Jinjiang Hotels to sell subsidiary equity in related deal

Shanghai Jinjiang International Hotels Development (SSE:600754) announced its intention to sell 100% equity stakes in its subsidiaries, Shanghai Jinjiang International Food & Beverage Management Co., Ltd. ("Jinjiang Food") and Shanghai Jinjiang Dining Management Co., Ltd. ("Jinjiang Dining"), to Shanghai Jinjiang Urban Services Co., Ltd. ("Jinjiang Urban Services"), a company ultimately 100% owned by Jinjiang International (Group) Co., Ltd., the parent company of Jinjiang Hotels.