(Yicai Global) Sept. 21 -- Lvmama.com, online travel agent of Joyu International Tourism Operation Group, received investment totalling CNY1 billion (USD 151.6 million) from its new partner, Ningbo Zhongbang Industrial Financing Holding Co, Hong Qinghua, chairman and CEO of Joyu Group, said in an e-mail to all company employees today, the Beijing News reported.
Lvmama belongs to Shanghai Joyu Culture Communication Co., which received its first and largest financing in 2017.
As for this financing, Hong Qinghua said that it is a trend to combine industries and financing in tourism industry development. Tourism industry is facing structural innovation, particularly in the tourism market end, and the key is industrial and consumption upgrading by using the Internet technologies to improve customer travel experience. In addition, huge business opportunities for tourism market will be brought by scenic spots restructuring, travel industry reform, public-private partnership (PPP) model and the trend of global configuration of tourism resources.
Joyu Culture was officially listed on National Equities Exchange and Quotations (NEEQ) on Dec. 17, 2015, but it was delisted from it early this year. During its listing period, Joyu Culture completed financing rounds of CNY460 million and CNY720 million respectively.
Founded in 2008, Lvmama is a well-known comprehensive travel website in China, which provides reservation services such as tickets for scenic spots, resort hotels, travel, domestic travel, outbound travel, transportation, and customized business travel. Lvmama app has over 700 million downloads and about 50,000 partners. In 2016, Lvmama covered more than 10,000 scenic spots, ranking first in 5A-class scenic spots coverage among online travel agent (OTA) industry.
Lvmama established branches and some subsidiaries in 110 cities across China, offering services for important domestic tourist destinations and regions and forming in-depth layout and one-stop O2O service.