Shanghai Jin Jiang Capital Company Limited (SEHK:2006) entered into an agreement to acquire an additional 12.5% stake in Beijing Kunlun Hotel Co., Ltd. from Shanghai International Group Assets Management Co., Ltd. for approximately CNY 420 million on October 26, 2020. The consideration shall be settled between the parties over the counter of Shanghai United Assets and Equity Exchange. Presently, Shanghai Jin Jiang Capital holds 47.5% and Shanghai International Group Assets Management holds 42.5% stake in Beijing Kunlun Hotel Co., Ltd., respectively.

Post completion, Shanghai Jin Jiang Capital Company Limited will hold 60% while Shanghai International Group Assets Management Co., Ltd. will have 30% stake of Beijing Kunlun Hotel Co., Ltd., respectively. In related transactions, Shanghai Jin Jiang Capital Company Limited entered into two agreements to acquire 22.68% and 35% stake in Sofitel Hyland Shanghai Co., Ltd. and Shanghai Jian Guo Hotel Co., Ltd. from Shanghai International Group Assets Management Co., Ltd, respectively on October 26, 2020. For the year ended December 31, 2019, Beijing Kunlun Hotel Co., Ltd. has reported revenue of CNY 308.9 million, loss after taxation of CNY 5.7 million and net assets of CNY 36.2 million.