Zhuhai Duty Free Group Co., Ltd. (Zhuhai Duty Free Group, 600185.SH) said on November 11 that it is planning a major asset restructuring under which it would buy the remaining 49% of Zhuhai Duty Free Enterprise Group Co., Ltd. If the transaction is completed, the duty-free company would become a wholly owned subsidiary. The listed company already holds 51%.
On the same day, Zhuhai Duty Free Group signed a letter of intent with Zhuhai Investment Holdings Co., Ltd. and Zhuhai Kangge Investment Co., Ltd. To carry out state-owned enterprise reform, integrate duty-free business resources and improve the listed company’s results, it plans to buy the 26% stake held by Zhuhai Investment Holdings and the 23% stake held by Kangge Investment by issuing shares and paying cash, and to raise supporting funds.
The company said the deal is a related-party transaction and is expected to constitute a major asset restructuring under the administrative measures for major asset restructurings of listed companies. It said the transaction would not change the controlling shareholder or actual controller and would not constitute a backdoor listing.
Because the transaction is still being planned and remains uncertain, the company applied under Shanghai Stock Exchange rules to suspend trading from the market open on Thursday, November 12, 2026. The halt is expected to last no more than 10 trading days. The company said the suspension is intended to support fair disclosure, protect investors and avoid a material effect on trading in its shares.
As of the announcement date, the company said the transaction was still at the planning stage, the specific terms were still under discussion, and the parties had not signed a formal agreement. It would still need to be submitted to the board and shareholders’ meeting and approved by the competent regulators before it could be carried out. The company said it remains uncertain whether the transaction will ultimately be implemented.
Public information cited in the report says Zhuhai Duty Free Group was formerly Gree Real Estate. On April 30, 2025, it completed the industrial and commercial registration of a name change from Gree Real Estate Co., Ltd. to Zhuhai Duty Free Group Co., Ltd. From May 8, its securities abbreviation changed from Gree Real Estate to Zhuhai Duty Free Group, while the stock code 600185 stayed the same.
Its 2026 interim report said that, by the end of 2025, the company had completed the sale of 100% of Gree Real Estate and had strategically exited the property business. During the reporting period, the scope of its revenue was adjusted from real estate income, duty-free goods income and other income to duty-free goods income and other income.
The company’s third-quarter report showed that, in the first three quarters of this year, revenue was 1.796 billion yuan, down 28.05% year on year, and net profit attributable to shareholders of the listed company was 18.6963 million yuan. In the third quarter, revenue was 566 million yuan, down 25.26% year on year, and the net loss attributable to shareholders was 16.1744 million yuan.
Original article: https://m.thepaper.cn/newsDetail_forward_34454834