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