Hainan Haiqi Transportation Group hits major obstacle in restructuring to acquire Hainan Tourism Investment Duty Free, target posts 340 million yuan loss in 2025

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Summary · why it matters

Hainan Haiqi Transportation Group announced on the evening of September 24 that its major asset restructuring to acquire control of Hainan Tourism Investment Duty Free Products Co., Ltd. through cash and/or assets faces a major obstacle, and there is significant uncertainty over whether it can ultimately be completed. Under the deal, Haiqi Transportation Group would pay cash and/or assets to Hainan Tourism Investment Group Co., Ltd. to acquire control of Hainan Tourism Investment Duty Free after the Huating project is carved out. The transaction does not involve issuing shares or raising matching funds, and the specific asset scope still needs to be further negotiated by both parties. This plan is already a downgraded version of the restructuring. The company originally planned to issue shares to Hainan Tourism Investment and pay cash to buy all equity in Hainan Tourism Investment Duty Free while raising matching funds. On September 2, 2024, the board approved major adjustments to the original plan, after which the restructuring shifted to a cash acquisition model. Since October 2024, the company has issued more than twenty restructuring progress announcements, and the matter has still not been completed after more than two years. The announcement shows that the core issue behind the major obstacle is the target asset's continued losses. According to the annual corporate bond report disclosed by Hainan Tourism Investment, its duty-free business segment posted a cumulative loss of 340 million yuan in 2025, including a loss of 146 million yuan in offshore duty-free business and a loss of 194 million yuan in the Hainan Tourism Investment Super Body taxable commercial project. After excluding the Huating project, which has ceased operations, the target company still lost 146 million yuan in 2025. Haiqi Transportation Group said that due to fierce competition in the domestic duty-free market, slowing consumer demand and other factors, there remains considerable uncertainty over whether the target company's performance can improve after excluding the Huating project, and on that basis it judges that the restructuring faces a major obstacle.

Impact on assets 1

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Off-coverage companies 4

海南旅投免税品有限公司Private▼ Negative
Capitalrelevance

The duty-free target's continued losses (340 million yuan in 2025) are the core obstacle to the restructuring.

海旅免税Private▼ Negative
Capitalrelevance

The duty-free target's continued losses (340 million yuan in 2025) are the core obstacle to the restructuring.

海南省旅游投资发展有限公司Private▼ Negative
Capitalrelevance

Its duty-free business segment posted a cumulative loss of 340 million yuan in 2025, undermining the planned asset sale to Haiqi.

海南省旅游投资集团有限公司Private▼ Negative
Capitalrelevance

Its duty-free business segment posted a cumulative loss of 340 million yuan in 2025, undermining the planned asset sale to Haiqi.

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