Tongcheng-Elong reportedly set for IPO this year
Ctrip-backed travel company Tongcheng-Elong Holdings Ltd is reportedly prepping for an initial public offering for this year which could net the company as much as $1.5 billion.
The Wall Street Journal, citing unnamed sources, says it will list in Hong Kong in the second half of 2018.
Tongcheng-Elong is also heavily backed by internet giant Tencent Holdings.
Tencent and Ctrip owned a combined 45% of Tongcheng-Elong.
Tongcheng-Elong was formed in a recent merger between the two online travel companies, and Elong was previously listed on the Nasdaq.
Elong’s specialism is in accommodations, while Tongcheng offers flight tickets and and travel tours, as well as hotels.
A large proportion of Tongcheng-Elong’s customers are funnelled via Tencent’s social-media apps WeChat and QQ.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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