Wushang Group (000501.SZ) plans to jointly open a duty-free store in Wuhan with Wangfujing Group.

Wushang Group (000501.SZ) announced that the company has signed an "Investment Cooperation Agreement for Tax-Free Shops in Wuhan City" with Wangfujing Group. They plan to jointly invest in establishing a joint venture company to operate a tax-free shop located at 688-1 and 690 Jiefang Avenue, Jianghan District, Wuhan City, Hubei Province. The registered capital of the joint venture company is 80 million yuan, with Wushang Group contributing 39.2 million yuan in its own funds, accounting for 49% of the company's shares, and Wangfujing Group contributing 40.8 million yuan in its own funds, accounting for 51% of the company's shares. The announcement stated that opening a tax-free shop in the city is in line with the company's development strategy, and will help expand the company's new business opportunities and promote consumer flow back. The tax-free shop in the city, located in the core business district, can enhance the company's international image and commercial attractiveness, and strengthen the company's competitiveness.