DP to return CNY6.6m in government subsidies

Guangdong DP (SZSE:300808) announced that it will return CNY6,618,508.00 in government subsidies received between 2019 and 2023. The decision follows the company's plan to relocate its registered address from Guangzhou's Baiyun District to Shiyan City, Hubei Province. The subsidies, which were intended to support local businesses, are subject to a clawback clause if the company moves outside the district within a specified timeframe. The company's controlling shareholder, Shiyan Urban Operation Group, will bear the cost of the subsidy repayment, having already transferred CNY6,618,508.00 to DP's designated account. DP will then return the funds to the Guangzhou municipal government. DP states that the refund will not have a material impact on the company's 2024 financial performance.