Zhangjiajie Tourism Group Co., Ltd. (*ST Zhangjiajie) has recently entered restructuring proceedings. An analysis of the disclosed restructuring investment agreement and operational plan reveals a solid value foundation built upon multiple factors: strong backing from state-owned listed companies, comprehensive empowerment by industrial investors, deep support from local state-owned capital, provincial-level policy support, and systematic corporate governance optimization. These elements are gradually clarifying the long-term investment rationale for the company.
One of the key highlights of this restructuring is the participation of multiple state-owned listed companies, injecting stability and high-quality resources into the project. As a leading state-owned cultural enterprise in Hunan Province, Hunan TV & Broadcast Intermediary Co., Ltd. (known as "Hunan TV & Broadcast")—the first listed cultural media company in China and a nine-time winner of the "Top 30 National Cultural Enterprises" award—brings robust policy coordination and resource support for integrated cultural tourism projects. Its wholly-owned subsidiary, Hunan Mango Tourism Investment Co., Ltd. ("Mango Tourism"), serves as the core entity for implementing new tourism strategies, forming a synergistic matrix with another provincial state-owned enterprise, Mango Excellent Media Co., Ltd. ("Mango Media"). With their state-owned capital background, market-oriented operational capabilities, and media resources from the "Hunan TV Army," these entities are not only engaging in commercial investment cooperation but also fulfilling Hunan Province's strategic mission to "accelerate the construction of world-class tourist destinations."
Hunan TV & Broadcast and its affiliates will jointly establish a specialized operating company to lead the quality upgrade and market-oriented operation of Dayong Ancient Town. The core team of Mango Tourism brings nearly two decades of experience in cultural tourism projects, from thematic operations at Changsha Window of the World to high-end service systems at Shengjuefeisi Hotel—successes that will be directly replicated in Dayong Ancient Town's business restructuring. Additionally, Hunan TV & Broadcast and Mango Media's technological expertise in large models, AIGC, and the metaverse will be translated into immersive tourism experiences.
Beyond the core contributions from the Hunan TV & Broadcast system, the participation of professional tourism institutions such as Caissa Tosun Development Co., Ltd. and Gongqingcheng Jifu Qingyuan Investment Partnership (LP) ("Jifu Qingyuan") creates further synergies. Caissa Tourism will leverage its extensive upstream resources and destination operation capabilities to collaborate with *ST Zhangjiajie on joint product development, supply chain optimization, and domestic/international customer expansion, facilitating the company's transformation into a full-service provider covering "dining, lodging, transportation, sightseeing, shopping, and entertainment." Meanwhile, Jifu Qingyuan will contribute its mature experience in operating cultural theme parks like the Riverside Scene at Qingming Festival, enriching the scenic area's cultural appeal and boosting revisit rates through joint branding and events.
Zhangjiajie Industrial Investment (Holdings) Co., Ltd. ("Zhangjiajie Industrial Investment"), a wholly state-owned platform, has acquired 1.09 billion shares at 3.96 yuan per share with a 36-month lock-up period, demonstrating firm confidence in the company's future. Under the restructuring agreement, Zhangjiajie Industrial Investment will systematically consolidate high-quality tourism assets within the city, guided by provincial strategies and municipal coordination. By injecting assets or deepening collaborations—while ensuring clear ownership and regulatory compliance—it aims to optimize *ST Zhangjiajie's asset structure and enhance synergies with core businesses like eco-friendly passenger transport and Yangjiajie Cableway. Joint marketing and bundled ticket designs will further reduce customer acquisition costs and elevate the overall competitiveness of Zhangjiajie's tourism offerings. Additional resource synergies in media, logistics, and trade will help lower operational expenses, while local industrial policies and financial support will foster a favorable development environment.
To date, *ST Zhangjiajie has signed agreements with 17 restructuring investors, including multiple state-backed entities providing both funding and resource empowerment. As the restructuring plan progresses, the company's debt-to-asset ratio will fundamentally improve, and the industrial synergies from the Hunan TV & Broadcast system will gradually materialize, driving sustained profitability in core operations.
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