On June 30, Hong Kong-listed mobility platform Dida Inc. surged more than 85% at the market open, with gains widening to 90.55% by midday.
The sharp rally came after the disclosure of a major acquisition deal. On June 29, Tongcheng Travel and Dida Inc. jointly announced that Tongcheng Travel, through its wholly owned subsidiary eLong, Inc., would launch a voluntary conditional all-cash offer to acquire Dida Inc. The offer price is HK$1.3875 per share. Based on Dida’s total share capital of 1.026 billion shares, the transaction values the deal at approximately HK$1.424 billion（about USD 181.6 million）.
In contrast to Dida’s surge, Tongcheng Travel’s stock initially fell more than 6% shortly after the market opened, narrowing its decline to 4.15% by midday break.
Originally launched in September 2014 as Dida Pinche, Dida Inc. initially focused on carpooling services. After a brand upgrade in 2018, it evolved into a mobility platform covering both carpooling and taxi-hailing services. In June 2024, Dida was listed on the Hong Kong Stock Exchange.
Unlike ride-hailing platforms such as Cao Cao Mobility, T3 Mobility, and Ruqi Mobility—which are backed by automakers and operate under a B2C self-operated model—Dida runs a light-asset matchmaking model, enabling rapid scalability.
Industry observers note that Tongcheng Travel, with over 250 million annual paying users, and Dida Inc., with more than 415 million registered users, have strong potential for business synergies.
After the acquisition, the two companies are expected to deepen the sharing of technology, user traffic, operations, and supply chains, connecting travel and on-demand mobility scenarios to build a door-to-door smart mobility platform covering intercity and intra-city transportation. The deal is also expected to strengthen Tongcheng Travel’s ground transportation portfolio and consolidate its position in China’s integrated travel services market.
