Hunan Xingxiang Emerging Industry Investment Fund Partnership Enterprise (Limited Partnership) and Hunan Xingxiang Capital Management Co., Ltd. agreed to acquire Changchun Huatian Hotel Management Co. Ltd. from Huatian Hotel Group Co.,Ltd. (SZSE:000428) for CNY 640 million on December 17, 2021. Upon completion, Hunan Xingxiang Emerging Industry will hold 60% and Hunan Xingxiang Capital Management Co.

will hold 40% interest in Changchun Huatian Hotel Management Co. The Huatian Hotel Group's directorate approved the proposal on the transfer of 100% stake in Changchun Huatian Hotel Management Co.