AEON STORES (Hong Kong) Co., Limited (Stock Code: 984) announced on 18 November 2025 that it has entered into a renewed Master Services Agreement with AEON GLOBAL SCM Co., Ltd. (AGSCM Japan), effective from 1 December 2025 to 30 November 2028. Under the agreement, AGSCM Japan will provide logistics and consultancy services, with annual caps for the non-exempt continuing connected transactions set at RMB4.4 million for the period from 1 December 2025 to 31 December 2025, RMB72.0 million for 2026, RMB82.9 million for 2027, and RMB84.7 million for 2028. Additionally, the use of a warehouse in Dongguan will involve recognizing a one-off right-of-use asset of about RMB3.10 million.

The company has also proposed revising the original annual caps for purchases of certain merchandise under the Master ATV Purchase Agreement with AEON TopValu Co., Ltd. (ATV Japan). Citing an increased share of directly purchased ATV Products, the company plans to raise the annual caps from HK$11.3 million to HK$15.6 million for 2025, HK$14.0 million to HK$37.6 million for 2026, and HK$15.3 million to HK$47.4 million for 2027. Both AGSCM Japan and ATV Japan are subsidiaries of AEON Co, the controlling shareholder of AEON STORES.

These proposals require independent shareholders’ approval at an extraordinary general meeting. An Independent Board Committee, comprising all independent non-executive directors, has been formed to review the transactions, and an Independent Financial Adviser has been appointed to advise both the committee and independent shareholders. AEON Co and its associates will abstain from voting on the relevant resolutions.