On July 28, Dalian Sunasia announced that Shanghai Tongcheng Enterprise Management Partnership, a subsidiary of Tongcheng Travel, would participate in a private placement worth approximately RMB 956 million (about USD 133 million). Upon completion, it will hold a 23.08% equity stake and gain 30.88% of the voting rights through proxy arrangements, making it the controlling shareholder.
This marks Tongcheng Travel’s indirect acquisition of control over the only marine-themed park listed company on the A-share market, potentially bringing an end to seven years of corporate governance turmoil.
In recent years, Dalian Sunasia has been mired in a governance deadlock and prolonged financial losses, with cumulative losses exceeding RMB 400 million(about USD 55.73 million) from 2021 to 2024. Industry observers widely regard Tongcheng’s capital injection as a turning point. A unified decision-making structure could help streamline governance, while the new funding may ease debt burdens and unlock underutilized assets. Tongcheng’s strengths in online traffic and marketing are also expected to inject fresh momentum into the company’s growth.
Analysts believe that with its scarcity value and established marine IP assets, Dalian Sunasia has the potential to form a dual-pillar landscape with Chimelong—"Sunasia in the North, Chimelong in the South"—under Tongcheng’s support. Although its ambitious “Beluga Plan” was stalled due to funding limitations, its proprietary IPs like “Learning Penguin” and the “Baobao Squad” have already laid a foundation for brand development. Tongcheng’s entry is seen as a key move to accelerate IP commercialization and rebuild a integrated model of theme parks, hotels, and live entertainment.
As China’s theme park market recovers, Dalian Sunasia is ramping up efforts in themed hotel development and content upgrades. In 2024, it launched the first penguin-themed hotel in Northeast China. Leveraging Tongcheng’s resources across the eLong hotel tech platform, digital marketing, and content production, Sunasia is poised for transformative growth in IP monetization, user experience, and non-ticket revenue streams. A new northern marine legend—starring penguins and seals—may soon unfold with powered by internet-driven momentum.
