On 29 November 2024, Harbin, a wholly owned subsidiary of China, Harbin Fusion Tourism, reached an agreement with Sun Island Group to sell its 46.67% stake in Harbin Ice Snow World, at a transaction cost of approximately RMB 1.021 billion. The transaction will result in the merger no longer holding any equity interests in the target company and is expected to record an unaudited pre-tax profit of about RMB0.173 billion.Payment methods for the transaction include: approximately RMB0.2026 billion to repay the Group's outstanding payments to the target company; approximately RMB0.414 billion to remove the lien on the target's equity; the remaining RMB0.4046 billion is paid to a government regulatory agency for securing buildings for Harbin real estate development projects. The transaction was evaluated by...Show More

On 29 November 2024, Harbin, a wholly owned subsidiary of China, Harbin Fusion Tourism, reached an agreement with Sun Island Group to sell its 46.67% stake in Harbin Ice Snow World, at a transaction cost of approximately RMB 1.021 billion. The transaction will result in the merger no longer holding any equity interests in the target company and is expected to record an unaudited pre-tax profit of about RMB0.173 billion.Payment methods for the transaction include: approximately RMB0.2026 billion to repay the Group's outstanding payments to the target company; approximately RMB0.414 billion to remove the lien on the target's equity; the remaining RMB0.4046 billion is paid to a government regulatory agency for securing buildings for Harbin real estate development projects. The transaction was evaluated by an independent qualified appraiser and valued the target company at RMB2.98525 billion.The completion of the sale will support the consolidation of China's Harbin real estate development project and will not affect the long-term layout and development of its ice blocks. The Board considers that this transaction is conducted on normal business terms and is fair and reasonable and in the overall interests of the Company and its stakeholders.