HWH International Inc. ("HWH" or the "Company") (NASDAQ:HWH) is pleased to provide an update on the progress of a joint venture in its Hapi Travel business, in which HWH holds a 19% interest. HWH established this joint venture in April of 2024 with Mr. Chen Ziping, an experienced entrepreneur in the travel industry and Mr. Heng Fai Chan, HWH's Executive Chairman.
Hapi Travel Group and its partners have established HapiTravel Holding Pte. Ltd., a Wholly Owned Foreign Enterprise (WOFE) in Singapore to serve as a holding company for its China operations. This joint venture is focused on three key sectors:
- Education Tours: Organizing inbound and outbound educational tours for primary and secondary schools in China.
- Conference Tour Packages: Offering tailored travel solutions for institutions and group events.
- B2B Hotel Booking System: Providing an efficient platform for hotel bookings, catering to businesses.
During the first three quarters of 2024, this joint venture and its predecessors have collectively generated revenue exceeding US$18 million. Additionally, this joint venture has successfully established its educational tour business in Hong Kong through its subsidiary, Hapi Travel Hong Kong Ltd., and plans are underway to set up subsidiaries in Singapore and Malaysia. These initiatives aim to capitalize on the growing travel demand between China and the ASEAN region, as well as vice versa.
