Yunnan Tourism Co., Ltd. (SZSE:002059) signed a letter of intent to acquire Yunnan Expo Tourism Culture Investment Co., Ltd. from Yunnan Expo Tourism Group Holdings., Ltd. on January 28, 2016. Yunnan Tourism Co., Ltd. (SZSE:002059) signed a conditional entry-into-force of the letter of intent to acquire Yunnan Expo Tourism Culture Investment Co., Ltd. from Yunnan Expo Tourism Group Holdings., Ltd. on June 30, 2016. Yunnan Tourism Co will raise not more than CNY 1.37 billion to fund the acquisition.

Yunnan Expo Tourism Culture Investment Co., Ltd had total assets of CNY 18.74 million, net assets of CNY 18.74 million and net loss of CNY 1.73 million for the year ended December 31, 2015. The deal needs shareholders' approval of Yunnan Tourism Co. The transaction received approval from Yunnan State-owned Assets Supervision and Administration Commission.

As on June 30, 2016, the Board of Yunnan Tourism Co approved the deal.