Hainan Haiqi Transportation Group Co Ltd

Haiqi Group released a major asset restructuring progress announcement after market close on September 24, proposing to acquire control of Hainan Tourism Investment Duty Free Goods Company after divesting the Huating project, through cash and/or asset payment. This transaction does not involve issuing shares or raising supporting funds. The company's original plan was to issue shares to Hainan Tourism Investment and pay cash to purchase all equity of Hainan Tourism Duty Free and raise supporting funds. On September 2, 2024, the board of directors approved a major adjustment proposal, and the specific asset scope still requires further negotiation between the parties. The announcement cited Hainan Tourism Investment's Corporate Bond Annual Report 2025, showing that the duty free business segment accumulated a loss of 340 million yuan in 2025, including a loss of 146 million yuan in offshore duty free business, a loss of 194 million yuan in the Hainan Tourism Super Body taxed commercial project, and a loss of 146 million yuan for the target company after excluding the Huating project. The company cautioned that, affected by intense competition in the domestic duty free market and slowing consumer demand, there is significant uncertainty over whether the target company's future performance can improve, major obstacles exist in advancing this restructuring, and there is significant uncertainty over whether the transaction can ultimately be completed. Haiqi Group achieved operating revenue of 281 million yuan in the first half of 2026, down 22.46 percent year on year, with net profit attributable to shareholders of the listed company at negative 44.6476 million yuan, a loss widening 60.74 percent year on year.

Haiqi Group released its 2026 interim report, with net profit attributable to the parent company at negative 44.65 million yuan, a loss expansion of 16.87 million yuan compared with the same period last year. The company's total operating revenue was 281 million yuan, down 22.46% year-on-year; net cash inflow from operating activities was 12.38 million yuan, down 86.57% year-on-year. The company's latest asset-liability ratio was 69.17%, gross margin was 8.60%, ROE was negative 5.96%, and diluted earnings per share was negative 0.14 yuan.

Haiqi Group has issued a progress update on its major asset restructuring, under which it plans to acquire control of Hailu Duty Free after the Huating project is carved out, by paying cash and or assets to Hainan Tourism Investment. According to Hainan Tourism Investment's 2025 bond annual report, the target company, excluding the Huating project, posted a loss of about 146 million yuan in 2025. The company said that due to fierce competition in the domestic duty-free market and slowing consumer demand, there is considerable uncertainty over whether the target company's performance can improve in the future. Major obstacles remain in advancing this restructuring, and there is significant uncertainty over whether it can ultimately be completed.