Tencent-backed Tongcheng-Elong gains 26% on HK debut
Tongcheng-Elong, a Chinese online travel services company backed by Tencent Holdings, Ctrip and local PE player Ocean Link, surged on its Hong Kong trading debut following a HK$1.62 billion ($207 million) IPO.
The stock opened at HK$10.78 on November 26, a 10% premium to its IPO price of HK$9.80, and then climbed further to close at HK$12.40. Tongcheng-Elong sold 165.4 million shares in the offering, 21.6 million...
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