CHINA BRIEF | considers delisting from Nasdaq: Report

Written by Wency Chen Published on 

Earlier this year, planned a secondary listing in Hong Kong, but reversed track due to the COVID-19 pandemic, which resulted in industry-wide losses.

Shanghai-based online travel agency ​​ (NASDAQ: TCOM), previously known as Ctrip, is in preliminary talks with financial and strategic investors, including domestic companies, over a take-private deal amidst increased scrutiny and audit requirements from US regulators and the ongoing Sino-US tensions, Reuters reported on Tuesday. initially planned a secondary listing at the Hong Kong Stock Exchange, but reversed track due to the COVID-19 pandemic, which resulted in industry-wide losses, Reuters wrote, citing sources.

When contacted by KrASIA, a representative declined to comment.

The company reported net revenue of RMB 4.7 billion (USD 669 million) during the first quarter of 2020, indicating a 42% year-on-year (YoY) plunge, while net loss reached RMB 5.4 billion (USD 754 million).

This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.  


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