Caixin Global – Latest China News & Headlines

Home >


CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

Trending in China: Death of Giant Panda Cubs Sparks Concerns About Treatment of ‘National Treasure’
China CFO of Indian Oyo Quits to ‘Pursue Other Professional Opportunities’
Sequoia Capital Opens Its First Tech Incubation Center in Shanghai
Some 266 Foreign-Invested Firms Approved to Offer Telecom Services in China in First Half of 2020
Trending in China: Should Internet Celebrities Be Part of the School Curriculum?
Sequoia China Leads Nearly $100m Round in Storytelling App Kuaidian
Medical Robot Maker Finds Elixir in STAR Board’s Market Reforms
Trending in China: Outrage Ensues as Updated U.S. Student Visa Policies Force International Students into a Dilemma
Tencent’s PUBG Mobile Game Hits $3 Billion Milestone
Luckin Coffee Shareholders Vote to Remove Chairman, Bloomberg Reports
France Won’t Ban But Will Discourage Use of Huawei 5G Equipment, Official Says
Trending in China: ‘Lipstick King’ Li Jiaqi Settles in Shanghai, Prompting a Rethink of ‘Talent’
Tencent Plays in U.S. With California Game Studio Launch
Trending in China: Shenzhen Thinks Only Children Should Get Paid Leave to Look After Their Parents - Cue Heated Debate
German Drugmaker BI Launches Shanghai Center to Harness Chinese Expertise
Chinese Self-Driving Truck Firm Aims to Cover Most of U.S. by 2024
Trending in China: Chinese Netizens Tell Indian Prime Minister Modi To ‘Shut The Door On The Way Out’ As He Quits Weibo
Trending in China: If You Can’t Beat Them, Join Them – Why Tencent is Laughing At Itself
Meituan Eyes Robot-Enabled Deliveries with $14 Million Investment in PuduTech
India Ban Could Hit TikTok’s Parent Company to the Tune of $6 Billion
Hong Kong Unrest Rains on’s Red Carpet

By Yang Ge / Nov 15, 2019 01:49 PM / Business & Tech

Photo: VCG

Photo: VCG

The ongoing unrest in Hong Kong is putting a damper on, China’s leading online travel agent that until recently was known as Ctrip.

CFO Cindy Wang told investors that travel to Hong Kong by the company’s core customers in mainland China has plunged by more than half in recent months, as visitors stay away from the former British colony where ongoing, often-violent protests have become a regular occurrence.

In its latest earnings report released Wednesday, reported its revenue grew 12% to 10.5 billion yuan ($1.5 billion) in the three months through September. It posted a 793 million yuan profit for the quarter, reversing a loss a year earlier. It didn’t mention Hong Kong in its report, but the subject was front and center for investors during its regular earnings call following the report’s release.

On the call cited Hong Kong as a primary factor for its tepid fourth-quarter outlook. Wang said the company expects revenue to grow 8% to 13% during the quarter, which includes a 6 percentage point downgrade from what it could have been due to “recent macro and industry headwinds, in particular, related to events in Hong Kong.”

The gloomy outlook spooked investors, with’s U.S.-listed shares losing 4.4% of their value in Thursday trade in New York. The stock has lost more than 10% of its value from earlier in the month as worries mount about the impact on its business from falling travel to Hong Kong, a popular offshore destination for its core base of mainland Chinese travelers.

Contact reporter Yang Ge (; twitter: @youngchinabiz)

Related: China’s Ties Up With U.S. Giant TripAdvisor

Share this article
Open WeChat and scan the QR code