eLong.com Receives Funds $15 Million
'Financing proficient' eLong.com convinced Tiger Technology Fund and Blueridge Capital again by its leading position in China's online travel services as well as the great potential of China's tourism market, and received $15 million from the two risk funds. The financing success proves the strategic correctness and vigorous growth of eLong.com after its repurchase from Mail.com two years ago, also the rich interest in China's leading IT companies from international capital market, according to Mr. Justin Tang, CEO/Chairman of eLong.com.
Being China's top online travel services provider, eLong.com reserves more than 2100 hotels in 200 cities across China. Monthly reservation exceeds 150,000 roomnights, and registered members are more than 10 million. As early in 2001, eLong.com repurchased itself from Mail.com and established the development rout for today's company. "Though eLong.com has ample cash flow, we will not fall over ourselves for diversified business patterns, instead, eLong.com will still focus on and deepen the exploration of China's online tourism market." Mr. Justin Tang said. The funds received will be used in eLong's marketing promotion, product developments and technical supports, meanwhile, the possibilities of purchasing companies providing complementary products and services are not excluded.
The administrator of Blueridge Capital and Tiger Technology Fund, John Griffin and Chase Coleman respectively, are both the first-rank funds administrant of the former Tiger Management, the largest hedge funds in the world. Before the foundation of Blueridge Capital, John Griffin held the position as CEO of Tiger Management; his Blueridge Capital inherited the purport of Tiger and focuses on investment opportunities that yield high excess returns. Without a doubt, the promising market of China's online travel services and the pleasant future of eLong.com have attracted their attention.
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