The China Securities Regulatory Commission (CSRC) granted approval to China International Travel Service Corporation Limited for an initial public offering (IPO) on the Shanghai Stock Exchange, the securities regulator said Monday.

The company will sell up to 220 million shares to raise about 1.7 billion yuan (248.9 million U.S. dollars) for expansion of travel network and duty free shops, according to its prospectus.

Net profits of the company in 2008 totaled 221.23 million yuan, compared with net profits of 217 million yuan in 2007.

Before the IPO, the China International Travel Service Group, the parent company, held 84.62 percent-stake and the Shenzhen Overseas Chinese Town Holding Co. took the other 15.38 percent.

After the IPO, the China International Travel Service Group will hold at least 61.35 percent of the listing vehicle.

(Xinhua News Agency July 21, 2009)