China Ecotourism Group Limited (SEHK:1371) entered into the Equity Transfer Agreement to acquire a 70% stake in Sanqingshan Cultural Tourism Company Limited from Golden Tourism Group Limited for CNY 210 million on October 13, 2021. Following Completion, China Ecotourism will hold 70% of the equity interest in Sanqingshan Cultural Tourism, which will become a subsidiary of China Ecotourism and the assets and liabilities will be consolidated into the consolidated financial statements of China Ecotourism. After Completion, each of the supervisor and the general manager of Sanqingshan Cultural Tourism will be person(s) nominated by China Ecotourism. The unaudited combined net asset value of the Sanqingshan Cultural Tourism (including Green Valley and the Acquired Assets) as at June 30, 2021 was approximately RMB194.1 million. The Equity Transfer Agreement shall become effective subject to the approval of the Equity Transfer Agreement and the transactions contemplated thereunder by the Shareholders; and where required, approval of the Stock Exchange having been obtained.

China Ecotourism Group Limited (SEHK:1371) cancelled the acquisition of 70% stake in Sanqingshan Cultural Tourism Company Limited from Golden Tourism Group Limited on June 27, 2022.