HAICHANG HLDG: Xiangyuan Group's HKD 2.3 billion investment for controlling stake completed, Xiangyuan Holdings Chairman Yu Faxiang becomes the new Chairman of the Board

On October 17th, HAICHANG HLDG announced that it has officially allocated and issued 5.1 billion subscription shares at a subscription price of HKD 0.45 per share to the subscribers, totaling HKD 2.295 billion, based on the special authorization sought from independent shareholders at the special general meeting. According to a previous announcement by HAICHANG HLDG, the subscriber is Xiangyuan Xinghai Tourism Co., Ltd., a wholly-owned subsidiary indirectly controlled by Xiangyuan Holdings Group Co., Ltd. According to the announcement, the subscription shares account for approximately 62.85% of the company's existing issued shares immediately before completion, and approximately 38.60% of the company's issued capital immediately after completion. Therefore, after the completion of this subscription, Xiangyuan Holdings will hold a 38.60% stake, becoming the controlling shareholder of HAICHANG HLDG