Travel website Tuniu raises US$500m
Print Edition
NASDAQ-LISTED online travel booking site Tuniu said it raised US$500 million from investors led by e-commerce company JD and venture capital firm Sequoia Capital as well as Ctrip.
JD said it will purchase US$350 million worth of newly issued ordinary shares of Tuniu at US$5.33 per Class A ordinary share.
Nasdaq-listed JD will become Tuniu’s largest shareholder with around 27.5 percent of its outstanding shares after the deal, according to a joint statement yesterday.
The deal is set to close in the second quarter this year.
JD is seeking to strengthen its leisure travel business, hotel and air tickets booking services by collaborating strategically with Tuniu.
“We’ll collaborate with JD by leveraging its traffic and customer base to provide leisure travel products and enhance user experience,” said Yu Dunde, Tuniu’s co-founder and CEO.
Other subscribers to Tuniu’s newly issued shares include Hony Capital, DCM Ventures, Ctrip, Temasek Holdings and Sequoia Capital.
China’s online travel market soared 28 percent from a year ago to 279.8 billion yuan (US$45 billion) in 2014, and revenue may hit 498 billion yuan by 2017, said Analysys International.
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