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TravelSky Technology Ltd. Sells 'H' Shares
TravelSky Technology Ltd., the main supplier of information technology solutions to China's aviation and tourism industry, issued 270,320,000 "H" shares in a public offering from late January to early February.
According to the latest issue of Beijing Review, the offering price ranged from HK$3.5 to HK$4.25, making the entire deal worth between HK$946 million and HK$1.149 billion. The new shares represent 31.9 percent of the total in the company.
More than 19 million shares were to be sold to Hong Kong shareholders with the remainder allocated to international investors.
Through programs and services developed by TravelSky Technology, aviation companies, airports, suppliers, clients, agents, passengers and others can trade and exchange information online.
At present, all 25 Chinese aviation companies use TravelSky Technology to manage their core control systems. The ordering of almost every air ticket in China depends on technologies provided by TravelSky. In 1999, the company was involved in the reserving of 64 million tickets, 97 percent of the total.
In the next 20 years, China will be the world's astest-developing
aviation and tourism market. TravelSky Technology will invest 60 percent of the funds raised in new technology. Another 20 percent will be used in expanding and renovating its APP and ACS systems. The remaining 10 percent will be used as operating funds for future purchases and investment.
TravelSky General Manager Yang Ju said the company is devoted to retaining its position as the leading IT supplier for Chinese aviation and tourism.
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