Core Viewpoint - Dalian Shengya (600593.SH) has announced a plan to issue A-shares to specific investors, aiming to raise approximately 956.34 million yuan to repay debts and enhance liquidity, which will lead to a change in control of the company [1][3][7]. Group 1: Share Issuance Details - The planned issuance price is set at 24.75 yuan per share, with a maximum of 38,640,000 shares to be issued, representing up to 30% of the company's total shares before the issuance [3][4]. - The specific investor for this issuance is Shanghai Tongcheng Enterprise Management Partnership, which is a holding entity established by Tongcheng Travel, listed on the Hong Kong Stock Exchange [1][3][6]. - Following the issuance, Shanghai Tongcheng will become the controlling shareholder, and the company will have no actual controller due to the lack of a controlling entity for Tongcheng Travel [3][4]. Group 2: Financial Condition and Objectives - The issuance aims to alleviate the company's debt and operational risks, positioning it as a leading enterprise in the cultural tourism sector through industry integration and IP operation [7]. - Dalian Shengya's consolidated asset-liability ratios were reported at 84.90%, 83.05%, 85.75%, and 85.60% for the end of 2022, 2023, 2024, and March 2025, respectively [7]. - The company has faced financial challenges, with net profits of -76.64 million yuan in 2022, 34.38 million yuan in 2023, and further losses projected for 2025 [8][9]. Group 3: Business Operations - Dalian Shengya primarily operates in the tourism and entertainment sector, managing attractions like Dalian Shengya Ocean World and Harbin Polar Park, focusing on scenic area operations, commercial activities, animal management, and hotel operations [6]. - Tongcheng Travel, the indirect controlling entity, offers a wide range of travel services, including transportation ticketing, accommodation booking, and tour packages, indicating potential synergies with Dalian Shengya's operations [6].