Chinese Online Travel Tongcheng-eLong Files for IPO in Hong Kong
Chinese online travel service provider Tongcheng-eLong backed by Tencent and Ctrip.com, has filed for IPO in Hong Kong. It is expected to raise between $1 billion to $1.5 billion in the IPO.
“Chinese Online Travel Tongcheng-eLong Files for IPO in Hong Kong”
The Tongcheng-eLong platform provides travel services, such as transportation ticketing, accommodation reservation and other value-added products. In 2017, it had 121.2 million monthly active users, revenue of $385 million (CNY 2.5 billion) and net profit of $30 million (CNY 194 million).
Tongcheng-eLong is formed in December 2017 through a merger of Tongcheng and eLong, founded in 2004 and 1999 respectively. In 2016, ELong with major investors including Expedia, was delisted on Nasdaq by Ctrip and Tencent.
In the IPO filing, the 2 biggest shareholders in Tongcheng-eLong are Tencent Holdings (24.92%), one of China’s largest technology company and Ctrip (22.88%), the largest online travel company in China and second largest in the world after USA-based Booking Holdings.
James Liang, co-founder and Executive Chairman of Ctrip and Zhixiang Wu, co-founder and President & CEO of Tongcheng Tourism serve as co-chairmen of Tongcheng-eLong. Heping Ma, co-founder of Tongcheng Tourism & President of Tongcheng Network and Hao Jiang, CEO of eLong are joint CEOs in Tongcheng-eLong.
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