On August 22, 2017, Shiji (Hong Kong), a wholly-owned subsidiary of Shiji, signed the “Galasys PLC Equity Acquisition Agreement” with the existing founder shareholders of Galasys. Shiji (Hong Kong) intends to purchase a total of 34,626,973 transferred shares of the original shareholders of Galasys in cash of 10,907,496 pounds (calculated at the recent exchange rate of approximately RMB 94.10 million), accounting for 45.23% of the total existing share capital of Galasys 76,556,693 shares.
After the acquisition and the previous public shares and completion of the procedures for the change of the equity of Galasys held by WGLS, Shiji (Hong Kong) will hold 64,943,311 shares of Galasys, accounting for 84.83% of the total current stock -- 76,556,693 shares.
In today's new economic normal, China's tourism industry continues to be in the golden period of development. The all-for-one tourism has penetrated the field of consumption and production and has become a new road for China's tourism development. Various development models have emerged everywhere, and with the deepening of the “Tourism+” concept, the all-for-one tourism products and business are constantly innovating and upgrading. The upsurge in the construction of theme parks has once again risen, and the consumption of entertainment has exploded, with huge potential market in China. Its future development trend will also be driven by professional operators to promote the transition of destination operations to a comprehensive resort model.
Galasys's professional solutions focus on smart tourism and comprehensive multi-business theme parks, scenic spots information management services, and support the transformation of destination models and efficient development through information systems. This holistic solution includes a regional tourism distribution system for tourism resource providers and a resource-integrated marketing service centered on consumers.
Kevin King, Chief Operating Officer of Shiji, said that the increased holdings of shares of Galasys was a reflection of Shiji's confidence in the future development of integrated tourism destinations industry. Uniting Shiji's existing hotels, catering and retail industries, Galasys will further improve Shiji's overall solutions to cross industry and provide efficient and intelligent system support and services for the integrated tourism destination industry.
Michael Yin, President of Galasys, said that Shiji's increased holdings of shares of Galasys marks a milestone in the twenty years development history of Galasys. As a leading provider for management solution of tourist destination, Galasys will, with the help of Shiji, solidify its business foundation and improve its research and development level, so as to further expand its market share and increase its profitability. On the other hand, the join in of Galasys also constitutes an integral part of the platform strategy of Shiji.
This move represents another important part under the consideration of Shiji's future platform strategy, which will facilitate Shiji's effort in establishing a data-driven big consumption platform for the entire consumption chain and completing the company's transformation from a software service provider to a platform operator.
About Galasys PLC
As a leading provider for management solution of tourist destination, Galasys PLC has been committed to developing smart tourism, integrated multi-business theme park, and information management services for scenic spots. After Shiji's acquisition of Galasys' controlling stake, Galasys, a Shiji Group brand, will be the key to Shiji's open and large tourism information technology platform, and its multi-business information management system in tourist destinations will be fully integrated with Shiji.
