Shanghai-based online travel agency Trip.com (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.
Trip.com 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 Trip.com 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.