China Travel Scenery entered into an equity transfer agreement with Changchun Vanke Real Estate Development.

According to Zhitong Finance APP, Hong Kong China Travel Service (00308) announced that on September 30, 2025 (after the trading hours of the Hong Kong Stock Exchange), CTG Scenic and Seller A Changchun Vanke Real Estate Development Co., Ltd., as well as Target Company A, entered into Share Transfer Agreement A. Under this agreement, CTG Scenic agreed to acquire, and Seller A agreed to sell, 100% of the equity in Target Company A for a consideration of RMB 295 million (as of September 29, 2025, Target Company A had bank loans amounting to approximately RMB 755 million). CTG Scenic is required to pay Seller A in cash; and

The company entered into Share Transfer Agreement B with Seller B Vanke Hotel Management Co., Ltd. and Target Company B. Under this agreement, the company agreed to acquire, and Seller B agreed to sell, 100% of the equity in Target Company B for a consideration of RMB 5 million. The company is required to pay Seller B in cash.

Upon completion, the target companies will become wholly-owned subsidiaries of the company, and their financial results will be consolidated into the group’s financial statements.

Target Company A, Jilin Songhua Lake International Resort Development Co., Ltd., is a limited liability company established in China, primarily engaged in the tourism industry. It is the operating entity of Vanke Group’s ice and snow business, including Songhua Lake Ski Resort, hotels, and commercial streets. As of the date of this announcement, it is wholly owned by Seller A. Target Company B, Beijing Wanbing Snow Sports Co., Ltd., is a limited liability company established in China, mainly engaged in ski resort operations, teaching services, and consulting advisory services. As of the date of this announcement, it is wholly owned by Seller B.

Target Company A holds the Jilin Songhua Lake Ski Resort, operating Songhua Lake Ski Resort, Prince Hotel, Salomon Zhan Yun Hotel, Qing Shan Apartments, and the commercial street. Target Company B focuses on core businesses such as ski resort development planning, construction consulting, operational management, marketing, and skiing instruction. It has cumulatively managed nine renowned ski resorts and possesses extensive resources for mountain-based teaching collaborations, demonstrating strong integration capabilities in the skiing industry. This project aligns with the company’s development strategy for urban and leisure vacation products, represents a critical move to seize historical opportunities, foster new growth drivers, and actively expand into the ice and snow economy, and carries significant strategic importance overall.