Zhitong Financial APP News, Open Source Holdings (01215) issued a notice that the Paris Marriott Hotel under the relevant group was temporarily closed because of the COVID-19 epidemic, but it has now been reopened.

In preparation for the 2024 Paris Olympic Games and the expected full opening of the French tourism industry after the epidemic, the Group is considering renovating the hotel and plans to carry out the first phase of the renovation early next year, including the interior decoration of the hotel room, air-conditioning system, kitchen and hotel exterior wall. During the renovation period, the Group intends to open the hotel as usual and continue to operate within the hotel area which is not affected by the renovation. The Group is now negotiating with the general contractor on the refurbishment contract.

The company was informed by the general manager of a major subsidiary of the group associated company that the development progress and business and financial performance of the associated subsidiary were poor due to the COVID-19 epidemic and the current social and economic environment of the people's Republic of China. As competitors have made breakthroughs in the production technology of hydroxylamine hydrochloride, it is necessary to readjust the product portfolio of Yuanchuang pharmaceutical intermediates provided by the associated subsidiary. And associated subsidiaries were involved in a number of litigation cases relating to its outstanding costs associated with the construction of its production plant. The Group understands that the associated subsidiaries have been actively negotiating and settling with contractors and suppliers.