China CYTS Tours Holding Co., Ltd. (600138) announced its subsidiary, Wuzhen Tourism Development Co., Ltd. (Wuzhen Tourism), decided to introduce strategic investors on the first general meeting of shareholders in 2009, so as to secure a more sound and rapid development, enhance competitiveness and foster an international brand.
On the meeting, shareholders reached a consensus to grant 15% option (Right to add RMB44.12M to the registered capital of Wuzhen Tourism) to the Management of Wuzhen Tourism, with a view to let Hong-Kong-registered Hao Tian Capital I, Limited and Hao Tian Capital II, Limited, the two subsidiaries of IDG, make capital stock subscription.
After the capital increase, Wuzhen Tourism will possess a registered capital to RMB294.12M from current RMB250M. The equity structure of the Company will be as follows: CYTS holds 51% of the shares, Wuzhen Tourism 34%, Hao Tian Capital I, Limited 5% and Hao Tian Capital II, Limited 10%. As a consequence, the Company will be converted into a Chinese-foreign joint venture.
(Translated by Lisa Zhang)
