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July 21, 2009

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Regulator Approves Top Travel Agency's Shanghai IPO

THE China Securities Regulatory Commission has approved China International Travel Service Corp to launch an initial public offering on the Shanghai Stock Exchange, the securities regulator said yesterday.

The country's top travel agency will sell up to 220 million shares to raise about 1.7 billion yuan (US$248.9 million) for expansion of travel network and duty free shops, according to its prospectus.

Net profits of the company last year totaled 221.23 million yuan, compared with 217 million yuan in 2007.

Its parent China International Travel Service Group now holds a 84.62-percent stake, and the Shenzhen Overseas Chinese Town Holding Co takes the other 15.38 percent.

After the IPO, the parent group will hold 61.35 percent of the listed vehicle.


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