Chinese travel firm Tongcheng-Elong gains 26% on debut
Tongcheng-Elong sold 165.4 million shares in the offering.
Tongcheng-Elong, a Tencent-backed online Chinese travel firm, gained 26% on its Hong Kong trading debut Monday, following a HK$1.62-billion (USD 207 million) offering.
The company, which is also backed by travel website Ctrip.com International, saw its stock trading at HK$10.78 during the opening bell at the Hong Kong Stock Exchange and ended at HK$12.40. Tongcheng-Elong sold 165.4 million shares in the offering.
The company had earlier been seeking to raise up to USD 1 billion, but weak markets and a slide in Ctrip’s share price forced it to slash the size of the IPO.
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