Miniso to Buy Stake in China’s Yonghui for $889 Million (1)

Low-cost retailer Miniso Group Holding Ltd.plans to acquire a significant stake in supermarket chain operator Yonghui Superstores Co. for 6.27 billion yuan ($889 million) to build on its presence in China.

“The acquisition will expand the group’s investment and operational channels in the daily necessities retail business, enabling the group to diversify its cyclical business risks, which is of significant strategic importance,” Miniso said in a statement to the Hong Kong stock exchange late Monday.

Miniso’s American depositary receipts tumbled as much as 20% in New York trading on Monday, the most intraday since March 2022. Its ADRs had ...