Movement Alert｜Tongcheng Travel Rises 5.04% in Regular Trading, Acquisition of Dida Chuxing Endorsed by Multiple Investment Banks

Market Focus07-08

On July 8, Tongcheng Travel rose 5.04% in regular trading, trading at HK$12.88 per share, with turnover of HK$84.21 million.

On the news front, Tongcheng Travel's full cash offer to acquire Dida Chuxing for approximately HK$1.424 billion has received endorsements from multiple international investment banks. Morgan Stanley assigned an Overweight rating with a target price of HK$27; Jefferies issued a Buy rating with a target of HK$20.3; CICC maintained an Outperform rating with a target of HK$22. Institutions broadly view the deal as enabling a closed-loop scenario linking long-haul booking with short-distance transit, unlocking synergies between travel and mobility services.

The acquisition, announced on June 29 at an offer price of HK$1.3875 per share representing a 9% premium, has secured irrevocable commitments from shareholders holding approximately 53.70% of Dida's issued shares. While the stock initially came under pressure following the announcement, market recognition of the transaction's strategic value is gradually recovering.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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