HK Stock Market Move | China Travel HK (00308) opened nearly 15% higher, proposing to distribute and spin off the Hong Kong and Macau cultural tourism assets and list them through introduction.

CHINA TRAVEL HK (00308) opened nearly 15% higher, rising 14.88% to HK$1.39 as of the time of writing with a trading volume of HK$8.15 million. On the news front, CHINA TRAVEL HK announced plans to spin off its Hong Kong and Macau cultural tourism business and independently list it on the Hong Kong Stock Exchange through introduction. After the spin-off, the listed company will retain its tourism attractions and supporting services business, while the Hong Kong and Macau cultural tourism business will focus on the operations in the Hong Kong and Macau markets including passenger transportation, hotels, tourism documents, and related services. It is reported that Hong Kong and Macau cultural tourism submitted an application to the Stock Exchange today for the listing approval of its shares on the main board through introduction. CHINA TRAVEL HK stated that the spin-off will help the two business segments focus on their core businesses, improve operational efficiency, and each have an independent financing platform, making it easier for investors to accurately evaluate, which is in line with the overall interests of the company and shareholders.