GUANGZHOU, China, Jan. 29, 2023 /PRNewswire/ — 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 Mr. Steven Saiyin Zhang has resigned from his positions as the chief financial officer, executive vice president and an executive director of the Company, effective on January 31, 2023, for personal reason and in order to spend more time with his family. Mr. Steven Zhang will continue to serve as a senior consultant to the Company.

Following Mr. Steven Zhang’s resignation, the board of directors of the Company (the “Board”) will be comprised of five members, including three independent non-executive directors and two executive directors. In addition, the Board has appointed Mr. Eason Jingjing Zhang, currently the Company’s vice president of capital markets, as the new chief financial officer of the Company, effective on January 31, 2023.

Mr. Guofu Ye, founder, chairman of the Board and chief executive officer of the Company, commented, “On behalf of our Board and the management team, I would like to thank Steven for his exemplary service and significant contributions to the Company’s business, financial management, capital markets transactions and corporate governance during the past 5 years since he joined the Company. His sound judgment and leadership have been instrumental in our company’s growth, earning respect and commendation throughout the Company.”

“Steven has designed a detailed succession plan to transition his responsibilities to Eason, who has played a key role in driving MINISO’s success in various capital market transactions and several internal finance management projects, demonstrating a clear understanding of our business and establishing confidence in MINISO among the investor community. We look forward to working with him in his new capacities and together taking the Company to new heights.”

Mr. Eason Zhang has served as the Company’s vice president of capital markets since September 2022, in charge of the Company’s capital markets matters, including investor relations, strategic investment and acquisitions, as well as corporate strategy and treasury. Mr. Eason Zhang joined the Company in January 2021 as director of capital markets. Since then, he has played a key role in driving the Company’s success in various capital market transactions and several internal finance management projects. Mr. Eason Zhang has 12 years of experience in capital markets. He started his career in auditing at PricewaterhouseCoopers, after which he served in various roles mainly in capital markets in the U.S., Hong Kong and China A share markets. Mr. Eason Zhang, a Chartered Financial Analyst and a non-practicing member of the Chinese Institute of Certified Public Accountants, received his dual bachelor degrees in World History and Business Administration from Nankai University and is currently an FMBA candidate of the executive program at China Europe International Business School.

Mr. Steven Zhang has confirmed that he has no dispute or disagreement with the Board or the Company and that there is no matter in respect of his resignation that needs to be brought to the attention of the shareholders of the Company.

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.

Investor Relations Contact:

Raine Hu
MINISO Group Holding Limited
Email: ir@miniso.com
Phone: +86 (20) 36228788 Ext.8039

Eric Yuan
Christensen Advisory
Email: miniso@christensencomms.com
Phone: +86 1380 111 0739

SOURCE MINISO Group Holding Limited

https://www.prnewswire.com/news-releases/miniso-group-announces-management-and-board-changes-301732999.html

As a result of the recent negative deposit rates levied by the central banks in the region, some smaller banks in Switzerland and Germany are presently finding it hard to provide the appropriate answers to the situation. In the last few days, various lenders have made a pronouncement of new policies. The penalty in the form of interest on the savings of private customers was either presented, modified or annulled.

In the case of the PostFinance AG in Switzerland, the penalty interest was introduced. A levy was placed on account balances of 500,000 francs or exceeding the amount by October 1. However, the limit previously used was on account balances in the region of one million francs. The levy is equal to one percent of the money that surpasses the threshold.

According to the spokesperson of PostFinance, Reto Kormann in his interview with Bloomberg, he confirmed that PostFinance had received more than five hundred million francs in client funds in the last one year even though the financial institution is not paying any interest. He said there is a need to stiffen the fee regime to stop the resilient new money inflow and achieve an outflow of the funds of the customers. He also said that PostFinance, as a state-owned financial institution is not permitted to borrow money on its volition thereby making a few products available to counterbalance the inconvenience of negative interest rates.

On the other hand, Hamburger Sparkasse AG, which will soon be introducing its penalty interest levies, also explains its resolution with higher expenses for liquid funds. According to its spokesperson, Stefanie Von Carlsburg said if their customers store huge deposit cash in their checking accounts, it will have financial implications on the daily operational cost of Haspa. She said a valuation of the low-interest environment’s burden in recent years was calculated to be a high double-digit million euro per annum.

Carlsburg confirmed that a levy of 0.4 percent would be placed on private savings of 500,000 euros or more by the lender starting by September. She even said that the levy does not take care of the expenses earned by the ECB’s penalty rate for bank deposits as they have to offer payment for deposit insurance. According to the information released by the German Savings Banks Association, the lender was the biggest savings banks by assets in 2017 in the whole of Germany.

In contrast to the Haspa’s policy, Hamburger Volksbank eG has resolved to revoke its 0.2 percent penalty rate, which was announced in the first phase of 2017 for individual account balances of 500,000 and more in some accounts. According to the spokeswoman of Hamburger Volksbank eG, Heidi Melis, she said that customers who were affected by the policy moved their cash from their respective accounts as time goes by. This led to the presence of a few clients with a balance of 500,000 euro, and the bank chose to abolish the penalty rate. The cash flows will continuously be checked to see how it will evolve in the future.

Most lenders will repay the money they acquired from central banks. However, the European Central Bank has a deposit rate of minus 0.4 percent, and the Swiss National Bank deposit rate is currently at minus 0.75 percent. Pushing these expenses to the corporate clients by compelling them to pay the penalty interest is not an uncommon occurrence, but this step is the concession for private clients in the area.

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