Phoenix Travel Worldwide announced in Beijing the completion of its second round of financing with a joint investment from Zhengyuan Strategic Partners, Legend Capital and Cornerstone Capital
It also signed a strategic partnership to develop cross-border products, services and overseas operations with Hong Kong New World Group. New World Group and its parent company Chow Tai Fook Group are influential brands operating over a hundred hotels in major cities worldwide, 2,000-plus Chow Tai Fook jewelry stores, and scores of New World malls and K11 mall.
Founded in 1996, Phoenix Travel has already grown to achieve turnover of almost RMB5 billion (approx: US$80 million) with dozens of regional branches handling 300,000 outbound travelers.
Phoenix Travel president Lixin Xie said that the investment is a recognition by the capital market and the overall market of the value of traditional travel companies.
He said they will work out a clear strategic plan with New World Group in the future. New World Group executive director Qing Chen said: “Phoenix Travel has carefully cultivated the outbound tourism market for over 20 years. Its specialist team has created excellent experiences that will also become quality lifestyle experiences for our customers. We believe our partnership will grow in the future.”
Legend Capital general manager Zehui Li said: “After more than 10 years cultivating the field,Phoenix Travel has built up formidable resources especially in product development and integrated travel resources. This financing will help it secure its market position and be advantageous for its development and resource acquisitions.”(Translation by David)
