SMI Culture & Travel Group Holdings Limited (SEHK:2366) entered into a memorandum of understanding to acquire 90.8% stake in TicketChina Limited from SMI Holdings Group Limited (SEHK:198) for CNY150 million on May 4, 2017. Out of total consideration, CNY 100 million will be settled issuance of convertible bonds and CNY 50 million in cash. The negotiation for a definitive agreement is expected to be completed within 90 days. The transaction is subject to formal agreement, due diligence, approval from relevant regulatory authority, and other conditions.

SMI Culture & Travel Group Holdings Limited (SEHK:2366) completed acquisition of 90.8% stake in TicketChina Limited from SMI Holdings Group Limited (SEHK:198) on October 31, 2017.