Beibuwan Tourism has launched subscription for its 54.06 million shares and is set to publish its IPO at Shanghai Stock Exchange on March 11.
Beibuwan Tourism is a maritime tourism service based in Beihai, Guangxi province. Its has seven high-speed ferries, three vehicle ferries and one regular ferry with total passenger transport capacity of 5,000 seats. Its main routes are Beihai–Weizhou Island and Beihai-Haikou. It added the Yantai–Changdao and Penglai- Changdao routes in 2012 and 2013, and is set to open a new route from Weizhou Island to Xieyang Island and an international line from Beihai to Halong Bay in Vietnam.
In 2012, 2013 and 2014 Beibuwan Tourism achieved revenues of RMB3 billion (approx: US$479 million), RMB3.15 billion (approx: US$503 million) and RMB3.28 billion (approx: US$523 million) respectively, with annual growth rates of 8.57%,3.84% and 4.24%.
It will use RMB275.5 million (approx: US$44 million) of the funds raised in the IPO to increase transportation capacity of its Beihai–Weizhou Island route and improve the overall quality of its service, transportation capacity and competitiveness, according to its prospectus.
Beibuwan Tourism will also develop its e-commerce operations to develop an O2O model that will combine maritime tourism with OTA business to provide improved service quality to customers and establish itself as a leader in China’s marine tourism sector.(Translation byDavid)