# EDGAR Filing Document

**Accession Number:** 0001665436
**File Stem:** 0001104659-25-061967
**Filing Date:** 2025-6
**Character Count:** 23265
**Document Hash:** 84a1230775c7c743a3530395bd4eaa11
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-061967.hdr.sgml**: 20250624

**ACCESSION NUMBER**: 0001104659-25-061967

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250624

**DATE AS OF CHANGE**: 20250624

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Tuniu Corp
- **CENTRAL INDEX KEY:** 0001597095
- **STANDARD INDUSTRIAL CLASSIFICATION:** TRANSPORTATION SERVICES [4700]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-88134
- **FILM NUMBER:** 251066913

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 6, 8-12TH FLOOR, BUILDING 6-A, JUHUIYUAN
- **STREET 2:** NO. 108 XUANWUDADAO, XUANWU DISTRICT
- **CITY:** NANJING
- **PROVINCE COUNTRY:** F4
- **ZIP:** 210023
- **BUSINESS PHONE:** 86 25 86853969

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 6, 8-12TH FLOOR, BUILDING 6-A, JUHUIYUAN
- **STREET 2:** NO. 108 XUANWUDADAO, XUANWU DISTRICT
- **CITY:** NANJING
- **PROVINCE COUNTRY:** F4
- **ZIP:** 210023
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BHR Winwood Investment Management Ltd
- **CENTRAL INDEX KEY:** 0001665436

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** K3

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** UNIT 3101, 31/F, TOWER 2
- **STREET 2:** CHINA CENTRAL PLACE, 79 JIANGUO ROAD
- **CITY:** CHAOYANG DISTRICT, BEIJING
- **PROVINCE COUNTRY:** F4
- **BUSINESS PHONE:** 86 10 5969-5858

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** UNIT 3101, 31/F, TOWER 2
- **STREET 2:** CHINA CENTRAL PLACE, 79 JIANGUO ROAD
- **CITY:** CHAOYANG DISTRICT, BEIJING
- **PROVINCE COUNTRY:** F4

## Exhibit 99.7

**Exhibit 7.A**

**SCHEDULE A**

**<u>DIRECTORS AND EXECUTIVE OFFICERS OF</u>**

**<u>BHR WINWOOD INVESTMENT MANAGEMENT LIMITED</u>**

The following table sets forth the name, present occupation or employment and business address of each director and executive officer of BHR Winwood Investment Management Limited. Except as otherwise indicated, each such person is a citizen of the People's Republic of China. The business address of each of Mr. Qiang Li, Mr. Jie Zhu and Mr. Xisong Cui is 20/F, Tower A, Hainan Airlines Plaza, B-2, East 3rd Ring North Road, Chaoyang District, Being, China, and of each of Mr Huiping Zhou and Mr. Chengang Zhu is Unit 2712A, 27/F, Lanbao International Center, West Dawang Road, Chaoyang District, Beijing, China.

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>Name</u> | &nbsp;&nbsp;<u>Present Occupation or Employment</u> |
| &nbsp;&nbsp;Mr. Qiang Li | &nbsp;&nbsp;Director |
| &nbsp;&nbsp;Mr. Jie Zhu | &nbsp;&nbsp;Director |
| &nbsp;&nbsp;Mr. Xisong Cui | &nbsp;&nbsp;Director |
| &nbsp;&nbsp;Mr. Huiping Zhou | &nbsp;&nbsp;Director |
| &nbsp;&nbsp;Mr. Chengang Zhu | &nbsp;&nbsp;Director |

---

**<u>DIRECTORS AND EXECUTIVE OFFICERS OF</u>**

**<u>BHR (SHANGHAI) INVESTMENT FUND IV, L.P.</u>**

The following table sets forth the name, present occupation or employment and business address of each Investment Committee member of BHR (Shanghai) Investment Fund IV, L.P. Except as otherwise indicated, each such person is a citizen of the People's Republic of China. The business address of each of Mr. Qiang Li, Mr. Jie Zhu and Mr. Xisong Cui is 20/F, Tower A, Hainan Airlines Plaza, B-2, East 3rd Ring North Road, Chaoyang District, Beijing, China, and of each of Mr. Huiping Zhou and Mr. Feiqiang Yu is Unit 2712A, 27/F, Lanbao International Center, West Dawang Road, Chaoyang District, Beijing, China.

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>Name</u> | &nbsp;&nbsp;<u>Present Occupation or Employment</u> |
| &nbsp;&nbsp;Mr. Qiang Li | &nbsp;&nbsp;Investment Committee member |
| &nbsp;&nbsp;Mr. Jie Zhu | &nbsp;&nbsp;Investment Committee member |
| &nbsp;&nbsp;Mr. Xisong Cui | &nbsp;&nbsp;Investment Committee member |
| &nbsp;&nbsp;Mr. Huiping Zhou | &nbsp;&nbsp;Investment Committee member |
| &nbsp;&nbsp;Mr. Feiqiang Yu | &nbsp;&nbsp;Investment Committee member |

---

**<u>DIRECTORS AND EXECUTIVE OFFICERS OF</u>**

**<u>HONG KONG PRAISE TOURISM INVESTMENT LIMITED</u>**

The following table sets forth the name, present occupation or employment and business address of each director and executive officer of Hong Kong Praise Tourism Investment Limited. Except as otherwise indicated, each such person is a citizen of the People's Republic of China. The business address of Mr. Wei Wang is Room 1607, Tower 3, Phase 1, Enterprise Square, 9 Sheung Yuet Road, Kowloon Bay, Kowloon, Hong Kong.

<u>Name</u> <u>Present Occupation or Employment</u> <br> Mr. Wei Wang Director

**<u>DIRECTORS AND EXECUTIVE OFFICERS OF</u>**

**<u>Hainan HNA No. 2 Trust Management Service Co., Ltd.</u>**

The following table sets forth the name, present occupation or employment and business address of each director and executive officer of Hainan HNA No. 2 Trust Management Service Co., Ltd. Except as otherwise indicated, each such person is a citizen of the People's Republic of China. The business address of each such person is 25/F, New HNA Building, No. 7 Guoxing Avenue, Melian District, Haikou, Hainan Province, China.

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>Name</u> | &nbsp;&nbsp;<u>Present Occupation or Employment</u> |
| &nbsp;&nbsp;Mr. Quan Zhao | &nbsp;&nbsp;Director |
| &nbsp;&nbsp;Mr. Lu Liu | &nbsp;&nbsp;Director |
| &nbsp;&nbsp;Mr. Huilong Xie | &nbsp;&nbsp;Director |
| &nbsp;&nbsp;Mr. Haibo Bai | &nbsp;&nbsp;Director |
| &nbsp;&nbsp;Mr. Yong Zhu | &nbsp;&nbsp;Director |
| &nbsp;&nbsp;Mr. Shanghui Zhang | &nbsp;&nbsp;Director |
| &nbsp;&nbsp;Mr. Zhiqiang Zhao | &nbsp;&nbsp;Director |
| &nbsp;&nbsp;Mr. Chuan Jin | &nbsp;&nbsp;Director |
| &nbsp;&nbsp;Mr. Liang Du | &nbsp;&nbsp;Director |

---

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 4)**

**Tuniu Corp**

*(Name of Issuer)*

**Class A Ordinary Shares, par value US$0.0001 per share**

*(Title of Class of Securities)*

**89977P106**

*(CUSIP Number)*

**Mr. Wei Wang**<br>Rm 1607, Twr 3, Ph 1, Enterprise Square<br>9 Sheung Yuet Road, Kowloon Bay, Kowloon<br>Hong Kong K3 00000<br>(852) 3107-0682

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**12/05/2024**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **89977P106** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**BHR Winwood Investment Management Ltd** | Name of reporting person<br>**BHR Winwood Investment Management Ltd** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**HONG KONG** | Citizenship or place of organization<br>**HONG KONG** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**99029515.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**99029515.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**99029515.00** | Aggregate amount beneficially owned by each reporting person<br>**99029515.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**30.4%** | Percent of class represented by amount in Row (11)<br>**30.4%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** Note to Rows 8, 10 and 11: Number of shares is the number of Class A ordinary shares, par value US$0.0001 per share ("Class A Ordinary Shares") (including in the form of American depositary shares ("ADSs")), of Tuniu Corporation (the "Issuer"), which includes (i) 90,909,091 Class A Ordinary Shares held by BHR Winwood Investment Management Limited ("BHR Winwood") and (ii) 8,120,424 Class A Ordinary Shares in the form of 2,706,808 ADSs held by Hong Kong Praise Tourism Investment Limited ("HK Praise Tourism"). Each ADS represents three Class A Ordinary Shares.

Note to Row 13: This percentage is calculated based on 325,746,963 Class A Ordinary Shares of the Issuer outstanding as of May 31, 2025. As confirmed by the Issuer, the Issuer had 343,120,463 ordinary shares outstanding as of May 31, 2025, including 17,373,500 Class B ordinary shares outstanding and 325,746,963 Class A Ordinary Shares outstanding excluding 21,401,724 Class A Ordinary Shares, represented by 7,133,908 ADSs, reserved for the future exercise of options or the vesting of other awards under the Issuer's 2008 Incentive Compensation Plan ("2008 Plan") and 2014 Share Incentive Plan ("2014 Plan")). This percentage would be approximately 28.9% if calculated based on 343,120,463 ordinary shares of the Issuer outstanding as of May 31, 2025.

| **CUSIP No.** | **89977P106** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**BHR (Shanghai) Investment Fund IV, L.P.** | Name of reporting person<br>**BHR (Shanghai) Investment Fund IV, L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**CHINA** | Citizenship or place of organization<br>**CHINA** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**99029515.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**99029515.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**99029515.00** | Aggregate amount beneficially owned by each reporting person<br>**99029515.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**30.4%** | Percent of class represented by amount in Row (11)<br>**30.4%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** Note to Rows 8, 10 and 11: Number of shares is the number of Class A Ordinary Shares (including in the form of ADSs) of the Issuer, which includes (i) 90,909,091 Class A Ordinary Shares held by BHR Winwood and (ii) 8,120,424 Class A Ordinary Shares in the form of 2,706,808 ADSs held by HK Praise Tourism. Each ADS represents three Class A Ordinary Shares.

Note to Row 13: This percentage is calculated based on 325,746,963 Class A Ordinary Shares of the Issuer outstanding as of May 31, 2025. As confirmed by the Issuer, the Issuer had 343,120,463 ordinary shares outstanding as of May 31, 2025, including 17,373,500 Class B ordinary shares outstanding and 325,746,963 Class A Ordinary Shares outstanding excluding 21,401,724 Class A Ordinary Shares, represented by 7,133,908 ADSs, reserved for the future exercise of options or the vesting of other awards under the Issuer's 2008 Plan and 2014 Plan). This percentage would be approximately 28.9% if calculated based on 343,120,463 ordinary shares of the Issuer outstanding as of May 31, 2025.

| **CUSIP No.** | **89977P106** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Hong Kong Praise Tourism Investment Limited** | Name of reporting person<br>**Hong Kong Praise Tourism Investment Limited** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**HONG KONG** | Citizenship or place of organization<br>**HONG KONG** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**99029515.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**99029515.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**99029515.00** | Aggregate amount beneficially owned by each reporting person<br>**99029515.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**30.4%** | Percent of class represented by amount in Row (11)<br>**30.4%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** Note to Rows 8, 10 and 11: Number of shares is the number of Class A Ordinary Shares (including in the form of ADSs) of the Issuer, which includes (i) 90,909,091 Class A Ordinary Shares held by BHR Winwood and (ii) 8,120,424 Class A Ordinary Shares in the form of 2,706,808 ADSs held by HK Praise Tourism. Each ADS represents three Class A Ordinary Shares.

Note to Row 13: This percentage is calculated based on 325,746,963 Class A Ordinary Shares of the Issuer outstanding as of May 31, 2025. As confirmed by the Issuer, the Issuer had 343,120,463 ordinary shares outstanding as of May 31, 2025, including 17,373,500 Class B ordinary shares outstanding and 325,746,963 Class A Ordinary Shares outstanding excluding 21,401,724 Class A Ordinary Shares, represented by 7,133,908 ADSs, reserved for the future exercise of options or the vesting of other awards under the Issuer's 2008 Plan and 2014 Plan). This percentage would be approximately 28.9% if calculated based on 343,120,463 ordinary shares of the Issuer outstanding as of May 31, 2025.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Class A Ordinary Shares, par value US$0.0001 per share

**(b) Name of Issuer:**
Tuniu Corp

**(c) Address of Issuer's Principal Executive Offices:**
6, 8-12th Floor, Building 6-A, Juhuiyuan, No. 108 Xuanwudadao, Xuanwu District, Nanjing, Jiangsu Province, F4, 210023

This Amendment No. 4 to Schedule 13D (this "Amendment No. 4") relates to the Class A ordinary shares, par value US$0.0001 per share (the "Class A Ordinary Shares"), of Tuniu Corporation, a company organized under the laws of the Cayman Islands (the "Issuer"), and amends and supplements the statement on Schedule 13D filed by BHR Winwood Investment Management Limited ("BHR Winwood"), a company organized under the laws of Hong Kong, and BHR (Shanghai) Investment Fund IV, L.P. ("BHR Fund"), a limited partnership organized under the laws of the People's Republic of China (the "PRC"), on February 1, 2016 (the "Initial Statement"), as amended and supplemented by the Amendment No. 1 filed by BHR Winwood and BHR Fund on February 29, 2016 (the "Amendment No. 1"), the Amendment No. 2 filed by BHR Winwood, BHR Fund and Hong Kong Praise Tourism Investment Limited ("HK Praise Tourism"), a company organized under the laws of Hong Kong, on July 18, 2016 (the "Amendment No. 2") and the Amendment No. 3 filed by BHR Winwood, BHR Fund and HK Praise Tourism on September 30, 2016 (the "Amendment No. 3") (the "Original Schedule 13D", and as amended and supplemented by this Amendment No. 4, the "Statement"). Except as specifically provided herein, this Amendment No. 4 does not modify any of the information previously reported in the Original Schedule 13D. Capitalized terms used but not defined in this Amendment No. 4 have the respective meanings set forth in the Statement.

There is no CUSIP number assigned to the Issuer's Class A Ordinary Shares. The CUSIP number 89977P106 applies to the Issuer's American depositary shares ("ADSs"), each representing three Class A Ordinary Shares.

**Item 4. Purpose of Transaction**

Item 4 of the Statement is hereby amended and supplemented by deleting the last paragraph of Item 4 of the Original Schedule 13D and replacing it with the following:

Except as set forth in this Statement, the Reporting Persons and, to their knowledge, No. 2 Trust Service, the Trust, the Trustees and the persons identified on Schedule A to this Statement have no present plans, proposals or intentions that would result in or relate to any of the transactions described in clauses (a) though (j) of Item 4 of Schedule 13D under the Exchange Act. Although the foregoing reflects activities and intentions presently contemplated by the Reporting Persons, No. 2 Trust Service, the Trust, the Trustees and the persons identified on Schedule A to this Statement, subject to the terms of the Subscription Agreement and the Investor Rights Agreement, the foregoing is subject to change at any time.

In 2020 and 2023, the following transactions in the ADSs were effected in the open market for the account of HK Praise Tourism by its brokers to cover such brokers' fees for managing its accounts:

(1) On May 29, 2020, a total of 135,532 ADSs were sold at an average price of US$1.07 per ADS;

(2) On December 8, 2023, a total of 100,000 ADSs were sold at an average price of US$0.80 per ADS;

(3) On December 11, 2023, a total of 109,098 ADSs were sold at an average price of US$0.75 per ADS;

(4) On December 18, 2023, a total of 100,000 ADSs were sold at an average price of US$0.68 per ADS;

(5) On December 19, 2023, a total of 100,000 ADSs were sold at an average price of US$0.68 per ADS; and

(6) On December 20, 2023, a total of 41,020 ADSs were sold at an average price of US$0.66 per ADS.

Following the change in the number of the Issuer's issued and outstanding shares as reported in the Issuer's current report on Form 6-K filed with the Securities and Exchange Commission on December 5, 2024, the percentage of Class A Ordinary Shares and ordinary shares of the Issuer beneficially owned by each of the Reporting Persons as of the date of this Amendment No. 4 is approximately 30.4% and 28.9%, respectively.

**Item 5. Interest in Securities of the Issuer**

**(a)**
Item 5 of the Statement is hereby amended and supplemented as follows:

The information contained in Rows 11 and 13 on the cover pages of this Statement (including the footnotes thereto) is incorporated herein by reference.

To the knowledge of the Reporting Persons, except as set forth on Schedule A to this Statement, none of No. 2 Trust Service, the Trust, the Trustees and the persons identified on Schedule A beneficially owns any Class A Ordinary Shares (including in the form of ADSs).

**(b)**
The information contained in Rows 7, 8, 9 and 10 on the cover pages of this Statement (including the footnotes thereto) is incorporated herein by reference.

**(c)**
None of the Reporting Persons, nor, to their knowledge, No. 2 Trust Service, the Trust, the Trustees and any person identified on Schedule A to this Statement has effected any transaction in the Class A Ordinary Shares (including in the form of ADSs) during the past 60 days.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

Item 6 of the Statement is hereby amended and supplemented by adding the following paragraphs after the last paragraph under the heading "Limited Partnership Agreement of BHR Fund" in Item 6 of the Original Schedule 13D:

The information set forth in Item 2 of this Amendment No. 4 is incorporated herein by reference.

As a result of the implementation of the Restructuring Plan, (i) the HNA GP has become an indirectly wholly-owned subsidiary of No. 2 Trust Service; and (ii) the minority limited partnership interest in BHR Fund previously held by Beijing Capital Airlines is now held by HNA Equity Management Co., Ltd., an indirectly wholly-owned subsidiary of No. 2 Trust Service.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** BHR Winwood Investment Management Ltd

**Signature:** /s/ Chengang Zhu

**Name/Title:** Chengang Zhu, Director

**Date:** 06/24/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** BHR (Shanghai) Investment Fund IV, L.P.

**Signature:** /s/ Shaoneng Li

**Name/Title:** By Beijing Jinglvshenghong Investment Management Co., Ltd., its general partner, by Shaoneng Li, Legal Representative

**Date:** 06/24/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Hong Kong Praise Tourism Investment Limited

**Signature:** /s/ Wei Wang

**Name/Title:** Wei Wang, Director

**Date:** 06/24/2025