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Company CEO Jiangping Jiang said, "We believe the decision to implement a reverse stock split is in the best interest of our company and our shareholders, as we prepare to apply to have our shares listed on a major stock exchange."
As a result of the reverse split, owners of the company's common stock will receive one new share of Universal Travel Group common stock in exchange for every three shares of Universal Travel Group common stock they own.
Shenzhen, China-based Universal Travel Group is engaged in providing reservation, booking, and domestic and international travel and tourism services throughout the PRC via the internet and through customer representatives.
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