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. The CTS halted its travel service during the War of Resistance against Japan (1937–45) but was unable to recover after the communist revolution in 1949. Along with the management of the Shanghai Commercial and Savings Bank, the CTS evacuated to Taiwan, but was unable to resume operations. It declared bankruptcy in Taipei in July 1954 and retreated from the arena, but its epoch-making contribution to the Chinese Tourism Industry is still dwelt upon with great relish. The mainland assets of the CTS were seized by Communist authorities, and today its successor is one of the state-owned large-scale lead enterprises managed by the State-owned Assets Supervision and Administration Commission of the State Council. The core business of CTS (holdings) includes travel, industry invests (steel and iron), the related real estate development and distribution trade. The Three Musketeers K. P. Chen cultivated close relationships with Li Ming (founder and CEO of Chekiang Industrial Bank and Chairman of the Shanghai Bankers Association), and Chang Kia-ngau who like he was, represented a new generation of modern bankers. Half of his initial capital for the Shanghai Commercial and Savings Bank came from Li's sources. In 1916, both K. P. Chen and Li Ming stood up for Chang Kia-ngau and accused the government of wrongfully issuing the order when Chang's Bank of China's Shanghai office got into trouble for refusing to obey the governments order to suspend banknote remittance. After this incident, the Bank of China was able to assert its independence from the Yuan Shih-k'ai regime in Peking and started nearly two decades of tremendous growth as China's largest private bank. K. P. Chen initially became close to Chang Kia-ngau when he became a private financial consultant to the Bank of China at the time between leaving the Kiangsu Provincial Bank and the founding of the Shanghai Commercial and Savings Bank. Probably because of his tiny initial capital, K. P. Chen received a long term interbank deposit of 50,000 Yuan from Chang Kia-ngau's Bank of China as reserve capital encouraging close cooperation