Evening of December 24th，China Travel Service Hong Kong issued an announcement，The company’s indirect wholly-owned subsidiary China Travel Service Scenic Area (buyer) plans to pay RMB 3.Acquired 34% equity of the target company Hangzhou Kaiyuan Senbo 188bet online live casino Investment Co., Ltd. (hereinafter referred to as "Kaiyuan Senbo") from Kaiyuan 188bet online live casino (seller) for 9.1 billion yuan。After completion，The company will indirectly hold 34% equity of Kaiyuan Senbo。

As understood，Kaiyuan 188bet online live casino provides 4-year performance betting to China Travel Service Scenic Area，And make the following performance commitments:

1、188bet online live casino Senbo will not suffer losses in 2020，The cumulative net profit from 2021 to 2023 shall not be less than RMB 1.500 million yuan；

2、If Kaiyuan Senbo suffers a loss in 2020，Then Kaiyuan 188bet online live casino should compensate the target company in equal amounts for the loss in the form of donations；If Kaiyuan Senbo’s cumulative net profit from 2021 to 2023 is less than RMB 1.500 million yuan，Then CTS Scenic Area has the right to require Kaiyuan 188bet online live casino to add 8 to the price.Repurchase the target equity held by China Travel Service Scenic Area at 5% annual interest rate。

3、Ruokai Yuansenbo’s net profit reached the promised performance but did not reach 120% of the promised performance，That is, the cumulative net profit from 2021 to 2023 is RMB 1.800 million yuan，China Travel Scenic Area has the right to initiate an acquisition offer to Kaiyuan 188bet online live casino for the equity of the target company held by Kaiyuan 188bet online live casino at that time。If Kaiyuan Travel does not accept the offer，Then CTS Scenic Area has the right to require Kaiyuan 188bet online live casino to add 8 to the price.5% annual interest rate (simple interest) to repurchase the target equity held by China Travel Service Scenic Area。

4、Ruokai Yuan Senbo’s cumulative net profit from 2021 to 2023 exceeds RMB 1.800 million yuan，China Travel Scenic Area has the right to initiate an acquisition offer to Kaiyuan 188bet online live casino for the equity of the target company held by Kaiyuan 188bet online live casino within 3 months after the issuance of the audit report。If Kaiyuan 188bet online live casino does not accept the offer，Then CTS Scenic Area has the right to require Kaiyuan 188bet online live casino to add 8 to the price.5% annual interest rate (simple interest) to repurchase the target equity held by China Travel Service Scenic Area。

According to announcement，Kaiyuan Senbo micro-vacation project positioned in the mid-to-high-end market，The value proposition is to provide short-distance travel and leisure products around the city to mid-to-high-end customer groups，Leading consumption upgrade，Featuring created、Low cost、Quality-focused value support system。The target group has good 188bet online live casino IP and high reputation products that attract the market、Replicable model and excellent performance recognized by the industry，It is also the implementation entity of Kaiyuan Senbo 188bet online live casino IP。The company acquires and merges mature 188bet online live casino IP of target companies through its subsidiaries，Help the company promote the leap-forward development of 188bet online live casino real estate business。

Announcement，Kaiyuan 188bet online live casino is a leading private enterprise in the domestic hotel industry，is a 188bet online live casino industry investment and operation group that continues to pursue value leadership，The in-depth cooperation between Hong Kong China Travel Service and Kaiyuan Travel is an important attempt to promote mixed ownership reform，Through collaboration with existing businesses，will help stimulate the group’s endogenous motivation and vitality，Improve the group’s capital structure and property rights structure，Improve your own efficiency and competitiveness。

Announcement display，After the acquisition is completed，China Travel Service Hong Kong and Kaiyuan Travel will establish a mutually beneficial and friendly partnership through close cooperation，The company will make full use of cultural 188bet online live casino、Real estate market、Management、Capital and other investment and operational advantages，Kaiyuan 188bet online live casino will give full play to the brand and project full-process management service advantages of "Kaiyuan Senbo";Both parties will strive to develop in cultural 188bet online live casino、The investment and operation of real estate are fully coordinated and achieve good economic and social benefits，Together, we will build the "Kaiyuan Senbo Resort" series of products into a benchmark project for the group's 188bet online live casino destination investment and operation。