Tibet Tourism Co.,Ltd (SHSE:600749) signed preliminary intent agreement to acquire Beihai Xinyi Cruise Co., Ltd. from Xinao Holding Investment Co., Ltd. for approximately CNY 1.4 billion on March 5, 2021. The 50% consideration shall be payable in cash and 50% in shares maximum up to 80.4 million shares. The transaction will be financed by issuing A shares to not more than 35 specific investors. For the year ending December 31, 2020, total asset, net asset, revenue and net profit of Beihai Xinyi Cruise Co., Ltd. was approximately CNY 1.9 billion, approximately CNY 1.1 billion, approximately CNY 372 million and approximately CNY 37.7 million respectively. As of June 21, 2021, the acquisition was approved after discussion and a total of 7 panel members participated in the review. Huatai United Securities Co., Ltd. acting as a financial advisor to Tibet Tourism Co.,Ltd. for the transaction. As of June 22, The transaction has been previously approved by shareholders of Beihai Xinyi Cruise Co. The transaction has been approved by shareholders of Tibet Tourism Co.,Ltd. As of November 25, 2021, the transaction has been revived and approved by the board of directors of Tibet Tourism Co.,Ltd. Huatai United Securities Co., Ltd. acted as financial advisor and Grandway Law Offices acted as legal advisor to Tibet Tourism Co.,Ltd.