Open Source Holdings (01215.HK) announced that 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 refurbishing its Paris Marriott Hotel and plans to carry out the first phase of renovation works early next year, including the interior decoration of hotel rooms, air conditioning systems, kitchens and hotel exterior walls.

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.

In addition, the general manager of one of the major subsidiaries of the group associate, in which the group has a stake of about 37.125%, was informed that the development progress and business and financial performance of the associated subsidiaries were poor due to the epidemic and the current socio-economic environment in China. As competitors have made breakthroughs in the production technology of hydroxylamine hydrochloride, it is necessary to recalibrate the portfolio of original pharmaceutical intermediates provided by associated subsidiaries; and associated subsidiaries are involved in a number of litigation cases, the lawsuit concerns that it has not yet paid the costs associated with the construction of its production plant. According to the Group, the associated subsidiaries have been actively negotiating and settling with contractors and suppliers.