Core Viewpoint - The announcement details the signing of a significant leasing contract between the company and Hang Lung Business Operation (HK) Limited, which involves the establishment of a new company in Hangzhou to manage the lease obligations [1][2]. Group 1: Contract Details - The company has signed a leasing contract and related agreements with Hang Lung Business, which were approved by the board and shareholders [1]. - The leasing contract is referred to as the "Hangzhou Department Store Leasing Contract" [1]. Group 2: New Company Establishment - Hang Lung Business has established a new company, Hangzhou Hengan Commercial Operation Management Co., Ltd., to assume all rights and obligations under the leasing contract [2]. - The new company has a registered capital of 40 million yuan and is located in Hangzhou [2]. - The legal representative of the new company is Zhang Linna, and it was officially established on July 29, 2025 [2].

Group 1 - The core point of the article is that Baida Group has signed a leasing contract with HangLung Business Operation (HK) Limited, which involves the establishment of a new company in Hangzhou to take over the rights and obligations under the contract [1] - The new company, Hangzhou Henggan Commercial Operation Management Co., Ltd., has been established by HangLung Business's wholly-owned subsidiary, and it will act as the actual lessee [1] - The guarantee provided by Hang Lung Properties Limited will be transferred to ensure that Hangzhou Henggan fulfills all payment obligations under the contract [1]