CICC Assists in Listing on HKEX

2021-04-19Corporate News

On April 19, 2021, Group Limited ("" or "Company", 9961.HK) was listed on the Main Board of the Hong Kong Stock Exchange (HKEX), with base offering size of approximately US$1.1 billion, and approximately US$1.3 billion after full exercise of the green shoe option. CICC acted as the Joint Sponsor, Joint Global Coordinator, Joint Bookrunner, and Joint Lead Manager in this transaction.

The transaction is the largest one-stop travel platform IPO of all time, the largest travel industry equity offering in Asian capital market of all time, and the 2nd largest equity offering in travel industry since COVID outbreak. At the same time, this transaction was priced at the 2nd narrowest offer discount in all Hong Kong 19C listings, with a discount of 1.8% against the last ADS closing price.

Founded in 1999, is a leading one-stop travel platform globally, integrating a comprehensive suite of travel products and services and differentiated travel content. The Company was listed on Nasdaq on December 9th, 2003 and has won its market recognition from global investors through its compliance track record and significant growth. The Company’s mission is to make every trip effortlessly enjoyable, which has guided through the past 20 years since its founding to elevate traveling experience and lifestyles for people in China and around the world. According to a report by Analysys, the Company now operates the most well-known travel brands in China, and has solidified its leadership over the past two decades. The Company has been the largest online travel platform in China over the past decade and the largest online travel platform globally from 2018 to 2020, both in terms of gross merchandise volume, or GMV, according to the report by Analysys.


CICC was fully committed to the project and completed the execution efficiently, winning high recognition by the management of for professional investment banking services, diligence and determination.

Against the downturn of the tourism industry during the pandemic, CICC took the lead to explore the Company’s unique competitive advantage and investment story, and clearly summarized the recovery trend that will benefit leading players like Furthermore, CICC also helped analyze the incremental growth for quality travel and tourism marketing, enhancing investors’ confidence and ensured a successful offering.

CICC was responsible for the overall marketing workstream. Through efficient internal collaboration, CICC successfully assisted the Company in filtering the demand of KOL-style investors, and frontloaded renowned international and Chinese long-only investors. During the roadshow, CICC achieved outstanding performance in roadshow meeting conversion rate and order amount, successfully assisting the Company in achieving the optimal shareholders base and an exceptional deal pricing. 

The project is CICC’s 12th HK secondary listing since the introduction of Chapter 19C of HKEX Listing Rules, further consolidating CICC’s leading position in providing investment banking services in the global TMT sector and in the HK market.