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Public company info - Cinese International Group Holdings Limited , 01620.HK
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Cinese International Group Holdings Limited, 01620.HK - Company Profile
Chairman Rita Pik Fong Tsang
Share Issued (share) 1,200,000,000
Par Currency Hong Kong Dollar
Par Value 1.0E-4
Industry Travel & Tourism
Corporate Profile Business Summary: The Group is engaged in air ticket distribution, travel business process management and travel products and services in Canada and the United States. Performance for the year: The total revenue of the Group decreased by approximately 24.9% from approximately HK$149.2 million for the year ended December 31, 2018 to approximately HK$112.1 million for the year ended December 31, 2019. Excluding the non-recurring listing expenses and respective deferred income tax impact for the year ended December 31, 2018, the Group’s profit for the year decreased by approximately 56.1% from adjusted profit of approximately HK$24.4 million for the year ended December 31, 2018 to profit of approximately HK$10.7 million for the year ended December 31, 2019. However, the overall gross profit margin increased by approximately 2.1% from approximately 69.5% for the year ended December 31, 2018 to approximately 71.6% for the year ended December 31, 2019. Business Review Air Ticket Distribution Air ticket distribution business segment continued to be the largest revenue contributor of the Group. Segment revenue dropped by approximately 24.3%, from approximately HK$94.6 million in the year ended December 31, 2018 to approximately HK$71.6 million in the year ended December 31, 2019, and accounted for approximately 63.9% of the total revenue of the Group. Such decrease was mainly attributable to the decrease in the transaction volume of air tickets sales and gross sales proceeds generated from air tickets sales as a result of declining international travel between North America and Asia due to the trade war between the United States and China. As one of the International Airport Transportation Association (IATA) accredited travel agents in Canada and one of the Airlines Reporting Corporation (ARC) accredited travel agents in the United States, the Group is qualified to obtain ticketing authority to issue air tickets of all available flights (origins and destinations) on behalf of IATA member airlines and ARC member airlines and secure private fare deals directly from them. As of December 31, 2019, the Group had ticketing authority for more than 150 airlines and private fare deals with around 70 airlines, including top airlines based in Canada, the United States and China. Travel Business Process Management The Group continued to provide a range of travel business process management including air ticket transaction processing, customer contact, BSP/ARC settlement and reconciliation, software development and travel licensing, compliance and other administrative matters to its customers. Segment revenue generated from travel business process management increased by approximately 1.2%, from approximately HK$25.6 million in the year ended December 31, 2018 to approximately HK$25.9 million in the year ended December 31, 2019, and accounted for approximately 23.1% of the total revenue of the Group. The management has continued to expand the Group’s customer base by initiating sales efforts targeting travel agents that share similar profile and market positioning as its existing customers. During the year ended December 31, 2019, the Group had been providing travel business process management services to 10 travel agents which include some of well-known global brands. Travel Products and Services The Group continued to offer package tours and other travel products and services to more than 200 cities in over 40 countries in Asia, Europe, Middle East, North America and South American to its customers. Segment revenue generated from travel products and services decreased by approximately 49.7%, from approximately HK$29.0 million in the year ended December 31, 2018 to approximately HK$14.6 million in the year ended December 31, 2019, and accounted for approximately 13.0% of the total revenue of the Group. Such decrease was mainly due to decreased sales volume of package tours. Prospects: Looking forward, the outbreak of the novel coronavirus pneumonia (2019-nCoV) (the “Epidemic”) in early 2020 is having negative impact on the airline, travel and tourism industry worldwide. The situation relating to the spread and containment of the Epidemic remains uncertain and fluid, the Group will closely monitor the trend of the global environment and maintain pragmatic approach for its businesses.

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