Tencent-backed Chinese travel firm slashes HK IPO size amid weak markets [Reuters]
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Source: Reuters
Tencent-backed Chinese travel firm slashes HK IPO size amid weak markets | Reuters 3 Min Read HONG KONG (Reuters) - Tencent Holdings-backed online Chinese travel firm Tongcheng-Elong launched a far smaller than expected Hong Kong IPO of up to $233 million on Tuesday, amid a weak stock market and a string of poor performances from recent listings in the city. Tongcheng-Elong, which is also backed by travel website Ctrip.Com International ( CTRP.O ), is selling about 143 million shares at a price range of HK$9.75-HK$12.65 ($1.24-$1.61), giving it a potential valuation of $3.65 billion, according to a term sheet seen by Reuters. The company had earlier been seeking to raise up to $1 billion, but weak markets and a slide in Ctrip’s share price forced it to slash the size of the IPO, according to Refinitiv publication IFR. Online parenting firm Babytree Group, backed by Chinese e-commerce giant Alibaba Group Holding ( BABA.N ), was also due to hold an IPO press conference on Tuesday bu
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