Tuniu Corporation (Chinese: 途牛旅游网) is a Chinese online travel agency. Products and services include packaged tours, accommodation reservation, airline and railway ticketing, car rentals, and corporate travel. The company listed on the Nasdaq Stock Exchange on May 9, 2014. The company headquarters are located in Nanjing with offices in Shanghai and Beijing.
 | |
Native name | 途牛旅游网 |
|---|---|
| Company type | Public |
| NASDAQ: TOUR [1] | |
| Industry | Tourism |
| Founded | 2006 |
| Headquarters | Nanjing, China |
Key people | Donald Dunde Yu (CEO and co-founder) Alex Haifeng Yan (COO and co-founder) |
| Revenue | USD$1.6 billion (2015) |
Number of employees | 8000 |
| Website | www |
History
editFounded in 2006 in Nanjing by current CEO Donald Dunde Yu and current COO Alex Haifeng Yan, the company was fully incorporated on June 1, 2008.[1]
On May 9, 2014, Tuniu was listed on the Nasdaq Stock Exchange under TOUR, co-managed by Morgan Stanley & Co, Credit Suisse Securities LLC and China Renaissance Securities. Tuniu raised $72 million in its initial public offering, pricing 8 million shares at $9 per share. CEO Donald Dunde Yu rang the opening bell at the Nasdaq MarketSite in Times Square.[2]
In April 2015, Tuniu was the subject of a boycott by seventeen Chinese travel agencies over a pricing dispute.[3] The issue was settled a few days later following an investigation by the China National Tourism Administration, with partner relations returning to normal.[4][5] Tuniu's share price fell 4.7% following news of the dispute.[6]
On August 23, 2016, Tuniu's Board of Directors authorized a share repurchase program to repurchase up to $150 million worth of shares.[7] Tuniu's share price had fallen below opening price.[8]
Investments and acquisitions
editOn July 1, 2014, Ctrip CEO James Jianzhang Liang was appointed to Tuniu's board of directors.[9]
On December 10, 2014, Tuniu and Ctrip signed a strategic collaboration agreement to share travel resources.[10]
On December 15, 2014, Tuniu announced $148 million investment in aggregate from a group that included the investment arms of Hony Capital, JD.com, Ctrip Investment Holding Ltd, and the personal holding companies of Tuniu's CEO and COO. Ctrip acquired $15 million Tuniu shares during their IPO, and currently owns over 3% of Tuniu's outstanding shares.[11]
In May, 2015, Tuniu announced the investment of $500 million from a group of investors led by JD.com. JD.com became the largest shareholder in Tuniu with 27.5% stake.[12]
On March 9, 2015, Tuniu announced the acquisition of majority stakes in two Chinese travel agencies, Hangzhou-based Zhejiang Zhongshan International Services and Tianjin-based China Classical Holiday.[13]
On January 21, 2016, Tuniu announced the completion of a US$500 million investment from HNA Tourism Group. Transaction purchase price was US$5.50 per Class A ordinary share. HNA Tourism Group bought 24.1% share of Tuniu.[14]
Brand ambassadors
editIn July 2016, Tuniu announced the signing of Taiwanese pop stars Jay Chou and Jimmy Lin as its celebrity brand ambassadors.[15][16]
References
edit- ^ "TUNIU Company Profile". Reuters. Retrieved 2017-01-05.
- ^ "Tuniu's IPO on Nasdaq raises $72m|". usa.chinadaily.com.cn. China Daily. Retrieved 2017-01-05.
- ^ Custer, C. (Apr 23, 2015). "Major Chinese travel agents launch boycott of Tuniu". www.techinasia.com. Tech in Asia. Retrieved 2017-01-05.
- ^ "Tourism Authority to Investigate the Boycott of Tuniu.com". english.cri.cn. Retrieved 2017-01-05.[dead link]
- ^ "Tuniu boycott ends as tour operators come back in the fold under CNTA oversight". www.chinatravelnews.com. ChinaTravelNews. Apr 27, 2016. Retrieved 2017-01-05.
- ^ Ren, Shuli. "Tuniu Tumbles On Supplier Boycott: Oversold, Says Morgan Stanley". Barrons. Retrieved 2017-01-05.
- ^ "Tuniu Announces US$150 Million Share Repurchase Program" (Press release). PR Newswire. August 23, 2016.
- ^ "China's Travel Site Tuniu Hurt by Economic Woes, Stronger Rivals". Bloomberg.com. 2016-04-04. Retrieved 2017-01-05.
- ^ "Tuniu Appoints New Director". asia.tools.euroland.com. Retrieved 2017-01-05.
- ^ "Tuniu and Ctrip Sign Strategic Collaboration Agreement" (Press release). GlobeNewswire. December 10, 2014.
- ^ "Tuniu Announces US$148 Million Investment in Aggregate from a Group of Investors" (Press release). GlobeNewswire. December 15, 2014.
- ^ Cowen, Martin (May 8, 2015). "China's Tuniu secures $500 million led by JD.com". Phocuswire.
- ^ "Tuniu Announces the Acquisitions of Two Travel Agencies" (Press release). GlobeNewswire. March 9, 2015.
- ^ "Tuniu Announces the Completion of US$500 Million Investment from HNA Tourism" (Press release). PR Newswire. January 21, 2016.
- ^ "Who Will Challenge Ctrip's Internet Travel Supremacy In China?". ChinaTechNews.com. Retrieved 2017-01-05.
- ^ "途牛网管理层：携手林志颖 打造广告界"去哪儿"-搜狐滚动". roll.sohu.com (in Chinese). Retrieved 2017-01-05.