With a total investment of US$50,000, the travel agency was separated from its parent company and had to take on the whole responsibility for its profit and loss from then on. Chen Xiangtao, once an official from the Shanghai Public Communications Bureau was assigned the post of general manager. In April 1928, it changed its name to China Travel Service (holdings) Co. Ltd. (abbreviated as CTS (holding)). The year 1931 was the heyday for the CTS, they won the right to deal in European train tickets for Chinese traveling overseas. In the same year CTS opened up more than 20 chain hostels around the country and its annual profits reached more than US$4 million.