Zhuhai Zhumian Group Co., Ltd. (Zhumian Group, 600185.SH) said on November 11 that it is planning a major asset restructuring to acquire the remaining 49% equity in Zhuhai Duty-Free Enterprise Group Co., Ltd. If completed, the duty-free company would become a wholly owned subsidiary.
The same day, Zhumian Group signed a letter of intent with Zhuhai Investment Holding Co., Ltd. and Zhuhai Kangge Investment Co., Ltd. To advance state-owned enterprise reform, consolidate duty-free assets and improve listed-company performance, it plans to buy the 26% stake held by the investment holding company and the 23% stake held by Kangge by issuing shares and paying cash, and to raise matching funds.
Zhumian Group already owns 51% of the duty-free company. The proposal is a related-party transaction and is expected to qualify as a major asset restructuring. It would not change the controlling shareholder or actual controller and would not constitute a backdoor listing.
The deal is still at the planning stage. Terms remain under discussion, no formal agreement has been signed, and implementation would require board and shareholder approval plus clearance from competent regulators. The company said it is uncertain whether the transaction will proceed.
To support fair disclosure, Zhumian Group applied to suspend trading. Its shares are scheduled to halt from the market open on Thursday, November 12, 2026, for an expected period of no more than 10 trading days.
The company was formerly Gree Real Estate Co., Ltd. It completed registration of the name change to Zhuhai Zhumian Group Co., Ltd. on April 30, 2025. From May 8, 2025, the trading abbreviation changed from Gree Real Estate to Zhumian Group while the code 600185 stayed the same. Its 2026 interim report said that by the end of 2025 it had sold 100% of Gree Real Estate and strategically exited real estate. Reported revenue categories were adjusted from real estate income, duty-free merchandise income and other income to duty-free merchandise income and other income.
The third-quarter report showed operating revenue of 1.796 billion yuan for 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, with a net loss attributable to shareholders of 16.1744 million yuan.
Original article: https://m.thepaper.cn/newsDetail_forward_34454834
