MINISO (MNSO) VP Yang Yunyun Acquires 21.6M Shares via Forward

What Happened
Yang Yunyun, Vice President of MINISO Group Holding Ltd, reported a derivative acquisition on 2026-09-17: Mini Investments SP1 Limited entered a prepaid variable share forward (PVF) that covers up to 21,600,000 ordinary shares (equivalent to 5,400,000 ADSs). The filing lists this as an "other acquisition or disposition" (transaction code J); no per-share price or total dollar value is provided in the Form 4 because final delivery quantities and the prepayment depend on future valuation mechanics.

Key Details

• Transaction date: 2026-09-17; Form 4 filed: 2026-09-21 (filed within the required period).
• Reported instrument: prepaid variable share forward (derivative). Reported amount: up to 21,600,000 ordinary shares (5,400,000 ADSs). Price: N/A (final number and prepayment depend on Hedge Reference Price).
• Mechanics: Contract may settle across up to 80 components/settlement dates; Dealer established an initial hedge and received the Maximum Number of Shares as credit support. Dealer will return any shares in excess of the final number after the initial hedge period. Dealer will pay manufactured distributions for dividends on the transferred shares under certain conditions.
• Shares owned after transaction: Not specified in the Form 4 for the reporting person.
• Beneficial ownership: The shares are held by Mini Investments SP1 Limited (a BVI subsidiary ultimately tied to the YGF Trust). Yang Yunyun is the spouse of Guofu Ye and is deemed a beneficial owner of the securities held by Mini Investments.
• Filing timeliness: Timely (transaction on 9/17; Form 4 filed 9/21).

Context
A prepaid variable forward is a monetization/hedging instrument: the seller (Mini Investments) receives a cash prepayment now and later must deliver a variable number of shares (or cash) depending on future share prices. This is not an open-market purchase or sale by the executive and does not necessarily reflect a change in underlying ownership—shares were transferred as collateral to the dealer and may be returned depending on final settlement.