Deal focus: Investors book trip with China’s Tongcheng
China's travel industry is booming but it is still heavily reliant on offline transactions. According to Derek Wang, an executive director with CITIC Capital, online penetration of the sector is just 12% – a tiny figure when set against 55% in the US and 35% in Japan.
On this basis, a company like Tongcheng Network Technology - which is behind travel website Ly.com and a leader in the online travel agencies (OTA) market - has arguably realized just a fraction of its...
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