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Hong Kong’s Hong Thai Travel winds up; Connexus Travel plans restructure

Hong Kong’s lengthy travel and tourism disruption has claimed another corporate victim – the 58-year-old Hong Thai Travel, whose parent company Caissa Tosun Development Co. in Shenzhen announced its liquidation on October 28.

Hong Thai Travel’s departure from the industry follows another shocking closure of Morning Star Travel earlier this year.

The decision came to light after all six branches of Hong Thai Travel were suddenly shut down on October 26. A notice issued by Caissa Tosun Development Co. stated that the company is unable to repay its debts due to dwindling profits resulting from the pandemic.

As of June 30, 2022, Hong Thai Travel’s negative asset stood at $68 million yuan (US$9.3 million) while income for the first six months of 2022 was $10 million yuan.

Hong Thai Travel’s closure has triggered alarm among Hong Kong’s travel and tourism trade, who fear that more companies could go bust in the coming months as the government has no clear timelines for Hong Kong’s removal of all Covid-19 restrictions and reopening of China’s borders.

Blue Sky Travel, managing director, Angela Ng, told TTG Asia : “It’s heartbreaking to see Hong Thai Travel go.”

She added that its closure serve as a warning to other agencies in Hong Kong.

“It’s lucky if agents can survive today,” she remarked, adding that Hong Kong’s 0+3 travel measure serves little benefit to motivate arrivals.

The 0+3 arrangement requires inbound travellers to undergo daily medical surveillance for the three days of arrival, which comprises daily RAT/ARTs and a PCR test on the second day, followed by a further five days of self-monitoring with daily RAT/ARTs and PCR tests on the fourth and sixth day.

“Furthermore, with the establishment of TIA , agents have to comply with more formalities and (regulations),” Ng said.

The industry is now watching the development of Connexus Travel, another important industry player that has laid off most of its staff and awaiting a restructure.

In a letter issued to clients in September that TTG Asia got to see, Connexus Travel said the decision “to scale down our operation during these uncertain times” was due to “a host of quarantine and travel restrictions in the last few years” and recovery that is “still beset with difficulties”.

A former employee with Connexus Travel told TTG Asia that a new CEO would take over in December to explore and set a new business direction for the company.

Connexus Travel’s former CEO, Gloria Slethaug, has recently joined Greater Bay Airlines as general manager for marketing & sales.

Connexus Travel was formed in 2017, following  Swire Travel’s acquisition by KWG Property Holdings. It later took over another established agency, Jardine Travel , in 2020.

According to Travel Industry Authority, Connexus Travel’s licence will expire after January 31, 2023.

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Chinese parent company approves insolvency of hong thai travel services ltd and initiates voluntary liquidation.

28th October 2022 – (Hong Kong) Hong Thai Travel Services   has suspended retail operations across the board, and recently it was rumoured that it is facing liquidation. However, Hong Thai refuted and said that it is temporarily operating at “minimised costs”.

However, Hong Thai’s mainland parent company issued an announcement today (28th) that the board of directors had held its second meeting yesterday (27th). It approved Hong Thai’s insolvency and initiated voluntary liquidation procedure. Its mainland parent company, Caissa Tosun Development today issued “Announcement on the “Subsidiary’s Proposed Application for Voluntary Liquidation”, referring to the company’s 2nd meeting of the 10th Board of Directors yesterday, which reviewed and approved its “Subsidiary’s Proposed Application for Voluntary Liquidation”.

The board of directors agreed that the subsidiary Hong Thai Travel Services Ltd. should initiate the automatic liquidation procedure due to insolvency, and at the same time authorised the management to organise and implement the specific matters related to the bankruptcy and liquidation of Hong Thai Travel Services Ltd within the scope permitted by laws and regulations.

The announcement also mentioned the latest financial data of Hong Thai Travel Services Ltd. As of 31st December last year, the company’s total assets were 14.3277 million RMB (about HK$15.6644 million), and its net assets were -63.6167 million RMB (approximately -HK$69,552,000) in 2021, the operating income in 2021 was 20,161,200 RMB (approximately HK$22,042,200), and the audited net profit was -79,544,000 RMB (approximately -HK$86,965,300). As of 30th June this year, the company’s total assets were 972,700 RMB(about HK$1,063,500), and its net assets were -68,134,500 RMB (about -HK$74,491,300). From January to June this year, the operating income was 10.0355 million RMB (about HK$10.9658 million), and the unaudited net profit was -4.6927 million RMB (about -HK$5.1305 million).

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Hong Thai halts branch services to cut costs

Greater China

Hong Thai Travel Services Branches in Hong Kong (CLOSED)

Hong Thai Travel Services has a total of 16 branches in Hong Kong, one of which is located at Cityplaza shopping centre (18 Taikoo Shing Road). (UPDATE 2023: THE OUTLETS HAVE CLOSED)

With a wide range of travel related products available, Hong Thai Travel Services is one of the leading travel agents in Hong Kong.

From the company, you can choose from a diverse variety of high quality travel services, including tours, packages, reservations of plane tickets, hotel accommodation, cruise vacations, visa applications, and purchases of travel insurance.

Hong Thai Travel Services Branch Locations in Hong Kong (UPDATE 2023: THE OUTLETS HAVE CLOSED)

Hong Thai Travel Services Cityplaza 18 Taikoo Shing Road, Shop 061, G/F, Phase II, Cityplaza Taikoo Shing, Hong Kong Hours (Tour): Monday-Sunday 11am-8pm Hours (Ticket and Hotel): Monday-Friday 11am-8pm, Saturday 11am-7pm www.hongthai.com

Hong Thai Travel Services Head Office 95 Queensway, 5/F, United Centre Central, Hong Kong Hours (Tour): Monday-Friday 9am-8pm, Saturday 9am-6pm Hours (Ticket and Hotel): Monday-Friday 10am-7pm, Saturday 10am-6pm Hours (Cruise): Monday-Friday 10am-7pm, Saturday 10am-6pm www.hongthai.com

Hong Thai Travel Services Hang Lung Centre, Causeway Bay 2-20 Paterson Street, Room 603-605, Hang Lung Centre Causeway Bay, Hong Kong Hours (Tour): Monday-Saturday 10am-8:30pm, Sunday 10am-8pm Hours (Ticket and Hotel): Monday-Saturday 11am-8pm, Sunday 11am-7pm Hours (Cruise): Monday-Friday 10am-7pm, Saturday 10am-6pm, Sunday 10am-5pm www.hongthai.com

Hong Thai Travel Services Wing Lung Bank Centre, Mongkok 636 Nathan Road, Room 301-3, Wing Lung Bank Centre Mongkok, Kowloon, Hong Kong Hours (Tour): Monday-Saturday 10am-8:30pm, Sunday 10am-8pm Hours (Ticket and Hotel): Monday-Saturday 11am-8pm, Sunday 11am-7pm Hours (Cruise): Monday-Friday 10am-7pm, Saturday 10am-6pm, Sunday 10am-5pm www.hongthai.com

Hong Thai Travel Services Far East Consortium Building, Jordan 204-206 Nathan Road, Rm 101-106, 1/F, Far East Consortium Building Jordan, Kowloon, Hong Kong Hours (Tour): Monday-Friday 10am-7pm, Saturday 11am-7pm www.hongthai.com

Hong Thai Travel Services Ma Tau Wai Road, Hung Hom 88-94 Ma Tau Wai Road, Shop I, G/F, Greenland Court Hung Hom, Kowloon, Hong Kong Hours (Tour): Monday-Friday 11am-8pm, Saturday 11am-7pm www.hongthai.com

Hong Thai Travel Services Telford Plaza, Kowloon Bay 33 Wai Yip Street, Shop 616, 6/F, Telford Plaza II, Level 6 Kowloon Bay, Kowloon, Hong Kong Hours (Tour): Monday-Sunday 11am-8pm Hours (Ticket and Hotel): Monday-Friday 11am-8pm, Saturday 11am-7pm www.hongthai.com

Hong Thai Travel Services Kwun Tong Plaza, Kwun Tong 68 Hoi Yuen Rd, Room 103-4, 1/F, Kwun Tong Plaza Kwun Tong, Kowloon, Hong Kong Hours (Tour): Monday-Saturday 10am-8pm, Sunday 11am-7pm Hours (Ticket and Hotel): Monday-Friday 11am-8pm, Saturday 11am-7pm www.hongthai.com

Hong Thai Travel Services Tuen Mun Town Plaza, Tuen Mun 1 Tuen Shun Street, Shop No. 2090-2091, 2/F, Phase I, Tuen Mun Town Plaza Tuen Mun, New Territories, Hong Kong Hours (Tour): Monday-Saturday 10:30am-8:30pm, Sunday 10am-8pm Hours (Ticket and Hotel): Monday-Saturday 11am-8pm, Sunday 11am-6pm www.hongthai.com

Hong Thai Travel Services Yuen Long Trade Centre, Yuen Long Wang Yip St W, Shop 601, 6/F, Yuen Long Trade Centre Yuen Long, New Territories, Hong Kong Hours (Tour): Monday-Sunday 11am-8pm Hours (Ticket and Hotel): Monday-Friday 11am-8pm, Saturday 11am-7pm www.hongthai.com

Hong Thai Travel Services Tai Po Mega Mall, Tai Po 8 On Pong Rd, Shop 549-550, Level 1, Zone C, Tai Po Mega Mall Tai Po, New Territories, Hong Kong Hours (Tour): Monday-Friday 11am-8pm, Saturday 11am-7pm, Sunday 12noon-7pm Hours (Ticket and Hotel): Monday-Friday 11am-8pm, Saturday 11am-7pm www.hongthai.com

Hong Thai Travel Services Landmark North, Sheung Shui 39 Lung Sum Ave, Shop 511, Level 5, Landmark North Sheung Shui, New Territories, Hong Kong Hours (Tour): Monday-Sunday 10am-8pm Hours (Ticket and Hotel): Monday-Friday 11am-8pm, Saturday 11am-7pm www.hongthai.com

Hong Thai Travel Services Nan Fung Centre, Tsuen Wan 264 Castle Peak Rd, Room 619, Nan Fung Centre Tsuen Wan, New Territories, Hong Kong Hours (Tour): Monday-Sunday 10am-8pm Hours (Ticket and Hotel): Monday-Saturday 11am-8pm, Sunday 11am-7pm www.hongthai.com

Hong Thai Travel Services Metroplaza, Kwai Fong 223 Hing Fong Rd, Shop 142B, Level 1, Metroplaza Kwai Fong, New Territories, Hong Kong Hours (Tour): Monday-Sunday 11am-8pm www.hongthai.com

Hong Thai Travel Services CityLink Plaza, Shatin 1 Sha Tin Station Circuit, Shop No. 709, Level 7, CityLink Plaza Shatin, New Territories, Hong Kong Hours (Tour): Monday-Saturday 10am-8:30pm, Sunday 10am-8pm Hours (Ticket and Hotel): Monday-Saturday 11am-8pm, Sunday 11am-7pm Hours (Cruise): Monday-Friday 10am-7pm, Saturday 10am-6pm, Sunday 10am-5pm www.hongthai.com

Hong Thai Travel Services East Point City, Tseung Kwan O 8 Chung Wa Road, Shop 208a, 2/F, East Point City Tseung Kwan O, New Territories, Hong Kong Hours (Tour): Monday-Sunday 11am-8pm Hours (Ticket and Hotel): Monday-Friday 11am-8pm, Saturday 11am-7pm www.hongthai.com

The official Hong Thai Travel Services Facebook brand page is located at www.facebook.com/hongthaitravel.

Following the company’s Facebook page, you’ll stay up to date on their latest promotions, travel packages, destination highlights, and much more.