Davis Polk & Wardwell and Zhong Lun Law Firm have represented Chinese travel agency Tongcheng-Elong Holdings Limited on its HK$1.41 billion (US$180 million) Hong Kong initial public offering, with Kirkland & Ellis and Grandall Law Firm advising the underwriters. 

Tencent-backed Tongcheng-Elong ranked third in terms of gross merchandise volume in China’s online travel market in 2017. It is the result of a merger of Tongcheng Network and eLong, which Zhong Lun also advised on. 

Tongcheng-Elong, which is also backed by travel website Ctrip, is the first online travel agency publicly listed in Hong Kong. Other players in the space, such as Ctrip, Qunar and Tuniu, are all listed on the NASDAQ. 

According to some sources, the total number of tourist trips in China in 2017 reached 5 billion, with the total consumption reaching 4.6 trillion yuan. It is estimated that in 2022, the total number of tourist trips in China and total consumption are expected to reach 7.5 billion and 8 trillion yuan, respectively.

The Davis Polk team was by Hong Kong partners Bonnie Y. Chan and Li He. The Zhong Lun team was led by Shanghai partners Anthony Zhao and William Jia, while the Grandall team was led by Shanghai partners Xiaoliang Wu and Dazhi Qian.  

美国达维和凯易国际牵头完成同程艺龙在香港联交所主板上市

美国达维律师事务所和中伦律师事务所代表同程艺龙控股有限公司完成首次公开发行股票并在香港联合交易所有限公司主板上市。在超额配售权行使前，本次发行募资总额约为14亿港元（约合1.8亿美元）。凯易国际律师事务所和国浩律师事务所（上海）为其承销商提供法律服务。

同程艺龙是中国在线旅游行业的创新者和市场领导者，腾讯是其背后最大的股东。2017年，以交易额计，同程艺龙在中国在线旅游市场排名前三。同程艺龙是由同程旅游旗下同程网络和艺龙旅行网于2018年3月合并而成，合并以及同程艺龙上市前的重组和融资项目也由中伦提供法律服务。

同程艺龙填补了港股此前无在线旅游代理服务（OTA）企业的空白，因此被誉为“港股OTA第一股”。在同程艺龙之前，其他在线旅游代理服务企业如携程、去哪儿、途牛则分别在美国纳斯达克上市。除腾讯外，携程是同程艺龙的第二大股东。

据悉，2017年国内旅游人次达到50亿，国内旅游消费总额达至4.6万亿元，2022年国内旅游人次预计增至75亿，国内旅游消费总额预计增至8万亿元。

美国达维律师事务所团队由香港合伙人Bonnie Y. Chan和Li He主导，中伦律师事务所团队由上海办公室合伙人赵靖律师和贾海波律师负责，国浩律师事务所（上海）团队由合伙人吴小亮律师和钱大治律师负责。

To contact the editorial team, please email ALBEditor@thomsonreuters.com.