Beijing Tourism Group Finance Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 1,278,807,825 on March 21, 2019. The transaction will include participation from new investors Wangfujing Group Co., Ltd. (SHSE:600859), Beijing Capital Retailing Group Co., Ltd. (SHSE:600723), China Quanjude (Group) Co.,Ltd (SZSE:002186) for CNY 319,701,950 each to acquire 12.5% stake each, new investor BTG Hotels (Group) Co., Ltd. (SHSE:600258) for CNY 150,000,000 to acquire 5.8648% stake, and existing investor Beijing Tourism Group Co., Ltd. for CNY 169,701,975 to hold 56.6352% stake against 100% stake in the company. As a part of the transaction, CNY 1,000,000,000 will be included in the registered capital while CNY 278,807,825 will be added as capital reserve and the registered capital of the company will increase from CNY 1,000,000,000 to CNY 2,000,000,000.

The transaction was approved by the board of directors of China Quanjude (Group) Co.,Ltd (SZSE:002186) at the 8th directorate in its 2nd meeting and is subject to shareholders' approval. The transaction is subject to approval from Beijing's China Banking and Insurance Regulatory Commission.