Investment Overview - The company has decided to jointly invest with China Duty Free Group to establish a new company named CDF Guangzhou Baiyun Airport Duty-Free Co., Ltd. to operate duty-free shops at the T3 terminal of Guangzhou Baiyun Airport, enhancing service levels and international influence [4][16] - The registered capital of the new company is RMB 45 million, with China Duty Free Group contributing RMB 22.95 million (51%) and the company contributing RMB 22.05 million (49%) [4][9] Approval Process - The investment does not require approval from the board of directors or shareholders' meeting as it does not meet the threshold for such reviews [2][6] Company Structure and Management - The new company will have a board of directors consisting of 5 members, with 3 appointed by China Duty Free Group and 2 by the company. The chairman will be one of the directors recommended by China Duty Free Group [11][13] - The management structure includes a general manager and a deputy general manager, with the general manager and financial officer recommended by China Duty Free Group and the deputy general manager by the company [11][13] Market Context and Strategic Fit - The investment aligns with national policies encouraging the development of duty-free businesses, which supports the expansion of duty-free shops at ports and cities [16] - Establishing the joint venture is seen as a strategic move to enhance the airport's core competitiveness and is consistent with the long-term development strategy of the airport [16] Financial Implications - The investment is expected to create synergies between the two companies, leveraging their strengths to optimize operations and enhance profitability in the duty-free segment [16]

Core Viewpoint - Guangzhou Baiyun International Airport Co., Ltd. is collaborating with China Duty Free Group to establish a joint venture for operating the duty-free shop at the T3 terminal, aiming to enhance service quality and international influence [1] Investment Details - The joint venture, named China Duty Free Guangzhou Baiyun Airport Duty-Free Co., Ltd., will have a registered capital of RMB 45 million [1] - China Duty Free Group will contribute RMB 22.95 million, holding a 51% stake, while Baiyun Airport will invest RMB 22.05 million for a 49% stake [1] Strategic Objectives - The partnership aims to deepen cooperation between state-owned enterprises, achieving complementary advantages and strong alliances [1] - The initiative is expected to expand the duty-free business at Guangzhou Baiyun Airport, thereby improving the airport's service level and international standing [1]

Core Viewpoint - Baiyun Airport (600004.SH) announced a collaboration with China Duty Free Group to jointly invest in the operation of the duty-free shop at the T3 terminal, aiming to enhance service quality and international influence [1] Group 1: Investment Details - The newly established company, China Duty Free Guangzhou Baiyun Airport Duty Free Co., Ltd., will operate the duty-free shop at the T3 terminal [1] - The registered capital of the new company is RMB 45 million, with China Duty Free Group contributing RMB 22.95 million (51% stake) and Baiyun Airport contributing RMB 22.05 million (49% stake) [1]

Core Viewpoint - Baiyun Airport (600004.SH) announced a collaboration with China Duty Free Group to jointly invest in the operation of the duty-free shop at the T3 terminal, aiming to enhance service quality and international influence [1] Group 1: Investment Details - The newly established company, China Duty Free Guangzhou Baiyun Airport Duty-Free Co., Ltd., will operate the duty-free shop at the T3 terminal [1] - The registered capital of the new company is RMB 45 million, with China Duty Free Group contributing RMB 22.95 million (51% stake) and Baiyun Airport contributing RMB 22.05 million (49% stake) [1]