The share transfer agreement between Xinhua Department Store's controlling shareholder Wumart Technology Group and Hangzhou Jingqi Electronic Information Partnership Enterprise and Xiamen Lianxinmei Enterprise Management Partnership Enterprise was terminated on July 11, 2026. Wumart Technology originally planned to transfer 11.2816 million shares to each of the two enterprises, representing 5% of the total share capital, at a transfer price of 13.00 yuan per share, with a transfer consideration of 147 million yuan. If the transfer had proceeded normally, the total price would have been approximately 293 million yuan. The termination was reached through friendly negotiation between both parties, and the agreement is completely terminated from the effective date of termination, with no further legal effect. This termination will not lead to changes in the company's controlling shareholder, actual controller, or control rights, nor will it affect the company's financial position and ongoing operations. Xinhua Department Store achieved revenue of 1.879 billion yuan in the first quarter of 2026, up 1.3% year-on-year, with net profit attributable to the parent company of 65.04 million yuan, down 18.7% year-on-year.
Yinchuan Xinhua Commercial Group Co LtdControlling shareholder's share transfer plan terminated, but no change in control or operations; financials show revenue up but profit down.
Wumart Technology's planned share transfer of 293 million yuan terminated, failing to raise capital.