Shanghai Yangtze Hotel Co., Ltd. entered into a capital increase agreement to receive CNY 1,310,000,000 in an equity round of funding on November 23, 2020. The transaction will include participation from returning investors, Shanghai Jin Jiang Capital Company Limited (SEHK:2006) for CNY 435,474,251.47 and Shanghai Hongqiao Economic & Technological Development Zone United Development Co., Ltd. for CNY 874,525,748.53. Out of the total gross proceeds, CNY 548,188,372 will go towards registered capital and CNY 761,811,628 will go towards capital reserve. Post to the transaction, the registered capital of the company will increase from CNY 451,811,628 to CNY 1,000,000,000, the stake held by Shanghai Jin Jiang Capital Company Limited (SEHK:2006) will decrease from 66.67% to 50% and the stake held by Shanghai Hongqiao Economic & Technological Development Zone United Development Co., Ltd. will increase from 33.33% to 50%. The completion of transaction shall take place upon the completion of the relevant procedures. The transaction is expected to close before November 25, 2020.