Sunasia(SH:600593) Nan Fang Du Shi Bao·2025-07-30 05:01Core 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]