China Free Insurance (01880): China Free Insurance Group won the bid for Shanghai Pudong International Airport and Hongqiao International Airport duty-free shop projects

Zhitong Finance App News, China Finance App (01880) issued an announcement. Recently, the company received the “Notice of Winning Bid” from Shanghai International Airport Co., Ltd. (Shanghai Airport), confirming that the company's wholly-owned subsidiary China Duty Free (Group) Co., Ltd. (China Free Group) was the winning bidder for duty-free shopping projects related to Shanghai Pudong International Airport and Shanghai Hongqiao International Airport Co., Ltd. (Hongqiao Airport Company), respectively, signed the “Shanghai Pudong International Airport (T2 Terminal and S2 Satellite Hall International Regional Site) “Outbound Duty Free Shop Project Management Rights Transfer Contract” and “Shanghai Hongqiao International Airport (T1 Terminal International Regional Site) Entry and Exit Duty Free Shop Project Management Rights Transfer Contract”.

China Free Insurance Group invested RMB 102 million to jointly invest with Shanghai Airport to establish a duty-free joint venture, of which China Free Group holds 51% of the shares and Shanghai Airport holds 49% of the shares. The duty-free joint venture will operate the inbound and outbound duty-free shops at Shanghai Pudong International Airport (T2 Terminal and S2 Satellite Hall international regional venue) and the inbound and outbound duty-free shops at Shanghai Hongqiao International Airport (T1 Terminal International Regional Site) as carriers.

After winning the bid for this project and signing the “Contract”, the company's channel advantage at domestic core airports will be further enhanced, which will help meet the multi-level and diversified shopping needs of inbound and outbound travelers, enhance the diversified duty-free shopping experience, and further promote the high-quality development of the airport duty-free business. If the above projects are successfully implemented, it will have a positive impact on the development of the company's future business performance.