Nanjing Business & Tourism Corp., Ltd. (600250.SH) plans to adjust its asset restructuring plan, and will suspend trading starting from November 18th.

Announcement of Nanjing Business & Tourism Corp., Ltd. (600250.SH): According to a previous announcement, the company plans to acquire 100% equity of Nanjing Huangpu HK&S HOTELS Co., Ltd. (referred to as "Huangpu Hotel") held by Nanjing Tourism Group Co., Ltd. (referred to as "Tourism Group") through the issuance of shares and payment of cash, as well as acquire 49% equity of Nanjing Nanshang Commercial Operation Management Co., Ltd. (referred to as "Nanshang Operation") held by Nanjing Shangsha Co., Ltd. (referred to as "Nanjing Shangsha"), and raise supporting funds (referred to as "this restructuring, this transaction"). Since the disclosure of the plan, the company has continued to advance various aspects of this restructuring, while closely monitoring the operating conditions of the target companies. Due to changes in the market environment, after negotiations among the parties involved in the transaction, the company plans to adjust the restructuring plan, no longer acquiring the 49% equity of Nanshang Operation held by Nanjing Shangsha. The adjusted transaction plan is as follows: Nanjing Business & Tourism Corp., Ltd. will issue shares and pay cash to acquire 100% equity of Huangpu Hotel held by Tourism Group and raise supporting funds. This adjustment of the restructuring plan involves reducing the scope of the target assets and the transaction objects, and is expected to reduce the total amount of target assets, net assets, and operating income as a proportion of the total initial target assets by more than 20%. The company will reconvene the board of directors to review the relevant resolutions of this restructuring, and use the date of the announcement of the board of directors' resolution as the pricing base date to determine the issuance price for the purchase of assets with the issuance of shares. In accordance with the provisions of the "Shanghai Stock Exchange Self-Regulatory Supervision Guidelines No. 4 - Suspension and Resumption of Trading", due to significant adjustments to the restructuring plan, in order to ensure fair information disclosure and avoid causing abnormal fluctuations in the company's stock price, the company's stock (securities abbreviation: Nanjing Business & Tourism Corp., Ltd .; securities code: 600250) will be suspended from trading starting on November 18, 2024 (Monday), with an expected suspension period not exceeding 5 trading days.