Shijie99 partners with investor Utour and makes JV with CTM Group subsidiary
Shijie99 has recieved an investment from Utour, distribution rights for CTM Group’s products in China, and will set up JV with CTM's Westminster Travel.
Shijie99 has recieved an investment from Utour for its Series A financing round as well as the exclusive distribution rights for Australia-based CTM Group’s products in China. It will set up a Chinese joint venture in Beijing with CTM Group’s Hong Kong-based subsidiary, Westminster Travel.
An innovative e-commerce company in China’s tourism industry, Shijie99 is attracting investors locally and overseas with its sustained growth for the past year. Utour’s director Bin Feng and vice-president Jian Cao, CTM Group’s president Jamie Pherous and Westminster Travel’s chairman S.J. Wong attended a joint press conference in which Shijie99 made the announcements.
Shijie99 and Utour will form a comprehensive partnership to consolidate resources and procurement channels. Utour will contribute a vast pool of suppliers accumulated over years in the field of outbound tourism, especially in the European market, to advance distribution in the independent travel market. Shiji99 will leverage its well developed technology and management experience to develop overseas destinations procurement operations in the areas of air tickets, destination services, attractions admission, airport shuttle service and day tours.
Meanwhile Shijie99 will set up the Shijie99 Westminster (Beijing) Ecommerce Co. in Beijing with CTM Group subsidiary Westminster Travel. Based in Brisbane Australia, CTM Group was established in 1994 and is one of the largest corporate travel management companies in the country.
Shijie99 was started by Yuchun Li, Na Feng, Zaiyou Gong and Xianfu Wu in Beijing in April last year. The four founders and shareholders head their respective fields of strategic development, operational management, business operations, and data analysis and technology.
In the press conference, Shijie99 COO Na Feng said the company’s sales has grown within a year from only 10 customers daily to 5,000 customers daily and daily average turnover grew from RMB50,000 to a peak of RMB10 million. In the period b between January to April 10 this year, the number of visits to its site skyrocketed to 200,000, and the number of visitors in April alone reached a record 80,000, with RMB250 million in transactions.
Shijie99 has consolidated resources in 30 countries including popular destinations like the UK, France, Spain, Germany, Switzerland, the USA, Canada, Australia, New Zealand and Asian destinations. It has also been awarded exclusive distribution rights in China for 10 overseas suppliers including CTM Group’s Hong Kong subsidiary Westminster Travel and UK-based Omega Travel.(Translated by David)