Tongcheng-Elong, an SIP-based online travel agency (OTA), was listed at Hong Kong Exchanges and Clearing Market (HKEX) on Nov 26, planning to raise $1 to 1.5 billion through the sale of 143 million shares at HK$ 9.80. It therefore became the first OTA listed at HKEX.

Tongcheng-Elong was formed in March through the merger of Tongcheng Network, a member of Chinese on-line tourist service conglomerate LY.com, and one of its peers E-dragon Holdings Ltd. It provides a platform for consumers to access a wide variety of products and services that cover nearly all aspects of travel, including transportation ticketing and accommodation reservation. Its monthly active users reached 206 million by the third quarter this year, including 22.6 million premium users.

It is worth mentioning that, in a stark contrast to other OTAs owning their dedicated apps to acquire users and conduct businesses, Tongcheng-Elong offers its train ticketing and hotel booking services via a mini-program on WeChat, a widely-used platform developed by Chinese tech giant Tencent which is the largest stakeholder in the company.