Wuhan Department Store Group advances joint venture

Wuhan Department Store Group Co., Ltd. (SZSE:000501) announced the latest progress in its joint venture with Wangfujing Group for duty-free retail. The joint venture, named Wuhan Wangfujing Wushang Duty-Free Goods Management Co., Ltd., has completed its registration and secured its business license from the Wuhan Jianghan District Administrative Approval Bureau. The company, with a registered capital of RMB 80 million, was officially established on February 13, 2025, and will operate at 688-1 and 690 Jiefang Avenue, Jianghan District, Wuhan, Hubei Province. The business scope includes brand management, import and export of food, infant formula sales, and duty-free goods sales, among others. This development follows the initial investment agreement signed on December 26, 2024, to operate the Wuhan duty-free store.