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  • China Travel Service (Holdings) Hong Kong Limited (CTS (Hong Kong) and CITS Group held restructuring meeting


                                                              

     

    China Travel Service (Holdings) Hong Kong Limited (CTS (Hong Kong)) and CITS Group held a restructuring meeting in Beijing on August 3. Vice Chairman and Vice Party Secretary of the State-owned Assets Supervision and Administration Commission under the State Council, Zhang Xiwu, attended the meeting and delivered an important address, Chairman of CTS (Hong Kong), Zhang Xuewu, Chairman and General Manager of CITS Group, Wang Weimin, and President of CITS, Li Gang, participated in the meeting, and General Manager of CTS (Hong Kong), Jiang Yan, presided over the meeting.


    On July 11, the State-owned Assets Supervision and Administration Commission under the State Council announced that CTS (Hong Kong) and CITS Group would implement strategic restructuring and CITS Group would be merged into CTS (Hong Kong) as a wholly-owned subsidiary. As an important state-owned backbone enterprise founded in 1928, CTS (Hong Kong) runs in a host of business areas such as travel agency, hotel, scenic spot, real estate, finance, logistics and asset, covers the Chinese Mainland, Hong Kong SAR and many foreign regions, and owns total assets of more than RMB110 billion. CITS Group, a state-owned enterprise supervised by the State-owned Assets Supervision and Administration Commission under the State Council, engages in tourism as principal operation covering travel service, distribution and retail of duty free commodities, development and management of integrated tourism projects, transport and e-commerce, and ranks the first in the duty free business in China. After restructuring, China National Travel Service Group will become the largest tourism company under the supervision of the central government, with a more complete industrial chain, greater strength in tourism as principal operation and more obvious advantage in business synergy. It will grow even bigger and stronger, share and bolster resources and advantages in business, market, human capital, customer, brand and other areas. Moreover, it will better satisfy the diverse high-quality tourism service demands of people, propel the reform on the supply side and promote the transformation and upgrade of the tourism industry.


    At the restructuring meeting, Vice Chairman Zhang Xiwu extended warm congratulation on the two companies for restructuring and the new group for inauguration on behalf of the State-owned Assets Supervision and Administration Commission under the State Council, and sincerely acknowledged the long-term painful efforts made by all cadres and staff of the two companies.


    Vice Chairman Zhang Xiwu made three comments:


    I. The restructuring of the two companies is of vital importance. The restructuring of the two groups is an important way to implement the strategic decision to further enlarge and strengthen state-owned enterprises and carry forward structural adjustment of state-owned enterprises, is an important action to follow the overall trend of the industry and further propel continuous healthy growth of the industry, and is an important move to carry out the development concepts of “innovation, coordination, green, openness and sharing”, push the reform on the supply side ahead, deepen the reform of state-owned enterprises and build a world-class tourism group.


    II. China National Travel Service Group should stretch every nerve to build a tourism group “ranking the first in China, taking the lead in Asia and being among the first class in the world”. The newly established China National Travel Service Group should seize the restructuring as an opportunity, mainly “adhere to five focuses and strengthen five strengths", namely, focus on integration and fusion and strengthen the joint force. China National Travel Service Group should drive actions with thoughts, promote operation with business, realize management with policies, focus on deepening the reform and strengthen the vitality. China National Travel Service Group should capture the restructuring opportunity, accelerate the pace to nourish new tourism modes and new tourism formats upon the principle of prioritizing quality and benefit, and forge new growth areas and profit areas. It should focus on improving the quality and benefit and strengthen the move. China National Travel Service Group should strengthen the effect of downsizing, management improvement and innovative development, focus on the first class in the world and reinforce the strength. China National Travel Service Group should aggregate the force of the entire industrial chain, strengthen the capacity to supply products and enhance the international operating strength.


    III. Sincerely hope and wish the new group would reshape new splendor of reform and development. The restructuring of CTS (Hong Kong) and CITS Group into China National Travel Service Group is a milestone event in the reform and development history of the Chinese tourism industry. He sincerely hoped China National Travel Service Group would establish a new image, build a new brand and realize new transcendence.


    When addressing the meeting, Chairman Zhang Xuewu noted that under the kind care from the CPC Central Committee and the State Council and the correct leadership of the State-owned Assets Supervision and Administration Commission under the State Council, CTS (Hong Kong) and CITS Group had smoothly completed the strategic restructuring after thorough consultation and common effort, and China National Travel Service Group felt the significant responsibility and glorious mission, and would spare no effort and work hard to make new achievements again.


    Chairman Zhang Xuewu said that both parties should understand the restructuring from the perspective of the decision made by the CPC Central Committee. The restructuring was an important move to implement significant decisions made by the CPC Central Committee and the State Council on the reform of state-owned enterprises, and was a significant arrangement to propel the implementation of the“Belt and Road Initiative” at state-owned enterprises and play the guiding role of state-owned enterprises during the reform on the supply side. Both parties should understand the restructuring from the perspective of historical responsibility. The restructuring was a choice of history and a choice of development to guide the healthy development of the Chinese tourism industry, build a powerful Chinese tourism company, deepen the reform of both parties, realize collaborative development and march towards the international arena. Both parties should understand the restructuring from the perspective of strategic development. After restructuring, China National Travel Service Group would better exert the advantages in famous brands and business resources, further strengthen and refine the tourism business as the principal operation, realize the strategic objective “ranking the first in China, taking the lead in Asia and being among the first class in the world” by the tourism business, and strive to edge into the Fortune 500 during the Thirteenth Five-year Plan period.


    Chairman Zhang Xuewu put forward five expectations and requirements.


    First, both parties should focus on comprehensive linkage according to the requirements of the State Council and the State-owned Assets Supervision and Administration Commission under the State Council for the restructuring of the two groups. They should set up several functional workgroups, highlight comprehensive coverage and refinement of the linkage work and ensure the steadiness and good order of the work. Second, the leaderships of business entities and enterprises at various levels of both groups should reinforce the sense of overall situation and sense of responsibility, do a good job in business management, reform and development, and ensure the fulfillment of various tasks and indicators issued by the State-owned Assets Supervision and Administration Commission under the State Council. Third, both parties should further deepen, refine and optimize the strategic positioning when establishing the development planning for the Thirteenth Five-year Plan period, and propel the new group to take new steps and realize new transcendence through strategic guide. Fourth, both parties should strengthen the vitality and promote development through reform during restructuring and integration. Fifth, both parties should fuse the corporate cultures in every aspect. 
    President Li Gang noted that all cadres and employees of CITS Group would firmly stand for and observe the arrangement made by the State Council and the State-owned Assets Supervision and Administration Commission under the State Council, spare no effort to support the restructuring and integration and actively integrate into the big family of China National Travel Service Group.


    President Li Gang set the following requirements: First, we should actively unify thoughts and actions with restructuring as the whole picture. We should correctly understand the realistic background and great significance of the restructuring, reshape the concept and role as soon as possible and maintain a good working status. Second, we should take the initiative to press ahead with the strategic fusion. We should comb and demonstrate the future development planning of CITS based on the overall development strategy and propel collaborative business development. Third, we should carry forward the fusion in order. Fourth, we should actively adapt to the culture and concept of China National Travel Service Group. We should think the same and do the same to realize in-depth fusion. Fifth, we should improve business operation and actively serve the global picture of long-term development.


    Later, Zhang Xiwu, Vice Chairman of the State-owned Assets Supervision and Administration Commission under the State Council, and Chairman Zhang Xiwu of CTS (Hong Kong) jointly unveiled China National Travel Service Group.


    The other attendees of the restructuring meeting included the leaders of relevant departments of the State-owned Assets Supervision and Administration Commission under the State Council; the leadership members of CTS (Hong Kong); the members of the general managers’ offices of the Head Office departments, the institutions in Beijing and Shenzhen, China Tourism Academy, different business segments, Weihe Power, the Certificate Business Division, the Passenger Liner Division and relevant affiliates; the leadership members of CITS Group; and the department managers and senior executives of the head offices of CITS Group and CITS as well as the leadership members of the affiliates.


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  • ©2018 China Duty Free Group Co.,Ltd. All Rights Reserved