Nomura issued a report stating that MINISO (09896.HK)(MNSO.US) recently announced the issuance of $0.55 billion of stock-linked securities maturing in 2032, with an annual interest rate of 0.5%. The initial exercise price for the securities exchange is HKD 64.395 per share. To reduce potential dilution of shares, the company has also established a Call option spread, with exercise price limits of 102.1 and 64.395 HKD respectively.

The firm believes that MINISO's structured stock-linked securities help to limit the negative impact of share dilution, maintaining a "Buy" rating for MINISO's American stocks, with the Target Price adjusted from $26.3 to $28.1.