Bravo Transport Services Limited (匯達交通服務有限公司) is a transport agency currently owned by an international consortium led by Templewater Bravo Holdings Limited which currently holds a full interest in Citybus and previously held a full interest in New World First Bus.
Templewater Bravo Holdings Limited is a subsidiary of Templewater, a private equity investment company, which is a joint venture between Investec Bank plc of South Africa and Cliff Zhang (張堃), a Chinese businessman who once worked for the Chow Tai Fook Group, a subsidiary of the Cheng family, which controls the NWS group. Zhang had previously worked for the Chow Tai Fook Group, a subsidiary of the Cheng family, which controls the NWS group[1] and was also a shareholder of NWS Transport Services in its early years. Other members of the international consortium include Hong Kong-listed Hans Energy and UK-based transport investment and consultancy firm Ascendal Group, which now operates bus services in Cambridgeshire, UK, and whose founder, Adam Leishman, also co-founded Tower Transit, which now operates bus services in the UK and Singapore.
History[]
Founding of New World First Bus[]
NWS Limited was incorporated in the Cayman Islands in April 1997 to manage the transport and service sector organisations under the New World Development Company Limited, including the New World First Bus Services Limited (NWFB). In March of the following year, NWFB successfully bid for the franchises of 88 bus routes on Hong Kong Island, and commenced service on 1 September of the same year[2] and engaged in a large-scale competition with Citybus, then owned by Stagecoach, which lasted for nearly five years.
On 21 October 2002, NWD announced a group restructuring involving Pacific Ports, NWI and NWS. Pacific Ports acquired NWI's traditional infrastructure business and purchased the entire shareholding of NWS from NWD[3]. Pacific Ports also obtained shareholders' approval to change its name to "NWS Holdings Limited" and the reorganisation was completed on 29 January 2003.
Acquiring Citybus[]
In June 2003, Chow Tai Fook Enterprises Limited (CTF), a private company owned by the Cheng family and the majority shareholder of NWD, acquired Citybus from Stagecoach at a cost of HK$2.2 billion, ending a decade-long "warring states era in the bus service industry" on Hong Kong Island. Chow Tai Fook also announced that it is considering the possibility of co-operation between Citybus and NWFB to examine how to achieve synergies in terms of management structure, operations and human resources. As the above commercial transaction only involves a change of shareholders of Citybus and does not involve any transfer or disposal of Citybus' franchise, a government approval was not required.
In order to enhance the overall operational efficiency of the transport business and to allow for the integration of management resources, NWS Holdings and Chow Tai Fook Enterprises announced the formation of a 50/50 joint venture called "Merryhill Group Limited" on 9 December 2003. Citybus and NWFB became the public transport operators under the Merryhill Group. The two bus companies remained as two separate legal entities and continued to operate under separate franchises, each maintaining its existing route network and fleet.
Since then, Citybus and NWFB have finally become one family, transforming from competitors to strategic partners. In fact, one month prior to the restructuring, the two bus companies entered into an agreement on 12 November for Citybus to purchase 10 single-decker buses (Dennis Darts), which are on average about 12 years old, from NWFB at a price of about HK$1.7 million. On 8 December, the two bus companies entered into another agreement under which Citybus purchased from NWFB nine double-deck buses (Dennis Tridents) with an average age of about 18 months at a price of about HK$16.8 million.
NWFB and Citybus Resource Consolidation[]
Logo of NWS Transport
The Merryhill Group Ltd was formally established on 9 March 2004 and renamed as NWS Transport Services Ltd on 14 December. The two bus companies took advantage of this restructuring to reallocate management resources, launching a Voluntary Departure Scheme (VDS) at the beginning of the year, with staff joining the VDS gradually leaving the company from February onwards; the two bus companies implemented a number of route reorganisations during the year, with bus stops that used to be named individually being given the same name in 2008, and their websites merging into one on 29 April 2008. The two companies also launched a new bus route reorganisation programme in 2008, with a view to improving the quality of service provided by the company and the company's services.
NWS Holdings acquired a 50% stake in NWS Transport Services from Chow Tai Fook Enterprises in November 2016 for a total consideration of HK$1.38 billion. Currently, NWS Holdings wholly owns the Citybus, NWFB, NWFF and travel related businesses held by NWS Transport Services. According to the Group's announcement, NWS's acquisition of the relevant businesses will help establish its market position and enable the Group to fully capitalise on the business results.
In addition to the well-known NWFB and Citybus, NWS has held a 20% stake in Kwoon Chung Bus Holdings Limited since 1999; after selling the majority of its shares to Wong Leung Pak, the Group's Chief Executive Officer and Executive Director, in April 2014, it is now left with only a 0.59% interest.
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NWS Holdings announced on 21 August 2020 the disposal of the Citybus and NWFB businesses to Bravo Transport Holdings Limited for a cash consideration of $3.2 billion, with the purchasers being Templewater Bravo Holdings Limited, Hans Energy and Ascendal Group Limited's a joint venture between Templewater Bravo Holdings Limited, Hans Energy and Ascendal Group Limited, which hold approximately 90.8%, 8.6% and 0.6% interests respectively. According to NWS, the background, experience and business intention of the Purchaser were taken into account in the decision-making process for the disposal. The Purchaser is committed to working with the management and staff of NWFB and Citybus to maintain their excellent service and to utilise the experience of the Purchaser and its shareholders in the international market to further develop the business of NWFB and Citybus.
Following the disposal, NWS will no longer hold any equity interest in NWFB and Citybus and the net proceeds was used as general working capital for the Group. There was changes to the board of directors of NWFB and Citybus, with NWS Group Chief Executive Officer Mr Ma Siu Cheung and three existing members of the management of NWFB and Citybus, including Managing Director Mr William Chung Chak Man, Director of Human Resources and Finance Mr Ng Chi-kwong, and Director of Engineering Mr Lee Kwong-wai, retaining their positions on the boards.
The commercial transaction only involves a change of shareholders of the holding companies of NWFB and Citybus and does not involve any transfer or disposal of their franchises, and therefore does not require the approval of the Chief Executive in Council. The Government is of the view that the subsidiaries of Ascendal Bravo Ltd., a shareholder in the group involved in the commercial transaction, also have experience in operating buses in the United Kingdom and Singapore. It is hoped that the franchised bus service providers will actively promote the enhancement of the quality of franchised bus services in the future, and will co-operate with the implementation of the Government's policy on franchised bus services as well as the various measures for improving the quality and safety of franchised bus services.
The completion of the relevant share transfers on 15 October 2020 represents the completion of the acquisition of the entire interests in NWS, NWFB and Citybus by the new shareholders. There were no plans to change the names of NWFB and Citybus at that time.
Renaming of Holding Company and Announcement of New Tagline[]
In response to the completion of the share transfer on 15 October 2020, a circular was issued on 28 October 2020 announcing the change of the English name to Bravo Transport Services Limited and the Chinese name to 匯達交通服務有限公司. At the same time, the management proposed three new holding company logos for employees to vote on. On 9 November 2020, the results of the voting were announced. Starting from November 2020, the two bus companies gradually removed the "Member of NWS Holdings" lettering from their fleets, both inside and outside the buses, while some buses with full-body advertisements were covered with white tape to hide the lettering.
Bravo Transport said that the Chinese character "匯" has the meaning of gathering people from all walks of life, and the Chinese character "達" means arriving at a destination, and therefore the Chinese word "匯達" means that gathering passengers from different places and getting them to their destinations safely through a comfortable bus journey; whereas "Bravo" has the meaning of remarkable achievements, symbolising the excellent management and operations of NWFB and Citybus. The diagonal shape of the letters A and V adds vigour and dynamism to the brand, in keeping with the identity of the transport industry. The arrow in logo B incorporates the arrow of the Citybus logo, while the direction is shifted to the right to represent vision and progress. The logo is colourful, as Hong Kong is a city of colours, always shining and always surprising. The brightly lit streets are lined with neon tubes, which reflect the colours of each other and make a beautiful picture of Hong Kong's bustling city. According to the company, this is the same concept as the logo, which is unique and iconic. The different tones and gradations of colour on the logo give the brand a fluid and lively life, reminiscent of the transport industry. The lines that make up the letters of Bravo represent the roads, the neon lights that light up the streets of Hong Kong are colourful, and the different colours represent Hong Kong's various modes of public transport:
- Purple and orange represent NWFB, while purple is a symbol of loyalty, strength and abundance;
- Green represents the ferries that ply the Victoria Harbour day and night as well as New Territories taxis, and it also symbolises the mountainous landscape of Hong Kong, which has nurtured the city's legacy;
- Blue is Hong Kong's most distinctive colour, with the blue sky illuminating the Victoria Harbour, and through the glass walls of the skyscrapers, images are projected onto every corner of the city and nature blends with the modern city, bringing a sense of calm;
- Yellow is a symbol of the public light buses that run through the streets of Hong Kong, which are still orderly in the midst of the hustle and bustle, and are a reflection of the life of Hong Kong people. Yellow is also a common colour for street food in Hong Kong.
One of the themed buses with Bravo Transport staff and brand stories
On 29 July 2021, Bravo Transport held an opening ceremony at Ocean Park Depot and announced the new tagline - "Connecting people and our city" (彼此連城一線). The first 10 themed buses with Bravo Transport staff and brand stories, the company stated that they would showcase its new image combining sincerity, professionalism and energy. These buses began serving on Citybus Route 1, and another 40 themed buses operated on different locations to reach the aim of "connecting with the community and the city". [4]
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On 3 December 2021, Bravo Transport announced that one of its major shareholders, Hans Energy, intends to purchase 7% of the shares of Bravo Transport Holdings Limited (the parent company of Bravo Transport) from Templewater Bravo Holdings and Ascendal Group. Upon completion of the transaction, Templewater Bravo Holdings will hold approximately 83.9% of the shares in Bravo Transport Holdings, Hans Energy will hold approximately 15.56% of the shares in Bravo Transport Holdings and Ascendal Group will hold approximately 0.54% of the shares in Bravo Transport Holdings.
Current subsidiaries[]
Citybus Limited[]
- The main article of this section is Citybus.
Chow Tai Fook Enterprises, the majority shareholder of NWD, acquired Citybus from Stagecoach in June 2003. Half a year later, NWS Holdings and Chow Tai Fook Enterprises set up "Merryhill Group Ltd", and Citybus and NWFB had since come under the management of NWS Holdings.
New World First Bus Services Limited (NWFB)[]
- The main article of this section is New World First Bus.
In early 1998, New World First Bus Services Limited (NWFB) was formally established as a joint venture between New World and FirstGroup plc, the largest ground transport operator in the United Kingdom, to operate bus services on Hong Kong Island. With New World Development Company Limited holding 74% of the shares and Group One holding the remaining 26%, Group One sold its 26% shareholding in NWFB to New World at the end of 2000, and although the company name has retained the words "First" and "第一", NWFB has no longer been associated with FirstGroup One since then. After NWFB changed its owner again in 2020, although NWFB is no longer related to New World, the new shareholder had indicated that it has no intention to change its name for that time being.
NWFB's bus operations ceased in July 2023 as a result of the merger of its franchise with Citybus, with the company's only remaining business thereafter being the hiring of staff on behalf of Citybus who have not been transferred to the latter.
Bravo Media Limited[]
- The main article of this section is Bravo Media.
Established on 28 October 2021, Bravo Media Limited, officially known as "匯達傳媒" in Chinese, is a wholly-owned subsidiary of Roadshow. Bravo Media is a wholly-owned subsidiary of WiderTransport. The company was actually restructured after Bravo Transport took over Roadshow, with most of its staff being transferred from Roadshow, and it continues to use Roadshow's office address and telephone number.
Bravo Media took over from RoadShow with effect from 1 November of the same year until 30 June 2023 as the exclusive franchisee of exterior and interior advertising for NWFB and Citybus.
Past subsidiaries[]
The following subsidiaries are currently held by NWS Holdings Group, or has already sold or shut down.
Kwoon Chung Bus Holdings Limited[]
- The main article of this section is Kwoon Chung Bus.
In September 1999, First Action Developments Limited, a subsidiary of the NWS Group, acquired a 20% stake (currently 29.90%) in the Kwoon Chung Bus Group and became a major shareholder of the Kwoon Chung Bus Group, together with the three brothers, Wong Chung Pak, Leung Pak and Wing Pak (黃松柏、良柏、榮柏), who currently hold a total of 31.88% of the shares. This interest was transferred with NWFB to Merryhill Group Limited in March 2004 and was subsequently renamed as NWS Transport Services.
In April 2014, NWS Holdings disposed of the majority of its shareholding to Wong Leung Pak, leaving it with a 0.59% shareholding.
New World First Ferry Services Limited (NWFF)[]
Keen to diversify its transport business, NWS established the New World First Ferry Services Limited (NWFF) in early November 1999 to enhance the cost-effectiveness of the management and operation of its transport division. Subsequently, NWFF was granted by the Transport Department (TD) the right to operate Yaumati Ferry's eight outlying island and inner-harbour ferry routes and on 15 January 2000, NWFF officially commenced service.
NWFF had also operated sailings between China Ferry Terminal and Macau through its subsidiary, New World First Ferry Services (Macau) Limited (NWFF (Macau)). The entire shareholding of NWFF (Macau), including its fleet of high-speed passenger vessels and the Hong Kong-Macau route concession granted by the Macao SAR Government, was acquired by Shun Tak China Travel Service Management Company Limited in August 2011 at a cost of $350 million and merged into the "TurboJet" brand name.
On 4 May 2020, Chu Kong Passenger Transport (CKPT) acquired a 60% equity interest in NWFF, with a total value of HK$203.28 million, and became a direct, non-wholly owned subsidiary of CKPT, which was financed by CKPT's internal resources. The related acquisition was financed by CKPT's internal resources. The transaction was completed on 18 May.
On 4 December 2020, Chu Kong Passenger Transport further acquired the remaining 40% equity interest in NWFF . The company's registered name was then changed to Sun Ferry Services Limited (新渡輪服務有限公司) in late 2020, along with a new logo in light blue.
At the time of disposal, NWFF was the largest ferry operator in Hong Kong operating the following routes:
- Central - Cheung Chau Route
- Central - Mui Wo Route
- Inter-Islands Ferry Route between (Peng Chau - Mui Wo - Chi Ma Wan - Cheung Chau)
- North Point to Hung Hom Route
- North Point to Kowloon City Route
- North Point to Joss Bay (Tai Miu Wan) Route (only available on 22nd and 23rd March of the Lunar Calendar)
New World First Bus (China) Services Limited[]
New World First Travel Services Limited[]
New World First Travel Services Limited (新世界第一旅遊有限公司, NWFTS) was incorporated on 23 January 2002 and commenced its services in 2003. NWFTS provides a wide range of travel services, sightseeing boat rentals and other travel products, such as Macau tour packages, for travellers visiting Hong Kong, Macau and Mainland China. It also operated two Dennis Condor double-deck open-top non-franchised buses (Passenger Service Licence (PSL) No. 11419A) for a short period of time (resold to Citybus in 2004).
The company was operating under Travel Agent Licence No. 352589, which expired on 15 January 2012 and has not been renewed.
New World First Holdings Limited[]
New World First Holdings Limited (新世界第一控股有限公司, NWFH) was originally wholly owned by NWS and held all the interests in all public transport service businesses within the NWS group at that time, i.e. the direct parent company of NWFB, NWFF, etc. as well as holding shares in the Kwoon Chung Group. When NWS and Chow Tai Fook entered into a joint venture to form Merryhill in 2003, NWS's interest in NWFH was transferred to the new company but NWS would have regained its interest in NWFH by no later than 2020. Currently, the company is still the trademark registrant and owner of NWFB, NWFF and Rickshaw Sightseeing Bus, etc. Therefore, NWFB and NWFF would need to pay NWFH trademark royalties after delinking from NWS in order to continue to operate under their original trademarks, or they will need to find a new trademark and name after the expiry of the agreement. Otherwise, they will have to find another trademark and name after the expiry of the agreement. As for Citybus, which used to be under the same NWS umbrella, its trademarks (including Cityflyer, etc.) have all along been owned by Citybus itself.
Gallery[]
Company logo on Electronic destination signs[]
Stories of Bravo Transport Staff and Branding[]
_advertisment_22-08-2021.JPG "8435 CTB 90B with Bravo staff(Gordon) advertisment 22-08-2021.JPG (3.68 MB)")
Other:
_advertisment_22-09-2021.JPG "8399 CTB 5X with Bravo staff(Koey) advertisment 22-09-2021.JPG (2.68 MB)")
Other:
_advertisment_13-02-2022.JPG "NWFB 5592 with Bravo staff(Linda) advertisment 13-02-2022.JPG (2.15 MB)")
Other:
Other:
_advertisment_22-04-2022.JPG "8396 CTB 606 back side with Bravo staff(Alan) advertisment 22-04-2022.JPG (2.19 MB)")
Other:
_advertisment_02-04-2022.JPG "8351 CTB 77 with Bravo staff(Ka Wing) advertisment 02-04-2022.JPG (2.44 MB)")
Other:
_advertisment_15-05-2022.JPG "8392 CTB 1 with Bravo staff(Yoyo) advertisment 15-05-2022.JPG (2.89 MB)")
Other:
Other:
_11-01-2022.JPG "8338 CTB 182(Back side with Bravo advertisment) 11-01-2022.JPG (2.83 MB)")
_20-01-2022.JPG "8448 CTB 107(Back side with Bravo advertisment) 20-01-2022.JPG (2.4 MB)")
Others[]
_advertisment_01-03-2022.JPG "NWFB 5235 with Bravo fight the virus(COVID-19) advertisment 01-03-2022.JPG (2.74 MB)")
References[]
- ↑ 與鄭氏家族關係密切 張堃接貨減爭議 (Cliff Zhang which has close ties with Cheng family takes over bus business, reducing disputes ), Apple Daily, 24 Aug 2020.
- ↑ 新創建集團業務里程碑，1998年, NWS Holdings website.
- ↑ 向前飛躍、實踐宏圖 新世界集團重組獲獨立股東通過, NWD Website, 12 Dec 2002.
- ↑ Bravo Transport Services Limited, "Bravo Unveils New Brand Tagline “Connecting People and Our City”" [News Release], 29 July 2021.
Related Articles[]
External Links[]
Bravo, Bravo Transport Services Limited, NWS, NWS Holdings, NWFB and Citybus Resource Consolidation, Chow Tai Fook and Chow Tai Fook Enterprises
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