Latham Advises on MINISO Group’s US$550 Million Securities Offering

Latham & Watkins has advised UBS and HSBC on MINISO Group’s offering of equity linked securities due 2032 in the aggregate principal amount of US$550 million. UBS and HSBC acted as joint lead managers in the transaction.

The novel transaction represents the first equity-linked securities offering distributed solely under Regulation S by a company with a dual primary listing in the US and HK. The transaction also features a delta placement, securities lending facility, and call spread.

The Latham team was led by Hong Kong corporate partners Posit Laohaphan, Derek Chua, and Terris Tang, with New York counsel Polina Tulupova and Hong Kong counsel Eric Yiu, and associates Christine Lo, Stewart Lai, and Zhaoxin Huang, with Foreign Legal Consultant Manyu Tian and senior paralegal Lily Mak.