Really useful purpose: China Highlights International Travel Service was present in 1998. Our crew serves 10,000 happy prospects a 12 months, successful TripAdvisor’s certificate of excellence yr on yr, we now have hundreds of 5 star critiques. Really helpful purpose: Based in November 1949, China Travel Service Head Workplace is the primary travel agency of latest China. Advisable motive: 50 years of exhausting working has turned CITS, Beijing into an organization with energy and with quite a lot of service gadgets to fulfill the wants of vacationers the world over. Beneficial purpose: Shanghai Spring Internaitonal Travel Providers's enterprise operations have expanded to incorporate not solely travel companies but in addition lodge reservations, airline ticket reservations, convention, exhibition, enterprise travel, immigration, sports activities recreation planning and extra. Beneficial purpose: Shanghai CTI vary of enterprise consists of sightseeing tours for overseas vacationers in China, outbound tours and home tours for Chinese language residents, enterprise travel and MICE administration. Additionally it is engaged in such companies as resort booking, ticket booking, home and worldwide flight tickets agent, and automobile rental worldwide.
Feedback solely characterize private attitudes.
Really useful cause: Delicate to worldwide requirements, China International Travel Service, Guangdong focuses on offering complete providers to overseas vacationer, enterprise folks, overseas Chinese language and professionals touring to Canton, Guangdong and mainland China. Really useful motive: Shanghai Airlines International Travel Service is beneath the administration of China Airlines International Travel Service, which give giant quantity of travel routes and thoughtful travel service throughout China. Really helpful purpose: Since its basis in 1993, OTC has been honored with “Top one hundred China’s International Travel Agencies” over time, and gained “Top 10 Zhengjiang International Travel Agencies” and “The Best Travel Agency in Hangzhou”. Beneficial purpose: Tang Dynasty Travel is a number one China tour operator in China, is led by a bunch of pros whose goal is to offer shoppers with tour companies that exceed their expectations. I'mguest,click on right here if not. Have extra to say? Feedback solely characterize private attitudes. China Service Mall doesn't approve or confirm all feedback.
The telephone was answered in Cantonese. This firm purports to be a nation-vast service and my buddy anticipated a dialog in Mandarin. When my buddy was speaking in Mandarin the dialog modified. If this had been a nationwide firm (because it purports to be) it might have answered in Mandarin. By this stage I used to be greater than a bit intrigued by this firm. I dug round their web site a bit of additional - and located beta variations of their webpage. Here's a display screen-shot of that web page. The copyright date at the underside (2009) counsel this was not accomplished very way back. The web page itself is sketchy and dysfunctional. The bookings are inclined to go nowhere (shock) and the English language tab doesn't work in any respect. This firm claims it has IT specialists who specialise in buyer administration methods. They too are strangely lacking. As an illustration in the principle webpage in the highest nook are 4 choices - “Sign In”, “Register Now”, “Order Management” and “My Account”.
They result in the identical web page - so there is actually no distinction between them. When you check in there isn't any “Order Management” as a result of they're as famous unable to take an order. However earlier than that there's one thing which stands out like a sore-thumb. There isn't a “forgot my password” possibility. The cookies on the location don't remember your ID. My travel-enterprise entrepreneur good friend will let you know that repeat enterprise is the important thing to profitability in a single of those travel booking companies as a result of the shopper acquisition may be very costly. Google (or in China Baidu) actually do take their lower as key phrases are very costly in travel. This firm has not even bought the fundamentals of buyer retention proper. However I wish to convey you again to core claims of the corporate which I repeated above. The enterprise behind this cannot e-book any travel on any web site we discovered. The lady sitting in the middle is the CEO/Founder - her identify is Ms. Jiangping Jiang and strangely for a hyper-profitable travel government she speaks no English.
That mentioned - the textual content right here says that they've entered into sale agent agreements with all of the home airline firms and “over 30 worldwide airline companies”. I wouldn't be shocked if this inventory have been listed on the Pink Sheets and even the AMEX. This type of stuff you will discover on the UK's Goal board - however the brand new York Inventory Trade is particular. They've increased requirements! So far the SEC has solely forcedly delisted a single NYSE listed firm for fraud - and that was ACLN. The NYSE should be fairly certain of itself. NYSE. It's an honor I doubt will ever be bestowed on me. By my reckoning that is an organization the place you may nearly not hassle trying on the accounts - you can brief it off the web site. However - being an accounting junky I'm going to look on the accounts anyway.
You'll be able to see why the inventory is bought on the Air-tickets and Lodge booking enterprise. Air-tickets it appears have an eighty four p.c gross margin. Resort bookings a 67 p.c margin. Tours have a thirteen % gross margin. There may be one factor which jumps out like a sore thumb on this desk - and that's there is no such thing as a elimination line within the income break-down. Absolutely the Tours enterprise buys stuff from the air-tickets or resort companies? That lack of an elimination line is sufficient to query the company’s accounting. In the event that they don’t commerce with one another in any respect then they don't belong collectively - and there isn't any purpose to have them inside one company construction. Nevertheless I'm much less involved with the income line than with the associated fee line. Have a look at the price of providers within the air-tickets and resort enterprise. The corporate happily even provides us a break-down of prices in numerous sections.
1800 per individual per 12 months utilizing the low 248 workers quantity.
Forty four thousand. No web site upkeep is listed for the lodge enterprise in any respect. It's in fact in step with my discoveries about the web site. There is no such thing as a useful web site, no booking system, no fee system, no worldwide airline tab besides in Chinese language, no rental automobile tab, and pictures of all of the worldwide hotels being similar. As it's not possible to pay (regardless of them claiming “convenient on-line payments”) it is probably going that there isn't any substantial income in that enterprise. The corporate is nonetheless not fully fictional - there was an actual kiosk travel enterprise - and there's an underlying travel agency. The corporate claims in its core enterprise to have 248 workers at YZL as of the top of 2007 - however given development and acquisitions that quantity has grown. 1800 per individual per 12 months utilizing the low 248 workers quantity. This enterprise would usually embrace some IT employees and different above-common wage earners - certainly one of many slides above says that the resort booking enterprise has “over 200 skilled staff”. 1940 per 12 months. At a primary lower this firm is paying below minimal wages.
Within the claims at the highest of this publish they declare over 300 UTG buyer representatives in simply the decision heart. I suppose lots of people is likely to be half time and there are only a few increased-wage workers such because it employees. However no matter - both they don’t have the workers or they're very lowly paid or the accounts are improper. 500 thousand - and the corporate has claimed to have IT workers world wide, a 300 seat name heart and over 200 skilled workers. Seventy five thousand yearly. With over 300 folks in the decision middle (as per their inventory promotion quoted above) these name centers can be the most affordable on the earth to run bar none. Nonetheless right here I'm evaluating the wage invoice to minimal wages. A fast Google search tells you that gross sales managers in Shenzhen are very extremely paid by Chinese language requirements. Right here is an article from 2007 that means the common wage for a Shenzhen gross sales supervisor is over USD40 thousand.
There was wage inflation in Shenzhen since then. Common salaries in Shenzhen are solely a fraction of these lofty ranges however nonetheless roughly four occasions minimal wage. However hey - I'm being variety to them. I'm utilizing the tip 2007 worker numbers. At the present time, together with our officers, we've roughly 780 full-time workers, together with eighty administrative workers, 200 advertising and marketing staff and roughly 500 workers working at our three name centers. None of our staff is a member of a union and our relationships with our staff are usually passable. In accordance with Chinese language Labor Legislation, we offer social safety and medical insurance coverage to all our workers. Seven hundred an worker per yr - they not solely pay them however they supply social safety and medical insurance coverage. I don’t assume I have to undergo the proxy, work out prices of the government employees and therefore - by subtraction - work out the prices of the non government workers.
In case you do it although you'll conclude that - if there actually are nearly 780 non-executives and they're solely paid that then they will need to have a really miserable existence. I need to consider these prices from a enterprise perspective. There is sort of no buyer acquisition value within the accounts. On this enterprise getting clients in is absolutely costly. Travel associated click on charges are amongst probably the most costly clicks on Google - and that i presume that they're on Baidu too. You'll earn a living provided that the shoppers return and e book extra flights/hotels with out paying further click on charges to Google. That is an organization that - no less than in its accounts - is rising like a weed with zero buyer acquisition bills - and with a completely dysfunctional web site. Is there any case for owing this inventory at any value above zero? I need to head this one off on the move.
It's fairly clear from this evaluation that the primary cause for proudly owning the inventory of Common Travel Group is dubious. The net booking engine is dysfunctional - and the huge margins that it claims (eighty four p.c for plane tickets) are thus additionally dubious. All of the income that the corporate claimed it made out of the travel booking enterprise (by far the majority of its claimed earnings) are equally dubious - although there may be an actual travel firm which is perhaps making some earnings. The corporate claims in its most latest quarterly stability sheet to be carrying forty three million in money and accounts receivable of nearly 20 million. If the airline and hotel enterprise are dubious then the income generated that money are dubious. In that case the money itself is dubious. I do know folks will purchase this as Ben Graham internet-internet inventory if it collapses. Except this firm can get an enormous 4 audit agency to signal-off for them I feel you possibly can - a minimum of for the second query the complete stability sheet. They've nevertheless simply appointed a brand new auditor.
Forty three million money stash. How the corporate is behaving? The corporate shouldn't be behaving as if this can be a money wealthy firm. The corporate has one actual enterprise - 1523 travel kiosks which seem in firm promotional literature as digital booths. I feel this was (at the very least at one stage) an actual travel booking enterprise and stays one albeit off the web. The kiosks have been locations that individuals with out a pc or cellphone might e-book travel online utilizing a contact display screen. I haven't seen any of those kiosks however have spoken to folks who've. 5 million. They proudly observe nonetheless that they get to maintain the travel-associated income from these kiosks for the subsequent two years. As this was the muse enterprise for the corporate it appears unlikely they might promote it particularly because the accounts recommend they're awash with money. 6000 every. On these figures they're taking a largish loss. This isn't the conduct of an organization with a robust enterprise swimming in money.
The corporate has nonetheless been shopping for different companies - comparable to a resort booking enterprise in Chonquing. That site produces comparable errors when it will get round to cost time. It's nevertheless browser delicate. If you utilize Firefox or Microsoft Web Explorer you wind up at pages that are gibberish - not even recognizable Chinese language. No matter browser you employ you wind up with the unusual inability to ebook something. If somebody has a Chinese language cell phone I might love them to check that. Nonetheless - different folks have a special impression of this webpage. In August 8, 2007, UTG acquired Shanghai Lanbao Travel Service Firm Restricted, a centralized actual-time booking system that gives shoppers and travel associated companies with resort booking providers through the web and cell phone textual content-messages. The community is open to greater than 200,000 hotels, 5,000 booking centers and 8,000 travel businesses and vacationer firms all through China. Its intra-lodge community consists of greater than 3,000 franchise hotels and 800 lodge booking companies and companies throughout China. Perhaps the nice analyst at Emissary had a distinct expertise on the web site to us. They paid money and inventory for that enterprise.
The inventory I presume has discovered its technique to the NYSE and therefore to retail and institutional buyers in America. Did we discover that there was something actual about the corporate in our investigation? Sure. There are non-fictional parts right here. So far as we are able to inform the corporate actually does run tours. The margins for this tour enterprise are increased than most tour companies report - and given the accounts are clearly extra usually questionable I wouldn't put a lot retailer in its worth - however there is a few worth right here. Extra to the purpose there's an actual phone primarily based travel agent right here - one that doesn't current as a nationwide agent (the telephone is answered in Cantonese). However as there's a travel agent there might be some gross sales. We additionally have been shocked that some issues we discovered on Google and Baidu in Chinese language that have been extra supportive of this firm than most of this weblog put up.
Now awards are - by their nature - public and tourism awards are doubly promoted - so we thought we'd discover some references to those awards on the internet. Alas - there shouldn't be a single reference in Google to those awards with out the phrase “universal” in it. A Google Search which insists on the phrase “Annual Asian Tourism Golden Travel Awards” and the absence of the phrase “universal” presents no outcomes. We thought that the corporate might need made up the awards. However alas searches utilizing Chinese language characters pulled up just a few further references. We will discover a 16th annual award and a fifteenth annual award however no 14th annual award. The corporate claims a relationship with Priceline of their convention name. They declare that Priceline entered this to strengthen their place in China - and that 8000 hotels shall be out there for on-line booking by means of this relationship. We haven't discovered them. However then I encourage readers to fiddle with the web site and see in the event you get one thing higher. And if you're travelling in China and also you need to make use of their companies I'd love to listen to again from you. PS. Disclosure: when we discover one thing like this we are inclined to go brief. We stay true to tendency. Oh, and in retaining with the Lewis Carroll theme all through this weblog put up, if you're lengthy this I've a single piece of recommendation: “Beware the Jabberwock my son”.
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