Zhitong Finance App News, Century City International (00355), BailiBao Holdings (00617), REGAL INT'L (00078), and COSMOPOL INT'L (00120) jointly announced that on December 21, 2023, Regal Hotels International Limited (RHIL), a wholly-owned subsidiary of Regal Hotels International Limited (RHIL) and a wholly-owned subsidiary of Sihai, Cosmopolitan International Investments Limited (CIIL) ) has entered into a memorandum of understanding with the Saudi Arabian Ministry of Investment (MISA) to become a strategic partner to collaborate on hotel development and management projects. The MOU aims to establish a framework of cooperation and collaboration to jointly promote tourism and hospitality projects in mainland China, Saudi Arabia and Hong Kong.

This potential partnership will make full use of Regal Group's hotel brand development and operation, Sihai Group's project management advantages in real estate and hotel development projects, and MISA's extensive experience and expertise in connecting local financial and strategic investors in Saudi Arabia to complement the cooperation.

Additionally, MISA, RHIL and CIIL will evaluate opportunities and possibilities through different forms of investment platforms, including joint ventures, investment funds, and/or publicly traded companies in Saudi Arabia and/or Hong Kong. The purpose of signing the MOU is to acquire, own, develop and manage a range of sustainable hotels, serviced apartments and innovation centers under the Regal “Fuhui” brand to promote exchanges between China and Saudi Arabia in tourism, innovation and technology.

Regal believes that through its hospitality management expertise and adoption of sustainable technology, this potential partnership can accelerate Regal's shared vision of becoming a global leader in international sustainable tourism services. If the proposed transaction under the Memorandum of Understanding is realized, Sihai will consider and evaluate the opportunity to become a listing tool for the investment platform. RHIL and CIIL have initially estimated that the investment scale under the MOU could reach $5 billion.

After all reasonable inquiries made by the boards of Century City, Bailibao, Regal and Worldwide, it is known, fully understood, and believed that MISA is a Saudi Arabian government organization that is mainly involved in promoting investment in Saudi Arabia, and that MISA and its ultimate beneficial owners are third parties independent of Century City, Pelipao, Regal and the World and its affiliates.

As of the date of this joint announcement, no formal legally binding agreement has been concluded on the initial plan (which may or may not be carried out) under the MOU.