history The predecessor of Kwun Chung Bus Group Limited (the “Company”) and its subsidiaries (collectively, the “Group”) was founded by the late Mr. Wong Kwan-chung, who started a small-scale car cleaning service in 1948. After over half a century of tremendous development, the Group has taken a seat in Hong Kong's transportation history and has become the largest non-franchised public bus and limousine operator in Hong Kong, China. The Company has been listed on the Main Board of the Stock Exchange since September 1996. As of March 31, 2022, the Group operated approximately 1,301 non-franchised public buses and 449 limousines. Hong Kong business Through its flagship wholly-owned subsidiary, Kwun Chung Tour Bus Co., Ltd. (“Kwun Chung Tour Bus”), the Company is in an advantageous position in terms of student buses, tours, hotels, estate buses, employees and cross-boundary non-franchised public bus services. Every day, the Group arranges buses to and from the New Territories border to the Southern District of Hong Kong Island to pick up passengers to work or school. The Group acquired 100% of the shares of Taifeng Tour Bus Co., Ltd. and Trade Travel (Hong Kong) Limited in 1997, making the Group the largest tour bus service provider in Hong Kong, China. New Lantau Bus (1973) Limited (“Lantau Bus”), a subsidiary of the Company holding 99.99% of the shares, is a franchised bus company based in Lantau. Yuba also specializes in cross-border B2, B4 and B6 routes between Shenzhen Bay and the Hong Kong-Zhuhai-Macao Bridge Port. Another subsidiary of the Company, Lantau Travel Co., Ltd., is a travel service provider in Lantau and specializes in organizing tours to various attractions in Lantau. In 2003, when the economy of Hong Kong, China recovered from a low point, the Group voted for confidence in Hong Kong, China, and acquired 100% of the shares of Huandao Travel Service Co., Ltd. (“Huandao”). Huandao is a transportation operator that mainly focuses on cross-border non-franchised bus and limousine business, while Global Sedan Co., Ltd. (“Global Sedan”) (which has taken over all business of Universal Motor Company Limited (a subsidiary of Huandao)) is a local limousine operator. Since 2004, a network of six 24-hour cross-border shuttle bus routes has been developed. The bus routes run between Huanggang Port and designated locations in Hong Kong, China. The Company operates four of the above routes through an associated company and a subsidiary company. In 2011, Huandao acquired 90% (reaching 100%) of the shares of China Hong Kong Express Group Limited and China Hong Kong Express Passenger Transport Group Limited (collectively referred to as “China Hong Kong Express”) and 100% of the shares of Xianyun 991 Group (“991”) respectively. China Hong Kong Express and 991 are well-known cross-boundary bus operators in the market. China Hong Kong Express operates long-distance routes, routes serving Shenzhen Bao'an International Airport, and 24-hour routes between Huanggang Port and Tsuen Wan. 991 operates the Zhongshan route, routes between Huanggang Port and Tsuen Wan, and cross-border school bus services. The two companies also hold travel agency licenses. In 2014, the Group further acquired 100% of the shares of Pengyun Transportation Industrial Group (“Pengyun”), a cross-border bus operator located in Shenzhen. In 2016 and 2018, the Group acquired 100% of the shares of Union Coach Limited Group (“Union Group”) and Wellcome Tour Bus Limited (“Wellcome Travel”), respectively. Allianz Group and Wellcome Travel are medium sized bus operators engaged in local and cross-border bus business. These acquisitions further strengthened the Group's position in the non-franchised bus market in Hong Kong, China. In 2017, the Group formed the Hong Kong-Zhuhai-Macao Bridge Shuttle Bus Co., Ltd. (“Hong Kong-Zhuhai-Macao Bridge Shuttle Bus”) with four other local operators. Hong Kong-Zhuhai-Macao Bridge Shuttle Bus became a Hong Kong member of the consortium participating in the bid to operate the Hong Kong-Zhuhai-Macao Bridge Cross-boundary Shuttle Bus Project. The consortium was later confirmed to have successfully won the bid and became the sole operator of the Hong Kong-Zhuhai-Macao Bridge cross-boundary shuttle bus service. Overall, the Group benefited from frequent traffic and other business opportunities brought about by the opening of the Hong Kong-Zhuhai-Macao Bridge. Mainland China business As early as 1992, the Group has been working hard to achieve its vision in various cities in mainland China. Most of the early investments paid off and paid off reasonably. In 2000, the Group acquired 60% (100%) shares in Chongqing Grand Hotel (“Chongqing Grand Hotel”). The company operates a three-star, 26-story hotel in a prime location in Shapingba District, Chongqing. In recent years, part of the Chongqing Grand Hotel has evolved into a property lessor, and the increase in revenue is obvious to all. In 2004, the Group acquired 100% of the shares in Hubei Shenzhou Transportation Group Co., Ltd. (“Hubei Shenzhou”), which operates a long-distance bus terminal, a public bus company, and related businesses in Xiangyang City and Nanzhang County in Hubei Province. The bus terminal is located in the commercial hub of Yangyang City. It has an excellent location and great potential for development. In 2006, in order to further develop its tourism business, the Group acquired 51% (67.8% in 2017) of the shares of Lixian Bipenggou Tourism Development Co., Ltd. (“Bipenggou Tourism”). The local government has granted the right to this joint venture (“Joint Venture”) to develop and operate the vast and characteristic scenic area called Miyaluo Bipenggou in Sichuan Province for a period of 50 years. The total area of Bipenggou is about 613.8 square kilometers, and it is only about 200 kilometers from Chengdu. The purpose of this joint venture is to develop ecotourism, leisure and business tours. The main revenue comes from sightseeing shuttle bus and battery car fares, admission fees for visitors, and hotel rent. Since 2012, Bipenggou has been rated as a “National 4A Tourist Attraction” by the China National Tourism Administration, and the number of visitors has been rising steadily.
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