BRIEF: JPMorgan buys major stake in travel site Tongcheng
Fund management major JPMorgan has taken a major stake in online travel site Tongcheng Travel Holdings Ltd. (0780.HK), according to a new disclosure to the Hong Kong Stock Exchange. The company purchased Tongcheng shares late last month that raised its stake in the company to just above the 5% threshold that requires public disclosure, the disclosure showed.
Citigroup also purchased Tongcheng shares in August that briefly pushed its holdings above the 5% threshold. But it sold some of those shares three days later, dropping the holdings below the 5% threshold that requires buying and selling disclosures.
Tongcheng is one of China’s top online travel agents, and its backers include industry leader Trip.com (TCOM.US; 9961.HK) and internet giant Tencent (0700.HK). The company reported its revenue rose nearly 50% year-on-year in the first half of the year, while its profit rose 12%, as it benefitted from a post-pandemic recovery in China’s travel industry.
By Doug Young
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