China Tourism And Culture Investment Group Co.,Ltd (SHSE:600358) entered into a agreement to acquire Yueyi Hotel/Culture and Tourism Technology/Fengjing Duhao/Exhibition Co/Hotel Management co/Aviation from Jiangxi Tourism Group Co., Ltd. and Jiangxi Sunan Real Estate Co., Ltd for CNY 248 million on January 19, 2023. Consideration is in the form od shares where China Tourism And Culture Investment Group Co.,Ltd will issue shares.China Tourism And Culture Investment Group Co.,Ltd will purchase 100% equity of Yueyi Hotel held by Sunan Real Estate, a subsidiary of Jiangxi Tourism Group and purchase 100% equity of Culture and Tourism Technology, 100% equity of Fengjing Duhao, 100% equity of Exhibition Company, 100% equity of Hotel Management Company and 47.5% equity of Aviation Industry held by Jiangxi Tourism Group. The Total Revenue reported Approximately CNY 230 million, Total Assets worth approximately CNY 640 million, Total Common equity worth Approximately CNY 440 million and Net loss of CNY 7.3 million in December 31, 2022. The transaction has already received approval from Acquirer Board and Target Shareholders. The transaction is still subject to approval of offer by acquirer shareholders and regulatory approval. As of April 28, 2023, China Tourism and Culture Investment Group adjust the transaction in which China Tourism and Culture Investment Group acquires an 85% stake in the Aviation Industry instead of 47.5%, the remaining 37.5% stake in Aviation Industry is acquiring from Hainan Taimei Air Stock Co., Ltd. The share issue price is CNY 5.15 per share.

Huatai United Securities Co., Ltd. acted as financial advisor, Grandall Law Firm acted as legal advisor and Pan-China Certified Public Accountants LLP acted as accountant to China Tourism And Culture Investment Group.

China Tourism And Culture Investment Group Co.,Ltd (SHSE:600358)cancelled the acquisition of Jiangxi Fengjing Duhao Communication Operation Co., Ltd., Jiangxi Tourism Group Aviation Industry Co., Ltd., Jiangxi Tourism Group Culture and Tourism Technology Co., Ltd., Jiangxi Tourism Group International Exhibition Co., Ltd., Jiangxi Tourism Group Qinlu Hotel Management Co., Ltd. and Nanchang Xinlv Yueyi Hotel Co., Ltd. from Jiangxi Tourism Group Co., Ltd., Jiangxi Sunan Real Estate Co., Ltd and Hainan Taimei Air Stock Co., Ltd on December 6, 2023.