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Tongcheng-eLong to raise USD 1 bn in HK IPO

Oct 23, 2018 by The Passage Team
Tongcheng-eLong to raise USD 1 bn in HK IPO

Chinese online travel agency Tongcheng-eLong Holdings Limited, backed by internet giant Tencent, is seeking to raise USD 1 billion from its initial public offering in Hong Kong.

The company is expected to float its shares in December. JPMorgan Chase & Co., Morgan Stanley and Chinese financial institution CMB International Capital Corporation Limited will act as its joint sponsors.

The Suzhou-based Tongcheng-eLong’s IPO is expected to surpass the USD 85 million stock offering of China’s largest online tour operator Ctrip.com in 2003, and become another online tour giant.

Source: China Money Network

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