JIAHUA STORES H (00602.HK): Wholly-owned subsidiary to dispose of leasehold improvements and equipment of two supermarkets for RMB 14 million, expected gain of approximately RMB 6.1 million
NewTimeSpace News: On 1 September 2026, Jiahua Stores Holdings Limited (stock code: 00602) announced that its wholly-owned subsidiary Shenzhen Baijiahua (as sublessor) entered into sublease agreements with the Songgang lessee and the Guanlan lessee respectively for the subleasing of the Songgang property and the Guanlan property, for a term from 1 September 2026 to 28 February 2027, which will be automatically extended to 31 August 2038 if the relevant lease agreements are renewed beyond that date. Pursuant to the sublease agreements, the sublessor will transfer the relevant leasehold improvements and equipment to the Songgang lessee and the Guanlan lessee for sublease transfer fees of RMB 6 million and RMB 8 million respectively, totaling RMB 14 million.
The announcement stated that the Songgang property is located in Bao'an District, Shenzhen, with a gross floor area of approximately 3,193 square meters, and the Guanlan property is located in Longhua District, Shenzhen, with a gross floor area of approximately 4,240 square meters, where the Group currently operates the Songgang supermarket and the Guanlan supermarket respectively. Based on the aggregate sublease transfer fees of RMB 14 million and the aggregate unaudited net book value of the leasehold improvements and equipment of approximately RMB 7.9 million as of 30 June 2026, the Group currently expects to record a slight gain of approximately RMB 6.1 million on the disposal (before related transaction costs and taxes, and subject to audit), with the proceeds expected to be used as general working capital. Upon completion, the Group will cease the operation of the two supermarkets and expects to record rental income.
Under the Listing Rules, the subleasing itself does not constitute a discloseable transaction; however, as the applicable percentage ratios in respect of the sublease transfer fees exceed 25% but are below 75%, the transaction constitutes a major disposal and is subject to the reporting, announcement, circular and shareholders' approval requirements. Mr. Zhuang and Madam Zhuang hold an aggregate of 535,485,000 shares, representing approximately 51.61% of the total issued shares, and have approved the disposal by way of shareholders' written approval. A circular containing further details is expected to be dispatched to shareholders no later than 21 September 2026.
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