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[Zhuhai Duty Free Group: Gree Group will become an indirect controlling shareholder] On September 15th, Zhuhai Duty Free Group (600185.SH) announced that the company received a notice from the indirect controlling shareholder Huafa Group that the Zhuhai Municipal State-owned Assets Supervision and Administration Commission agreed in principle that Huafa Group would transfer its 96.28% stake in the overseas investment company and 23% of the Duty Free Group and other assets to Gree Group. After this change, Gree Group will indirectly hold 44.95% of the company's equity through Hainan Investment Company and become the company's indirect controlling shareholder. The controlling shareholder of the company is still Haitou Corporation, and the actual controller is still Zhuhai State-owned Assets Supervision and Administration Commission. Gree Group promised to resolve the issue of horizontal competition with the company within five years from the completion of the acquisition, and will support the company in focusing on tax-free business.
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