Hualong Tourism Industrial Development Corporation signed a share transfer framework agreement to acquire 51% stake in BTG International Travel & Tours Co., Ltd. from BTG Hotels (Group) Co., Ltd. (SHSE:600258) for CNY 40.3 million in cash on June 24, 2014. In 2014 end-of-quarter, BTG International Travel & Tours Co., Ltd had total assets of CNY 255 million and net assets of CNY 66.12 million. As of December 31, 2013, BTG International had total assets of CNY 261.02 million, total liabilities of CNY 191.84 million, total shareholder's equity of CNY 69.17 million, revenue of CNY 2 billion, operating loss of CNY 4.35 million, total loss of CNY 3.86 million and net loss of CNY 4.23 million. BTG Hotels (Group) Co., Ltd. has achieved a consensus on the transaction. On October 28, 2014, the general manager office meeting of BTG Hotels made the resolution for the transaction. The share selling agreement was signed on December 5, 2014. The transaction needs to gain the approval from State-owned Assets Supervision and Administration Commission of People's Government of Beijing Municipality, shareholders of BTG Hotels. The transaction was approved by Board of Supervisors of BTG Hotels (Group) on December 5, 2014.

On December 24, 2014, the transaction was approved by The State-owned Assets Supervision and Administration Commission of People's Government of Beijing Municipality. As of December 31, 2014, the transaction was approved by shareholders of BTG Hotels (Group). Zhonglun W&D Law Firm acted as legal advisor, Citic Securities Co., Ltd. acted as financial advisor and Grant Thornton Certified Public Accountants acted as accountant for BTG Hotels.