China Travel International Investment Hong Kong Ltd. issued a supplemental announcement providing additional details on the valuation underpinning its disclosed acquisition of equity interests in certain target companies. The company said the consideration was negotiated with reference to an appraised shareholders’ equity value of about RMB346.1 million for Target Company A as at March 31, 2025, based on an income approach. The clarification set out key forecast assumptions, including revenue growth of around 1% for 2025-2035 and 0% for 2036-2064, and explained projected margin changes driven largely by depreciation. It also disclosed major valuation inputs such as a 1.81% risk-free rate, an 8.00% cost of equity, a 7.84% weighted average cost of capital, and interest-bearing debts totaling RMB755 million.

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