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 “???“. 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.