Guangdong Investment Limited (Guangdong Inv) has initiated a public tender to divest its entire 35% interest in Guangdong Aeon Teem Co., Ltd. (GD Aeon) through the Guangdong Equity Exchange, according to a disclosure to the Hong Kong Stock Exchange dated 30 March 2026.
The proposed sale carries a minimum bidding price of RMB152.18 million (approximately USD21.0 million), derived from an income-approach valuation that assigned GD Aeon a 100% equity value of RMB434.81 million. Upon completion of the transaction, Guangdong Inv’s indirect subsidiary Guangdong Teemall Department Store Co., Ltd. (the Vendor) will cease to hold any shares in the retail joint venture, which is currently owned 65% by AEON Stores (Hong Kong) and 35% by the Vendor.
Financial profile of GD Aeon • Profit after tax turned from a RMB2.20 million profit in FY 2023 to losses of RMB6.89 million in FY 2024 and RMB77.75 million for the year to 31 December 2025 (unaudited). • Audited net asset value at 30 June 2025 stood at RMB242.02 million, below the appraised fair value, reflecting unrecognised intangible assets such as brands and customer resources.
Transaction structure and timeline • Bidding will remain open for 20 working days following the publication of the tender notice. • AEON Stores holds a contractual right of first refusal; if exercised on terms no less favourable than the winning bid, AEON Stores will become the ultimate purchaser. • The final consideration, payable in cash via the exchange, cannot be lower than the reserve price; the earnest money lodged by the successful bidder will be offset against the purchase price.
Expected financial impact on Guangdong Inv • Management estimates a disposal gain of about RMB50.32 million based on the minimum consideration, net of taxes and related expenses. • Proceeds are earmarked for general working capital.
Strategic rationale Management cites declining dividend contributions from GD Aeon and a strategic focus on core water-resources operations as drivers for the exit. The disposal is positioned to streamline the group’s asset mix and redeploy capital to higher-priority segments.
Regulatory status Based on the reserve price, the deal constitutes a “discloseable transaction” under Chapter 14 of Hong Kong’s Listing Rules, with relevant reporting and announcement obligations. Should bidding push the value above thresholds for higher classification, Guangdong Inv will issue further announcements.
The transaction remains subject to competitive bidding and may not materialise if no acceptable offer emerges. Investors are advised to exercise caution when dealing in the company’s securities.
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