are deemed beneficial owners and jointly exercise voting power over a majority stake. This trustee/holding-vehicle structure can facilitate long-term strategic control but also concentrates decision rights, which has implications for board composition, related-party transactions, and minority protections. The unwind of the previously encumbered 14,000,000-share collar shows active management of pledged shares and collateral arrangements by the affiliates. Overall, this is a material governance disclosure but not an operational performance update.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 4)
MINISO Group Holding Limited
(Name of Issuer)
Ordinary Shares, par value $0.00001 per share
(Title of Class of Securities)
66981J102
(CUSIP Number)
06/30/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
66981J102
1
Names of Reporting Persons
Guofu Ye
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CHINA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
789,541,061.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
789,541,061.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
789,541,061.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
63.2 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: *Represents (i) 314,290,482 ordinary shares held by Mini Investment Limited, a limited liability company incorporated under the laws of British Virgin Islands, (ii) 14,000,000 ordinary shares held by Mini Investments SP1 Limited, a limited liability company incorporated under the laws of British Virgin Islands, (iii) 203,401,382 ordinary shares (including 8,896,000 ordinary shares in the form of ADSs) held by YGF MC LIMITED, a limited liability company incorporated under the laws of British Virgin Islands, and (iv) 257,849,197 ordinary shares held by YYY MC LIMITED, a limited liability company incorporated under the laws of British Virgin Islands.
Mini Investments SP1 Limited is a wholly owned subsidiary of Mini Investment Limited. Mini Investment Limited is wholly owned by YGF Development Limited, a limited liability company incorporated under the laws of British Virgin Islands. All shares of YGF Development Limited are held by TMF (Cayman) Ltd. on behalf of YGF Trust, with TMF (Cayman) Ltd. as the trustee, and Mr. Ye and his family members as beneficiaries. Mr. Guofu Ye is deemed to be the controlling person of the trust. YGF MC Limited is wholly-owned by Mr. Guofu Ye. YYY MC Limited is wholly owned by YYY Development Limited, a limited liability company incorporated under the laws of British Virgin Islands. All shares of YYY Development Limited are held by TMF (Cayman) Ltd. on behalf of YYY Trust, with TMF (Cayman) Ltd. as the trustee, and Ms. Yang and her family members as beneficiaries. Ms. Yunyun Yang is deemed to be the controlling person of the trust.
Ms. Yunyun Yang is Mr. Guofu Ye's spouse. Mr. Guofu Ye and Ms. Yunyun Yang make joint decisions on the exercise of the voting power of the shares owned by them through their holding vehicles. As a result, both Mr. Guofu Ye and Ms. Yunyun Yang are deemed to be beneficial owners of the shares directly held by Mini Investment Limited, Mini Investments SP1 Limited, YGF MC Limited and YYY MC Limited.
**The percentage of class of securities beneficially owned by the Reporting Person is based on a total of 1,249,871,833 outstanding ordinary shares of the Issuer outstanding as of December 31, 2024.
SCHEDULE 13G
CUSIP No.
66981J102
1
Names of Reporting Persons
Mini Investment Limited
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
VIRGIN ISLANDS, BRITISH
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
328,290,482.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
328,290,482.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
328,290,482.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
26.3 %
12
Type of Reporting Person (See Instructions)
CO
Comment for Type of Reporting Person: *Represents (i) 314,290,482 ordinary shares held by Mini Investment Limited, a limited liability company incorporated under the laws of British Virgin Islands, and (ii) 14,000,000 ordinary shares held by Mini Investments SP1 Limited, a limited liability company incorporated under the laws of British Virgin Islands. Mini Investments SP1 Limited is a wholly owned subsidiary of Mini Investment Limited. Mini Investment Limited is wholly owned by YGF Development Limited, a limited liability company incorporated under the laws of British Virgin Islands. All shares of YGF Development Limited are held by TMF (Cayman) Ltd. on behalf of YGF Trust, with TMF (Cayman) Ltd. as the trustee, and Mr. Ye and his family members as beneficiaries. Mr. Guofu Ye is both the settlor and the protector of YGF Trust and is deemed to be the controlling person of the trust. Ms. Yunyun Yang is Mr. Guofu Ye's spouse. Mr. Guofu Ye and Ms. Yunyun Yang make joint decisions on the exercise of the voting power of the shares owned by them through their holding vehicles. As a result, both Mr. Guofu Ye and Ms. Yunyun Yang are deemed to be beneficial owners of the shares held by Mini Investment Limited.
**The percentage of class of securities beneficially owned by the Reporting Person is based on a total of 1,249,871,833 outstanding ordinary shares of the Issuer outstanding as of December 31, 2024.
SCHEDULE 13G
CUSIP No.
66981J102
1
Names of Reporting Persons
Mini Investments SP1 Limited
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
VIRGIN ISLANDS, BRITISH
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
14,000,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
14,000,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
14,000,000.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
1.1 %
12
Type of Reporting Person (See Instructions)
CO
Comment for Type of Reporting Person: *Represents 14,000,000 ordinary shares held by Mini Investments SP1 Limited, a limited liability company incorporated under the laws of British Virgin Islands. Mini Investments SP1 Limited is a wholly owned subsidiary of Mini Investment Limited. Mini Investment Limited is wholly owned by YGF Development Limited, a limited liability company incorporated under the laws of British Virgin Islands. All shares of YGF Development Limited are held by TMF (Cayman) Ltd. on behalf of YGF Trust, with TMF (Cayman) Ltd. as the trustee, and Mr. Ye and his family members as beneficiaries. Mr. Guofu Ye is deemed to be the controlling person of the trust. Ms. Yunyun Yang is Mr. Guofu Ye's spouse. Mr. Guofu Ye and Ms. Yunyun Yang make joint decisions on the exercise of the voting power of the shares owned by them through their holding vehicles. As a result, both Mr. Guofu Ye and Ms. Yunyun Yang are deemed to be beneficial owners of the shares held by Mini Investments SP1 Limited.
In September 2023, Mini Investment Limited transferred 14,000,000 ordinary shares of the Issuer to its wholly owned subsidiary Mini Investments SP1 Limited, who entered into a prepaid forward contract with a leading financial institution for a collar transaction and transferred such 14,000,000 ordinary shares to the financial institution as credit support. This transaction was unwound in June 2025, and Mini Investments SP1 Limited received back all the 14,000,000 ordinary shares.
**The percentage of class of securities beneficially owned by the Reporting Person is based on a total of 1,249,871,833 outstanding ordinary shares of the Issuer outstanding as of December 31, 2024.
SCHEDULE 13G
CUSIP No.
66981J102
1
Names of Reporting Persons
YGF MC LIMITED
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
VIRGIN ISLANDS, BRITISH
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
203,401,382.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
203,401,382.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
203,401,382.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
16.3 %
12
Type of Reporting Person (See Instructions)
CO
Comment for Type of Reporting Person: * Represents 203,401,382 ordinary shares (including 8,896,000 ordinary shares in the form of ADSs) held by YGF MC LIMITED, a limited liability company incorporated under the laws of British Virgin Islands. YGF MC Limited is wholly-owned by Mr. Guofu Ye. Ms. Yunyun Yang is Mr. Guofu Ye's spouse. Mr. Guofu Ye and Ms. Yunyun Yang make joint decisions on the exercise of the voting power of the shares owned by them through their holding vehicles. As a result, both Mr. Guofu Ye and Ms. Yunyun Yang are deemed to be beneficial owners of the shares held by YGF MC LIMITED.
**The percentage of class of securities beneficially owned by the Reporting Person is based on a total of 1,249,871,833 outstanding ordinary shares of the Issuer outstanding as of December 31, 2024.
SCHEDULE 13G
CUSIP No.
66981J102
1
Names of Reporting Persons
YGF Development Limited
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
VIRGIN ISLANDS, BRITISH
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
328,290,482.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
328,290,482.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
328,290,482.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
26.3 %
12
Type of Reporting Person (See Instructions)
CO
Comment for Type of Reporting Person: *Represents (i) 314,290,482 ordinary shares held by Mini Investment Limited, a limited liability company incorporated under the laws of British Virgin Islands, and (ii) 14,000,000 ordinary shares held by Mini Investments SP1 Limited, a limited liability company incorporated under the laws of British Virgin Islands. Mini Investments SP1 Limited is a wholly owned subsidiary of Mini Investment Limited. Mini Investment Limited is wholly owned by YGF Development Limited, a limited liability company incorporated under the laws of British Virgin Islands. All shares of YGF Development Limited are held by TMF (Cayman) Ltd. on behalf of YGF Trust, with TMF (Cayman) Ltd. as the trustee, and Mr. Ye and his family members as beneficiaries. Mr. Guofu Ye is both the settlor and the protector of YGF Trust and is deemed to be the controlling person of the trust. Ms. Yunyun Yang is Mr. Guofu Ye's spouse. Mr. Guofu Ye and Ms. Yunyun Yang make joint decisions on the exercise of the voting power of the shares owned by them through their holding vehicles. As a result, both Mr. Guofu Ye and Ms. Yunyun Yang are deemed to be beneficial owners of the shares held by YGF Development Limited.
**The percentage of class of securities beneficially owned by the Reporting Person is based on a total of 1,249,871,833 outstanding ordinary shares of the Issuer outstanding as of December 31, 2024.
SCHEDULE 13G
CUSIP No.
66981J102
1
Names of Reporting Persons
Yunyun Yang
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CHINA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
789,541,061.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
789,541,061.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
789,541,061.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
63.2 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: *Represents (i) 314,290,482 ordinary shares held by Mini Investment Limited, a limited liability company incorporated under the laws of British Virgin Islands, (ii) 14,000,000 ordinary shares held by Mini Investments SP1 Limited, a limited liability company incorporated under the laws of British Virgin Islands, (iii) 203,401,382 ordinary shares (including 8,896,000 ordinary shares in the form of ADSs) held by YGF MC LIMITED, a limited liability company incorporated under the laws of British Virgin Islands, and (iv) 257,849,197 ordinary shares held by YYY MC LIMITED, a limited liability company incorporated under the laws of British Virgin Islands.
Mini Investments SP1 Limited is a wholly owned subsidiary of Mini Investment Limited. Mini Investment Limited is wholly owned by YGF Development Limited, a limited liability company incorporated under the laws of British Virgin Islands. All shares of YGF Development Limited are held by TMF (Cayman) Ltd. on behalf of YGF Trust, with TMF (Cayman) Ltd. as the trustee, and Mr. Ye and his family members as beneficiaries. Mr. Guofu Ye is deemed to be the controlling person of the trust. YGF MC Limited is wholly-owned by Mr. Guofu Ye. YYY MC Limited is wholly owned by YYY Development Limited, a limited liability company incorporated under the laws of British Virgin Islands. All shares of YYY Development Limited are held by TMF (Cayman) Ltd. on behalf of YYY Trust, with TMF (Cayman) Ltd. as the trustee, and Ms. Yang and her family members as beneficiaries. Ms. Yunyun Yang is deemed to be the controlling person of the trust.
Ms. Yunyun Yang is Mr. Guofu Ye's spouse. Mr. Guofu Ye and Ms. Yunyun Yang make joint decisions on the exercise of the voting power of the shares owned by them through their holding vehicles. As a result, both Mr. Guofu Ye and Ms. Yunyun Yang are deemed to be beneficial owners of the shares directly held by Mini Investment Limited, Mini Investments SP1 Limited, YGF MC Limited and YYY MC Limited.
**The percentage of class of securities beneficially owned by the Reporting Person is based on a total of 1,249,871,833 outstanding ordinary shares of the Issuer outstanding as of December 31, 2024.
SCHEDULE 13G
CUSIP No.
66981J102
1
Names of Reporting Persons
YYY MC LIMITED
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
VIRGIN ISLANDS, BRITISH
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
257,849,197.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
257,849,197.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
257,849,197.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
20.6 %
12
Type of Reporting Person (See Instructions)
CO
Comment for Type of Reporting Person: *Represents 257,849,197 ordinary shares held by YYY MC LIMITED, a limited liability company incorporated under the laws of British Virgin Islands. YYY MC Limited is wholly owned by YYY Development Limited, a limited liability company incorporated under the laws of British Virgin Islands. All shares of YYY Development Limited are held by TMF (Cayman) Ltd. on behalf of YYY Trust, with TMF (Cayman) Ltd. as the trustee, and Ms. Yang and her family members as beneficiaries. Ms. Yunyun Yang is deemed to be the controlling person of the trust.
Ms. Yunyun Yang is Mr. Guofu Ye's spouse. Mr. Guofu Ye and Ms. Yunyun Yang make joint decisions on the exercise of the voting power of the shares owned by them through their holding vehicles. As a result, both Mr. Guofu Ye and Ms. Yunyun Yang are deemed to be beneficial owners of the shares held by YYY MC LIMITED.
**The percentage of class of securities beneficially owned by the Reporting Person is based on a total of 1,249,871,833 outstanding ordinary shares of the Issuer outstanding as of December 31, 2024.
SCHEDULE 13G
CUSIP No.
66981J102
1
Names of Reporting Persons
YYY Development Limited
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
VIRGIN ISLANDS, BRITISH
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
257,849,197.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
257,849,197.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
257,849,197.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
20.6 %
12
Type of Reporting Person (See Instructions)
CO
Comment for Type of Reporting Person: *Represents 257,849,197 ordinary shares held by YYY MC LIMITED, a limited liability company incorporated under the laws of British Virgin Islands. YYY MC Limited is wholly owned by YYY Development Limited, a limited liability company incorporated under the laws of British Virgin Islands. All shares of YYY Development Limited are held by TMF (Cayman) Ltd. on behalf of YYY Trust, with TMF (Cayman) Ltd. as the trustee, and Ms. Yang and her family members as beneficiaries. Ms. Yunyun Yang is deemed to be the controlling person of the trust.
Ms. Yunyun Yang is Mr. Guofu Ye's spouse. Mr. Guofu Ye and Ms. Yunyun Yang make joint decisions on the exercise of the voting power of the shares owned by them through their holding vehicles. As a result, both Mr. Guofu Ye and Ms. Yunyun Yang are deemed to be beneficial owners of the shares held by YYY Development Limited.
**The percentage of class of securities beneficially owned by the Reporting Person is based on a total of 1,249,871,833 outstanding ordinary shares of the Issuer outstanding as of December 31, 2024.
Guofu Ye
Mini Investment Limited
Mini Investments SP1 Limited
YGF MC Limited
YGF Development Limited
Yunyun Yang
YYY MC Limited
YYY Development Limited
(collectively, the "Reporting Persons")
(b)
Address or principal business office or, if none, residence:
The business address of the Reporting Persons is 8F, M Plaza, No. 109, Pazhou Avenue, Haizhu District, Guangzhou 510000, Guangdong Province, the People's Republic of China
(c)
Citizenship:
Guofu Ye - People's Republic of China
Mini Investment Limited - British Virgin Islands
Mini Investments SP1 Limited - British Virgin Islands
YGF MC Limited - British Virgin Islands
YGF Development Limited - British Virgin Islands
Yunyun Yang - People's Republic of China
YYY MC Limited - British Virgin Islands
YYY Development Limited - British Virgin Islands
(d)
Title of class of securities:
Ordinary Shares, par value $0.00001 per share
(e)
CUSIP No.:
66981J102
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
The responses of each Reporting Person to Row (9) of Reporting Person Information of this Schedule 13G are hereby incorporated by reference in this Item 4.
(b)
Percent of class:
The responses of each Reporting Person to Row (11) of Reporting Person Information of this Schedule 13G are hereby incorporated by reference in this Item 4.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
0
(ii) Shared power to vote or to direct the vote:
The responses of each Reporting Person to Row (6) of Reporting Person Information of this Schedule 13G are hereby incorporated by reference in this Item 4.
(iii) Sole power to dispose or to direct the disposition of:
0
(iv) Shared power to dispose or to direct the disposition of:
The responses of each Reporting Person to Row (8) of Reporting Person Information of this Schedule 13G are hereby incorporated by reference in this Item 4.
Item 5.
Ownership of 5 Percent or Less of a Class.
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
Not Applicable
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Guofu Ye
Signature:
/s/ Guofu Ye
Name/Title:
Guofu Ye
Date:
08/13/2025
Mini Investment Limited
Signature:
/s/ Guofu Ye
Name/Title:
Guofu Ye/Director
Date:
08/13/2025
Mini Investments SP1 Limited
Signature:
/s/ Guofu Ye
Name/Title:
Guofu Ye/Director
Date:
08/13/2025
YGF MC LIMITED
Signature:
/s/ Guofu Ye
Name/Title:
Guofu Ye/Director
Date:
08/13/2025
YGF Development Limited
Signature:
/s/ Liu Kin Wai
Name/Title:
S.B. Vanwall Ltd. (represented by Liu Kin Wai)/Director
Date:
08/13/2025
Yunyun Yang
Signature:
/s/ Yunyun Yang
Name/Title:
Yunyun Yang
Date:
08/13/2025
YYY MC LIMITED
Signature:
/s/ Yunyun Yang
Name/Title:
Yunyun Yang/Director
Date:
08/13/2025
YYY Development Limited
Signature:
/s/ Liu Kin Wai
Name/Title:
S.B. Vanwall Ltd. (represented by Liu Kin Wai)/Director
The filing was made by reporting persons collectively identified as Guofu Ye, Mini Investment Limited, Mini Investments SP1 Limited, YGF MC Limited, YGF Development Limited, Yunyun Yang, YYY MC Limited, and YYY Development Limited.
How many MINISO shares are reported and what percent of the class do they represent?
The reporting persons beneficially own 789,541,061 ordinary shares, representing 63.2% of the class based on 1,249,871,833 outstanding ordinary shares.
Which affiliated entities hold the largest stakes disclosed in the filing?
Key holders disclosed: Mini Investment Limited group 328,290,482 shares (26.3%), YYY MC LIMITED 257,849,197 shares (20.6%), and YGF MC LIMITED 203,401,382 shares (16.3%, including 8,896,000 ADS-equivalents).
Do any reporting persons have sole voting or dispositive power over the shares?
No. The filing reports 0 shares with sole voting power and 0 shares with sole dispositive power; all reported shares show shared voting and shared dispositive power.
Were there recent transactions or encumbrances disclosed affecting these holdings?
Yes. In September 2023, Mini Investment Limited transferred 14,000,000 shares to its subsidiary Mini Investments SP1 Limited and to a financial institution as credit support for a collar transaction; that collar was unwound in June 2025 and the 14,000,000 shares were returned to the subsidiary.
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