Fosun Venture, CDH Lead $16.3M Round In Lailaihui.Com

Beijing-based discount tourism online booking portal Lailaihui.com has received RMB100 million (US$16.3 million) series B financing from Fosun Group’s venture capital arm Fosun Venture Capital Investment and CDH Investments, according to Chinese news reports.

The company previously received several millions U.S. dollars series A financing from CDH Investment and Unity Ventures.

Founded in 2013, Lailaihui is a discount tourism booking platform focused on cross-border travel. The company claims its monthly transaction value has reached about RMB10 million (US$1.6 million).

Income from Chinese domestic tourism for the first half year of 2014 will increase by 14.8% to reach an aggregate of RMB1.6 trillion (US$260 billion), according to the data released by China Tourism Academy.

Earlier in August, Shanghai-based Chinese tourism and travel booking and service provider Lvmama.com also completed an undisclosed amount of series D financing.

In another deal highlighting the great potential in the Chinese tourism sector, Connecticut-based online travel booking website Priceline Group Inc. says earlier in August that it plans to invest US$500 million in Shanghai-based travel service group Ctrip.com International Ltd.