Local travel services company Ying Hai Group raises HK$51.1 mln in HK stock exchange IPO

Local domestic travel services and car rental services provider Ying Hai Group announced that it has successfully been listed in the Hong Kong Stock Exchange today with its initial public offering (IPO) recording some 225 million shares sold for a total of HK$ 51.1 million (US$ 6.5 million).

During its first day of listing, the Ying Hai Group – listed with stock code 8668 – recorded its highest share price of HK$ 0.242 per share, with a closing price of HK$ 0.241 per share, 0.42 percent higher than the final offer price.

Hong Kong financial group Lego Corporate Finance Limited acted as the sole sponsor of this share offering.

“Today’s successful listing of the group’s shares on the Hong Kong Stock Exchange will help us seize market opportunities. We will work with more hotels in the future, cooperate with operators and travel agents and expand the fleet to enhance brand awareness and competitiveness”, the group’s CEO and chairman, Cai Weizhen, said after the induction.

Ying Hai is a licensed wholesale travel agent and car rental service provider in Macau that provides hotel accommodation, car rental and sales, air tickets and other travel-related products and services.

It manages two travel agency services in Macau offering car rental services and indicated that it plans to provide point-to-point cross-border transportation services between Hong Kong and Macao by the end of 2019.

Ying hai added that it plans to expand its fleet to meet the growing demand for multi-purpose car rental services in the city and to partner with more hotel operators to access mid-to-high-end rooms to attract business travelers and high-spending customers.

The group also indicated that in 2018 and in the first four months of 2019 it provided for approximately 151,000 and 52,000 hotel rooms in more than 40 and 35 hotels, respectively.

The local company also provides customers with one-stop service diversified products and services, including airline reservations, visa applications, travel insurance, room reservations and entertainment event ticket reservations, having plans to develop an online sales platform.