Deacons advises on Main Board IPO of two PRC travel service providers

19 June 2019

Ronny Chow and Gary Wong, Partners of our Corporate Finance Practice Group, lead our team in advising the sponsors and underwriters in relation to the Main Board IPO of two PRC travel service providers launched on 18 June 2019:

 (1) Tu Yi Holding Company Limited

Tu Yi Holding is a well-established and active outbound travel products and service provider in the PRC, with a particular focus in Japan bound package tours and related free and independent travellers products to customers in Eastern China. It ranked fifth in Eastern China in terms of revenue of outbound tourism to Japan in 2018, according to a market research report commissioned by the company.

Tu Yi Holding seeks to raise up to HK$170 million in the IPO (subject to the exercise of over-allotment option).  The sole sponsor is Innovax Capital Limited.

(2) Feiyang International Holdings Group Limited

Feiyang International is a well-established “one-stop-shop” travel service provider based in Ningbo, Zhejiang Province of the PRC.  It ranked fifth among all travel agencies in Zhejiang Province in terms of revenue in 2017, according to a market research report commissioned by the company.

Feiyang International seeks to raise up to HK$137.5 million in the IPO (subject to the exercise of over-allotment option).  The sole sponsor is Giraffe Capital Limited.

Dealings in the shares of the two companies on the Main Board of the Hong Kong Stock Exchange are expected to commence on 28 June 2019.