Comment on Chinese OTA 17u.cn Raises New Round, Preps for IPO by China’s Ticketing Site LY.com Lands Nearly $1B USD Funding Led By Wanda Group - TechNode

['Ben Jiang', 'More Ben Jiang', '.Wp-Block-Co-Authors-Plus-Coauthors.Is-Layout-Flow', 'Class', 'Wp-Block-Co-Authors-Plus', 'Display Inline', '.Wp-Block-Co-Authors-Plus-Avatar', 'Where Img', 'Height Auto Max-Width', 'Vertical-Align Bottom .Wp-Block-Co-Authors-Plus-Coauthors.Is-Layout-Flow .Wp-Block-Co-Authors-Plus-Avatar'] Comments for TechNode 2012-05-14 00:00:00

Chinese online travel agency 17u.cn announced raising RMB ten of million from the Internet juggernaut Tencent. The deal valued the travel site at RMB over 500 million, industry insider speculated. “We now are the official partner of Tencent’s ecommerce and travel services such as buy.qq.com and travel.qq.com.”Currently, Tencent’s travel online outlet (travel.qq.com) was operated through elong.com and 17u.cn. Tencent acquired 16% of elong’s stake with US$ 844 million, making it the second largest stakeholder of the long-established OTA. It’s noteworthy that QQ Travel (travel.qq.com) has been integrated into QQ Wanggou (buy.qq.com) in last month in Tencent’s upgraded effort to consolidate its confusing ecommerce businesses.