Wanda, Tencent, CITIC Capital join $967m round for China travel site

The Wanda Culture Industry Group, a cultural business subsidiary owned Wanda, led the round with a commitment of RMB3.58 billion, the firm announced on its official WeChat social network platform.

Wang Jianlin, chairman of Wanda, said it is the firm's first investment in the online travel industry and is part of a broader strategy to make its offline travel assets more internet-oriented.

Wanda currently has over 12 large-scale tourism projects under construction or just opening for business. The group plans to build eight more attractions within the next five years, with projected visitor numbers of 200 million by 2020. "At that time, we will become the largest travel enterprise in the world," Wang said.

Tongcheng, which operates under the travel website Ly.com, will cooperate with Wanda and integrate the company's offline businesses - including travel agencies, theme parks and cinemas - into its platform. The new funding will be used to improve user experience, brand building, mobile technology, R&D and market expansion.

Founded in 2004, Suzhou-based Tongcheng provides online travel services including tickets for scenic attractions, hotel booking, domestic and international air tickets and cruises. Last year it claimed to have served 30 million since inception.

Last April, the company received $200 million from Ctrip International, which became the second-largest shareholder after the management team.

Tongcheng previously received RMB500 million from Tencent Holdings, Boyu Capital and Oriza Holdings. Prior to that, it received an undisclosed sum from Tencent Collaboration Fund in May 2012. The company's first round of funding came in early 2010 when Oriza - then called Suzhou Ventures - put in $2.9 million.

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• Topics
• Greater China
• Venture
• Expansion
• Consumer
• China
• TMT
• Consumer
• CITIC Capital
• Growth capital
• Tencent