On the evening of November 14, Zhangjiajie Tourism Group Co., Ltd. (*ST Zhanggu, 000430.SZ, hereinafter referred to as "Zhangjiajie" or "Zhangjiajie Tourism Group") announced the signing of agreements with certain restructuring investors.
According to the announcement, on November 13, Zhangjiajie, the administrator (Zhangjiajie Tourism Group Co., Ltd. Liquidation Group), and several restructuring investors signed the "Restructuring Investment Agreement." The investors include Hunan TV & Broadcast Intermediary Co., Ltd. (000917.SZ), Hunan Mango Cultural Tourism Investment Co., Ltd., Mango Excellent Media Co., Ltd. (300413.SZ), Shenzhen Fortune Venture Capital Management Co., Ltd., Zhangjiajie Industrial Investment (Holdings) Co., Ltd., Gongqingcheng Jifu Qingyuan Investment Partnership (Limited Partnership), Caissa Tosun Development Co., Ltd. (000796.SZ), and Guangzhou Caissa Haina Investment Partnership (Limited Partnership).
Under the agreement between Zhangjiajie and Hunan TV & Broadcast Intermediary and Mango Cultural Tourism, the latter two will acquire 30 million shares of Zhangjiajie Tourism Group stock issued through capital reserve conversion during the restructuring plan execution. Specifically, Hunan TV & Broadcast Intermediary will purchase 15 million shares for a total consideration of RMB 59.4 million (RMB 3.96 per share), while Mango Cultural Tourism will acquire the same number of shares at the same price.
Mango Excellent Media will invest RMB 118.8 million to purchase 30 million shares at RMB 3.96 per share. Fortune Venture Capital will establish two partnership entities to participate in the restructuring, acquiring 140 million shares for RMB 554.4 million. Zhangjiajie Industrial Investment will purchase 109 million shares for RMB 431.64 million, and Jifu Qingyuan will acquire 8 million shares for RMB 31.68 million. Caissa Tosun and Caissa Haina will jointly purchase 8 million shares for RMB 31.68 million.
In total, the eight investors will acquire 325 million shares (approximately 80.28% of the total equity) for RMB 1.287 billion.
Separately, Hunan TV & Broadcast Intermediary and Mango Excellent Media stated that despite Zhangjiajie Tourism Group's short-term operational challenges, it remains the largest tourism group and the only listed company in Zhangjiajie, boasting rich tourism resources and being recognized as the "leading stock in landscape tourism."
Hunan TV & Broadcast Intermediary emphasized that the investment aligns with its strategic focus on "new cultural tourism + large asset management," leveraging synergies to expand its business and enhance asset value. Mango Excellent Media highlighted the move as a step toward industrial diversification and long-term growth.
Caissa Tosun noted that Zhangjiajie Tourism Group possesses valuable resources, including Baofeng Lake and Yangjiajie Cableway, forming an integrated tourism ecosystem. The partnership aims to complement each other's businesses and strengthen upstream resource control in the tourism industry.
Notably, Zhangjiajie, Hunan TV & Broadcast Intermediary, and Mango Cultural Tourism agreed to collaborate with Mango Excellent Media to establish an operating company for the Dayong Ancient City project. The initiative seeks to revitalize the project through professional and market-driven operations, supported by Mango Excellent Media's IP and brand resources.
Previously, reports indicated that the RMB 2 billion Dayong Ancient City project had become a financial burden, contributing to Zhangjiajie's five consecutive years of losses (2020–2024). However, the company reported a net profit of RMB 10.87 million in Q3 2025, marking a turnaround. For the first three quarters, losses narrowed by 65.4% year-on-year to RMB 22.4 million, attributed to reduced depreciation, financial expenses, and tax relief.
Since November 5, Zhangjiajie has been under delisting risk warning, with its stock trading as *ST Zhanggu (000430) and a daily price limit of 5%. On November 14, its shares closed at RMB 9.62, down 1.84%.
Comments