Ctrip and Tencent Team Up for IPO to Back Emerging Chinese Travel Brand
Skift Take
It appeared several years ago that Ctrip had locked up the Chinese online travel market when it took control of Qunar and Elong, but that ship has sailed. The emergence of Meituan and now Tongcheng-Elong's initial public offering make it clear that many players will scramble for market leadership.
Two major players in the Chinese travel and technology industries, Tencent and Ctrip, teamed to execute an initial public offering for Tongcheng-Elong in Hong Kong that raised $160 million in net proceeds.
Tongcheng-Elong, which cited iResearch figures showing it had the third highest gross bookings in Chinese online travel in 2017, said it will use the proceeds from the public offering to expand its product and services, increase marketing
