| China's biggest travel service to go public in 2007 |
BEIJING, Nov. 17 (Xinhua) -- China International Travel Service (CITS), China's biggest travel agency, plans to go public by the end of 2007, Yao Yuecan, president of the CITS, said here Thursday.
The CITS will be transformed into a share-holding company in the middle of next year and go public at the year end, Shanghai Securities News quoted Yao as saying.
Currently the CITS is restructuring 50 of its local branches, most of which have fairly good financial conditions and are located at provincial capital cities, coastal cities and major sceneries.
The China United Travel Co. Ltd., controlled by the CITS, has been listed as A-shares on the Shanghai bourse in 2000, which recorded a net profit of 16.92 million yuan (2.17 million U.S. dollars) in the third quarter of this year.
Sources from the CITS said the company will probably be listed on an overseas market.
China Travel Service, another big player in China's tourism industry, is also preparing to going public, but no details were available.
Founded in 1954, the CITS has a registered capital of 5 billion yuan, with branches in 122 Chinese cities and more than 10 countries and regions.
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