CHINA. China Duty Free Group’s parent organisation, China International Travel Service (CITS) has been merged with China National Travel Service (HK), according to a statement yesterday from the State-owned Assets Supervision and Administration Commission of the State Council (CSRC).
In a short statement, the CSRC said that CITS is now a wholly-owned subsidiary of the China National Travel Service (HK) and no longer under CSRC control.
State-owned China National Travel Service (HK) Group describes itself as China’s largest travel group. Its shares surged by +9.2% this morning following the announcement.
Financial markets media aastocks.com reckoned the asset scale of the new firm will be at least RMB120 billion (US$18 billion), creating a new tourism super group in China.
That should make the highly profitable and expansion-minded China Duty Free Group even more powerful as it seeks to develop its operations both in Mainland China and beyond.