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WWPKG announces its Cornerstone Investment in Feiyang International Holdings Group Limited

HONG KONG, CHINA – Media_OutReach – 12 June 2019 – WWPKG Holdings Company Limited (“WWPKG”, together with its subsidiaries, the “Group”; stock code: 8069), a leading travel agent in Hong Kong, announced that the Company as an investor entered into a cornerstone investment agreement with Feiyang International Holdings Group Limited (”Feiyang”) and Giraffe Capital Limited, pursuant to which the Company has agreed to subscribe for the investor shares of Feiyang at the offer price. The maximum aggregate subscription price for the Investor Shares payable by the Company under the Cornerstone Investment Agreement shall be HK$5.0 million. The Group believes that its Cornerstone Investment will provide overseas development opportunity for the Group’s businesses particularly by tapping into the market in the People’s Republic of China (”PRC”).
Feiyang is a well-established travel service provider based in Ningbo, Zhejiang Province of the PRC. Its principal businesses include (i) the design, development and sales of outbound travel package tours; (ii) the design, development and sales of free independent traveller products; and (iii) the provision of other ancillary travel related products and services, including visa application processing, admission tickets to tourist attractions, conferencing services, local transportation and arranging purchase of travel insurance for its customers. Today, the Group entered into a framework cooperation agreement with Feiyang, pursuant to which both parties shall collaborate to create and provide travel related products and services for the tourism market in Hong Kong and the PRC.
Mr. Chun Ning YUEN, Chief Executive Officer and Executive Director of WWPKG, said, “The Group believes that, by offering regional expertise and complementary advantages to each other on strategic development, the cooperation and collaboration with Feiyang will provide overseas development opportunity for the Group’s businesses particularly by tapping into the PRC market.” *** About WWPKG Holdings Company Limited *** WWPKG was founded in June 1979. The Group has become one of the long- established and well-known local travel agents, with 39 years of business in the travel service industry in Hong Kong under the brand “縱橫遊”. Its major business includes the provision of outbound package tours with particular focus in Japan bound tours. The Group also offers other travel products and services to customers including free independent traveller (FIT) products and other ancillary travel related products and services.
Currently, the Group sells products and services through a number of channels including four branches in Causeway Bay, Tsim Sha Tsui, Mongkok and Shatin, as well as online sales platform. The Group also sells tailor made tours to customers through MICE tour department, as well as sells travel products to other travel agents in Hong Kong and Macau.