(Yicai Global) July 8 -- Yunnan Tourism’s stock price hit the upper limit after a subsidiary won a CNY3 billion (USD427.5 million) deal to upgrade an amusement park in China’s central Hubei province along with the right to run it for 30 years. The contract is equal to Yunnan Tourism’s total revenue last year.

The shares [SHE: 002059] jumped 10 percent today to close at CNY5.69 (80 US cents) each. The benchmark Shanghai Composite Index gained 1.7 percent.

Wholly owned unit Shenzhen OCT Vision penned a contract with Hubei’s Huangshi State-owned Assets Management to upgrade Huangshi Garden Expo Park, Yunnan province-based, its parent company said in a statement yesterday. The deal includes cultural and creative design, an engineering overhaul and new equipment.

Construction work is expected to start in September, with the aim of restarting for business in March 2023. Yunnan Tourism will have the right to operate the park for 30 years from the first day the project has income from the sale of tickets.

The statement did not reveal more details about the renovation project. Public information shows that Huangshi Garden Expo Park covers an area of about 135.5 hectares and has many separate cultural, landscape, and science exhibition parks. It opened in September 2016.

Yunnan Tourism’s main shareholder, Overseas Chinese Town Group, has built up much experience in the design, construction and operation of such parks in China, including the well-known Happy Valley Theme Park, according to public records.

Editor: Peter Thomas