Shanghai China International Travel Service Co.,Ltd. was founded in 1994. Since then the CITS B shares issued by the Company have been listed on the Shanghai Stock Exchange. The predecessor of the Company, the Shanghai China International Travel Service, was established in 1954. The Company is among the very first travel services to be established and one of the largest professional travel services in China. Shanghai CITS Co., Ltd. is Vice Chairman of the Association of China Travel Service, a member of the Pacific Asia Travel Association, an allied member of the United States Tour Operators Association and an appointed agent for the International Air Transport Association. The Company is principally engaged in the operation and arrangement of sightseeing tours for overseas tourists in China, outbound tours and domestic tours for Chinese citizens, passenger ticket sales and other businesses in relation to
tourism industry. Based on its core business, it has actively developed a diversified economy. lt currently has a number of sub-companies and associate enterprises including property development, advertising, tour-bus operation, international cargo shipping, tourist goods trading, hotel operation, restaurants, shopping centres, etc. Shanghai China International Travel Service Co., Ltd. has its offices in Hongkong, Tokyo and New York. Shanghai China International Travel Service Co., Ltd. has now a registered capital of 1.32 hundred million yuan, a total asset of more than 6 hundred million yuan with an annual business turnover of about 5 hundred million yuan. Its economic statistics are always among the highest in China's leading travel agencies. The Company's business scale and outstanding achievements rank first in Shanghai and second in China at the yearly business appraisal made by the China National Tourism Administration. Its turnover accounts for 30% and profits 50% of the city's total from Shanghai's International Travel Services. Shanghai China International Travel Service Co., Ltd. has won second place in China's "100 Best lnternational Travel Services" for years since l993.