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Report: Chinese travel firm backed by Tencent, Ctrip plans IPO

Tongcheng-Elong Holdings Ltd., a Chinese travel company backed by Tencent Holdings Ltd. and Ctrip.com International Ltd., is planning an initial public offering in Hong Kong in the second half of 2018, The Wall Street Journal reported March 8, citing people familiar with the matter.

Tongcheng-Elong may reportedly raise $1 billion to $1.5 billion in the share sale. The company intends to raise funds to compete with rivals in the the budget travel market. Tencent and Ctrip own approximately 45% of the company's shares, the report added.

The company leverages Tencent's customer reach via apps WeChat and QQ, the report added.

The newspaper added that Tongcheng-Elong's offering in Hong Kong is the latest in a line of IPOs from Tencent-backed firms, which have experienced an increase in share value and subscription rates upon listing.