Maoye International Holdings Limited (848) disclosed a major transaction involving the disposal of shares in Maoye Commercial Co., Ltd. This transaction was carried out in two phases. On 28 November and 1 December 2025, a total of 25.11 million Maoye Commercial shares were disposed of on the open market, raising about RMB160.77 million in aggregate (excluding transaction costs). Subsequently, on 8 December 2025, an additional 7.81 million shares were disposed of for around RMB45.26 million (excluding transaction costs). Altogether, these disposals brought total proceeds to approximately RMB205.89 million.

Following these transactions, Maoye International’s stake in Maoye Commercial changed from 86.45% to 84.55%. Because the disposal ratio exceeded thresholds specified under the Listing Rules, the deal was classified as a major transaction. The company obtained written approval from its controlling shareholder and did not call an extraordinary general meeting. Maoye Commercial remains an indirect non-wholly-owned subsidiary.

According to the announcement, the net proceeds are primarily intended for repaying short-term interest-bearing bank borrowings and supplementing general working capital. The board of Maoye International stated that the disposal was aligned with financial goals and was in the interests of the company and its shareholders.