China Tourism Group Corporation Limited and China Travel Service (Holdings) Hong Kong Limited (“CTG Group” or the “Group”) are a key state-owned enterprise directly managed by the central government and one of the three central SOEs headquartered in Hong Kong. The predecessor of CTG Group was the Hong Kong branch of China Travel Service established in 1928 by Mr. Chen Guangfu, a patriotic Chinese banker. After more than nine decades development, CTG group has become a conglomerate which is comprised of six business segments, including travel service, tourism investment and operation, travel retail, hotel operation, travel finance and strategic innovation incubation, with its business network covering the mainland of China, Hong Kong, Macau and nearly 30 foreign countries and regions. CTG Group boasts a number of well-known tourism brands such as HKCTS, CITS, CTS and CDF, is the largest state-owned tourism enterprise in China. As of the end of 2019, the group has 43,000 employees, around RMB 130 billion in total assets, and 584 wholly-owned or controlled companies, receiving over 60 million tourists annually.