LY Group set up to consolidate subsidiaries
LY.com's application to form an umbrella LY Tourism Group with registered capital of RMB100 million.
LY.com's application to form an umbrella LY Tourism Group with registered capital of RMB100 million (approx: US$16 million) has been approved by the Ministry of Commerce.
LY Group will be the parent company for all LY.com subsidiaries including companies in Shanghai, Beijing, Chengdu, Guangzhou, Nantong and Changzhou.
LY.com CEO Zhixiang Wu said: "LY Group will be the mother ship in our corporate armada. It will form our base for launching an ongoing program to build a world-class leisure tourism group.” He also said the group will set up around 100 branches and subsidiaries and will have turnover of over RMB10 billion (approx. US$1.6 billion) in 2015.(Translation by David)