On September 30, Nanjing Business&Tourism Corp.,Ltd. (600250.SH) released an announcement regarding the progress of its controlling shareholder's restructuring. The company received notification from its controlling shareholder, Nanjing Tourism Group Co., Ltd. (referred to as "Tourism Group"), that according to the "Special Plan for Restructuring and Integration of Nanjing Cultural Tourism Group" issued by the General Office of the CPC Nanjing Municipal Committee and the General Office of Nanjing Municipal Government, the State-owned Assets Supervision and Administration Commission of Nanjing plans to implement integration with Tourism Group as the main entity, using 100% equity of Nanjing Cultural Investment Holdings Group Co., Ltd. and 100% equity of Nanjing Sports Industry Group Co., Ltd. to inject capital into Tourism Group.
The announcement indicates that after completion of this controlling shareholder restructuring, Nanjing Business&Tourism's controlling shareholder and actual controller will not change. The controlling shareholder will remain Tourism Group (which may involve renaming after restructuring completion), and the actual controller will continue to be the State-owned Assets Supervision and Administration Commission of Nanjing.
Simultaneously, this controlling shareholder restructuring does not involve changes to the listed company's main business operations. Apart from Nanjing Business&Tourism's ongoing share issuance and cash payment project to acquire 100% equity of Nanjing Huangpu Hotel Co., Ltd. held by Tourism Group, the controlling shareholder currently has no other asset injection plans related to the listed company.
In previously released announcements, Nanjing Business&Tourism stated that the company continues to advance the asset restructuring project involving share issuance and cash payment to acquire 100% equity of Huangpu Hotel held by Tourism Group. The project has been accepted by the Shanghai Stock Exchange, and as of now, the company has completed responses to the exchange's inquiry letters, with various restructuring tasks proceeding steadily. If this restructuring is completed successfully, the company will add hotel sector business, further expanding its tourism industry chain layout. Meanwhile, the company has established a wholly-owned subsidiary, Nanlu Hotel Management, which will undertake the hotel business under Tourism Group that the company manages on a trust basis. The core team formation has been completed, and the subsidiary will expand hotel business through diversified models including leasing operations, entrusted management, and brand franchising to enhance overall operational capabilities.
The announcement shows that the controlling shareholder restructuring has not yet been implemented and completed. The company will timely fulfill information disclosure obligations based on the progress of related matters.
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