CTS Group, a new company formed of the HKCTS-CITS merger, announced in a recent commitment letter that it plans to avoid horizontal competition with its fully-own subsidiary CITS.
Travel agencies in China organized 13.72 million outbound visits in the second quarter of 2016, up by 17.32% YoY.
Outbound-tour operator UTour announced its strategic acquisition of a Japanese ground handler to explore the independent travel to Japan.
LN Holdings planned to splurge RMB 3.437 billion to acquire 90.45% shares of GuangZhiLv, 100% stake in both Garden Hotel and China Hotel.
BuGenTuan announced that it has just received tens of millions of yuan in its series A round from undisclosed investors.
UTour’s operating revenue grew 41.99% to RMB 4.453 billion in first six months. Revenue from its outbound wholesale business was RMB 3.43 billion, up by 59.03% YoY.
CYTS recorded a slight increase in main revenue to RMB 4.976 billion in the first half of 2016. Net income rose 92.17% YoY to RMB 318 million.
Domestic travel in China grew 10.47% to 2.236 billion trips in the first half of 2016, and tourism revenues rose 12.4% to RMB 2.25 trillion.
