GGITG: Plans to transfer equity of wholly-owned subsidiary of joint venture company

GGITG announced that the joint venture company Gansu Shanshan Outlets Shopping Plaza Co., Ltd., which was jointly invested in by the company and Shanshan Commercial Group Co., Ltd., plans to establish a new subsidiary and, under the conditions stipulated in the agreement, transfer 100% equity of the target company to the company's related party, Lanzhou Guofang Real Estate Co., Ltd. If this transaction is implemented normally, it will constitute a related party transaction between the company and Guofang Real Estate, but it does not constitute a major asset reorganization as defined by the "Administrative Measures for Major Asset Restructuring of Listed Companies." The purpose of this transaction is to further focus on the main business, alleviate the pressure and burden of fixed asset investment in Gansu Shanshan, and increase cash reserves. This transaction does not require submission for review by the company's shareholders' meeting