Jiuhua Tourism plans US$128 million IPO
Jiuhuashan Tourism is issuing 27.68 million shares is a Shanghai IPO on March 12 trading as Jiuhua Tourism.
Anhui-based Jiuhuashan Tourism Development Holdings is issuing 27.68 million shares is a Shanghai IPO on March 12 trading as Jiuhua Tourism.
Jiuhaushan has earmarked its RMB345 million (approx: US$128 million) in expected earnings to renovate its Tiantai cableway and Dongya Hotel, expand the Xifeng Hotel and repay bank loans, according to its prospectus.
Jiuhua Tourism is a comprehensive tourism business established in 2000. Its main operations are tourism services including hotels, cable cars, passenger transportation and tour agencies. It has always been a leader in the markets where it operates since its establishment.
Jiuhuashan’s scenic area was the first to receive the top national 5A rating. Its natural and cultural heritage sites across China include one of China’s four sacred Buddhist mountains. Jiuhuashan scenic area was ranked 18 in the first top 100 national tourism attractions ranking by the China National Tourism Administration.
Jiuhuashan scenic area covers a total 120 sq km development area and 174 sq km conservation area sprawling in 11 scenic locations. Currently it has opened only 12 sq km for public use and the potential to expand in future is immense. (Translation by David）