MINISO (MNSO) board has approved a new share repurchase program of up to 2 billion Hong Kong dollars ($255 million) over the next 12 months starting Tuesday, the company said Monday.

The buyback will cover both Hong Kong-listed shares and American depositary shares, funded from surplus cash, the company said.

The new program follows its previous repurchase plan, under which it has already bought back about 1.37 billion Hong Kong dollars worth of shares, the company added.