Tibet Tourism Co.,Ltd (SHSE:600749) agreed to acquire a 60% stake in Beihai Xinyi Cruise Co., Ltd. from ENN Holding Investment Co. Ltd for CNY 940 million on March 31, 2023. Under the terms, Tibet Tourism will pay 60% of the consideration within 20 working days from the date of approval of the transaction by the shareholders meeting, 20% each in December 2024, and December 2025. Of the consideration of CNY 941.4 million, 60% of the self-raised funds are planned to be financed by bank financing, and the rest are self-owned funds. As of March 31, 2023, Beihai Xinyi Cruise reported total asset of CNY 1.89 billion and net assets of CNY 1.07 billion. The transaction is approved by the board of Tibet Tourism, Xinyi Cruise?s shareholders? meeting already approved this transaction plan and ENN Holding already issued a shareholder decision, and approval by the internal decision making authority and still needs to be approved by the shareholders of Tibet Tourism.

Zuo Di, Luan Hongfei, Luo Hao, Huang Yuhai, and Zhang Quansheng of Huatai United Securities Co., Ltd. acted as financial advisor, Zhang Ying, Chen Ying, and Liang Jing of Grandway Law Offices acted as legal advisor and Zhuang Ruilan and Xu Hongping of ShineWing Certified Public Accountants acted as Accountant.