China Tourism Group Duty Free proposes governance reforms, dividend payout

China Tourism Group Duty Free Corporation Limited announced its latest monthly report for October 2025, revealing a stable share structure with 116,383,500 H-shares and 1,952,475,544 A-shares, totaling RMB 2,068,859,044 in registered capital. This update precedes a series of significant corporate governance reforms to be voted on at an extraordinary general meeting, an A-share class meeting, and an H-share class meeting on November 24, 2025.

Key proposals include the abolition of the supervisory committee, leading to comprehensive revisions of the company's articles of association, shareholder meeting rules, and board of directors meeting rules. These changes aim to streamline governance in line with the revised company law of 2023 and other regulatory updates. Additionally, the company proposes granting the board of directors general mandates to issue new shares and repurchase existing shares, each up to 20% of the respective A-share and H-share capital.

Furthermore, the company has proposed a profit distribution plan for the first three quarters of 2025, totaling RMB 517,214,800. This translates to a cash dividend of RMB 2.5 per 10 shares (including tax) for all shareholders, representing 16.95% of the net profit attributable to shareholders. H-share dividends will be paid in HK$ based on the average benchmark exchange rate of RMB to HK$ from the five working days prior to the extraordinary general meeting.