China Tourism Group Corporation Limited43

China Tourism Group Corporation Limited (CTGC) is a state-owned enterprise directly under the State Council of the People's Republic of China. It is the largest tourism group in China and one of the largest in the world. CTGC operates in a wide range of tourism-related businesses, including travel agencies, hotels, scenic spots, transportation, and duty-free shopping.

History

CTGC was founded in 1998 as a result of the merger of several state-owned tourism companies. Since then, the group has experienced rapid growth, both domestically and internationally. In 2015, CTGC acquired the Hong Kong-based travel agency, CITS, which further strengthened its presence in the global tourism market.

Businesses

CTGC's businesses are divided into five main segments: travel services, hotel management, scenic spot operation, transportation, and duty-free shopping. The group operates over 1,000 travel agencies, 200 hotels, 100 scenic spots, and 50 transportation companies. It also has a significant presence in the duty-free shopping market, with over 100 duty-free shops in China and overseas.

Financial Performance

CTGC is a publicly traded company on the Shanghai Stock Exchange. In 2019, the group reported revenue of RMB 143.2 billion (US$21.4 billion) and net profit of RMB 11.5 billion (US$1.7 billion). The group's financial performance has been strong in recent years, driven by the growing demand for tourism in China and the group's expansion into international markets.

Internationalization

CTGC has been actively expanding its international presence in recent years. The group has invested in tourism projects in over 50 countries and regions around the world. In 2018, CTGC acquired the European travel agency, TUI Travel, which gave the group a significant foothold in the European market. The group also has plans to expand into other markets, such as the Americas and Africa.

Corporate Social Responsibility

CTGC is committed to corporate social responsibility. The group has established a number of initiatives to promote sustainable tourism and protect the environment. The group also supports a number of social welfare programs, such as education and healthcare for disadvantaged communities.

Conclusion

CTGC is a leading tourism group in China and one of the largest in the world. The group operates a wide range of tourism-related businesses and has a strong financial performance. CTGC is also actively expanding its international presence and is committed to corporate social responsibility.

2024-10-14

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