中国中免27亿收购DFS大中华区业务，LVMH集团参与增资

Group 1 - The core point of the article is that China Duty Free Group (CDFG) announced a cash acquisition of DFS Group's travel retail business in Greater China for up to $395 million (approximately 2.75 billion RMB) [1] - The acquisition includes 100% equity of DFS Cotai Limitada and related assets from DFS Singapore and DFS Hong Kong, covering various physical and intangible assets such as personnel, lease contracts, fixed assets, inventory, brand ownership, membership systems, and intellectual property [1] - The transaction aims to deepen cooperation between CDFG and LVMH, enhancing CDFG's position in the travel retail market in Hong Kong and Macau [1] Group 2 - LVMH and the Miller family will participate in a capital increase for CDFG by subscribing to newly issued H-shares in Hong Kong, with the subscription amount being part of the sale consideration, to be completed after the transaction closes [2] - CDFG's core business focuses on duty-free retail, covering a wide range of products including tobacco, alcohol, cosmetics, and apparel, while also engaging in the investment and development of duty-free commercial complexes [2] - CDFG has previously expanded into overseas markets through asset acquisitions, including acquiring duty-free retail assets from Hong Kong's Huamao Group and establishing a presence in Southeast Asia and East Asia [2] Group 3 - CDFG's financial performance has been volatile due to market conditions, with projected revenues of 54.433 billion RMB, 67.54 billion RMB, and 56.474 billion RMB for 2022, 2023, and 2024 respectively, and net profits of 5.03 billion RMB, 6.714 billion RMB, and 4.267 billion RMB for the same years [3] - The company is expected to see a decline in revenue and net profit in 2024, with year-on-year decreases of 16.38% and 36.44% respectively [3] - For the first three quarters of 2025, CDFG reported total revenue of 39.862 billion RMB, a year-on-year decrease of 7.34%, and a net profit of 3.052 billion RMB, down 22.13% year-on-year [3]