On November 11, Zhuhai Duty Free Group Co., Ltd. (珠海珠免集团股份有限公司, 600185.SH) announced that it is planning a major asset restructuring and will suspend trading in its shares. The company plans to buy the remaining 49% equity in Zhuhai Duty-Free Enterprise Group Co., Ltd. (珠海市免税企业集团有限公司, the “duty-free company”). If the transaction is completed, the duty-free company would become a wholly owned subsidiary.
According to the announcement, the listed company signed a letter of intent that day with Zhuhai Investment Holdings Co., Ltd. (珠海投资控股有限公司) and Zhuhai Kangge Investment Co., Ltd. (珠海康格投资有限公司). To implement state-owned enterprise reform, integrate duty-free business resources and improve the listed company’s operating results, Zhuhai Duty Free Group plans to buy the 26% stake held by Zhuhai Investment Holdings and the 23% stake held by Kangge by issuing shares and paying cash, and to raise supporting funds.
The listed company already holds 51% of the duty-free company. The transaction would be a related-party transaction and is expected to constitute a major asset restructuring under the rules for major asset restructurings of listed companies. The company said the deal would not change its controlling shareholder or actual controller and would not constitute a backdoor listing.
The company said the transaction is still being planned and remains uncertain. To support fair disclosure, protect investors and avoid a material impact on trading, it applied for a trading halt under Shanghai Stock Exchange rules. Trading is to be suspended from the market open on Thursday, November 12, 2026, for an expected period of no more than 10 trading days.
As of the announcement date, the parties had not signed a formal transaction agreement, and the specific plan was still under discussion. The transaction would still need to be submitted to the board and the shareholders’ meeting and approved by the competent regulators before it could be carried out. The company said it remains uncertain whether the transaction can ultimately be implemented.
Public information cited in the report says the company was formerly Gree Real Estate. On April 30, 2025, it completed the commercial registration of a name change from Gree Real Estate Co., Ltd. (格力地产股份有限公司) to Zhuhai Duty Free Group Co., Ltd. From May 8, its securities short name changed from “Gree Real Estate” (格力地产) to “Zhuhai Duty Free Group” (珠免集团), while the securities code 600185 remained unchanged.
Its 2026 interim report said that, by the end of 2025, the company had completed the sale of 100% of the equity in Gree Property (格力房产) and had strategically exited the real estate business. During the reporting period, the scope of operating 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 revenue of 1.796 billion yuan in the first three quarters of 2026, down 28.05% year on year, and net profit attributable to shareholders of the listed company of 18.6963 million yuan. 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: thepaper.cn