Hemei to buy 60% of travel platform Xintu for 80 million yuan
03/15/2017|11:01:51 AM|ChinaTravelNews

B2B travel platform Tripb2b (or Chi Yu Huan Tu), recently in financial trouble, is planning to launch a new B2B travel platform by the end of March to serve its client. The platform is to be operated under the entity of Shanghai Xintu Network Technology.

This follows Tripb2b announcement on March 9 that the company has “encountered an unprecedented financial crisis and is unable to pay back its corporate partners’ funds, due to distorted competition” in the B2B travel sector. 

On March 14, electronic instrument manufacturer and tourism firm Hemei Group announced that its wholly-controlled subsidiary Hemei Tourism plans to acquire a 60% stake in Shanghai Xintu with a capital injection of RMB 80 million.  

Public information from the National Enterprise Credit Information Publicity System shows that Shanghai Chi Yu Network Technology (Tripsb2b.com) was founded on April 1, 2008 with RMB 20 million in registered capital. Its legal representative is Lili Zhang. Shanghai Xintu Network Technology was founded on February 24, 2017, with a registered capital of RMB 1 million and its legal representative is Jian Chen. 

The Hemei Group was an electronic equipment producer formerly known as Shenzhen Haoningda Instrument Holdings. The company was inaugurated in November 1994 and floated on the Shenzhen Stock Exchange in February 2010. The company changed its name to “Shenzhen Hemei Group Holdings” in May 2016. It now operates in five areas, namely trade, tourism, finance, Internet of Things and internet technology. 

Tripb2b announced in June 2016 that it raised tens of millions of yuan in its A-round funding from Yiyin Fund and J-High Investment. (Translated by Jerry)