中国中免3.95亿美元收购DFS大中华业务，引入LVMH作为新股东

蓝鲸财经01-22

图片来源：视觉中国蓝鲸新闻1月22日讯（记者孙煜）接连拿下上海、北京机场免税点位之后，中国中免（601888.SH）又有大动作。中国中免1月20日发布公告称，拟以3.95亿美元（约合人名币27.54亿元）现金方式收购DFS大中华区旅游零售业务相关股权及资产。根据公告内容，此次收购标的为DFS新加坡、DFS香港持有的DFS Cotai Limitada100%股权及DFS香港持有的2家门店的相关...

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孙煜）接连拿下上海、北京机场免税点位之后，中国中免（601888.SH）又有大动作。中国中免1月20日发布公告称，拟以3.95亿美元（约合人名币27.54亿元）现金方式收购DFS大中华区旅游零售业务相关股权及资产。根据公告内容，此次收购标的为DFS新加坡、DFS香港持有的DFS Cotai Limitada100%股权及DFS香港持有的2家门店的相关资产以及DFS大中华区无形资产。公开资料显示，DFS是全球领先的高端旅游零售商，成立于1960年，其门店遍布全球主要机场及市中心核心地段，目前为奢侈品集团LVMH所持有。交易卖方简要情况；来源：公司公告中国中免表示，此次收购的资金来源为中免国际自有资金。从交易标的的基本情况看，公告显示，DFS Cotai Limitada一家根据澳门法律设立的私人有限责任公司，主营业务包括百货零售、寄卖、入口或出口、仓储式卖场之特色货物、经营美容院及按摩院等。交易完成后，该公司将纳入中免国际合并报表，由中免国际100%持有。此外，DFS香港持有的2家门店的相关资产包括人员、租赁合同、店面固定资产、存货等，DFS大中华区无形资产则包括品牌所有权、会员体系、知识产权等。根据毕马威测算，交易标的DFS港澳地区旅游零售门店业务模拟汇总财务报表显示，2024年营业收入为41.49亿元、净利润1.28亿元，2025年前三季度营业收入为27.54亿元，净利润1.33亿元。同时，中国中免与LVMH间接持有的Delphine SAS、Miller家族信托企业Shoppers Holdings HK Limited签署认购协议，在收购完成后，中国中免将以77.21港元/股的价格，在其港股市场对上述两家企业进行增发。根据公告内容，此次增发股份数量分别为733.01万股、463.74万股，合计约占总股本的0.57%。每股77.21港元的认购价相较于1月19日在联交所报收市价87.4港元/股，折让约11.66%，相较于1月19日前30个交易日在联交所所报平均收市价77.21港元/股折让约0%。公告表示，认购股份的总代价最多为9.24亿港元（约合人民币8.26亿元）意味着，中免将获得来自LVHM集团约8.26亿元的投资。国金证券最新发布的研报指出，DFS大中华区在香港、澳门合计拥有9家门店。香港、澳门是我国高端旅行消费的重要目的地，公司收购DFS大中华区后，可整合其全球品牌、会员体系与门店资产，对公司覆盖高端消费客群、稳固大中华区竞争优势具有积极意义。此外，引入LVMV作为股东及战略合作伙伴，有助于公中免在奢侈品采购、品牌资源配置与联合推广等方面获取更多便利。从中国中免最新公布的业绩表现看，2025年前三季度，中国中免营业收入398.62亿元，同比下降7.34%；净利润30.52亿元，同比下降22.13%。在业内人士看来，此举有助于中免增加港澳布局、有助于国潮商品出海。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"corporation,merge","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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