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China approves IPO of China International Travel Service
(Xinhua)
Updated: 2009-07-21 10:57 The China Securities Regulatory Commission (CSRC) granted approval to China International Travel Service Corporation Limited for an initial public offering (IPO) on the Shanghai Stock Exchange, the securities regulator said Monday.
Net profits of the company in 2008 totaled 221.23 million yuan, compared with net profits of 217 million yuan in 2007. Before the IPO, the China International Travel Service Group, the parent company, held 84.62 percent-stake and the Shenzhen Overseas Chinese Town Holding Co took the other 15.38 percent. After the IPO, the China International Travel Service Group will hold at least 61.35 percent of the listing vehicle (For more biz stories, please visit Industries)
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