Tongcheng Travel's subsidiary plans to acquire 100% equity of Beijing Tongcheng Travel Investment Group for 691 million yuan, further enriching the ecosystem of tourism-related businesses.
Intelligent Finance and Economics APP News: Tongcheng Travel has announced that its indirect wholly-owned subsidiary, eLong Net Information Technology (Beijing) Co., Ltd., and the sellers (Tongcheng Aviation Tourism and Suzhou Tiancheng) have entered into a share transfer agreement on October 20, 2023 (after trading hours). According to the agreement, the sellers have agreed to sell the target equity (100% equity of Beijing Tongcheng Travel Investment Group Co., Ltd.) to the investors for a total consideration of RMB 691 million. The announcement stated that the group is the market leader in China's online travel industry. The company has been actively seeking potential acquisition opportunities that align with its overall business strategy. Through this acquisition, the group's tourism-related business ecosystem can be further enriched. With the addition of more value-added travel products and services to the group's product portfolio, customer online time and stickiness can be increased, thereby helping to increase the average revenue per user of existing users. The company believes that this acquisition will enable the group to achieve greater economies of scale, consolidate its market-leading first-mover advantage, and further strengthen its market position in comprehensive travel products and services.
Intelligent Finance News APP: Tongcheng Travel (00780) has announced that its indirect wholly-owned subsidiary, eLong Net Information Technology (Beijing) Co., Ltd., and the sellers (Tongcheng Aviation Tourism and Suzhou Tiancheng) have entered into a share transfer agreement on October 20, 2023 (after trading hours). According to the agreement, the sellers have agreed to sell the target equity (100% equity of Beijing Tongcheng Travel Investment Group Co., Ltd.) to the investors for a total consideration of RMB 691 million.
The announcement stated that the group is the market leader in China's online travel industry. The company has been actively seeking potential acquisition opportunities that align with its overall business strategy. Through this acquisition, the group's tourism-related business ecosystem can be further enriched. With the addition of more value-added travel products and services to the group's portfolio, customer online time and stickiness can be increased, thereby helping to increase the average revenue per user of existing users. The company believes that this acquisition will enable the group to achieve greater economies of scale, consolidate its market-leading first-mover advantage, and further strengthen its market position in comprehensive travel products and services.
