On June 30, Tongcheng Travel declined 5.5% in regular trading, trading at HK$11.67/share, with turnover of HK$38.49 million.

On the news front, Tongcheng Travel announced on June 29 that its wholly-owned subsidiary eLong, Inc. would launch a voluntary conditional cash general offer to acquire all issued shares of Dida Inc. at HK$1.3875 per share, valuing the deal at approximately HK$1.424 billion. The offer represents a premium of over 9% to Dida's last traded price. Five major shareholders of Dida, holding approximately 53.70% of issued share capital, have signed irrevocable undertakings to accept the offer.

Market concerns center on the acquisition's financing structure. The offeror plans to fund the entire consideration through a facility of up to HK$1.5 billion from CITIC Bank International. The announcement clarified that the acquisition does not aim to privatize Dida, with Tongcheng intending to maintain Dida's listing status on the Hong Kong Stock Exchange. While Dida surged over 80% on the same day, Tongcheng came under selling pressure as investors weighed the debt burden and integration uncertainties against the company's existing operations.

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