Group 1 - The Cambodian government announced a visa exemption policy for Chinese citizens from June 15 to October 15, 2026, allowing a stay of 14 days per entry [1] - From January to October this year, Cambodia attracted approximately 1 million Chinese tourists, establishing itself as a major destination for Chinese business and leisure travel [1] - Flight bookings between major cities in China and Cambodia increased by over 40% year-on-year from January to October, with hotel bookings in Phnom Penh rising by over 60% since November [1] Group 2 - The visa exemption policy coincides with China's summer travel peak and National Day holiday, potentially leading to a record high in Chinese tourist visits to Cambodia during these periods [2]

Core Viewpoint - Wuhuan Development Co., Ltd. is transferring 13 properties through its subsidiaries, with 12 properties successfully sold for a total of 22.277 million yuan, while one property did not attract any buyers [2][3]. Group 1: Transaction Overview - The board of directors approved the asset transfer proposal on September 19, 2024, allowing subsidiaries to publicly transfer properties located in Shanghai, Tianjin, Xi'an, and Hainan [3]. - The initial listing price for the properties was set at no less than 33.2255 million yuan, with the final transaction price determined by public bidding results [3]. - After extending the listing period, 12 properties were sold for a total of 22.277 million yuan, with all payments completed; one property did not receive any bids [3]. Group 2: Buyer Information - The buyers of the properties are not related to the company, and all transaction payments have been fully settled [4]. Group 3: Asset Details and Valuation - Detailed information regarding the properties and their valuation can be found on the Shanghai Stock Exchange website [5]. Group 4: Contractual Arrangements - The transaction does not constitute a related party transaction or a major asset restructuring, and it was approved by the board without needing shareholder approval [6]. - The properties were listed on the Guangdong United Property Rights Exchange, where the transfer information was publicly released to attract potential buyers [7]. Group 5: Payment and Transfer Procedures - Payment for the transaction is structured to include a deposit that is transferred to the seller upon receipt, with the remaining balance due within five working days after the contract becomes effective [8][9]. - The transaction certificate will be issued within three working days after full payment is received, and the transfer of property rights will be initiated within 30 working days [10][11]. Group 6: Tax and Fees - All statutory taxes and fees related to the asset transfer will be paid according to national laws, with each party responsible for their respective transaction service fees [13][14]. Group 7: Impact on the Company - The transaction is expected to enhance the company's asset efficiency, accelerate capital turnover, and positively impact the company's profit by approximately 9.31 million yuan in 2025, subject to final audit results [16].

Group 1 - The French overseas territory of Réunion Island is actively developing connecting flights via Bangkok to attract Chinese tourists [1] - Réunion Island is collaborating with Air Austral and Thai Airways to offer connecting flights from Shanghai, Beijing, and Guangzhou through Bangkok [1] - The outbound flights from Bangkok to Réunion operate on Thursdays and Saturdays, while return flights from Réunion to Bangkok are scheduled for Wednesdays and Fridays [1] Group 2 - Réunion Island covers an area of 2,512 square kilometers and is known for its diverse natural landscapes and cultural heritage [2] - 40% of the island's area is designated as a UNESCO World Heritage site, celebrated for its varied natural scenery every 20 kilometers [2] - The island features the active Piton de la Fournaise volcano and the Piton des Neiges peak, along with lush tropical rainforests and three major cirques [2] - Réunion Island offers a range of outdoor activities, including hiking, canyoning, paragliding, helicopter tours, and diving [2] - Since 2014, Chinese passport holders can obtain a visa-free stay of up to 15 days through designated travel agencies, facilitating tourism from China [2]