Study on the Impact of PE on Enterprise Growth-Taking Hillhouse Investment in MINISO as an Example

DOI: https://doi.org/10.62517/jbm.202609308

Author(s)

Zheyu Tu

Affiliation(s)

Productivity and Standards Board Academy Singapore, Singapore

Abstract

Against the background of the transformation and upgrading of the real economy and the deep integration of the capital market, private equity (PE) has evolved from a traditional financial investor into an important creator of long-term corporate value. PE affects the growth speed, quality and sustainability of invested enterprises through capital injection, strategic planning, resource integration, governance optimization, digital empowerment and other channels. Taking Hillhouse Capital’s strategic investment in MINISO in 2018 as a typical case, this paper systematically analyzes the changes in MINISO’s business scale, financial performance, global layout, operational efficiency and capital market performance before and after PE’s involvement by using case study, literature research and data comparison methods. The study finds that Hillhouse Capital’s growth drive for MINISO does not only rely on capital support, but forms a comprehensive empowerment system of “capital + strategy + digitalization + supply chain + globalization + corporate governance”, which significantly promotes MINISO’s store expansion, revenue improvement, gross profit margin increase and overseas market breakthrough, and ultimately helps it complete its IPO in the US stock market. At the same time, PE investment also brings potential challenges such as performance gambling, expansion rhythm control and long-term growth dependence, and the sustainability of growth still needs to be observed. The conclusions enrich the theory of PE value creation in the Chinese context and provide practical references for retail enterprises to introduce PE investment and PE institutions to optimize post-investment management.

Keywords

Private Equity (PE); Enterprise Growth; Hillhouse Capital; MINISO; Value Creation; Post-Investment Empowerment; New Retail

References

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