China’s travel agencies organized 17.02 million outbound trips in the third quarter of 2016, up by 23.1% YoY, according to CNTA data.
Island vacation platform Qulv announced on January 5 that it has received USD 40 million in its series B round funding.
Caissa Tourist plans to make an investment in outbound tour platform HuanTaoYou and expedite consolidation of overseas resources by leveraging the latter’s supply-sales connection.
The collective income of China’s top 20 tourism groups this year is 40% higher than last year. The rapid growth is said to be a result of capital-driven mergers and online-offline consolidations.
China’s private conglomerate Fosun International announced on November 29 that it will complete spin-off of its travel arm by the end of this year for a potential IPO in 2020.
Sinbad Travel has secured millions of yuan in A+ round and plans to use the funds to upgrade its itinerary customization system and consolidate overseas resources.
Xinhua report attributes China’s tourism growth to improvement of travel service quality by suppliers.
CITS registered operating revenue of RMB 16.445 billion in first three quarters of 2016, up by 4.12% YoY. Net income was RMB 1.461 billion, 10.78% more than last year.
