Tongcheng Travel and Wanda Hotel Development announced that Tongcheng Travel has reached an agreement with Wanda Hotel Development to acquire 100% of the shares of its wholly-owned subsidiary Wanda Hotel Management Co., Ltd., with a transaction consideration of approximately RMB 2.49 billion, a valuation multiplier equivalent to 9.5 times its adjusted EBITDA for 2023. Wanda Hotel Management Company is an asset-light segment of Wanda Hotels Development, with 2024 revenue of HK$890 million. In response, Wanda said that according to the relevant rules of the Hong Kong Stock Exchange, the development and transfer of shares in Wanda Hotel Management Co., Ltd., a subsidiary of Wanda Hotels, still needs to be approved by the shareholders' meeting of the listed company before it can take effect. The funds brought about by the transaction, if approved for dividends to all shareholders, will help Wanda Group to deleverage, reduce liabilities, optimize the balance and liability structure, and ensure the fulfillment of corporate social responsibilities. In recent years, Wanda has significantly improved its balance and liability structure through measures such as selling Wanda Plaza assets and promoting commercial management restructuring in Zhuhai. Up to now, all of Wanda's public bonds have been paid as scheduled. Currently, the company only has very few public debts left. Wanda also stated that this transaction only involves the transfer of hotel management business, and the existing hotel property assets owned by Wanda will continue to be held by the Wanda Group. Wanda will also continue to deepen cooperation with Tongcheng Travel. Through resource sharing and complementary advantages, Wanda will collaborate in the fields of cultural tourism project operation and management and market expansion to achieve win-win development for both parties.

Tongcheng Travel and Wanda Hotel Development announced that Tongcheng Travel has reached an agreement with Wanda Hotel Development to acquire 100% of the shares of its wholly-owned subsidiary Wanda Hotel Management Co., Ltd., with a transaction consideration of approximately RMB 2.49 billion, a valuation multiplier equivalent to 9.5 times its adjusted EBITDA for 2023. Wanda Hotel Management Company is an asset-light segment of Wanda Hotels Development, with 2024 revenue of HK$890 million. In response, Wanda said that according to the relevant rules of the Hong Kong Stock Exchange, the development and transfer of shares in Wanda Hotel Management Co., Ltd., a subsidiary of Wanda Hotels, still needs to be approved by the shareholders' meeting of the listed company before it can take effect. The funds brought about by the transaction, if approved for dividends to all shareholders, will help Wanda Group to deleverage, reduce liabilities, optimize the balance and liability structure, and ensure the fulfillment of corporate social responsibilities. In recent years, Wanda has significantly improved its balance and liability structure through measures such as selling Wanda Plaza assets and promoting commercial management restructuring in Zhuhai. Up to now, all of Wanda's public bonds have been paid as scheduled. Currently, the company only has very few public debts left. Wanda also stated that this transaction only involves the transfer of hotel management business, and the existing hotel property assets owned by Wanda will continue to be held by the Wanda Group. Wanda will also continue to deepen cooperation with Tongcheng Travel. Through resource sharing and complementary advantages, Wanda will collaborate in the fields of cultural tourism project operation and management and market expansion to achieve win-win development for both parties.