Shanghai Jin Jiang International Hotels Co., Ltd. (SHSE:900934) entered into an equity transfer agreement to acquire 65% stake in Shanghai Qi Cheng Network Technology Co., Ltd. from Shanghai Jin Jiang Capital Company Limited, Shanghai Jinjiang Asset Management Co., Ltd and Tibet Hony Mezzanine Investment Management Center for CNY 850.2 million on November 24, 2022. As reported, Shanghai Jin Jiang Capital Company Limited, Shanghai Jinjiang Asset Management Co., Ltd and Tibet Hony Mezzanine Investment Management Center will transfer 10%, 45% and 10% respectively for a consideration of CNY 130 million, CNY 590 million and CNY 130 million respectively. Shanghai Jin Jiang International Hotels Co., Ltd. plans to use a portion of amount raised earlier through non-public offerings for original hotel decoration and upgrading project of CNY 850.2 million for the implementation of this acquisition.

On November 24, 2022, Shanghai Jin Jiang International Hotels Co., Ltd's Board approved the transaction. The transaction was approved at the 2022 Annual General Shareholders Meeting of Shanghai Jin Jiang International Hotels Co., Ltd. held on May 26, 2023.