Alibaba-backed outbound journey company to liquidate amid coronavirus outbreak

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ChinaTravelNews has realized that outbound journey service web site Beijing Baicheng Worldwide Journey has held an inner assembly for liquidation, following its announcement on February 28 to wind up operation and put together for liquidation.

Baicheng mentioned in its announcement that the corporate was severely impacted by the coronavirus outbreak and lacked the money stream to maintain the enterprise afloat. Nonetheless, ChinaTravelNews realized that Baicheng has been dealing with monetary troubles because the second half of 2019. Its {latest} monetary outcomes haven’t been printed after it delisted from New Third Board in July. 

Baicheng was renamed from Byecity, after the outbound journey platform initially launched in August 2000 was acquired by HCG Journey Group in January 2007.

Baicheng’s founder Music Zeng is named a pioneer and veteran in China’s outbound journey business. He established the HCG Journey Group, one of many three largest outbound journey wholesalers in China, and served as its chairman and basic supervisor from 2004 to 2014.

Baicheng was spun off from HCG into an impartial outbound journey company in 2011.

The corporate was as soon as an traders’ darling, having introduced in USD20 million in its collection B funding led by the Alibaba Group and China Broadband Capital, and USD29 million (RMB200 million) in its collection C funding from Qianhe Capital and Alibaba-backed Fliggy in July 2015.

Baicheng was additionally the primary O2O abroad journey service firm in China to checklist on the New Third Board in 2016. It’s indicated within the firm’s public switch assertion that the corporate’s main shareholders embrace Tianjin Rui Heng Shun, Alibaba Group, Ruiyuan Capital and Baicheng Expertise. Alibaba holds 16.47% shares of the corporate and is the second largest shareholder.

The company began off providing visa software providers. It later diversified to offering airport switch, automotive rental, ticket reserving in locations, in addition to flight plus resort packages, tailor-made tour and group journey providers. 

Baicheng provides greater than 600 varieties of visa software providers for 60 international locations and areas. within the first half of 2018, it reported income of RMB283 million, serving 953,600 prospects, up 17% YOY. (Translated by Elena)

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