CITS plans HK listing

The China International Travel Service (CITS) Group is planning spin off its travel service unit, CITS Head Office, to list in Hong Kong next year.

The move comes after the formation of CITS Group, which resulted from the merger and reshuffle of China Duty-Free Group and CITS Head Office.

CITS Group will also list within the next three year.

It boasts registered capital of 400 million yuan or 48 million US dollars and total assets of 5 billion yuan or 604 million US dollars.

The new group will focus on both the outbound and domestic tourism market in the future, while paying close attention to its Internet services and its subsidiary CITS Head Office.

The merger and Hong Kong market listing have surfaced to meet the challenges domestic travel companies will face in 2006, when China's tourism market opens to overseas players as part of its WTO requirements.

Source: CRIENGLISH