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Suzhou-based online travel service Tongcheng Network Technology (Tongcheng) today denied recent rumors that it plans to merge with rival eLong and list on A-shares stock market in China. Tongcheng, in its response to this rumor today, also said that it would not merge with Tuniu Technology, operator of Chinese online travel site Tuniu.com. Previously, in late 2015, Chinese news media reported rumors that Tongcheng would merge with Tuniu. Tongcheng said that it will give an update regarding its capital operations in the near future.
Tongcheng also said that it has successfully completed all business registration formalities related to the division of its travel operations into two separate businesses, Tongcheng Travel and Tongcheng International Travel Service. After the reorganization is completed Tongcheng plans to complete capital market listings for both companies through separate IPOs. Last October, Tongcheng's senior management completed a RMB 1 billion capital increase with the support of the company's shareholders, including entertainment conglomerate Wanda Group, online travel agency Ctrip, and internet giant Tencent. |
