Outbound travel service provider Phoenix Tours announced that it has received RMB 700 million in its C round financing. The lead investors are CITIC Capital Holdings, Haier Capital,
Legend Holdings and Legend Capital. Juyuan Capital, Yonghua Capital and Silk Road China Growth Capital have also participated in this round. CV Capital is the exclusive financial advisor of this round of funding.
Phoenix Tours’s president Lixin Xie said:”We’ll definitely benefit from these leading investors in China, and we’ll together push the development and transformation of China’s tourism industry. After the financing, we will continue to balance supply and demand, so as to form a horizontal and multi-dimensional model and achieve balanced development.”
Founded in 1996, Phoenix Tours achieved turnover of almost RMB 5 billion with dozens of regional branches handling 300,000 outbound travelers in 2015.
On February 4, 2015, Phoenix Tours announced the completion of its second round of financing with a joint investment from Zhengyuan Strategy Investment, Legend Capital and Co-Stone Capital.