Wanda Hotel Development announces major disposal of hotel management subsidiary

 Classified as a "very substantial disposal" under HKEX rules.

Wanda Hotel Development Company Limited has entered into a sale and purchase agreement with eLong, Inc. to sell its entire interest in Wanda Hotel Management (HK) Co., Ltd. for approximately $2,696.7m (around RMB2,497.3m), subject to adjustments.

Once the transaction is completed, the company will no longer hold any interest in the Wanda Hotel Management and its financial results will no longer be included in the company’s financial statements.

The disposal is classified as a "very substantial disposal" under the Hong Kong Stock Exchange Listing Rules, as it exceeds 75% in applicable percentage ratios. Therefore, it requires shareholder approval, a circular, and an announcement.

A special general meeting will be held to seek approval from shareholders. A circular with more details will be sent to shareholders by 14 May 2025.

Completion of the sale is subject to certain conditions, and the transaction may or may not proceed. Shareholders and investors are advised to exercise caution when trading the company’s shares.