(CBN - Global)July 12 -- China National Travel Service (HK) Group Corp., ranked first among the country's top 20 travel groups for five straight years, has combined with China International Travel Service Corp. in another step forward in China's ongoing reforms to its state sector.
CITS has become China National Travel's wholly owned subsidiary. As a result, CITS will no longer be supervised by the State-Owned Assets Supervision and Administration Commission, the state assets supervisor said in a statement posted on its website yesterday. Both are state-controlled companies.
China National Travel had assets of more than CNY100 billion (USD15 billion), revenue of CNY33.5 billion and profit of CNY2.37 billion last year. The Hong Kong-based travel group has more than 30,000 employees.
CITS had assets of almost CNY20 billion and revenue of nearly CNY20 billion as of 2013. CITS operates its agency and tax-free commodities businesses through the A-share listed China International Travel Service Co. [SHA:601888], which had revenue of CNY21.3 billion and a net profit of CNY1.5 billion last year.