Utour buys 5.5% stake in Qyer for US$25m
Print Edition
SHENZHEN-LISTED Utour said yesterday that it invested US$25 million for a 5.5 percent stake in Qyer, an online tourism community targeting Chinese cross-border travelers.
Qyer’s latest round of financing netted US$57 million, and its other investors include Alibaba, one of the top-three Chinese dot-coms, according to Utour’s statement to the Shenzhen Stock Exchange.
After the financing, Qyer’s valuation is estimated at 3 billion yuan (US$458 million). It has 60 million registered users and 300 global communities including restaurants, hotels, car rental agencies that FITs (free and independent travelers) find useful in planning for their trips.
The business is flourishing in China as it taps the rising consumption power and relaxed visa policies for Chinese nationals.
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