May 2026
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Largest Travel Services Public Companies in China
Benchmark revenue and EBITDA valuation multiples for public comps like
Tongcheng Travel, Changbai Mountain Tourism, China Travel International, UTour Group and Emei Shan Tourism.
 | Tongcheng Travel is an online travel agency platform that provides booking services for hotel and ticketing in China. It generated 84% of its revenue from accommodation reservations and transportation ticketing in 2023. The rest came from advertising and in-house software sales. The platform provides both online and offline services in the form of call centers and travel kiosks. Tongcheng Travel was formed from the merger of Tongcheng Network and eLong in 2018. It is currently 21.38% owned by Tencent and 20.86% by Trip.com. Tongcheng targets lower-tier cities and as of 2021, 86.7% of its users are from non-first-tier cities in China and 61.7% of new paying users on Weixin were from Tier 3 or below cities in China. The company competes with Trip.com, Alibaba's Fliggy, and Meituan. | $2 | -33% | $4B | $3B | 1.2x | 4.9x | ||
| Changbai Mountain Tourism Co Ltd is a travel agency company. It is mainly engaged in tourism passenger transport, hotel management, travel agencies and hot spring water development and utilization business. | $6 | +16% | $2B | $1B | 12.5x | 37.5x | ||
| China Travel International Investment Hong Kong Ltd is a holding company focused on leisure investments. The company has four primary divisions: travel document and related operations, tourist attractions and related operations, hotel operations, and passenger transportation operations. The company derives revenue from its travel agency, tourist attraction, and hotel operations. Travel agency and related operations include the company's travel agency and travel document businesses. Tourist attraction operations, which comprise the majority portion of the company's revenue, include theme parks, resorts, and scenic destinations. Hotel operations include hotel accommodation, food, and beverage services. The company generates the vast majority of revenue in Hong Kong and mainland China. | $0 | +20% | $876M | $843M | 1.6x | 6.3x | ||
| UTour Group Co Ltd is a Chinese company operating as a travel agency. It operates a professional travel service e-commerce website, provides tourists with team travel, hotel reservations, and membership services. The company is mainly engaged in outbound travel wholesale, outbound travel retail, integrated marketing services, long-distance outbound travels in various countries. | $1 | -22% | $829M | $724M | 0.7x | 27.7x | ||
| Emei Shan Tourism Co Ltd operates as a tourism company. The company is principally engaged in the provision of tourism, cableway transportation, accommodation, passenger transportation, catering, entertainment, and other related services. | $2 | -21% | $805M | $585M | 4.3x | 12.8x | ||
| Luyuan Group Holding (Cayman) Ltd is an electric two-wheeled vehicle provider in mainland China, focusing on the design, research and development, manufacturing, and selling of electric two-wheeled vehicles. It has built an offline sales and distribution network, embraced informatization, and established online retail channels, continuously improving the penetration and coverage of its products. The company generates the majority of its revenue from the sales of electric vehicles in the PRC. | $1 | -- | $585M | $501M | 0.6x | 10.2x | ||
| Tuniu Corp is an online leisure travel company. The company is engaged in the provision of travel-related services in the People's Republic of China. It offers a large selection of packaged tours, including organized tours and self-guided tours, as well as travel-related services for leisure travelers. The company's organized tours provide pre-arranged itineraries, transportation, accommodations, entertainment, meals, and tour guide services. Its self-guided tours consist of combinations of flights and hotel bookings and other optional add-ons. The company derives almost all of its revenue from PRC. | $6 | +581% | $67M | ($72M) | (0.8x) | (6.3x) | ||
| Median | $2 | -3% | $829M | $724M | 1.2x | 10.2x |
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