Wanda Hotel hits near 6-year peak as Tongcheng buys hotel management unit

About this update from Wanda Hotel Development Company Limited

** Shares of Wanda Hotel Development HKEX:169 jump as much as 29% to HK$0.60, their highest since July 2019** Stock on course to snap two straight sessions of declines** Stock last up 11.8%, on track for the biggest one-day pct gain since March 24** Tongcheng Travel HKEX:780 said it had agreed to buy 100% stake in Wanda Hotel Management from Wanda Hotel Development for 2.49 bln yuan ($341.71 mln), as the online tourism services provider aims to expand into China's hotel management market ** Jefferies says the deal can further strengthen offerings satisfying the needs of different travelers segment with limited overlap in memberships, while both firms can generate synergies and benefit from respective strengths** Tongcheng falls 12.1% to HK$19.56, the lowest since April 9** Hang Seng Commerce & Industry Index HSI:HSCI slips 0.2%, Hang Seng Index HSI:HSI edges down 0.04%%** YTD, Wanda Hotel stock up 104.9%, Tongcheng up 10.4% ($1 = 7.3082 Chinese yuan renminbi)

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