Tuniu network self defeating packaging

If the

way cattle Network listing to get 120 million dollars, also won’t have what good

read: tuniu network: grasp the Internet opportunities, reshaping the tourism service depth of mining resources in duright tuniu network Internet: innovative products and business models are inseparable: the way cattle net assets transfer was traced to the high-rise Department responded that libel tuniu network duright: I bet a "trillion market" exists tuniu listed on the United States to investors can tell what the story? Tuniu plans listed on NASDAQ tuniu raising $120 million for $sixty million financing will increase investment in R & D and departure: in the giant tuniu decryption overlook tuniu.com to find opportunities to the United States IPO financing $100 million


April 4th, tuniu.com submitted the prospectus to SEC, plans to raise 120 million dollars. The joint lead by Morgan Stanley, Credit Suisse and renaissance.

prospectus which was founded in October 2006 the online leisure travel company offers from 3000 tourism supplier service for the users, covering a Chinese all well-known tourist attractions and more than 70 countries. Product line from the tour with the group (more than 100 thousand units), self-help Tour (more than 100 thousand library units), travel custom services and attractions tickets (including domestic and foreign attractions) constitute 1000. The way in the prospectus, 2011, 2012, 2014 revenues were 765 million, 1 billion 120 million and 1 billion 962 million. Compound growth rate of more than 60% CAGR.

had to lift the cowhide

to control the way cattle Network and other Online Travel Corporation, found that the gross profit margin is surprisingly low.


Internet Co’s research and development costs are not allowed to save the province should not be, market costs are required, as well as a lot of administrative fees. Ctrip, eLong, where the gross profit margin of the network are more than 70%, while the city of up to 58 of the city of 94.2%.

gross profit margin is too low, profit model may be a problem. Explore the 8 year gross margin is less than 8%, and then can be raised to the level of up to 8 years, the problem is not to be able to make a profit to do the 16%?.

problem in revenue recognition. Other Online Travel Corporation are paid Commission as revenue. Ctrip said very clear:

As we do not ownership the and services sold and act as an agent in substantially all of our transactions, our risk loss due of to ob> take being products generally