Hainan Haiqi Transportation Group Co LtdTarget company posts loss due to fierce competition and slowing consumer demand, casting doubt on restructuring success.

Haiqi Group has issued a progress update on its major asset restructuring, under which it plans to acquire control of Hailu Duty Free after the Huating project is carved out, by paying cash and or assets to Hainan Tourism Investment. According to Hainan Tourism Investment's 2025 bond annual report, the target company, excluding the Huating project, posted a loss of about 146 million yuan in 2025. The company said that due to fierce competition in the domestic duty-free market and slowing consumer demand, there is considerable uncertainty over whether the target company's performance can improve in the future. Major obstacles remain in advancing this restructuring, and there is significant uncertainty over whether it can ultimately be completed.
Hainan Haiqi Transportation Group Co LtdTarget company posts loss due to fierce competition and slowing consumer demand, casting doubt on restructuring success.
Target company (Hailu Duty Free) posts loss of 146 million yuan due to fierce competition and slowing consumer demand.
Hainan Tourism Investment's subsidiary posts loss, and restructuring faces major obstacles.