China Qidian Guofeng's (HKG:1280) indirect wholly owned unit, Guizhou Renhuai, terminated a 450 million yuan advertising agreement with Empire Majesty International Media, according to a Tuesday Hong Kong bourse filing.

Shares of the appliance retailer were down more than 2% in Wednesday morning trade.

The agreement, signed in August 2025, covered a three-year advertising campaign for the company's "Shengjiu" baijiu brand at airport terminals and high-speed railway stations.

Under the original arrangement, the first-year consideration of 150 million yuan was to be paid by issuing 33.6 million shares to Empire Majesty at HK$4.89 per share.

Empire Majesty also waived all payment obligations related to advertisements published before the agreement was terminated, the filing said.