Tencent-backed online travel agent jumps on Hong Kong debut

Tongcheng Travel Holdings

26/11/2018 03:06

** Shares of Tongcheng-Elong Holdings Ltd  0780.HK , a
Chinese online travel agent backed by tech giant Tencent
Holdings  0700.HK , jump as much as 10 pct above IPO price on
their trading debut, riding the broader market's rebound 
    ** The stock rises to as high as HK$10.78 apiece, and is the
fourth-most actively traded stock in Hong Kong
    ** Tongcheng-Elong offered 143.84 mln shares at HK$9.80
apiece, raising net proceeds of HK$1.25 bln ($159.8 mln) to
enhance product and service offerings, expand user base, fund
acquisitions and to build bigger data and AI capabilities
    ** Tencent is the largest shareholder holding 23.18 pct of
Tongcheng-Elong, and travel services provider Ctrip  CTRP.O  is
the second-largest shareholder owning 22.61 pct of the company 
    ** Shares of Tencent rise 1.6 pct  
    ** The Hong Kong Hang Seng sub-index tracking information
technology firms  .HSCIIT  gains 0.7 pct
    ** The Hong Kong benchmark index  .HSI  climbs 1.3 pct
    ($1 = 7.8244 Hong Kong dollars)

 (Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)