Mafengwo will use the capital to build a new one-stop travel service platform driven by AI and data algorithms catering to young Chinese travelers.
GTV of the in-store, hotel & travel businesses grew by 15.1% to RMB46.4 billion in the three months ended March 31, 2019.
Hotel turnover increased 17% to RMB7.2 billion. Net revenues from manachised and franchised hotel were RMB1.7 billion (US$257 million), representing a 15.2% year-over-year increase.
The execution of our strategies has allowed us to improve on our market share and drive strong growth rates across gross bookings, adjusted revenue and standalone hotels online room nights.
But if you want to go to China, you have to learn to be as fast as a Chinese company
Increase with 17,000 attendees in total – well attended ITB China Conference with 4,000 attendees – SeeVoov won ITB China Start-Up Award 2019.
Even though it has the green light for this move, a share buyback now might worsen the firm’s financial condition.
The deal is subject to agreement on the final terms and to shareholder and regulatory approval.
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