10月12日，香港中旅国际投资有限公司(下称香港中旅)发布公告，提议向股东实物分派其旅游地产 业务，并配套现金替代方案和股本削减计划。这一交易旨在将资源集中到高增长潜力的旅游景区业务 上，顺应市场趋势并优化资本结构。 股东可选择持股或现金 实物分派是一种公司通过分发实物，如子公司股份，为分红来回报股东的行为。根据公告，香港中 旅将首先进行内部重组，使旅游地产业务由新成立的公司持有。随后，香港中旅将以每股上市公司股份 对应一股新成立公司股份的比例，向记录日期（预计为2025年11月21日）登记在册的股东分派新成立公 司股份。考虑到分派后，新成立的公司将为非上市实体，流通性不足，可能股东退出渠道有限，因而公 司给予了股东灵活选择权，可选择收取新成立公司股份或每股0.336港元现金。 为保障交易顺利进行，控股股东中国旅游集团已承诺全额接受实物分派，并收购其他股东未接纳的 新成立公司股份，支付等价现金。 现金替代方案下，每股股份的定价成为本次交易的核心关注点。公告披露，每股0.336港元的定 价，是参考同行业上市公司估值以及可比交易定价方法进行评估的结果。考虑因素具体包括：其他主营 地产和酒店业务的香港上市公司的市净 ...

Core Viewpoint - Hong Kong Zhonglv (0308.HK) has announced a distribution of its tourism real estate business to shareholders in physical form, with an option for cash compensation [1] Group 1: Distribution Details - The distribution will be implemented on a basis of one share of the private company for each share held [1] - Shareholders opting for cash will receive HKD 0.336 per share, representing approximately 21.96% of the last closing price of HKD 1.53 [1] Group 2: Business Structure Post-Distribution - After the proposed distribution, the private company will no longer be a subsidiary of Hong Kong Zhonglv, and shareholders will hold shares in the private company [1] - The company will continue to operate its retained businesses, which include tourism attractions, travel documentation, hotel operations, and passenger services [1] Group 3: Capital Reduction Proposal - The board has proposed a capital reduction, decreasing the company's capital from HKD 92.22 billion to HKD 7.22 billion by reducing the capital account by HKD 85 billion [1] - The HKD 85 billion generated from the capital reduction will be transferred to retained earnings, which can be used as distributable reserves according to the company's articles of association and regulations [1]