CITIC Securities: TONGCHENGTRAVEL fully acquires Wanda Hotels and maintains a "Buy" rating

CITIC Securities released a research report stating that TONGCHENGTRAVEL has fully acquired Wanda Hotel Management (Hong Kong) Company for RMB 2.497 billion, and it is expected that after the acquisition, Wanda Hotel Management will contribute over RMB 200 million in incremental pre-tax profit to TONGCHENGTRAVEL annually. This acquisition will enhance TONGCHENGTRAVEL's hotel management business layout and assist its transformation from an OTA platform to a comprehensive travel service platform, maintaining a "Buy" rating. The acquisition valuation is reasonable and is expected to drive the company's core OTA business to continue leading the industry