Movement Alert｜SUNAC Rises 5.41% in Regular Trading, Signs Shanghai Songjiang Ice and Snow Sports Complex Project

On September 18, SUNAC rose 5.41% in regular trading, trading at HK$0.585/share, with turnover of approximately HK$84.93 million.

On the news front, SUNAC's subsidiary Hot Snow Wonder signed a major project agreement for the Shanghai Songjiang Ice and Snow Sports Complex on September 16. The project aims to build a flagship indoor ski resort capable of hosting International Ski Federation events, integrating sports, leisure, culture, hotels, dining, and wellness. The project was jointly planned by Songjiang district government and Erjin Management, with Dongnan Network Architecture Group handling investment and construction and Hot Snow Wonder managing ski operations. This marks a continued expansion of SUNAC's light-asset strategy, as Hot Snow Wonder now operates 11 large-scale indoor ski venues nationwide.

The signing further validates SUNAC's recently announced strategic pivot to an \"Asset Management + Asset Operations\" model, following its acquisition of Erjin Management in August for approximately RMB 123 million. In its mid-year results disclosed on August 28, SUNAC reported revenue of RMB 16.35 billion and a net loss attributable to shareholders of RMB 12.54 billion, with the loss narrowing 2.1% year-over-year.

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