CTEH INC., the holding company of Tour East Holidays (Canada) Inc., together with its subsidiaries, collectively Tour East Group, recently reached a new milestone when it became the first Canadian travel company to be listed on the Main Board of the Hong Kong Stock Exchange under the Stock Code 1620.
The initial public offering (IPO) was a success, with the offer shares under Hong Kong public offering have been over-subscribed by almost 193 times.
Rita Pik Fong Tsang, chairperson and executive director, and Annie Shuk Fong Tsu, president, CEO and executive director, officially rang the ceremonial “gong” at the beginning of trading on June 28.
The final offer price was set at HK$0.36 per offer share and being sold in board lots of 10,000 shares.
“I’m humbled to think a company started by three Canadian university students in 1976 could rise to become a member of this world-renowned financial institution,” Tsang told a group of Hong Kong Stock Exchange executives, investors and employees of Tour East Group who were present for the listing ceremony in Hong Kong.
At a press conference afterwards, Tsu said Tour East Group chose the Hong Kong Stock Exchange to go public because of opportunities offered to companies in Asia Pacific and neighbouring China.
“China provides us with a great opportunity for expansion, and being based in Canada, we are best positioned to link Asian travellers with North America and the rest of the world.”