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Travelport Gives Up Aoyou.com To CYTS
April 20, 2007 |
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Aoyou.com, a joint venture of CYTS and Travelport, has now become a wholly-owned company of CYTS with the withdrawal of Travelport from the venture.
According the agreement signed between CYTS and Travelport, China Youth Travel Service Hong Kong, a subsidiary of CYTS, will acquire all the 60% of stake that Travelport holds in Aoyou.com, which means that Travelport will no longer be a shareholder of Aoyou.com.
A representative from Aoyou.com has told local media that the disputes between Travelport and CYTS on the operation and management of Aoyou.com have long existed and Travelport has done little on Aoyou.com since Guo Xiaodong took the position as CEO. A principal from Aoyou.com says that after the stake transfer, CYTS will no doubt offer more support to Aoyou.com in travel resources, and in order to avoid direct competition with Ctrip.com and eLong, Aoyou will focus on developing "DIY Itineraries".
CYT's 2006 annual report shows Aoyou.com suffered losses of RMB28.36 million in 2006 and about RMB31.72 million in 2005. This may be one of the main reasons why Travelport wants to give up this service. Aoyou was launched in March 2005 by CYTS and Cendant International Travel Company, which was later renamed Travelport.
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