Chinese tourism booking platform 17u.cn announced that the company has received a CNY500 million investment from Tencent, Boyu Capital, and Oriza Holdings.
According to 17u.cn, the company still maintains the controlling stake after receiving the investment and the company still aims at an independent IPO in the future.
Wu Zhixiang, chief executive officer of 17u.cn, revealed that the company will use the funds to enhance the development of attraction tickets and traveling in surrounding areas, aiming to become the top one in the Chinese leisure tourism market. Meanwhile, it will deploy services in the domestic traveling, outbound traveling, and mobile sectors.
Founded in 2004, 17u.cn has completed many rounds of financing. In 2006, Wu participated in an entrepreneurship competition and won a CNY5 million venture fund award. In 2008, the company gained CNY15 million in venture capital. In May 2012, it gained more investment from Tencent and announced plans to launch an IPO.
MANILA, Philippines – A Senate panel will subpoena Facebook parent firm Meta after the company…
FILE -New cars for export wait for shipment at a port in Shanghai, China. (Chinatopix…
The improved US-Pakistan relationship, as evidenced by the recent approval by the US Defence Security…
Silicon Valley and Washington sees data centers as the backbone of America’s AI future. Residents…
Venezuela's President Nicolás Maduro has accused the United States of “kidnapping” crew members after the…
New York [US], December 16 (ANI): Human Rights in China (HRIC), a New York-based international,…