CYTS subsidiary Shenzhen CYTS Shanshui Hotel Co Ltd has received approval to list on the New Third Board. Its Parent company CYTS will invest RMB51 million for a 51% stake in the listed company, while Shenzhen CYTS Shanshui Hotel’s director Haiyang Cai will invest RMB49 million for a 49% stake.
Shenzhen CYTS Shanshui Hotel rolled out its listing plan in September last year, when the hotel prepared to apply to list on the National Equities Exchange and Quotations (known as New Third Board) [V1] as the CYTS group intended to improve the governance of its subsidiaries and leverage the capital market to enhance business development of the subsidiaries. The application proceeded after the company was restructured as a limited liability company.
Shenzhen CYTS Shanshui Hotel was established by its director Mr. Cai in 2002. It operates two major hotel brands – the mid-range business hotel brand Shanshui Trends Hotel and the boutique hotel brand Shanshui S Hotel. Its vice president Gang Zhou told media earlier that the company changed its name from Shenzhen CYTS Shanshui Hotel Investment Management to Shenzhen CYTS Shanshui Hotel to meet its development, and from then on would accelerate its entry into the capital market. Meanwhile, the company will continue to expand its hotel network nationwide through alliances, acquisitions and partnerships.(Translation by David)
