Seizing the Opportunity of Macau Tourism Market in the Post-Epidemic Era
HONG KONG, 25 August 2021 / PRNewswire / – Ying Hai Group Holdings Company Limited (âThe Companyâ or âYing Hai Groupâ, as well as its subsidiaries, the âGroupâ, stock exchange code HKSE: 8668) is pleased to announce that the Group has entered into share transfer agreements for the acquisition of the entire stake in Zhuhai Huanya International Tourism Co., Ltd. (“Target Company”) at the purchase price of 1,551 RMB, 641 (equivalent to approx. HK $ 1,861,969).
The share transfer agreements replace and cancel the memorandum of understanding, dated June 8, 2021. According to the MoU, the target company is engaged in travel business and sells airline tickets and currently holds a license to operate travel agency business in the PRC. It is also accredited as a member of the International Air Transport Association (âIATAâ) and is authorized to sell international passenger air transport. The acquisition of a tourism business in the PRC should bring synergy to the existing tourism activity by Macau by extending the sales network to the PRC. In addition, the acquisition of a PRC tourism company would help the Group to facilitate its cooperation with other PRC tourism companies and hotels in the PRC and thus expand its tourism business in the PRC market. Long-term CPP.
Taking into account
The share transfer agreements will acquire a 50% stake in the target company owned by Mr. Cao Yongfeng and Ms. Huang Zimin. As stated in the announcement, the consideration agreed in the MOU was 800,000 RMB. After carrying out additional due diligence on the Target Company, the Group learned that it was necessary for the Target Company to keep certain contractual deposits in order to maintain its travel agency activity. Thus, the Buyer and the Sellers, after negotiation at arm’s length, have agreed to adjust upwards the total consideration payable to the Sellers from 800,000 RMB To 1,551,641 RMB, which reflects cash and the additional value of contractual deposits of approximately 751 641 RMB. The full consideration of 1,551 RMB641 will be payable to Mr. Cao and Ms. Huang equally in accordance with the share transfer agreements as the first purchase price and second purchase price.
The Directors are of the opinion that the conclusion of Share Transfer Agreements and the transactions contemplated under them (including the terms and conditions of the Share Transfer Agreements, in particular the consideration and the terms of payment) are fair and reasonable and in the best interests of the Company and the Shareholders as a whole.
Sir. Choi Wai Chan, Chairman and CEO and Executive Director of the Group noted: “Macau is located next to Zhuhai with frequent economic and trade activities across the border. Through the acquisition of this Zhuhai travel company, we will be able to encourage more mainland tourists to travel to Macau, as well as generating synergies with the Group’s activities. We are so confident about the prospects of Macau tourism industry and believe that the number of tourists and their spending will gradually rebound after the COVID-19 outbreak. For the future, the Group will continue to seek opportunities for mergers and acquisitions with other hotel operators and travel agencies, to gain market share and to strengthen its position in the market. Macau tourism industry. “
About Ying Hai Group Holdings Company Limited
Ying Hai Group Holdings Company Limited was created in 2014, the first listed tourism company in Macau. The Group is committed to innovating and trying to integrate online and offline channels in the optimization of our services, in order to provide the latest tourism resources, personalized products and services to our customers. Group services, including tourism, entertainment, and cultural and creative products.
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