On October 9, 2024, beida jade bird (08095.HK) announced that its non-wholly-owned subsidiary, Legendary Travel (Hunan), had entered into an equity transfer agreement with the sellers, Beijing Jingshenghao Trading Co., Ltd. and the target company, Legendary (Hunan) Cultural Tourism Co., Ltd., whereby Legendary Travel (Hunan) agreed to purchase and the sellers agreed to sell equity for a consideration of RMB 98.88 million.

On the date of the equity transfer agreement, the sale of equity constituted 49% of the registered capital of the target company (Legendary Travel (Hunan) and non-wholly-owned subsidiaries of the company).

The target company is mainly engaged in investing and developing tourism projects in Hunan Province, China, including the Tianzi Mountain Fire Culture Park (comprising a cultural and art shopping street, art gallery, flight cinema, visitor center), and providing immersive experiences of classic scenes in Hengyang, Hunan Province for tourists. The cultural and art shopping street of these projects was selected as a pilot pedestrian street in Hunan Province, China. The target company also owns the land use rights of a total area of 82,238.15 square meters in Nanyue District, Hengyang City, Hunan Province, China, which is currently and will be used for the development of the target company's tourism projects.

In view of the geographical advantages of Nanyue District, Hengyang City, Hunan Province, and the local government's efforts to enhance cultural and tourism facilities, the board of directors believes that the acquisition provides Legendary Travel (Hunan) with a good opportunity to increase interests in the target company, strengthening the group's investment and development in tourism projects, expanding the group's tourism business to broaden the group's sources of operating income, and bringing returns to the shareholders.