Huangshan Tourism Development Co.,Ltd. agreed to acquire the remaining 51.01% stake in Huangshan Yunji Real Estate Co., Ltd. from Huangshan Blue City Town Investment Co., Ltd for approximately CNY 180 million.
April 15, 2022
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Huangshan Tourism Development Co.,Ltd. (SHSE:600054) agreed to acquire the remaining 51.01% stake in Huangshan Yunji Real Estate Co., Ltd. from Huangshan Blue City Town Investment Co., Ltd for approximately CNY 180 million on April 15, 2022. The equity transfer price shall be paid in two instalments according to the following agreed time points: (1) The first equity transfer price is RMB 176.36 million, which Huangshan Tourism Development Co.,Ltd. shall pay Huangshan Bluetown Investment Co., Ltd. within ten working days after the agreement takes effect and all the agreed delivery conditions are met. (2) The price of the second equity transfer is RMB 5 million. The payment will be made within ten working days after the completion. Post completion Huangshan Tourism Development Co.,Ltd. will hold 100% equity in Huangshan Yunji Real Estate.
For the year ended December 31, 2021, Yunji Real Estate had total assets of approximately CNY 380 million, net assets of approximately CNY 290 million.
The deal is subject to approval by shareholders of Huangshan Tourism Development Co.,Ltd. The deal has been approved by the board of Huangshan Tourism Development.
Huangshan Tourism Development Co.,Ltd. mainly operates through four segments, including Scenic Area Management, Cableway Operation, Hotel Business and Travel Agency. Scenic Area Management segment is engaged in the daily operation and management, infrastructure construction, environment sanitation and cleaning, sewage treatment and other services in Huangshan scenic zone, Anhui province, China and in HuaShan Mysterious Grottoes, Zhejiang province, China. Cableway Operation segment consists of the safety management, equipment maintenance and services of the cableways in Huangshan. Hotel Business segment is involved in the operation and management of the hotels that the Company owns. Travel Agency segment provides domestic tourism, inbound tourism, outbound tourism, air ticketing, exhibition services, advertising planning and other services. The Company also involves in the development and distribution of commercial residential properties.
Huangshan Tourism Development Co.,Ltd. agreed to acquire the remaining 51.01% stake in Huangshan Yunji Real Estate Co., Ltd. from Huangshan Blue City Town Investment Co., Ltd for approximately CNY 180 million.
HUANGSHAN TOURISM DEVELOPMENT CO.,LTD. 
