Nanning Department Store announced that on October 16, 2024, Weining Group, the controlling shareholder of the company, signed the “Nanning Department Store Co., Ltd. state-owned shares free transfer agreement”. Weining Group transferred 110 million A-share shares of Nanning Department Store to Nanning Industrial Investment free of charge. After the transfer is completed, Nanning Industrial Investment will hold 140 million shares in Nanning Department Store and become the new controlling shareholder of Nanning Department Store. The actual controller of Nanning Department Store is still the Nanning Municipal State-owned Assets Administration Commission. The free transfer still requires approval from the Guangxi District State-owned Assets Administration Commission and the Nanning Municipal State-owned Assets Administration Commission, as well as compliance confirmation from the Shanghai Stock Exchange and transfer procedures at the Shanghai Branch of China Securities Registration and Settlement Co., Ltd.

Nanning Department Store announced that on October 16, 2024, Weining Group, the controlling shareholder of the company, signed the “Nanning Department Store Co., Ltd. state-owned shares free transfer agreement”. Weining Group transferred 110 million A-share shares of Nanning Department Store to Nanning Industrial Investment free of charge. After the transfer is completed, Nanning Industrial Investment will hold 140 million shares in Nanning Department Store and become the new controlling shareholder of Nanning Department Store. The actual controller of Nanning Department Store is still the Nanning Municipal State-owned Assets Administration Commission. The free transfer still requires approval from the Guangxi District State-owned Assets Administration Commission and the Nanning Municipal State-owned Assets Administration Commission, as well as compliance confirmation from the Shanghai Stock Exchange and transfer procedures at the Shanghai Branch of China Securities Registration and Settlement Co., Ltd.