Popular China Based Amusement Park Operator Expands With Scenic Plot Deal for New Amusement Complex: Golden Heaven Group Holdings (Nasdaq: GDHG)

GDHG operates amusement parks, water parks and complementary recreational facilities
- Currently Managing Properties Consisting of Amusement Parks, Water Parks, Gourmet Festivals, Circus Performances and High-Tech Facilities.

- Parks are Located in Geographically Diverse Markets Across the South of China and Collectively Offer Approximately 139 Rides & Attractions.

- Parks are Easily Accessible to an Aggregate Population of Approximately 21 Million People in China.

- Plot Secured in Yangzhou's Yunhe Sanwan Scenic Spot for New Amusement Complex Extending Strategic Partnership with Dacheng Culture.

- Commercial Operations for New Site Anticipated to Begin in October 2024.

- Encouraging Financial Results Reported for the First Half of Fiscal Year 2024

Golden Heaven Group Holdings Ltd. (Nasdaq: GDHG) manages and operates properties consisting of amusement parks, water parks, and complementary recreational facilities. With approximately 426,560 square meters of land in the aggregate, these parks are located in geographically diverse markets across the south of China and collectively offer approximately 139 rides and attractions. Due to the geographical locations of the parks and the ease of travel, the GDHG parks are easily accessible to an aggregate population of approximately 21 million people. The GDHG parks provide a wide range of exciting and entertaining experiences, including thrilling rides, family-friendly attractions, water attractions, gourmet festivals, circus performances, and high-tech facilities. Plot Secured in Yangzhou's Yunhe Sanwan Scenic Spot for New Amusement Complex and Extends Strategic Partnership with Dacheng Culture

On August 27th GDHG announced it was granted the land use rights for an approximately 26,000-square-meter plot located in Yunhe Sanwan Scenic Spot in Yangzhou, Jiangsu Province, China by Yangzhou Lemandi Tourism Development and Investment Co., Ltd. GDHG plans to launch a new recreation and amusement complex at this site, with commercial operations anticipated to begin in October 2024. Situated within the Yunhe Sanwan Scenic Spot, which is geographically close to the Beijing-Hangzhou Grand Canal, the world's longest man-made waterway, the new GDHG Plot offers substantial advantages. By securing the land use rights in such a popular tourist attraction of significant historical and cultural importance, as well as a location with high foot traffic, GDHG anticipates growth opportunities to be derived from introducing innovative amusement rides to enhance the park's appeal and competitiveness in the market.

This development marks the second collaboration between GDHG and Nanping City Dacheng Culture Communication Co., Ltd., in co-developing attraction projects. The two parties have signed a one-year collaboration agreement valued at RMB1.2 million. Under the Agreement, GDHG agrees to lease certain land and property to Dacheng Culture for activities such as wedding photography, traditional costume photography, and various celebratory events. In return, Dacheng Culture agrees to pay to GDHG an aggregate lease payment of RMB1.2 million, over the term of the Agreement, which extends to August 18, 2025.

Mr. Jin Xu, CEO and Chairman of GDHG, commented, "The continued partnership with Dacheng Culture is a testament to the win-win alliance between two industry leaders. By synergizing the unique advantages, resources and innovative capabilities of both sides, we will not only enhance the cultural depth and entertainment value of our park but also expand our market influence. We look forward to working with Dacheng Culture to write a new chapter for the cultural tourism and leisure entertainment industry of the city."

Financial Results for the First Half of Fiscal Year 2024On July 30th GDHG announced its unaudited financial results for the six months ended March 31, 2024 ("First Half 2024").For the six months ended March 31, 2024, GDHG revenue from sales of in-park recreation decreased by approximately $6.77 million compared to the same period in 2023. Such decrease was mainly because the GDHG Mangshi Jinsheng Amusement Park has been temporarily closed since September 2023, with no revenue being generated from that park, and also because increased of cold and rainy weather in the First Half 2024.For the six months ended March 31, 2024, GDHG rental income increased by approximately $0.53 million compared to the same period in 2023. Such increase was mainly due to the rental payment from the electricity-free park attractions, which started to generate such revenue in Tongling West Lake Amusement World on May 1, 2023, when the term for such attractions commenced. The rental term extends through to April 30, 2025, and the rental payment is RMB800,000 per month.

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Company Name: Golden Heaven Group Holdings Ltd.
Contact Person: Ms. Qiong Jin, CEO
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Phone: +86 0599 8508022
Address:No. 8 Banhouhaichuan Road Xiqin Town Yanping District
City: Nanping 353001
State: Fujian
Country: China
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