Core Viewpoint - The enthusiasm of local state-owned enterprises (SOEs) in acquiring control of listed companies has surged, particularly in Hubei province, where the number of companies controlled by the Hubei State-owned Assets Supervision and Administration Commission has reached 15 [3][4]. Group 1: Recent Acquisitions - On December 2, 2023, Junting Hotel announced that Hubei Cultural Tourism acquired 29.99% of its shares for a total of 1.499 billion yuan, changing its controlling shareholder to Hubei Cultural Tourism and its actual controller to the Hubei State-owned Assets Supervision and Administration Commission [3][5]. - Just five days prior, the actual controller of Chaozhuo Aerospace also changed to the Hubei State-owned Assets Supervision and Administration Commission [4]. Group 2: Strategic Goals and Future Plans - Hubei Cultural Tourism plans to inject high-quality hospitality assets into Junting Hotel and support its financing activities, aiming to establish it as a benchmark enterprise in the hotel industry and cultural tourism integration [5]. - The Hubei State-owned Assets Supervision and Administration Commission aims to have Hubei's listed companies rank among the top in the country by 2030, with over 50% of companies listed on the Sci-Tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange [4]. Group 3: Industry Focus and Expansion - Hubei SOEs are diversifying their investments beyond traditional sectors like chemicals and energy into emerging industries such as semiconductors, new energy, and aerospace [6]. - The acquisition trend began in 2023, with Hubei SOEs gaining control of multiple listed companies through capital increases and mergers, making them one of the most active local SOEs in terms of acquisitions [7][8]. Group 4: Resource Optimization and Financial Strategies - The Hubei "Three Assets" reform encourages the optimization of state-owned resources, allowing listed companies to leverage idle assets for financing and operational efficiency [8][9]. - Companies like Chutian Expressway and Junting Hotel are expected to utilize asset securitization to realize the value of their existing assets, enhancing their financial capabilities [9].

证券研究报告|公司点评报告 1）股份转让：12 月 2 日，湖北文化旅游集团（下简称"湖北文旅"）与吴启元、从波、施晨宁签署《股份转让 协议》，拟通过协议转让形式受让三位直接持有的君亭酒店集团股份有限公司（下简称"君亭酒店 "） 58,315,869 股，共占君亭酒店股份总数的 29.99%，吴启元/从波/施晨宁三位转让股份占股份总数比例分别为 14.42%/13.17%/2.40%，每股转让价格 25.71 元，股份转让总价款为 14.99 亿元。2）要约收购：以上述股份转 让完成过户登记为前提，湖北文旅向君亭酒店全体股东发出不可撤销的部分要约收购，收购股份 数量 11,686,058 股，占君亭酒店股份总数的 6.01%，收购价格为每股人民币 25.71 元；在湖北文旅发出要约后，吴 启元先生同意并不可撤销的承诺，自要约收购期限起始日起 5 日内应以其持有的君亭酒店 11,686,508 股股份 （占上市公司股份总数的 6.01%）申报预受要约。3）控股股东变更：交易完成后，湖北文旅将拥有君亭酒店 36.00%的股份及股份对应的表决权，君亭酒店控股股东变更为湖北文旅，实际控制人变更为湖北省人民政府国 有资 ...

Group 1 - The acquisition enthusiasm of local state-owned assets for controlling listed companies has surged, becoming a focal point in the capital market [1] - Hubei state-owned assets have accelerated their purchasing pace in the A-share market, with the number of listed companies under their actual control reaching 15 [1] - Hubei Wenlv acquired a 29.99% stake in Junting Hotel for a total price of 1.499 billion yuan, changing the controlling shareholder to Hubei Wenlv and the actual controller to Hubei Provincial State-owned Assets Supervision and Administration Commission [1][2] Group 2 - Hubei Wenlv's main business includes cultural tourism, commercial trade, and sports health, with assets exceeding 100 billion yuan [2] - After the acquisition, Hubei Wenlv plans to inject quality lodging assets into Junting Hotel and support its financing activities, aiming to make it a benchmark in the hotel industry and cultural tourism integration [2] - Hubei Jiaotou Group, a major state-owned enterprise, has also gained control of three listed companies, expanding its influence in various sectors including traditional and emerging industries [3] Group 3 - The acquisition wave of Hubei state-owned assets began in 2023, with several strategic acquisitions completed, making it one of the most active local state-owned entities in terms of acquiring listed companies [4] - Hubei state-owned assets are diversifying their investments into traditional sectors like chemicals and energy, as well as emerging sectors such as semiconductors and new energy [3][4] Group 4 - Hubei Provincial State-owned Assets Supervision and Administration Commission is promoting the concentration of quality state-owned resources into listed companies, with future expectations for semiconductor and digital economy assets to be injected into companies like Taiji Co. and Wanrun Technology [6] - The "Three Assets" reform in Hubei aims to optimize the use of idle assets, allowing companies to leverage their resources for financing and development [5][6]

Group 1 - The acquisition enthusiasm of local state-owned assets for listed companies is rising, with Hubei state-owned enterprises controlling 15 listed companies through various means [1] - Hubei Wenlv acquired 29.99% of Junting Hotel's shares for a total price of 1.499 billion yuan, changing the controlling shareholder to Hubei Wenlv and the actual controller to Hubei Provincial State-owned Assets Supervision and Administration Commission [1][2] - Hubei Wenlv plans to inject quality hospitality assets into Junting Hotel and support its financing activities, aiming to make it a benchmark in the hotel industry and cultural tourism integration [2] Group 2 - Hubei Jiaotou Group, a large state-owned enterprise, has now controlled three listed companies, including Chutian Expressway and Weichuang Optoelectronics, after acquiring Super Zhi Hang Ke [3] - Hubei state-owned assets are diversifying into traditional sectors like chemicals and energy, as well as emerging sectors such as semiconductors and new energy [3] - The acquisition wave of Hubei state-owned enterprises began in 2023, with multiple strategic acquisitions completed, making it one of the most active local state-owned entities in terms of acquiring listed companies [4] Group 3 - Hubei Provincial State-owned Assets Supervision and Administration Commission is utilizing specialized platforms to achieve precise industrial layout, with different groups focusing on technology, new energy, and cultural tourism [5] - The change in actual controllers to Hubei Provincial State-owned Assets Supervision and Administration Commission is expected to provide new development opportunities for these listed companies under the "Three Assets" reform [5] - Future asset injections into companies like Taiji Co. and Wanrun Technology are anticipated, particularly in the semiconductor and digital economy sectors [6]

中国经济网北京12月3日讯君亭酒店（301073）(301073.SZ)今日复牌，开盘下跌11.03%报25.00元。 停牌前，君亭酒店连涨2个交易日，11月24日收涨13.27%，11月25日收涨8.29%。公司11月26日开市起 停牌。 君亭酒店昨晚披露的关于控股股东及相关方签署股份转让协议暨控制权拟发生变更的提示性公告显示， 2025年12月2日，湖北文化旅游集团有限公司(以下简称"湖北文旅")与吴启元、从波、施晨宁签署《股 份转让协议》，湖北文旅拟通过协议转让方式受让吴启元、从波、施晨宁直接持有的君亭酒店集团股份 有限公司(以下简称"公司""上市公司"或者"君亭酒店")58,315,869无限售流通股股份(占上市公司股份总 数的29.99%)，其中吴启元转让28,035,634股(占目标公司股份总数的14.42%)，从波转让25,615,774股(占 目标公司股份总数的13.17%)，施晨宁转让4,664,461股(占目标公司股份总数的2.40%)。每股转让价格为 人民币25.71元，股份转让总价款为人民币1,499,300,991.99元。 自湖北文旅受让上市公司股东吴启元、从波、施晨宁持有的上市公 ...

Core Viewpoint - Hubei Cultural Tourism Group plans to acquire a 29.99% stake in Junting Hotel through a share transfer, marking a significant change in control of the company [1] Group 1: Share Transfer Details - Hubei Cultural Tourism Group will acquire 58,315,869 unrestricted shares from current shareholders at a price of 25.71 RMB per share, totaling approximately 1.5 billion RMB [1] - Following the transaction, Hubei Cultural Tourism Group will hold 36% of Junting Hotel's shares and corresponding voting rights [1] Group 2: Offer to Other Shareholders - Hubei Cultural Tourism Group will issue an irrevocable partial tender offer to all other shareholders for 11,686,508 shares, representing 6.01% of Junting Hotel's total shares, at the same price of 25.71 RMB per share [1] Group 3: Change in Control - After the completion of the transaction, the controlling shareholder of Junting Hotel will change to Hubei Cultural Tourism Group, with the actual controller being the State-owned Assets Supervision and Administration Commission of Hubei Province [1]

Core Viewpoint - Hubei Cultural Tourism plans to acquire a 29.99% stake in Junting Hotel through a share transfer agreement, changing the controlling shareholder to Hubei Cultural Tourism and the actual controller to the Hubei Provincial State-owned Assets Supervision and Administration Commission [2][5]. Group 1: Share Transfer Details - Hubei Cultural Tourism will acquire 58.316 million unrestricted shares at a total price of 1.499 billion yuan, with the share price set at 25.71 yuan per share [2][5]. - Following the transfer, the controlling shareholder will be Hubei Cultural Tourism, and the actual controller will be the Hubei Provincial Government's State-owned Assets Supervision and Administration Commission [5]. Group 2: Voting Rights and Tender Offer - The current controlling shareholder, Wu Qiyuan, will irrevocably waive voting rights associated with the remaining 10% of shares he holds until Hubei Cultural Tourism holds at least 7% of the total shares [5]. - Hubei Cultural Tourism will issue an irrevocable partial tender offer for 11.6865 million shares, representing 6.01% of the total shares, at the same price of 25.71 yuan per share, contingent upon the completion of the share transfer [5]. Group 3: Operational Commitments - Hubei Cultural Tourism commits to maintaining the stability of Junting Hotel's existing management team and organizational structure, supporting the implementation of an equity incentive plan, and allowing the company to remain headquartered in Hangzhou, Zhejiang [7]. - The company will follow a principle of "bottom-line regulation + strategic guidance" for risk management in key areas such as service quality, safety production, environmental protection, and legal compliance [7]. Group 4: Future Support and Asset Injection - Hubei Cultural Tourism has pledged to inject high-quality lodging assets into Junting Hotel in batches and transfer new cultural and tourism projects for implementation [8]. - The company will provide necessary financial support for ongoing or upcoming industry funds and asset management businesses [8].

Core Viewpoint - Junting Hotel has signed a share transfer agreement with Hubei Cultural Tourism Group, resulting in a change of controlling shareholder and actual controller from founder Wu Qiyuan to Hubei Provincial State-owned Assets Supervision and Administration Commission [1][2] Group 1: Share Transfer Details - Hubei Cultural Tourism will acquire 58.32 million unrestricted circulating shares at a price of 25.71 yuan per share, totaling 1.499 billion yuan, representing 29.99% of the company's total share capital [1] - Wu Qiyuan will transfer 14.42% of shares, while other shareholders will transfer 13.17% and 2.40% respectively [1] Group 2: Governance and Management Changes - Wu Qiyuan will irrevocably waive voting rights for 10% of shares after the transfer until Hubei Cultural Tourism's stake exceeds 7% of the original shareholders [2] - Hubei Cultural Tourism plans to maintain the existing core management team and will only recommend a financial officer and one vice president for daily operations [3] Group 3: Strategic Intentions - Hubei Cultural Tourism aims to inject quality hospitality assets into Junting Hotel and support its financing activities, positioning it as a benchmark in the hotel industry and cultural tourism integration [3] - The company will adhere to principles of "baseline supervision + strategic guidance" in key areas such as service quality, safety production, and legal compliance [2] Group 4: Financial Performance - In the first three quarters, Junting Hotel reported revenue of 506 million yuan, a year-on-year increase of 0.58%, while net profit decreased by 45.92% to 9.9 million yuan [3]

君亭酒店集团股份有限公司（君亭酒店，301073.SZ）即将易主。 浙江君亭酒店管理股份有限公司即君亭酒店的前称。股份公司设立时，第一大股东吴启元的持股比例为 50.125%；第二、第三大股东从波、施晨宁的持股比例分别为26.7%和14.175%。 君亭酒店于2016年3月7日在全国中小企业股份转让系统挂牌；于2021年9月30日上市。2022年6月，公司 名称变更为"君亭酒店集团股份有限公司"。 目前，吴启元为君亭酒店终身名誉董事长；施晨宁为君亭酒店董事、董事会秘书、副总经理。 本次权益变动前，吴启元、从波、施晨宁的持股比例分别为33.93%、18.07%和9.6%。本次权益变动 后，吴启元及其一致行动人丁禾、从波、施晨宁的持股比例分别降至19.51%、4.9%和7.2%。 君亭酒店2024年年报显示，截至2024年末，君亭酒店投资和管理酒店规模达到452家酒店，91,440间客 房，遍布中国28个省、自治区、直辖市。 12月2日晚，君亭酒店发布公告，湖北文化旅游集团有限公司（以下简称"湖北文旅""收购人"）拟通过 协议转让方式受让吴启元、从波、施晨宁直接持有的君亭酒店58,315,869无限售流通股股份（ ...

Core Viewpoint - Hubei Cultural Tourism Group plans to become the controlling shareholder of Junting Hotel through a share acquisition, which will result in a change of the actual controller to the Hubei Provincial Government's State-owned Assets Supervision and Administration Commission [1][2]. Group 1: Share Acquisition Details - Hubei Cultural Tourism will acquire 58,315,869 shares of Junting Hotel, representing 29.99% of the total shares, from shareholders Wu Qiyuan, Cong Bo, and Shi Chening at a price of RMB 25.71 per share, totaling RMB 1.499 billion [1]. - Wu Qiyuan will irrevocably waive voting rights for the remaining 19,445,105 shares he holds, which accounts for 10.00% of the total shares, after the transfer is completed [2]. Group 2: Offer to Other Shareholders - Hubei Cultural Tourism will issue an irrevocable partial tender offer to all shareholders, excluding itself, for 11,686,508 shares, which is 6.01% of the total shares, at the same price of RMB 25.71 per share [2]. Group 3: Background of Hubei Cultural Tourism - Hubei Cultural Tourism Group, established in May 2009, is a large state-owned cultural tourism group in Hubei Province, focusing on three main sectors: cultural tourism, sports health, and commercial trade, with a total asset scale exceeding RMB 100 billion [3]. - The group operates 44 scenic spots (including 7 A-level) and 46 hotels (including 2 five-star hotels) [3]. - In September 2023, Hubei Cultural Tourism acquired a 26% stake in Shanghai Yashi, gaining control of its first A-share listed company [3].