Travel Site 17u Considers ChiNext IPO

Sohu IT, 5/14/12

Chinese travel site 17u.cn announced today that it has received all of a RMB eight-figure investment from Tencent (0700.HK) and has begun IPO preparations, with a goal of listing on the ChiNext board.

17u.cn CEO Wu Zhixiang said that Tencent would hold less than 30% of 17u.cn following the investment, and that the company's management team continued to hold a controlling share of the company.

"After the investment, Tencent will use 17u.cn as its primary partner for air ticketing services, and will use eLong (Nasdaq: LONG) as its primary partner for hotel services," Wu said. "17u.cn will connect its services to Tencent B2B2C platform QQ Buy and Tencent's travel channel. 17u.cn is also working with Suning's (002024.SZ) e-commerce subsidiary Suning Yigou (Suning.com) and other e-commerce partners."

Editor's Note: For more information on this topic, please see "Rumor: Tencent Acquires 30% Stake in Travel Site," MD 1/13/11 issue.

Keywords: funding Wu Zhixiang hotel Internet IPO Tencent 0700.HK ChiNext 17u.cn online travel online ticketing

Feedback

Sending

Disclaimer

The information contained in this newsletter is based upon sources that Marbridge Consulting believes to be reliable, and we have made every effort to translate the original articles or article excerpts as faithfully as possible. However, Marbridge Consulting makes no warranty of and assumes no legal responsibility for the accuracy of either the original source material or the English language translations.

Marbridge Daily