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Chinese online travel companies face intense competition and they are hot, with many turn to U.S. stock markets to raise funds to grow.
Tuniu Corporation, a Chinese online leisure travel company, launched an initial public offering (IPO) May 9 on the Nasdaq market and raised about $72 million.
The company, based in Nanjing, said the funds raised will be mainly used to increase the number of departure locations and service centers, improve mobile services, as well as research and development.
Donald Yu (Dunde Yu), co-founder and chief executive officer of Tuniu, said China’s tourism industry features rapid growth of overseas travel, transformation from PC to mobile devices, and higher expenditure of individual trips, areas in which Tuniu has developed advantages.