China Jinmao (00817) Announces Public Listing of 100% Equity Disposal in Sanya Tourism Subsidiary

Bulletin Express11-21

China Jinmao Holdings Group Limited (00817) disclosed that its wholly owned subsidiary, Shanghai Jinmao Investment Management Group Co., Ltd., plans to dispose of its 100% equity interests in Jin Mao Sanya Tourism Co., Ltd. The disposal aims to facilitate asset securitization and has been publicly listed on the China Beijing Equity Exchange at a minimum bidding price of RMB2,264.60 million.

Jin Mao Sanya Tourism Co., Ltd. principally owns The Ritz-Carlton Sanya Yalong Bay, a 5-star hotel that opened in 2008 with 446 rooms. The transferee of the 100% equity interests and the final consideration have yet to be determined pending the public bidding process. Following the identification of a transferee, a formal equity transfer agreement is expected to be signed, and the disposal may constitute a discloseable transaction under Chapter 14 of the Listing Rules. The company will comply with all relevant requirements in due course.

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