On July 6, huangshan tourism, according to the announcement for a better grasp of the tourism industry development trend of digital transformation, destination online travel service market depth of mining, based on mutual cooperation business philosophy, their brand influence and resources complementary advantages, the company recently with Shanghai YunXin venture investment co., LTD. (hereinafter referred to as the "Shanghai YunXin") signed a joint venture agreement, The company plans to jointly invest and establish a joint venture company with a registered capital of 120 million yuan, in which the company will invest 35 million yuan with 100% equity of its wholly-owned subsidiary Huangshan Smart Tourism Co., Ltd. (hereinafter referred to as "Smart Tourism Company"), and another 21.1 million yuan in cash, a total subscription of 56.1 million yuan. Hold 46.75% of the registered capital of the joint venture company;

It is understood that Shanghai Yunxin subscribed 45.9 million yuan, holding 38.25% of the registered capital of the joint venture company; At the same time, the company plans to set up a subject as the employee shareholding platform of the joint venture company, and the employee shareholding platform will subscribe 18 million yuan and hold 15% of the registered capital of the joint venture company. Based on the "official platform of huangshan tourism", the joint venture company will integrate the brand and resource advantages of the shareholders of the joint venture company, innovate to create a one-stop new service platform of "new tourism and new life in the destination" shared by the host and guests, and speed up the development of a systematic solution for the intelligent scenic spot.

Huangshan tourism, said the company and the Shanghai YunXin and related parties jointly set up a joint venture company, the company comply with the digital transformation of tourism industry, explore new business model, build huangshan local new tourism destination "new life" one-stop service platform of new important measures, to be able to comply with the visitors younger, self-support and personalized travel trends, We will better meet the needs of tourists in destination experience consumption. This foreign investment can rely on the brand and resource advantages of both parties to make beneficial exploration on the integration of smart tourism and solutions of smart scenic spots. It can also make use of the advantages of the industrial ecological chain of the partner to actively enable the company to deepen its layout in the industry chain of smart tourism.

On the same day, according to the announcement of Huangshan Tourism, in order to optimize the company's investment income structure, improve the ability of investment management and capital operation, enhance the comprehensive competitiveness of the company, and help Huangshan City "double recruit double lead" and industrial upgrading, Recently, our wholly-owned subsidiary Huangshan Yundian Investment Management Co., Ltd. (hereinafter referred to as "Yundian Investment Company") signed the "Nanjing SAIFI Equity Investment Fund (Limited Partnership) Partnership Agreement" (hereinafter referred to as "Partnership Agreement"), As a limited partner, Yundian Investment Company intends to participate in the subscription of Nanjing SAIF Equity Investment Fund (Limited Partnership (hereinafter referred to as the "Underwritten Fund") with its own capital of RMB 100 million.

According to the announcement, as of December 31, 2020, the total assets of the underlying fund are 486 million yuan, and the net assets are 486 million yuan. In 2020, the operating revenue will be RMB 0 million, and the net profit will be RMB 16.086 million. As of March 31, 2021, the total assets of the underlying fund were RMB 479 million and the net assets were RMB 479 million. From January to March 2021, the operating revenue and net profit will be RMB 0 million and RMB 6.6964 million (unaudited).