Chinese online travel company Trip.com Group has set up a new unit to invest in startups and provide investors with consultancy services.
The OTA established Xiecheng Entrepreneur Investment (Shanghai) on June 3 with RMB 100 million (USD 14 million) in registered capital, according to the information on company data platform Qichacha. Mr. Jay Shen, vice president of the Trip.com Group, serves as legal representative of the new company.
Xiecheng Entrepreneur Investment's operation includes startup investments, investor consultancy and enterprise management, according to Qichacha. The Shanghai-based entity is a wholly-owned subsidiary of the travel group giant.
Mr. Shen joined Trip.com Group in 2010 and he once served as CFO of the company's accommodation business unit.