根據融資函件的條款及條件，本公司已向該銀行承諾，其中包括： 根據該融資借入的所有款項（包括應計利息）須於各利息期末償還或續借，惟於任何情況下，每筆貸 款須於相關提取當日起計不超過一年以本公司自有資金償還。儘管有上述規定，該融資項下借入的 所有款項（包括應計利息）須於要求時悉數償還。 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） （股份代號：308） 根據上市規則第13.18條之披露事項 本公告乃根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.18條作出。 香港中旅國際投資有限公司（「本公司」）董事（「董事」）局（「董事局」）宣佈，於二零二五年十月十七日， 本公司（作為借款人）與一家銀行就一筆上限總額為500,000,000港元（或其若干其他貨幣之等值）之非 承諾循環貸款融資（「該融資」）訂立融資函件（「融資函件」）。該銀行可隨時在未經事先通知下，自行決 定修改、取消或停止該融資額度，包括（但不限於）取消任 ...

Core Viewpoint - CITIC Securities reports that China Travel Service (00308) has proposed a distribution plan to divest its continuously loss-making tourism real estate business, allowing the company to focus on its core profitable operations [1] Group 1: Financial Impact - The proposed plan is expected to improve the company's performance, enhance profitability, and reduce debt levels [1] - Significant improvements in financial statements are anticipated starting from 2026 [1] Group 2: Operational Efficiency - The operational model will become more streamlined and optimized, leading to a more focused development strategy [1] - The optimization of resource allocation is expected to unlock growth potential in the tourism scenic area business [1] Group 3: Investment Outlook - The event is considered to have significant long-term implications for the listed company, suggesting that investors should actively monitor the company's investment value [1]

Core Viewpoint - CITIC Securities reports that Hong Kong Travel (00308) has proposed a distribution plan to divest its continuously loss-making tourism real estate business, focusing on its core profitable operations [1] Group 1: Business Strategy - The proposed plan is expected to improve the company's performance and enhance profitability while reducing debt levels [1] - The operational model will be streamlined and optimized, allowing for a more focused development strategy [1] Group 2: Growth Potential - The optimization of resource allocation is anticipated to unlock growth potential in the tourism scenic area business [1] - The event is considered significant for the long-term development of the listed company, with a notable improvement in financial statements expected from 2026 onwards [1] Group 3: Investment Value - The company is recommended for active attention regarding its investment value following the proposed changes [1]

Core Viewpoint - Hong Kong China Travel International Investment Co., Ltd. (referred to as "Hong Kong China Travel") is undergoing a structural reorganization to divest its underperforming real estate business, which has been a drag on overall performance, and will focus on more stable and profitable sectors such as tourism and travel services [1][3]. Summary by Sections Business Restructuring - Hong Kong China Travel has announced an internal restructuring of its tourism real estate business, transferring it to a newly established private company group through a physical distribution method, which will no longer be a subsidiary of Hong Kong China Travel [1][2]. - The restructuring aims to reduce overall debt levels and concentrate resources on higher return and less cyclical sectors like scenic spots and travel-related businesses [2][3]. Financial Performance - The company expects to incur a loss of approximately HKD 160 million due to the divestment of the real estate business [3]. - As of June 30, 2025, the company reported a revenue of approximately HKD 1.974 billion, a year-on-year decrease of 8%, with a pre-tax loss of about HKD 8 million compared to a profit of HKD 165 million in the same period last year [6]. - The leisure and vacation scenic area segment saw a significant revenue decline of 33%, with losses expanding by 115% to HKD 146 million [6][7]. Real Estate Business Challenges - The real estate segment has become a burden, with significant declines in revenue from key projects such as Zhuhai Huaqing Bay and Xianyang Huaqing Bay, which saw revenue drops of 19% and over 50%, respectively [7]. - The company acknowledged that the real estate business's losses have negatively impacted the profit margins of its scenic area segment [7]. Strategic Shift - Hong Kong China Travel is shifting its strategic focus towards the tourism and leisure sectors, particularly emphasizing the "ice and snow economy" as a new growth area [8]. - The company announced a RMB 300 million acquisition of two subsidiaries from Vanke, focusing on ice and snow business operations, which indicates a proactive approach to capitalize on emerging market trends [8][9]. Investment and Operational Outlook - The company operates multiple scenic resort projects and has a portfolio of 27 managed scenic spots, including several high-rated attractions [9]. - Industry experts suggest that while the ice and snow resort sector offers operational flexibility, it also presents challenges due to high investment costs and seasonal demand fluctuations [9].

Core Viewpoint - Hong Kong Travel (00308.HK) announced an internal restructuring and spin-off of its tourism business into a private company, which will no longer be a subsidiary after the distribution of shares to shareholders [2][9] Group 1: Restructuring Details - The restructuring involves the establishment of a private company group, with shareholders receiving shares based on their holdings or opting for cash compensation of HKD 0.336 per share, representing 21.96% of the last trading price [2][8] - The spin-off is expected to result in a loss of approximately HKD 160 million on the consolidated income statement [10] Group 2: Market Reactions and Implications - Market analysts suggest that the spin-off, while appearing beneficial, may conceal risks such as the low liquidity of private company shares and the potential for minority shareholders to face difficult choices [3][8] - The controlling shareholder's actions indicate confidence in strategic adjustments, but they may also benefit from acquiring potentially valuable assets at a low cost [3][10] Group 3: Business Performance - Hong Kong Travel's tourism business reported revenues of HKD 1.974 billion and a gross profit of HKD 533 million for the first half of 2025, with a pre-tax loss of HKD 7.807 million [5] - The leisure and vacation segment saw a revenue decline of 33% year-on-year, with losses increasing by 115% due to market fluctuations affecting property values [5][6] Group 4: Future Strategy - The restructuring aims to reduce overall debt levels and minimize risks associated with the volatile real estate market, allowing the company to focus on higher-margin tourism operations [6][7] - Post-restructuring, the private company group will primarily handle tourism operations, while the remaining group will focus on theme parks, natural and cultural attractions, and related services [7][9]

Core Viewpoint - Hong Kong Zhonglv plans to divest its tourism real estate business, which has recorded after-tax losses of HKD 460 million, HKD 240 million, and HKD 190 million for 2023, 2024, and the first half of 2025 respectively. This divestment is expected to improve the company's profitability and reduce its debt ratio, allowing for better resource allocation in core business areas [1] Group 1 - The divestment of the tourism real estate business is anticipated to enhance the company's profitability and lower its debt ratio [1] - The company is making progress in its tourism destination investments, acquiring 100% stakes in Songhua Lake Resort and Wanbingxue Company, with projected after-tax profits of HKD 9.96 million and HKD 230,000 for 2024 respectively [1] - The acquisition is expected to further improve the company's leisure tourism destination layout and enhance its management service capabilities [1] Group 2 - The company is expected to incur a one-time loss from the divestment of the tourism real estate business, but this is projected to lead to increased profits in the future [1] - The profit forecast for 2025 has been revised down to a loss of HKD 50 million, while the 2026 profit forecast has been increased by 8% to HKD 370 million [1] - The target price has been raised by 20% to HKD 1.80, maintaining a "neutral" rating [1]

Core Viewpoint - Hong Kong Travel intends to restructure by spinning off its tourism real estate business into a private company and reducing its share capital from HKD 92.2 billion to HKD 7.2 billion, pending shareholder approval [1][2] Group 1: Business Restructuring - The company plans to separate its tourism real estate assets, including Zhuhai Huaqing Bay, Xianyang Huaqing Bay, Anji Resort, Daqing Airport, and Jintang projects, into a private entity [1] - Shareholders will have the option of receiving either physical shares in the new private company or a cash alternative of HKD 0.336 per share, which is approximately 21.96% of the last closing price of HKD 1.53 [1][2] - The controlling shareholder, China Travel Group, has committed to accept all physical shares and purchase any shares not taken up by other shareholders [1] Group 2: Financial Performance and Impact - The tourism real estate business reported revenues of HKD 6.3 million, HKD 4.6 million, and HKD 1.5 million for 2023, 2024, and the first half of 2025, respectively, with net losses of HKD 4.6 million, HKD 2.4 million, and HKD 1.9 million [2] - The spin-off is expected to reduce debt levels and alleviate the negative impact of the real estate business on overall profitability [2] - The company anticipates a loss of HKD 160 million due to the reclassification of cumulative exchange differences related to the tourism real estate business [2] Group 3: Capital Reduction and Future Outlook - The board proposes to reduce the share capital by HKD 85 billion, which will be allocated to retained earnings for future dividends and other distributions [2] - Hong Kong Travel is positioned as a leading integrated cultural tourism investment and operation platform, with plans for diversified business development in the Greater Bay Area and new projects domestically and internationally [3] - The company maintains its profit forecast, expecting net profits of HKD 270 million, HKD 420 million, and HKD 600 million for 2025-2027, with corresponding P/E ratios of 31, 20, and 14 times [3]

Company Dynamics - The company plans to divest its tourism real estate business, which is expected to improve profitability and optimize resource allocation [1] - The company has signed an agreement to acquire 100% equity of Songhua Lake Resort, indicating positive progress in its tourism destination investment operations [1][2] - During the National Day and Mid-Autumn Festival holidays, the company's destinations performed exceptionally well, with significant visitor numbers [2] Comments - The divestiture of the tourism real estate business is anticipated to enhance the company's profitability and reduce its debt ratio, allowing for more resource allocation to core businesses [1] - The proposed distribution includes both physical distribution and cash alternatives, with the controlling shareholder opting for physical distribution, while other shareholders can choose a cash payout of HKD 0.336 per share [1] - The company expects a one-time loss of HKD 160 million from the proposed distribution, primarily due to the reallocation of cumulative exchange differences [1] Acquisition Details - The company announced the acquisition of Songhua Lake Resort and Wanbingxue Company for a total consideration of HKD 295 million and HKD 5 million, respectively, while also assuming bank loans of HKD 755 million [2] - The acquisition is expected to enhance the company's leisure tourism destination layout and improve management service capabilities [2] - The Songhua Lake Resort has an annual visitor volume exceeding 350,000 and revenue exceeding HKD 300 million, with projected after-tax profits of HKD 9.96 million and HKD 230,000 for 2024 [2] Profit Forecast and Valuation - The company has adjusted its 2025 profit forecast to a loss of HKD 50 million, down by HKD 140 million, while increasing the 2026 profit forecast by 8% to HKD 370 million [2] - The current stock price corresponds to a 25x P/E ratio for 2026, with a target price increase of 20% to HKD 1.80, reflecting a 27x P/E ratio for 2026 and an upside potential of 8% [2]

Group 1 - The core point of the article is that Hong Kong Travel (0308.HK) plans to internally restructure its tourism real estate business by establishing a private company group and distributing shares of this group to shareholders, aiming to reduce overall debt and minimize risks associated with the volatile real estate market [2][3] - The tourism real estate business has been underperforming, with management expressing concerns about future profitability due to inherent cyclical risks in capital-intensive property development [2][3] - The company aims to streamline operations and focus resources on high-growth potential areas such as theme parks, natural and cultural scenic destinations, and related services, which are expected to enhance long-term profitability [2][3] Group 2 - For the first half of the year, Hong Kong Travel reported a revenue decline of 8% to HKD 1.974 billion, with a pre-tax loss of HKD 8 million compared to a pre-tax profit of HKD 165 million in the same period last year [3] - The expected distribution will result in a loss of approximately HKD 160 million on the consolidated income statement and comprehensive income statement [3] - As of October 13, the stock price of Hong Kong Travel closed at HKD 1.66 per share, reflecting an increase of 8.5% [4]

Group 1 - The company plans to divest its tourism real estate business, which is expected to improve profitability and optimize resource allocation [1] - The divestiture is projected to result in a one-time loss of HKD 1.6 billion due to the reallocation of cumulative exchange differences [1] - The company has signed an agreement to acquire 100% equity of Songhua Lake Resort, which is expected to enhance its leisure tourism destination layout and management service capabilities [2] Group 2 - During the National Day and Mid-Autumn Festival holidays, the company's international scenic spots received over one million visitors, with some destinations experiencing over 100% year-on-year growth in visitor numbers [2] - The company reported a tax loss of HKD 4.6 billion, HKD 2.4 billion, and HKD 1.9 billion for the years 2023, 2024, and the first half of 2025 from its tourism real estate business [1] - The company is focusing on its core business, which is expected to enhance profitability and reduce debt levels [1]