According to Zhitong Finance App, Jiannina (00126) issued an announcement. On April 26, 2024, Carina (Hong Kong) (i.e., an indirect wholly-owned subsidiary of the company), Carina (Foshan) (a direct wholly-owned subsidiary of the company) (as the seller), the buyer Yiyang Peninsula Hotel Management Co., Ltd., the sales company and the company (as a guarantor) entered into a sales agreement on the sale. According to the sale agreement, the seller agreed to sell and the buyer agreed to buy the sale shares. The total cost was RMB 130 million, subject to the terms of the sale agreement.

On the date of this announcement, the sale company Yiyang Jianingna International Hotel Management Co., Ltd. was 90% owned by Jianina (Hong Kong) and 10% owned by Yinxiang, Yiyang City. Completion is only possible after Jianina (Foshan) acquires and sells 10% of the company's shares to Yinxiang in Yiyang City.

According to the announcement, after considering the poor financial performance and losses of the sales company for the year ended March 31, 2023 and March 31, 2024, about RMB 6.86 million and approximately RMB 5.82 million; and in order to improve the competitiveness and business performance of the hotel, the board of directors believes that the sale is a good opportunity for the Group to monetize its investment and focus on other profitable segments. Coupled with the sluggish property market and macroeconomic environment in China, the board of directors believes that this is the best time for the Group to carry out sales matters and reduce its debt and interest expenses.