Core Viewpoint - The article discusses the recent acquisitions by Tongcheng Travel, highlighting the challenges and market reactions associated with its attempts to integrate and control Dalian Shengya, a struggling tourism company [2][4][10]. Group 1: Acquisitions Overview - In April 2025, Tongcheng Travel acquired all shares of Wanda Hotel Development's hotel assets for 2.5 billion yuan [3]. - In July 2025, Tongcheng Travel planned to acquire a 23.08% stake in Dalian Shengya for 960 million yuan, gaining control over the company [6][8]. - The total investment in Dalian amounts to nearly 3.5 billion yuan, indicating a strategy to consolidate local tourism resources [4][10]. Group 2: Market Reactions - Following the announcements of the acquisitions, Tongcheng Travel's stock price dropped significantly, reflecting market skepticism about the deals [5][22]. - Dalian Shengya's stock experienced volatility, initially rising but then falling sharply after the acquisition news, indicating investor concerns about the integration process [5][22]. Group 3: Financial Performance and Challenges - Dalian Shengya reported total assets of 2.1 billion yuan and a net loss of 70 million yuan in 2024, highlighting its financial struggles compared to Tongcheng Travel's total assets of 37.8 billion yuan and net profit of 1.97 billion yuan [10][14]. - The company has a high debt ratio exceeding 85%, with significant financial burdens, including interest payments of 51 million yuan [15][16]. - Dalian Shengya's revenue growth in its main business segments has lagged behind the industry average, with a mere 5.7% increase in its scenic area operations [14]. Group 4: Governance and Control Issues - Dalian Shengya has faced governance challenges, including a power struggle among shareholders, which may complicate Tongcheng Travel's integration efforts [20][21]. - The controlling shareholder's shares are judicially frozen, raising concerns about potential changes in the shareholder structure and governance stability [19][20]. Group 5: Strategic Implications - Tongcheng Travel aims to leverage its extensive user base and resources to enhance Dalian Shengya's operations and expand its market presence [17]. - The acquisition is seen as a move to transition from an online-focused business model to a more integrated offline tourism operation [26].

免于发出要约事项的 法律意见书 致：上海潼程企业管理合伙企业（有限合伙） 北京市中伦律师事务所（以下简称"本所"或"本所律师"）接受委托，担 任上海潼程企业管理合伙企业（有限合伙）（以下简称"上海潼程"或"收购 人"）通过接受表决权委托及认购大连圣亚旅游控股股份有限公司（以下简称 "大连圣亚"或"上市公司"）定向发行的股份（以下简称"本次发行"）取得 上市公司 30%以上表决权事项（以下简称"本次收购"）的专项法律顾问。 本所根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华 人民共和国证券法》（以下简称"《证券法》"）、中国证券监督管理委员会 （以下简称"中国证监会"）颁布的《上市公司收购管理办法》（以下简称 "《收购管理办法》"）和《律师事务所从事证券法律业务管理办法》《律师事 务所证券法律业务执业规则（试行）》等有关规范性文件的规定，按照律师行业 北京市中伦律师事务所 关于上海潼程企业管理合伙企业（有限合伙） 公认的业务标准、道德规范和勤勉尽责精神，就收购人本次收购所涉及的免于发 出要约事项出具本法律意见书。 为出具本法律意见书，本所特作如下声明： 证券法律业务执业规则（试行）》等我国现行法 ...

Group 1 - The core point of the article indicates that Dalian Shengya (600593) experienced a decline in stock price, closing at 32.7 yuan, down 4.16% as of July 30, 2025, with a trading volume of 138,500 lots and a transaction amount of 449 million yuan [1] - The company reported a total operating revenue of 84.32 million yuan for Q1 2025, a year-on-year decrease of 7.88%, and a net profit attributable to shareholders of 8.15 million yuan, down 738.54% year-on-year [1] - The company's liquidity ratios are low, with a current ratio of 0.108 and a quick ratio of 0.096, while the debt-to-asset ratio stands at 85.60% [1] Group 2 - Dalian Shengya has made investments in 34 companies and participated in 12 bidding projects, indicating active engagement in business expansion [2] - The company holds 219 trademark registrations and 5 patents, along with 61 administrative licenses, showcasing its intellectual property portfolio [2]

大连圣亚旅游控股股份有限公司 收购报告书 签署日期：二〇二五年七月 上市公司： 大连圣亚旅游控股股份有限公司 上市地点： 上海证券交易所 股票简称： 大连圣亚 股票代码： 600593 收购人名称： 上海潼程企业管理合伙企业（有限合伙） 住 所： 上海市嘉定区真新新村街道万镇路 599 号 2 幢 5 层 J 通讯地址： 上海市嘉定区真新新村街道万镇路 599 号 2 幢 5 层 J 大连圣亚旅游控股股份有限公司 收购报告书 收购人声明 一、本报告书系收购人依据《公司法》《证券法》《收购管理办法》《格式 准则第 16 号》及其他相关法律、法规及部门规章的有关规定编写。 二、依据上述法律法规的规定，本报告书已全面披露了收购人在大连圣亚拥 有权益的股份。截至本报告书签署日，除本报告书披露的持股信息外，上述收购 人没有通过任何其他方式在大连圣亚拥有权益。 三、收购人签署本报告书已获得必要的授权和批准，其履行亦不违反收购人 章程或内部规则中的任何条款，或与之相冲突。 四、本次收购所涉及向特定对象发行股票尚需履行的相关程序包括：本次发 行经有权国有资产监督管理单位批准；本次发行经上市公司股东会审议通过，且 上市公司股东 ...

关于《大连圣亚旅游控股股份有限公司收购报告书》的 法律意见书 二〇二五年七月 北京市中伦律师事务所 北京市中伦律师事务所 | 声 明 3 | | --- | | 释 义 5 | | 正 文 7 | | 一、收购人的基本情况 7 | | 二、本次收购目的及决定 12 | | 三、本次收购的方式 13 | | 四、本次收购的资金来源 14 | | 五、本次收购完成后的后续计划 14 | | 六、本次收购对上市公司的影响分析 15 | | 七、收购人与上市公司的重大交易 19 | | 八、本次收购前 6 个月内买卖上市交易股份的情况 19 | | 九、《收购报告书》的格式与内容 20 | | 十、结论意见 20 | 关于《大连圣亚旅游控股股份有限公司收购报告书》的 法律意见书 致：上海潼程企业管理合伙企业（有限合伙） 北京市中伦律师事务所（以下简称"本所"或"本所律师"）接受委托，担 任上海潼程企业管理合伙企业（有限合伙）（以下简称"上海潼程"或"收购人"） 通过接受表决权委托及认购大连圣亚旅游控股股份有限公司（以下简称"大连圣 亚"或"上市公司"）定向发行的股份取得上市公司30%以上表决权事项（以下 简称"本次收 ...

华泰联合证券有限责任公司 关于 大连圣亚旅游控股股份有限公司 收购报告书 之 财务顾问报告 二〇二五年七月 财务顾问声明 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司收购 管理办法》《公开发行证券公司信息披露内容与格式准则第 16 号——上市公司 收购报告书》等相关法律、法规的规定，华泰联合证券有限责任公司（简称"本 财务顾问"）受收购人委托，按照行业公认的业务标准、道德规范，本着诚实信 用、勤勉尽责的精神，对本次收购的相关情况和资料进行了核查，对收购人出具 的《大连圣亚旅游控股股份有限公司收购报告书》所披露的内容出具财务顾问报 告，以供投资人和有关各方参考。 本财务顾问特作出如下声明： 1、本财务顾问依据的有关资料由收购人提供。收购人已作出承诺，保证其 所提供的资料均为真实、准确、完整的原始书面资料或副本资料，副本资料或复 印件与其原始资料或原件一致，所有文件的签名、印章均是真实的；所有文件和 材料不存在虚假记载、误导性陈述或重大遗漏， 并对所提供信息的真实性、准 确性和完整性承担法律责任。 2、本财务顾问已履行勤勉尽责义务，对收购报告书的内容进行了核查和验 证，未发现虚假记载、误导性陈述 ...

北京市中伦律师事务所 关于上海潼程企业管理合伙企业（有限合伙） 免于发出要约事项的 法律意见书 二〇二五年七月 致：上海潼程企业管理合伙企业（有限合伙） 北京市中伦律师事务所（以下简称"本所"或"本所律师"）接受委托，担 任上海潼程企业管理合伙企业（有限合伙）（以下简称"上海潼程"或"收购 人"）通过接受表决权委托及认购大连圣亚旅游控股股份有限公司（以下简称 "大连圣亚"或"上市公司"）定向发行的股份（以下简称"本次发行"）取得 上市公司 30%以上表决权事项（以下简称"本次收购"）的专项法律顾问。 本所根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华 人民共和国证券法》（以下简称"《证券法》"）、中国证券监督管理委员会 （以下简称"中国证监会"）颁布的《上市公司收购管理办法》（以下简称 "《收购管理办法》"）和《律师事务所从事证券法律业务管理办法》《律师事 务所证券法律业务执业规则（试行）》等有关规范性文件的规定，按照律师行业 公认的业务标准、道德规范和勤勉尽责精神，就收购人本次收购所涉及的免于发 出要约事项出具本法律意见书。 为出具本法律意见书，本所特作如下声明： 1. 本所律师根据《律师事 ...

Core Viewpoint - Dalian Shengya Tourism Holdings Co., Ltd. plans to issue up to 38.64 million shares at 24.75 yuan per share, raising no more than 956 million yuan, with the entire subscription by Shanghai Tongcheng, which will become the controlling shareholder with a 23.08% stake and 30.88% voting rights [2][3] Group 1: Financial and Operational Impact - The introduction of Tongcheng Travel as an investor is expected to help Dalian Shengya resolve debt issues and support ongoing project construction, enhancing financial stability and operational capacity [3] - Dalian Shengya has two ongoing projects, which are currently stalled due to funding shortages, highlighting the urgency of financial support [3] - The company has shown significant revenue growth, with projected revenues of 157 million yuan, 468 million yuan, and 505 million yuan for 2022 to 2024, respectively, despite recent losses [3][4] Group 2: Strategic Development and Future Outlook - The strategic partnership aims to transform Dalian Shengya from a regional operator to a "cultural tourism ecosystem platform," focusing on industry chain integration and enhancing profitability [5] - After gaining control, Tongcheng Travel plans to use Dalian Shengya as a core platform for its cultural tourism operations, aiming for resource integration and business synergy [6] - The long-term appeal of marine-themed tourism is acknowledged, but building a complete theme park cluster requires significant time and investment, which Tongcheng's involvement may expedite [6]

Core Viewpoint - The control of Dalian Shengya has changed hands, with Shanghai Tongcheng becoming the controlling shareholder through a private placement of shares and voting rights delegation [1][4][5]. Share Issuance and Control Change - Dalian Shengya plans to issue 38.64 million shares at a price of 24.75 yuan per share, raising approximately 956 million yuan [1][6]. - After the issuance, Shanghai Tongcheng will hold 23.08% of the shares and, with voting rights delegation, will control 30.88% of the voting rights, making it the controlling shareholder [1][4]. - Prior to the issuance, Xinhai Bay Investment held 24.03% of the shares, and after the issuance, its stake will decrease to 18.48% [2][3]. Financial Performance and Debt Situation - Dalian Shengya has faced continuous losses in recent years, with revenues of 205 million yuan, 157 million yuan, and 468 million yuan from 2021 to 2023, and net profits of -198 million yuan, -77.64 million yuan, and 34.38 million yuan respectively [9]. - As of the end of 2024, the company had a high debt level, with a debt-to-asset ratio of 85.75% and total debts of approximately 1.512 billion yuan [7][9]. - The funds raised from the share issuance will be used to repay debts and improve liquidity, but the company still faces significant financial challenges [6][8].

Core Viewpoint - Dalian Shengya plans to raise no more than 956.3 million yuan through a private placement of shares to Shanghai Tongcheng, which will lead to a change in control of the company [1] Group 1: Fundraising Details - Dalian Shengya intends to issue up to 38.64 million A-shares at a price of 24.75 yuan per share, aiming to raise a total of approximately 956.3 million yuan [1] - The funds raised will primarily be used for debt repayment and to supplement working capital [1] Group 2: Control Change - The issuance will result in a change of control, with Shanghai Tongcheng becoming the controlling shareholder, and the company will have no actual controller [1] - The issuance is subject to approvals from relevant authorities, including state-owned asset supervision, the shareholders' meeting, the Shanghai Stock Exchange, and the China Securities Regulatory Commission [1]