China’s SMEs Fund, China Merchants Capital invest $17m in hotel booking platform Haoqiao

Image from the homepage of Haoqiao.cn

China’s National SMEs Development Fund teamed up with China Merchants Capital Investment to inject RMB120 million ($17 million) in series B+ round in a fast-growing hotel searching and booking platform Haoqiao.cn, according to China Money Network’s report.

This is the National SMEs Development Fund’s second investment in the online travel services space, following its investment last month in Meiya, an online flight ticket search and travel management platform.

Haoqiao, set up in 2013, has currently featured 550,000 international hotels in 2,000 cities worldwide on its platform. It claims that it generated the revenue of RMB900 million ($130 million) last year, rising from RMB180 million ($26 million) in 2015.

“The booking of international hotels (in China) is facing major challenges, including the lack of price transparency, limited channels and limited ability to connect resources within the system,” said Shi Xin, vice president at the national SME development fund. “Haoqiao.cn increases the docking efficiency of upstream and downstream resources, lowers costs and enhances customer experience.”

For Haoqiao’s fundraising records, IDG Capital granted millions of RMB for an angel round in 2013 and poured more money for undisclosed amount in series A round in 2014. Haoqiao.cn also received RMB60 million ($8 million) from Hong Kong-based Shun Hei Capital.

Also read:

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China: Media startup Er Geng raises $21m; Travel management platform Meiya bags $17m

Former China Merchants Bank CEO Ma Weihua launches PE fund

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.