Nanjing Business & Tourism Corp.,Ltd. (SHSE:600250) signed Letter of Intent to acquire 49% stake in Nanjing Nanshang Commercial Operations Management Co., Ltd. from Nanjing Department Store Co., Ltd. on May 24, 2024. Prior to the transaction, Nanjing Business & Tourism Corp.,Ltd. (SHSE:600250) held 51%. The acquisition will be carried out by issuing shares and paying cash, and will include raising package funds.

As of June 7, 2024, the transaction has been approved by board of Nanjing Business & Tourism. The issuance price for common equity is CNY 6.86 per share as consideration.