APAC IPOs & Placements

Zhen Zhou, Toh

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

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Equity Capital Markets

Tongcheng Travel Holdings  / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/27363" target="_blank" data-smartkarma-citation="entities:27363:1">Tongcheng-Elong Holdings Ltd (1629482D HK)</a> filed its draft prospectus in Hong Kong in June and is looking to raise about US$1.5bn in its upcoming IPO. The combined entity of Tongcheng-eLong has grown its revenue and gross profit by 80% and 119% CAGR respectively from FY2015 to FY2017 and has turned profitable in the FY2017. The company should be able to hold its fort against competition based on its stable market share over the past three years despite intense competition. Coupled with the fact that the company leverages Tencent's WeChat network, the company is a force to be reckoned with.In this insight, we will have a brief walkthrough of the app, look at the company's history, present its financial and operating metrics, and compare the valuation of other online travel agency (OTA) peers. We will also highlight some questions for the management team.

Tongcheng-Elong Holdings Ltd (1629482D HK) filed its draft prospectus in Hong Kong in June and is looking to raise about US$1.5bn in its upcoming IPO. The combined entity of Tongcheng-eLong has grown its revenue and gross profit by 80% and 119% CAGR respectively from FY2015 to FY2017 and has turned profitable in the FY2017. The company should be able to hold its fort against competition based on its stable market share over the past three years despite intense competition. Coupled with the fact that the company leverages Tencent's WeChat network, the company is a force to be reckoned with.In this insight, we will have a brief walkthrough of the app, look at the company's history, present its financial and operating metrics, and compare the valuation of other online travel agency (OTA) peers. We will also highlight some questions for the management team.

Tongcheng-ELong (同程艺龙) Pre-IPO Review - A Force to Be Reckoned With

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

Travelsky Technology Ltd H / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/travelsky-technology-ltd-h" target="_blank" data-smartkarma-citation="entities:19829:1" rel="noopener">Travelsky Technology Ltd H (696 HK)</a> has been the predictable play for a rebound in domestic tourism in China.</li>
<li>1H23 result did not show anything that should alert investors to the changes in business practices.</li>
<li>The recent profit warning disclosure has alerted investors that there is something else beyond the usual.</li>
</ul>



Travelsky Technology Ltd H (696 HK) has been the predictable play for a rebound in domestic tourism in China.
1H23 result did not show anything that should alert investors to the changes in business practices.
The recent profit warning disclosure has alerted investors that there is something else beyond the usual.


China

Tongcheng Travel Holdings Limited operates as an online travel agency. The Company provides transportation ticketing, accommodation reservation, value added travel products sales, and other services. Tongcheng Travel Holdings provides its services throughout China.

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Tongcheng Travel Holdings (780 HK)

Tongcheng-ELong (同程艺龙) Pre-IPO Review - A Force to Be Reckoned With

Tongcheng-Elong Holdings Ltd (1629482D HK) filed its draft prospectus in Hong Kong in June and is looking to raise about US$1.5bn in its upcoming...

Zhen Zhou, Toh

Travelsky (696): Stay Away for Now

Usually Travelsky is reliable name for a play in rebound in domestic tourism with a relatively predictable earnings but the recent disclosure...

Henry Soediarko

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