Flight, Train Ticketing App Developer 'Huoli Tianhui' Wins RMB 933 Mln Series C
iFeng, 4/11/16
Shenzhen-based flight and train ticketing app developer Huoli Tianhui recently announced completion of RMB 933 mln Series C funding from investors including Beijing Civil Aviation Heyuan Investment Center, HNA-Caissa Travel Group (000796.SZ), Civil Aviation Equity Investment Fund, Haikou-based Dapeng Air Service, Ningbo-based Caissa Shijia Asset Management Partnership, and Matrix Partners China. Funds will be used to dismantle Huoli Tianhui's current variable interest entity (VIE) structure and for product operations, marketing and sales, and industry investments and acquisitions.
A spokesperson for HNA-Caissa Travel Group said the group invested RMB 250 mln to take an 11.58% stake in Huoli Tianhui, valuing Huoli Tianhui at RMB 2.159 bln. As of December 31, 2015, Huoli Tianhui had total assets of RMB 128.6 mln and negative net assets of RMB 51.86 mln. 2015 operating income was RMB 77.99 mn and net losses were RMB 40.15 mln. According to official data from Huoli Tianhui, transaction volume on the company's platforms has grown from RMB 700 mln in 2013, to RMB 6 bln in 2014, and RMB 15 bln in 2015. Wang Jiang, CEO of Huoli Tianhui, predicts that turnover on the company's "Hangban Guanjia" flight management platform may grow between two to three times this year to reach RMB 50 bln, and said that the target for 2017 is RMB 100 bln.
Huoli Tianhui's products include a mobile flight ticket reservation and real-time flight information app "Hangban Guanjia," which also offers hotel-, shuttle-, and restaurant-booking services. The company operates a mobile train reservation app called "Gaotie Guanjia," which also offers long-distance bus ticketing and train and airport shuttle services. Users can access stores on the platforms operated by partnering e-commerce merchants to redeem points for products.
Keywords: Beijing Civil Aviation Heyuan Investment Center 000796.SZ Civil Aviation Equity Investment Fund Dapeng Air Service VC M&A mobile ticketing mobile travel funding wireless Matrix Partners Series C Wang Jiang Huoli Tianhui Caissa HNA-Caissa valuation
Sending
