Beijing News (Reporter Wang Shengnan) On April 23, Caesar Tongsheng Development Co., Ltd. (hereinafter referred to as “Caesar Tourism”) announced that Caesars Tourism will partner with Wenyuan (Sanya) equity investment fund partnership (limited Partnership) (hereinafter referred to as “Wenyuan Fund”) to jointly increase capital for Hainan Tongsheng Shijia Duty Free Group Co., Ltd. (hereinafter referred to as “Tongsheng Duty Free”), a wholly-owned subsidiary of Caesars Tourism.
After the completion of the transaction, Caesars Travel will hold 300 million yuan of registered capital of Tongsheng Duty Free, Wenyuan Fund will hold 100 million yuan of registered capital, and Tongsheng Duty Free will remain a holding subsidiary of Caesars Travel Industry.
According to the announcement, Wenyuan Fund’s executive partner, Jiantou Wenyuan, is a wholly-owned subsidiary of Kaiser Sega, the controlling shareholder of Caesars Travel Industry, and Jiantou Huawen. CCIC Huawen’s tax-free capital increase to Tongsheng through the investment of Wenyuan Fund is a further strategic cooperation between the two parties as a strategic investor and after investing in Caesars Travel. It is understood that CCIC Huawen is a financial investment institution with a background of central enterprises. It is a professional investment and operation platform for China CCB Investment Co., Ltd. to strategically deploy in the fields of cultural media, consumer goods and services, and medical and health care.
In March this year, Caesars Tourism signed a cooperation agreement with the Sanya municipal government. The Sanya City Government will coordinate resources according to law and regulations, support Caesars Tourism and its tax-free partners to jointly promote tax-free projects in the urban areas and airports of Sanya, and help form the formation of the tax-free business network in Sanya City. Sanya Development Holding Co., Ltd., a wholly state-owned enterprise of Sanya Municipal Government, also participated in the capital increase as a limited partner of Wenyuan Fund, continued to increase the tax-free business, and further expand the cooperation between the two parties.
The announcement pointed out that the introduction of new investors this time will help Caesars to develop and deepen the tourism industry chain and promote the development of related businesses. In order to further distribute tax-free areas, it is planned to increase the registered capital of Tongsheng Duty Free to 500 million yuan by introducing investment and joint investment.
A few days ago, the implementation of the Hainan Islands tax exemption policy ushered in the 9th anniversary. In recent years, with a series of “Outline of Hainan International Tourism Island Construction and Development Plan”, “Hainan Provincial Tourism Renewal Plan-30 Actions to Promote Tourism (2020-2021)”, tax exemption policy Dividends further opened up market space.
In terms of the layout of the duty-free market, in 2019, Caesars Tourism and China Overseas Personnel Service Co., Ltd. jointly launched the “Tianjin International Cruise Home Port Entry Duty-Free Shop”. Subsequently, Caesars Tourism established Hainan Tongsheng Shijia Duty Free Group Co., Ltd., successively invested in Jiangsu Zhongfu Duty Free Co., Ltd., and invested in Beijing Duty Free Store Operating Company. Caesars Travel said that this time it will continue to introduce state-owned strategic investors in Chinese investment and obtain endorsement from central enterprises in tax-free business.
Chen Xiaobing, Chairman of Caesars Tourism, said: “In the future, Caesars Tourism will continue to help the construction of Hainan Free Trade Zone, hoping to use this capital increase as an opportunity to further consolidate and optimize the existing tax-free investment business and promote the project in Sanya.
Beijing News reporter Wang Shengnan Pictures Caesar Travel Official Website Screenshot
Editor Li Zheng Proofreading He Yan