Shanghai Yuyuan Tourist Mart (Group) Co., Ltd. (SHSE:600655) won an auction to acquire 70% stake in Sichuan Tuo Pai She De Group Company Limited from DreamEast Group Limited (SEHK:593) for CNY 4.5 billion on December 31, 2020. A security deposit of CNY 800 million has been paid and remaining consideration will be paid on or before January 15, 2021. The consideration will be settled through cash.

The transaction will be financed through combination of internal resources and/or external financing. The transaction is subject to conditions precedent including the payment of the balance consideration by Shanghai Yuyuan, issuance of an auction closing closing order by the relevant court in the PRC and registration of the transfer of equity interests. Suining Juxin Auction Co., Ltd acted as auctioneer.