[Western Region Tourism: The auction of the franchise rights of the Flame Mountain Scenic Area, a joint-stock company, failed] On November 5, Western Region Tourism (300859.SZ) announced that the public auction of the 30-year franchise rights of the Yanyan Mountain Scenic Area operating project operated by the company’s joint-stock company, the Flame Mountain Company, has failed because there was no valid bid during the announcement period. As of the date of the announcement, no third party has competed for the franchise rights. Huoyanshan Company has not yet signed an agreement on the business connection, transitional arrangements and related equity protection matters after the transfer of the franchise rights. There is uncertainty in the subsequent disposal arrangements. If the franchise rights are subsequently re-disposed and won by a third party, and the relevant arrangements are not effectively implemented, it may have a significant impact on the operations of Huoyanshan Company, which may in turn lead to the risk of impairment of the equity held by the company.