(Yicai Global) Jan. 2 -- Guangzhou, the capital of China's southeastern Guangdong province, recently set up the largest public transport group in South China, with 12 companies involved and total assets of CNY15 billion (USD2.3 billion), marking the successful integration of state public transit systems within the city.

Formed in May, Guangzhou Public Transport Group was duly inaugurated on Dec. 30, with its businesses covering buses, ferries, taxis, cargo transit, warehousing and logistics, station construction, and transportation card management, Southcn.com reported.

The group will devote itself in future to improving its service levels in bus electrification, mobile payments, online platforms for taxi booking and customized passenger transport and enhancement of the public's travel experience. The firm will also expand its projects in tourism and logistics, its Chairman Chen Wanxiong said.

Guangzhou Public Transport Group also reached cooperative agreements with two other state-backed enterprises, Guangzhou Baiyun International Airport Company [SHA:600004] and Guangzhou Automobile Group [SHA:601238] at the inauguration ceremony, to encapsulate their in-depth cooperation in tourism, smart travel and other fields.

The group established the Institute of Smart Transportation Innovation Research jointly with internet titan Tencent Holdings Ltd. [HK:0700], China Mobile Communications Group Co. and the Chinese Academy of Sciences.