Wanda Leads $967M Financing Round In Tongcheng

Suzhou-based online travel platform Tongcheng Network Technology Co., Ltd. has received RMB6 billion (US$967 million) new round of financing led by Dalian Wanda Group, according to an announcement posted on the company’s Weibo account.

CITIC Capital and existing investor Tencent Holdings Limited also participated.

Tongcheng, the operator of LY.com, was reportedly seeking an A-share market initial public offering earlier.

The new round of financing came at a critical time, as the Chinese regulators decided over the past weekend to temporarily suspend IPOs after the country’s stock market plummeted.

Tongcheng’s earlier attempt at a stock market float planned in 2013 suffered a similar fate, as China’s IPO market was shut down by regulators then.

In 2014, Ctrip.com International, Ltd. agreed to invest US$200 million in Tongcheng for an undisclosed stake, becoming its second largest shareholder after its management team.

In 2008, Cowin Venture Capital invested an undisclosed amount in Suzhou City-based Tongcheng. China’s Internet service giant Tencent Holdings Limited invested an undisclosed amount in 2012. It’s unclear which rounds of financing they were.

Boyu Capital and Oriza Holdings also invested in the company.

Founded in 2004, Tongcheng provides travel related services and bookings via its website and mobile apps in China.

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