GreenTree Hospitality Group Ltd. (NYSE:GHG) agreed to acquire Da Niang Dumpling Co., Ltd from GreenTree Inns Hotel Management Group, Inc on May 16, 2022. The closing of the Proposed Acquisition is subject to the satisfaction or waiver of customary closing conditions, and is currently expected to occur in the second half of 2022. The board of directors of GHG formed a special committee consisting solely of disinterested independent directors to consider the Proposed Acquisition.

Kroll, LLC, operating through its Duff & Phelps Opinions Practice, is acted as financial advisor to the Special Committee. Simpson Thacher & Bartlett LLP is acted as international legal counsel to the Special Committee and Beijing Zhonglun W&D Law Firm is acted as PRC legal counsel to the Special Committee. Ernst & Young Advisory Limited assisted the Special Committee on financial due diligence matters.

In related transaction GreenTree Hospitality Group Ltd. (NYSE:GHG) also acquire Bellagio from GreenTree Inns Hotel Management Group, Inc. Yang Wang, Andrew Laub and Yi Gao of Simpson Thacher & Bartlett LLP acted as legal advisor to the special committee of independent directors of GreenTree Hospitality Group Ltd. (NYSE:GHG).