Besides Hong Kong, since 1992, the Group has been trying to realise its vision of the enormous market in Mainland China. Guangzhou Kwoon Chung Bus Co., Ltd. (“GZKC”), which operates mainly intra-city bus services in Guangzhou, was one of the CJVs set up by the Group in Mainland China. In 2008, GZKC was transformed into a 40% owned equity joint venture (“EJVs”), namely Guangzhou City No. 2 Bus Co., Ltd. (“GZ2B”).

In 2000, the Group acquired 60% equity interest in Chongqing Tourism (Group) Co. Ltd. (“CQ Tourism Group”), which together with its fellow companies operate a hotel and a travel agency in Chongqing. The travel agency, namely Chongqing Everbright International Travel Service Co. Ltd. (“CQ Everbright”), holds domestic, inbound and outbound travel business licences in Mainland China.

In 2002, the Group acquired 52.5% effective equity interest in GFTZ Xing Hua Tourism Bus Co., Ltd. (“XH Tourism Bus”) and GFTZ Xing Hua International Transport Ltd (“XH International Transport”), which operated a number of intra-city and longdistance bus routes in Guangzhou and within Guangdong Province respectively. In 2004, the Group further acquired 56% equity interest in Guangzhou New Era Express Bus Co., Ltd. (“GZ New Era”), which operates long-distance bus routes within Guangdong Province. In 2008, the intra-city bus business of XH Tourism Bus was merged with GZ2B and GZ New Era had acquired the Group’s equity interest in XH International Transport.

In 2004, the Group acquired 100% equity interest in Hubei Shenzhou Transport Holdings Co., Ltd. (“Hubei Shenzhou”), which holds a bus terminal and operates long-distance bus services to and from Xiangyang, Hubei Province. Hubei Province is located in the central region of Mainland China and is considered an important transportation hub.

In 2006, the Group acquired 51% equity interest in Lixian Bipenggou Tourism Development Co., Ltd (“Bipenggou Tourism”). The local government has granted this subsidiary the right to develop and operate a vast and distinctive scenic area called Miyaluo in Sichuan Province for 50 years, in which “Bipenggou” is the fi rst scenic spot being developed. The total area of the scenic area of Miyaluo is approximately 613.8 square kilometers. Bipenggou is only about 175 kilometers away from Chengdu city. The major income is the entrance fee and hotel room rentals from tourists visiting these scenic spots. Bipenggou has been awarded 4A National Scenic Spot by the National Tourism Administration since late 2012 and the number of visitors is soaring at speed.