Zhuhai Zhumian Group has signed a letter of intent to buy the 49% of Zhuhai Duty Free Enterprise Group it does not already own, paying in new shares and cash, and suspended its Shanghai-listed shares while it prepares the plan, the company said on 11 November 2026.
Why Zhuhai Zhumian Group Co., Ltd. is buying Zhuhai Duty Free Enterprise Group Co., Ltd. (49%)
Zhumian said the deal follows state-owned enterprise reform plans and is intended to consolidate duty-free business resources and improve the listed company's earnings.
Deal terms and financing
Zhumian would buy 26% of Zhuhai Duty Free from Zhuhai Investment Holdings and 23% from Zhuhai Kangge Investment, issuing new shares and paying cash, and raise supporting funds. The price has not been set. Kangge Investment, a Gree Group vehicle, controls Zhuhai Investment Holdings with 96.28%.
Regulatory approvals and timing
The deal is expected to be a material asset restructuring and a connected transaction but would not change Zhumian's controlling shareholder. Zhumian's shares were suspended from 12 November 2026 for no more than ten trading days.
Market context
Zhumian, formerly Gree Real Estate, acquired 51% of Zhuhai Duty Free through an asset swap at the end of 2024. Gree Group's Kangge Investment agreed in September 2026 to buy Huafa Group's stake in Zhuhai Investment Holdings as part of a reshuffle of Zhuhai state assets.
