（股份代號：308） 有關 須予披露交易 收購目標公司股權 的進一步公告 茲提述香港中旅國際投資有限公司（「本公司」）日期為二零二五年九月三十日有關收購目標公司股權 的公告（「該公告」）。除非文義另有所指，否則本公告所使用詞彙應具有該公告所界定的相同涵義。 誠如該公告所披露，根據估值報告A，由於估值報告A已採用收益法，估值報告A已就所載目標公司 A的全部股東權益價值之估值採用收益法，根據上市規則第14.61條，其被視為盈利預測。根據上市 規則第14.60A條，有關估值報告A所載目標公司A的盈利預測之資料載於本公告。 估值報告項下的盈利預測 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 （於香港註冊成立之有限公司） 目標公司A的股東權益總額之估值乃基於下列主要假設而編製： 1 1. 假設所有評估標的已經處在交易過程中，評估專業人員根據被評估資產的交易條件等模擬市場 進行估價； 2. 假設在市場上交易的資產，或擬在市場上交易的資產，資產交易雙方彼此地位 ...

Group 1 - Zhongji Xuchuang, a leading optical module company, saw its stock price rise nearly 4% during trading, reaching a historical high of 457.5 CNY per share, with a total market capitalization exceeding 500 billion CNY [1] - As of the latest update, the stock price was reported at 454.74 CNY per share, reflecting a 3% increase [1] Group 2 - On October 22, CPO concept stocks experienced a rebound, with Huilv Ecology hitting the daily limit and achieving a three-day consecutive rise, while Tianfu Communication surged over 8% [3] - The broadcasting and television sector was active, with Hubei Broadcasting hitting the daily limit and achieving a two-day consecutive rise, alongside gains in other companies like Wireless Media and Tianwei Vision [5] Group 3 - Gold concept stocks in the A-share market continued to decline, with the sector dropping over 4% at one point, and Hunan Silver hitting the daily limit down, while companies like Xiaocheng Technology and Baoding Technology fell over 7% [7][8] - Wind data indicated that the London spot gold price fell sharply, with a previous day's decline of 5.31%, and the latest price reported at 4088.79 USD per ounce, nearing the 4000 USD per ounce mark [9]

10月12日，香港中旅国际投资有限公司(下称香港中旅)发布公告，提议向股东实物分派其旅游地产 业务，并配套现金替代方案和股本削减计划。这一交易旨在将资源集中到高增长潜力的旅游景区业务 上，顺应市场趋势并优化资本结构。 股东可选择持股或现金 实物分派是一种公司通过分发实物，如子公司股份，为分红来回报股东的行为。根据公告，香港中 旅将首先进行内部重组，使旅游地产业务由新成立的公司持有。随后，香港中旅将以每股上市公司股份 对应一股新成立公司股份的比例，向记录日期（预计为2025年11月21日）登记在册的股东分派新成立公 司股份。考虑到分派后，新成立的公司将为非上市实体，流通性不足，可能股东退出渠道有限，因而公 司给予了股东灵活选择权，可选择收取新成立公司股份或每股0.336港元现金。 为保障交易顺利进行，控股股东中国旅游集团已承诺全额接受实物分派，并收购其他股东未接纳的 新成立公司股份，支付等价现金。 现金替代方案下，每股股份的定价成为本次交易的核心关注点。公告披露，每股0.336港元的定 价，是参考同行业上市公司估值以及可比交易定价方法进行评估的结果。考虑因素具体包括：其他主营 地产和酒店业务的香港上市公司的市净 ...

Core Viewpoint - Hong Kong Travel International Investment Co., Ltd. proposes to distribute its tourism real estate business to shareholders, along with a cash alternative and capital reduction plan, aiming to concentrate resources on high-growth tourism projects and optimize capital structure [1] Group 1: Business Restructuring - The company will undergo an internal restructuring to hold the tourism real estate business in a newly established company [1] - Shareholders will receive shares of the new company at a ratio of one share of the new company for each share of the listed company [1] - The record date for shareholders is expected to be November 21, 2025 [1] Group 2: Shareholder Commitment - The controlling shareholder, China Tourism Group, has committed to fully accept the distribution and will purchase shares not accepted by other shareholders, providing equivalent cash [1] Group 3: Completion Timeline - The business spin-off is expected to be completed by the end of 2025, pending approval from a special shareholder meeting [1] Group 4: Market Analysis - CICC's research report indicates that the acquisition is expected to enhance the company's leisure and vacation destination layout and improve management service capabilities [1] - CITIC Securities' analysis suggests that the plan will help improve company performance, enhance profitability, reduce debt levels, and streamline operations, allowing for a more focused development strategy and optimized resource allocation to unlock growth potential in the tourism sector [1]

Core Viewpoint - Hong Kong Travel (03808) has experienced a decline in performance in the first half of the year, primarily due to negative impacts from its tourism site business. However, after divesting its loss-making tourism real estate business, the company expects improvements in its financial statements. The hotel business continues to grow, and with fixed costs being significant, revenue increases will lead to a decrease in expense ratios, resulting in profit growth outpacing revenue growth. The passenger transport business remains stable, and the travel document business is expected to return to normal levels. Overall performance is anticipated to improve in the second half of the year, supported by a recovery in consumption and tourism, along with the upcoming winter sports season [1][2]. Business Restructuring - The company announced a group restructuring to divest its tourism real estate business into a private company, which includes five projects: Zhuhai Huaqing Bay, Xianyang Huaqing Bay, Anji Resort, Shenzhen Airport Project, and Chengdu Jintang Project. The projected revenues for the divested parts for 2023, 2024, and the first half of 2025 are 629 million, 459 million, and 147 million HKD respectively, with net losses of 461 million, 239 million, and 192 million HKD. The divestiture is expected to reduce profit drag and improve overall profitability [3]. Shareholder Distribution - The company offers shareholders two distribution options: 1) Physical distribution, where each share corresponds to one share in the private company; 2) Cash distribution, where each share pays 0.336 HKD, approximately 21.96% of the last closing price of 1.53 HKD before the announcement. Shareholders under the Shanghai-Hong Kong Stock Connect will receive cash due to difficulties in receiving shares of the private company [4]. Capital Reduction Proposal - The board has proposed a capital reduction, decreasing the capital from 9.222 billion HKD to 722 million HKD. The 8.5 billion HKD generated from this reduction will be transferred to retained earnings, which will serve as distributable reserves. This reduction will significantly limit the company's ability to pay dividends or undertake any actions requiring the use of distributable reserves, but it will allow for more flexibility in corporate actions and dividend policy decisions [5]. Expansion into Snow Economy - The company is actively expanding into the snow economy by acquiring a 75% stake in Jilin Songhua Lake International Resort Development Co., Ltd. and a 75% stake in Beijing Wanbingxue Sports Co., Ltd. The Songhua Lake company operates a ski resort and related facilities, while Wanbingxue focuses on snowfield development and management. These projects are expected to be consolidated in November, potentially contributing to revenue and profit growth [6][7].

Core Viewpoint - Hong Kong Travel (03808) has experienced a decline in performance in the first half of the year, primarily due to negative impacts from its tourism and scenic area business. The company expects improvements in its financial statements following the divestiture of its loss-making tourism real estate business. The hotel business continues to grow, and with the upcoming winter season, the company anticipates overall performance to improve in the second half of the year [1][2]. Group 1: Business Restructuring - The company announced a group restructuring to divest its tourism real estate business, which includes five projects: Zhuhai Huaqing Bay, Xianyang Huaqing Bay, Anji Resort, Shenzhen Airport Project, and Chengdu Jintang Project. The projected revenues for the divested parts are 629 million, 459 million, and 147 million HKD for 2023, 2024, and the first half of 2025, respectively, with net losses of 461 million, 239 million, and 192 million HKD [2]. - The divestiture is expected to reduce profit drag and improve overall profitability, with the company focusing on its core businesses, including theme parks, tourism certificates, hotel operations, and passenger services [2]. Group 2: Shareholder Distribution - The company offers shareholders two distribution options: a physical distribution of shares in the private company or a cash distribution of 0.336 HKD per share, which is approximately 21.96% of the last closing price of 1.53 HKD [3]. - Following the distribution, the tourism real estate business will be removed from the listed company and become a privately held entity [3]. Group 3: Capital Reduction Proposal - The board of directors proposed a capital reduction, decreasing the capital from 9.222 billion HKD to 722 million HKD. The resulting 8.5 billion HKD will be transferred to retained earnings, which will limit the company's ability to pay dividends or undertake actions requiring distributable reserves [4]. - The capital reduction will provide the company with more flexibility in decision-making regarding corporate actions and dividend policies [4]. Group 4: Expansion into Snow Economy - The company has entered into agreements to acquire 75% stakes in Jilin Songhua Lake International Resort Development Co., Ltd. and Beijing Wanbingxue Sports Co., Ltd. These acquisitions are expected to be consolidated in November and will likely contribute to revenue and profit growth [5][6]. - The company aims to actively respond to national calls for developing the snow economy and plans further development of related projects [6].

Market Overview - On October 20, A-shares saw all three major indices rise collectively, with the ChiNext Index increasing by over 3% during intraday trading. The Shanghai Composite Index closed at 3866.09 points, up 0.69%, while the Shenzhen Component Index and ChiNext Index rose by 1.38% and 2.49%, respectively. The total trading volume in the Shanghai and Shenzhen markets reached 11,709 billion yuan [2][4]. Sector Performance - Over 4,200 stocks in the market experienced gains, with strong performance in the hard technology sector. The CPO (optical module) concept rebounded significantly, with Yuanjie Technology hitting a 20% limit up, and Cambridge Technology also reaching its limit. The commercial aerospace concept saw strong activity, with Longcheng Electric and Xingwang Yuda hitting their limits. The ice and snow concept was also active, with Dalian Shengya reaching its limit [4][8]. Notable Stocks - Agricultural Bank of China achieved a 12-day consecutive rise in its stock price, reaching a historical high of 7.68 yuan per share, with a total market capitalization exceeding 2.45 trillion yuan [4]. - Yuanjie Technology's stock hit a 20% limit up during intraday trading, reflecting the strong rebound in computing hardware stocks [7][8]. - Faraday Holdings experienced significant volatility, initially hitting a limit up before dropping to a limit down, and then rebounding to close at 10.74 yuan per share with a trading volume of 9.38 billion yuan [5][6]. CPO Market Insights - Recent reports indicate that overseas major clients have raised their procurement plans for 1.6T optical modules for 2026, increasing from 10 million to 20 million units, driven by the rapid growth in AI training and inference network bandwidth demand [12]. - The optical module market is experiencing rapid growth and technological iteration, with price changes reflecting the industry's healthy development [12]. Solid-State Battery Sector - The solid-state battery and lithium battery sectors also saw gains, with Haike New Source hitting a 20% limit up, and other companies like Zhuhai Guanyu and Huasheng Lithium Energy rising over 10% [14]. - Chery Automobile announced a breakthrough in solid-state battery technology, showcasing a module that could enhance electric vehicle range to 1200-1300 kilometers [16]. - Haike New Source is actively conducting research and process optimization for solid-state electrolyte materials, with some products in pilot testing and others in laboratory performance testing [14][16].

Core Viewpoint - Hong Kong Travel (00308) has announced the establishment of a non-committed revolving loan facility with a maximum total amount of HKD 500 million, which can be modified or canceled by the bank at any time without prior notice [1] Group 1 - The loan facility has a maximum limit of HKD 500 million or its equivalent in other currencies [1] - The bank has the discretion to modify, cancel, or stop the financing limit at any time [1] - The bank can also cancel any unused financing limits and declare any outstanding debts due immediately [1]

Core Viewpoint - Hong Kong Travel (00308) announced a financing arrangement with a bank for a non-committed revolving loan facility with a total limit of HKD 500 million or its equivalent in other currencies [1] Group 1 - The company has entered into a financing letter with a bank, acting as the borrower [1] - The bank has the discretion to modify, cancel, or terminate the financing limit at any time without prior notice [1] - This includes the ability to cancel any unused financing limits and declare any outstanding debts due and payable immediately [1]

Group 1 - The company, Hong Kong Travel (00308.HK), announced a financing agreement with a bank for a non-committed revolving loan facility with a total limit of HKD 500 million (or equivalent in other currencies) [1] - The bank has the discretion to modify, cancel, or suspend the financing limit at any time without prior notice, including the cancellation of any unused financing amounts and declaring any outstanding debts due and payable immediately [1]