Tuniu Corporation (NASDAQ:TOUR)

Second Quarter 2018 Financial Results

• Revenues from package tours in the second quarter of 2018 increased by 29.0% year-over-year to RMB437.6 million (US$66.1 million2).
• Non-GAAP net loss was RMB22.6 million (US$3.4 million) in the second quarter of 2018, compared to a Non-GAAP net loss of RMB212.6 million in the second quarter of 2017.

Mr. Donald Dunde Yu, Tuniu's founder, Chairman and Chief Executive Officer, said, "Tuniu continues to make improvements to its operations in order to create a company that is able to effectively capture the future of China's leisure travel industry. With our company value of 'customers first' in mind, we continue to innovate technology and create products catered to our customer's demand. During the quarter we continued to make strong strides in the development of our sales and service networks. Our sales network continues to help Tuniu expand the reach of our products to a greater audience while our service network allows us better serve our customers. Despite all the external factors affecting our operations today, we believe the long-term outlook of China's leisure travel market remains positive."

Ms. Maria Yi Xin, Tuniu's Chief Financial Officer, said, "During the second quarter, we were able to continue narrowing our losses and achieve positive operating cash flow. Our core strategies of expanding our service and sales network are starting to translate into financial results as their contribution to our revenue starts to become increasingly meaningful. Going forward this year, we will continue to invest in the development of our sales and service network in order achieve higher economy of scale, and to maximize value for both our customers and our shareholders."

Business Outlook

For the third quarter of 2018, Tuniu expects to generate RMB725.5 million to RMB765.8 million of net revenues, which represents 5% to 10% decrease year-over-year. This forecast reflects Tuniu's current and preliminary view on the industry and its operations, which is subject to change.

NANJING, China, Jan. 21, 2016 (GLOBE NEWSWIRE) -- Tuniu Corporation (Nasdaq:TOUR) ("Tuniu" or the "Company"), a leading online leisure travel company in China, today announced a range of strategic initiatives to enhance its hotel booking, themed tours, and air ticketing business units.

In order to capitalize on the growth opportunities in these travel segments, scale product offerings and enrich the travel experience for customers, Tuniu will offer open platforms to third party travel service providers. This will enable third party providers to promote their hotel booking and air ticketing offerings, launch complementary travel services that bundle hotel booking and air ticketing, and expand and develop themed tours on Tuniu�s integrated platform.  

• Net revenues in the third quarter of 2015 increased by 127.5% year-over-year to RMB3.0 billion (US$469.4 million1).
• Net loss per ADS - basic and diluted* was RMB(4.54) vs. last years same quarter of RMB(2.08)

Mr. Donald Yu, Tuniu�s co-founder, Chairman and Chief Executive Officer, said, �In the third quarter of 2015, we continue to experience extremely strong growth with net revenues growing 127.5% year-over-year, significantly outpacing our industry peers. We believe that we are in the golden period of growth for the leisure travel market in China right now. During this time, we will continue to improve our direct procurement capabilities and our regional expansion in order to strengthen our market position and provide high-quality products and services to our customers.�  

Mr. Alex Yan, Tuniu�s co-founder, President and Chief Operating Officer, said, �We are delighted to announce the strategic investment by HNA Tourism today and the start of our strategic partnership. With leading positions in both aviation and tourism, HNA Tourism is one of the largest travel industry conglomerates in China with a rich collection of travel resources and capabilities throughout the entire travel industry supply chain. As Tuniu continues to increase its direct procurement, we will be able to procure preferentially priced airline and hotel resources from HNA Tourism to enhance our ability to connect our network of departure cities to our constantly growing portfolio of destination offerings.�

Mr. Conor Yang, Tuniu�s Chief Financial Officer, said, �Tuniu has rapidly expanded its market share in the fast growing leisure travel market in China during the past few years. While we continue to see strong top line growth, we are also becoming increasingly diversified both in terms of product categories and geographic coverage. Our financial services, transportation ticketing, and accommodation reservation businesses are all developing rapidly. Geographically, lower tiered cities contributed to more than 50 percent of our GMV during the quarter.�

Business Outlook

For the fourth quarter of 2015, Tuniu expects to generate RMB1,811.0 million to RMB1,857.4 million of net revenues, which represents 95% to 100% growth year-over-year. This forecast reflects Tuniu�s current and preliminary view on the industry and its operations, which is subject to change.

BEIJING, Nov. 23, 2015 (GLOBE NEWSWIRE) -- Tuniu Corporation (Tuniu or the Company) (Nasdaq:TOUR), a leading online leisure travel company in China, and HNA Tourism Group (HNA Tourism), one of three strategic industrial conglomerates of HNA Group, today announced that they have entered into a strategic partnership. As part of the partnership, HNA Tourism is expected to invest US$500 million in Tuniu through the acquisition of Tuniu�s newly issued Class A ordinary shares.

The purchase price for the transaction will be US$5.50 per Class A ordinary share, or the equivalent of US$16.50 per American Depositary Share ("ADS"). This purchase price represents an approximate 11.3% premium over the average closing trading price of Tuniu's ADSs for the 20 trading days prior to the announcement, and an approximate 5.0% premium over the closing trading price of Tuniu�s ADS on November 20, 2015. Immediately following the completion of the transaction, HNA Tourism is expected to hold approximately 24.1% of Tuniu�s total outstanding shares and become Tuniu�s largest shareholder.

The transaction is subject to customary closing conditions and is expected to close in December 2015.

As part of this strategic partnership, HNA Tourism and Tuniu have entered into a strategic procurement agreement, pursuant to which HNA Tourism will provide Tuniu with access to its premium airlines and hotels resources at a preferential rate, under fair competitive market rules. Under the strategic procurement agreement, Tuniu is expected to acquire no less than US$100 million in products and services sourced from HNA Tourism over the next two years.

Mr. Donald Yu, Tuniu�s co-founder, Chairman and Chief Executive Officer, said, �We welcome HNA Tourism as our strategic shareholder and are excited about the potential presented by this strategic business cooperation. HNA Tourism is a leading tourism company in China with a rich collection of travel-related resources throughout the supply chain. As Tuniu continues to increase its direct procurement, HNA Tourism�s airlines resources will significantly enhance our ability to connect our network of departure cities to our constantly growing portfolio of destination offerings. Going forward, we look forward to closely working with HNA Tourism to ensure that we continue to provide our customers with the best leisure travel experiences.�

Mr. Zhang Ling, Member of the Board of Directors of HNA Group and Chairman of HNA Tourism said, �We are also very excited about the formation of a stronger strategic alliance with Tuniu through this opportunity. Tuniu is a leading online leisure travel company in China with a broad customer base and well-established brand. We look forward to collaborating with Tuniu in order to bring more of our products to leisure travelers throughout China. At the same time, we will fully support Tuniu as it continues to expand its market share in the leisure travel market in China.�

The share issuance is exempt from registration under the Securities Act of 1933, as amended (the �Securities Act�), pursuant to Section 4(2) thereof regarding transactions not involving a public offering, or is made in reliance on, and in compliance with, Regulation S under the Securities Act.

• Net revenues in the second quarter of 2015 increased by 111.9% year-over-year to RMB1,518.2 million (US$ 244.9 million1).
• Net loss per ADS - basic and diluted was -$0.52 vs. last years same quarter loss of -$0.66.

Mr. Donald Yu, Tuniu's co-founder, Chairman and Chief Executive Officer, said, "In the second quarter of 2015, our growth continued to be extremely strong with net revenue growing 111.9% year-over-year and our total number of trips exceeding 1 million. As we continue to rapidly expand our business, we are increasingly diversifying our portfolio of travel products. During the recent incidence of the MERS virus in South Korea, we were able to minimize the impact on our business while maintaining positive customer experiences. We are confident that Tuniu's diversification, both in terms of region and travel product type, mitigates the risk that the company may face from future market-specific events."

Mr. Alex Yan, Tuniu's co-founder, President and Chief Operating Officer, said, "Our regional expansion strategy continues to display superior results as contributions from regions where we have a local presence continue to rapidly grow. In the second half of this year, we will accelerate the pace of our regional expansion in order to capture the opportunities in local markets that can be enhanced through a regional presence. Additionally, our direct procurement products continue to gain traction with our customers, reaching 25% of our total gross merchandise value in the second quarter, as we continue to enrich our portfolio of products."

Mr. Conor Yang, Tuniu's Chief Financial Officer, said, "Our investment in Wuzhouxing is a positive step in Tuniu's consolidation of the travel industry supply chain in China. We are confident that Wuzhouxing's management team has the industry experience and expertise to continue to guide Wuzhouxing's continued growth. We are pleased to work with Wuzhouxing and integrate its operations to unlock synergies for our mutual benefit."

Business Outlook

For the third quarter of 2015, Tuniu expects to generate RMB2,623.4 million to RMB2,689.0 million of net revenues, which represents 100% to 105% growth year-over-year. This forecast reflects Tuniu's current and preliminary view on the industry and its operations, which is subject to change.

NANJING, China, Aug. 18, 2015 (GLOBE NEWSWIRE) -- Tuniu Corporation ("Tuniu" or the "Company") (Nasdaq:TOUR), a leading online leisure travel company in China, announced that it officially started operating JD.com's (Nasdaq:JD) leisure travel channel for both its website and mobile apps on August 18.

"We are delighted to become the exclusive operator of JD.com's Leisure Travel Channel for the next five years. This collaboration will introduce our leading product portfolio to JD.com's extensive customer base, which will boost our traffic and enhance our new customer acquisition capabilities," said Mr. Donald Yu, Tuniu's co-founder and Chief Executive Officer.

"We are looking forward to delivering the best leisure travel experience in China to even more customers and accelerating our growth. With ongoing investments in product diversification, customer service and technology, we are well-positioned to extend our leadership in China's online leisure travel industry," Mr. Yu added.

In May 2015, Tuniu and JD.com entered into a strategic partnership in which JD.com became the largest shareholder of Tuniu after purchasing $350 million newly issued Class A ordinary shares. Pursuant to the investment, Tuniu will be the exclusive operator of JD.com's leisure travel channel commission free for five years and JD.com's preferred partner for hotel and air ticket bookings. The leisure travel services that Tuniu will operate on JD.com include packaged tours, cruise line products, tourist attraction tickets, visa processing services, train tickets and car rental services.

First Quarter 2015 Financial Results

• Net revenues in the first quarter of 2015 increased by 115.9% year-over-year to RMB1,248.2 million (US$201.4 million).
• Non-GAAP net loss, which excluded share-based compensation expenses, was RMB220.2 million (US$35.5 million) in the first quarter of 2015.

Mr. Donald Yu, Tuniu's co-founder, Chairman and Chief Executive Officer, said, "We are pleased to report robust top-line and gross bookings year-over-year growth of 116% and 117%, respectively, in the first quarter of 2015. We were able to accelerate our market share growth by raising the industry's barriers to entry through regional expansion, increased product selection, brand promotion and improved services. By continuously making investments in the next three years, we are confident that Tuniu will strengthen its market position as a leading one-stop leisure travel company."

Mr. Alex Yan, Tuniu's co-founder, President and Chief Operating Officer, said, "The acceleration of our top-line growth is a direct result of the implementation of our long-term strategic investments starting from last year. The execution of our regional expansion strategy has made a significant contribution to our business as the new cities where we added regional service centers last year contributed to over 12% of our gross bookings in the first quarter of 2015. Going forward, we will continue to invest in supply chain management, mobile technology and research and development in order to further improve our customers' shopping experience."

Mr. Conor Yang, Tuniu's Chief Financial Officer, said, "We remain very optimistic on the growth outlook for China's leisure travel market and we are confident that Tuniu will maintain its leading position and competitiveness in the long run. With the additional funding received from JD.com and other investors earlier this month, we will continue to pursue strategic investments in order to solidify our market position in the rapidly growing leisure travel sector."

Business Outlook

For the second quarter of 2015, Tuniu expects to generate RMB 1,396.9 million to RMB 1,432.7 million of net revenues, which represents 95% to 100% growth year-over-year. This forecast reflects Tuniu's current and preliminary view on the industry and its operations, which is subject to change.

NANJING, China, May 11, 2015 (GLOBE NEWSWIRE) -- Tuniu Corporation (Nasdaq:TOUR) ("Tuniu" or the "Company"), a leading online leisure travel company in China, today outlined the company's three-year business expansion plan at an event in Beijing.

As part of the three-year business expansion plan, Tuniu will enhance user experience across travel products, strengthen brand recognition, expand its network of regional service centers in both departure and destination cities, and further advance supply chain management capabilities. Within three years, Tuniu aims to cover 1,000 departure cities, establish 100 service centers at the most popular international travel destinations for Chinese travelers and increase product offering SKUs at travel destinations to one million.

With the establishment of additional service centers at travel destinations, the Company will be positioned to offer more comprehensive local services for travelers and enhance the travel experience. Tuniu will also establish product development centers in Beijing, Shanghai and Guangzhou to better leverage local resources, expand product offerings, and meet the diverse demands of customers across China.

NANJING, China, May 8, 2015 (GLOBE NEWSWIRE) -- Tuniu Corporation ("Tuniu" or the "Company") (Nasdaq:TOUR), a leading online leisure travel company in China, today announced that it has entered into definitive agreements with a group of investors for the issuance and sale of US$500 million in newly issued Class A ordinary shares in aggregate.

As part of the agreements, JD.com, Inc. (Nasdaq:JD), the leading online direct sales company in China, will purchase a total of US$350 million newly issued Class A ordinary shares of Tuniu through a combination of US$250 million in cash and US$100 million in resources as part of the two companies' jointly announced strategic agreement. In addition, Unicorn Riches Limited, an affiliate of Hony Capital; DCM Ventures China Turbo Fund, L.P. and DCM Ventures China Turbo Affiliates Fund, L.P., both affiliates of DCM V, L.P.; Ctrip Investment Holding Ltd., a subsidiary of Ctrip.com International, Ltd. (Nasdaq:CTRP); Esta Investments Pte Ltd, an affiliate of Temasek Holdings; and Sequoia Capital 2010 CV Holdco, Ltd, an affiliate of Sequoia Capital, will purchase US$80 million, US$20 million, US$20 million, US$20 million and US$10 million of newly issued Class A ordinary shares, respectively. Each of the investors has agreed not to sell, transfer or dispose of any shares acquired in the transaction for six months after the closing.

The purchase price will be US$16.00 per ADS, or the equivalent of approximately US$5.33 per Class A ordinary share, which represents the approximate average closing trading price of the Company's ADSs for the 20 trading days prior to the signing of the agreements. Following the transaction, JD.com will hold approximately 27.5% of the Company's outstanding shares and become the Company's largest shareholder.

As part of the consideration, JD.com has entered into an in-depth strategic agreement with Tuniu, pursuant to which Tuniu will gain the exclusive rights to operate, for five years without commission, the leisure travel channel for both JD.com's website and mobile app, and will become JD.com's preferred partner for hotel and air tickets booking services. The leisure travel services that Tuniu will operate on JD.com include packaged tours, cruise line products, tourist attraction tickets, visa processing services, train tickets and car rental services. JD.com will also provide Tuniu with a wide range of operational support, including its big data, financial services, traffic and operating resources.

The transaction is subject to customary closing conditions and the closing  is expected to take place in the second quarter of 2015. Upon closing, JD.com will have the right to designate and appoint one director to Tuniu's board of directors.

Mr. Donald Yu, Tuniu's co-founder and CEO, said, "We are excited about this strategic cooperation with JD.com and the additional investment provided by our investors. As the exclusive operator of JD.com's leisure travel channel, we will collaborate with JD.com by leveraging its traffic and customer base to provide superior leisure travel products and the best customer experience. In the future, we will further increase Tuniu's investments to improve the user experience of our travel products, promote our brand, expand our regional service centers, strengthen our supply chain management and advance our research and development efforts in order to solidify our market leadership position."

"We are delighted to be partnering with Tuniu to bring JD.com users the highest quality online travel shopping experience available anywhere," said Mr. Richard Liu, founder and CEO of JD.com. "Tuniu's leadership in China's rapidly growing market for online leisure travel makes it the ideal partner to further strengthen JD.com's travel channel. We will continue to explore long-term partnerships with leaders in key vertical markets to leverage their specialized expertise, as we build China's premier online e-commerce platform for authentic, high-quality products and services."

NANJING, China, April 15, 2015 (GLOBE NEWSWIRE) -- Tuniu Corporation (Nasdaq:TOUR) ("Tuniu" or the "Company"), a leading online leisure travel company in China, today announced that it will collaborate with Reunion Island Tourism to offer 20 new tour packages to Reunion.

Reunion Island, which lies in the Indian Ocean close to Mauritius, is home to one of the world's most active volcanoes and is an increasingly popular destination for Chinese tourists. The 20 new tour packages, with departure cities in Beijing, Shanghai, and Hong Kong, will include a combination of routes covering Reunion and Mauritius.

Mr. Donald Yu, Tuniu's co-founder and Chief Executive Officer, said, "Tuniu already serves about 20%¹ of all trips from mainland China to the Maldives and Mauritius, and we are still seeing strong growth in travel to the region. Direct cooperation with partners in destination regions enables us to develop differentiated products with high-quality local services for our customers. We look forward to designing more travel products to Reunion and neighboring destinations and continuing to build our market share in the region."

Mr. Patrick Serveaux, Chairman of Reunion Island Tourism, said, "This is a great opportunity for us to work with the leading leisure travel company in China. We look forward to cooperating with Tuniu to create highly customized local tours that cater to the demands of Chinese tourists."

¹ Based on figures from Maldives Ministry of Tourism, Statistics Mauritius, and the Company in the fourth quarter of 2014.

NANJING, China, March 9, 2015 (GLOBE NEWSWIRE) -- Tuniu Corporation (Nasdaq:TOUR) ("Tuniu" or the "Company"), a leading online leisure travel company in China, today announced the acquisition of majority stakes in each of Zhejiang Zhongshan International Travel Services Co., LTD ("Zhongshan"), a Hangzhou-based travel agency, and China Classical Holiday ("CCH"), a Tianjin-based travel agency.

Through the acquisitions of the majority equity interest in Zhongshan and CCH, each of which has a license¹ to offer and operate Taiwan tours in mainland China, Tuniu has gained access to the expanding Taiwan tours market. In 2014, approximately four million tourists from mainland China visited Taiwan, representing a year-over-year growth of 39%². Taiwan was ranked one of the top 5 destinations³ out of mainland China in terms of the number of tourists from mainland China.

Zhongshan and CCH are among the leading travel agencies in Hangzhou and Tianjin with 20 and 17 years of operation history, respectively. With well-known brand and product development expertise, both Zhongshan and CCH focus on outbound packaged tours and Taiwan tours, which accounted for over 70% of their respective gross bookings in 2014.

Mr. Donald Yu, Tuniu's co-founder and Chief Executive Officer, said, "We are pleased to announce the acquisitions of Zhongshan and CCH, through which we further expand Tuniu's product offerings to Taiwan, a fast growing and popular destination among Chinese leisure travelers. Leveraging the mature supply network of Zhongshan and CCH for Taiwan tours, Tuniu can enter and rapidly expand our presence in the market for Taiwan tours, which we believe will become another driver for the sustainable growth of our business."

Mr. Alex Yan, Tuniu's co-founder and Chief Operating Officer, said, "We are benefitting from Zhongshan and CCH's product design experience and local sourcing, this partnership should  further strengthen Tuniu direct-procurement process and allow us to acquire more valuable travel resources in local markets, such as cruise line tickets departing from Tianjin and Shanghai."

Fourth Quarter 2014 Financial Results

• Net revenues in the fourth quarter of 2014 increased by 90.9% year-over-year to RMB928.7 million (US$149.7 million)¹.
• Net loss per ADS �basic and diluted* was a loss of US$(0.54) vs. last years loss of US$(1.00).

Mr. Donald Yu, Tuniu's co-founder and Chief Executive Officer, said, "We are pleased to have delivered excellent top-line growth of 90.9% year-over-year in the fourth quarter of 2014 as we continued to expand our market share in China's online leisure travel industry. According to the latest iResearch report³, Tuniu was the number one ranked company in online organized tours with a market share of over 20% in 2014. We are confident that our ongoing investments in the online shopping experience, tour advisory services and regional online-to-offline services will further differentiate Tuniu's customer experience and drive growth."

Mr. Alex Yan, Tuniu's co-founder and Chief Operating Officer, said, "In the fourth quarter, we opened 45 additional regional service centers in China's second-and-third-tier cities, broadening our presence to a total of 75 service centers in 73 cities at the end of 2014. As we execute on our regional expansion strategy, we are particularly pleased to see strong growth momentum and increasing contribution from lower tier cities. During the fourth quarter, we also enhanced our supply chain management through deeper cooperation with strategic suppliers and continuing our transition towards direct procurement relationships. These initiatives are a vital component of our plans to expand product offerings and improve profitability."

Mr. Conor Yang, Tuniu's Chief Financial Officer, said, "Our strategic investments in regional expansion, technology innovation, and brand promotion will strengthen our competitiveness in the long run. With the online penetration rate of the leisure travel market surpassing 10% in 2014⁴ and set to continue growing, we are confident there is a great potential for industry leaders such as Tuniu to keep sustainable growth in the years to come."

Business Outlook

For the first quarter of 2015, Tuniu expects to generate RMB1.13 billion to RMB1.16 billion of net revenues, which represents 95% to 100% growth year-over-year. This forecast reflects Tuniu's current and preliminary view on the industry and its operations, which is subject to change.

NANJING, China, Dec. 22, 2014 (GLOBE NEWSWIRE) -- Tuniu Corporation (Nasdaq:TOUR) ("Tuniu" or the "Company"), a leading online leisure travel company in China, today announced that it has added another 15 new regional service centers, increasing the Company's penetration into China's rapidly growing lower-tier cities.

"We are pleased to have significantly expanded our regional network in 2014 by adding 60 regional service centers through the course of the year. Our nationwide network is a core element of our strategy to service the rapidly growing demand for leisure travel across China," said Mr. Alex Yan, co-founder and chief operating officer of Tuniu.

With new regional service centers in 15 additional cities ^[1], Tuniu now has a total of 75 service centers and 95 departure cities throughout China.

"Looking forward, we plan to expand our network to a total of more than 100 regional service centers throughout the country in 2015. In addition to forming an effective barrier to entry, the network gives Tuniu first-mover advantage in lower-tier cities, enabling us to quickly build market share and reinforce our leadership in the Chinese leisure travel market," Mr. Yan added.

Note [1]: The 15 additional regional service centers are located in Kunming, Huhehaote, Wenzhou, Tangshan, Dongguan, Anshan, Huangshi, Changde, Taizhou, Jinzhou, Linyi, Leshan, Mianyang, Zhongshan, and Xuchang.

NANJING, China, Dec. 15, 2014 (GLOBE NEWSWIRE) -- Tuniu Corporation (Nasdaq:TOUR) ("Tuniu" or the "Company"), a leading online leisure travel company in China, today announced that it has entered into a share subscription agreement with Unicorn Riches Limited, a special purpose vehicle of Hony Capital, JD.com E-commerce (Investment) Hong Kong Corporation Limited, a special purpose vehicle of JD.com Inc. (Nasdaq:JD), Ctrip Investment Holding Ltd., a subsidiary of Ctrip.com International, Ltd. (Nasdaq:CTRP) and the respective personal holding companies of Tuniu's chief executive officer and chief operating officer, pursuant to which Tuniu will issue and sell a total of US$148 million newly issued class A ordinary shares to the investors.

Pursuant to the agreement, Unicorn Riches Limited, JD.com E-commerce (Investment) Hong Kong Corporation Limited, Ctrip Investment Holding Ltd. and the personal holding companies of Mr. Dunde Yu, Tuniu's chairman of the board and chief executive officer, and Mr. Haifeng Yan, Tuniu's director and chief operating officer, agree to subscribe newly issued Class A ordinary shares of the Company in the amount of US$50 million, US$50 million, US$15 million, US$16.5 million and US$16.5 million, respectively. The purchase price will be US$4.0203 per ordinary share, or the equivalent of US$12.061 per ADS. The purchase price represents the average closing trading prices of the Company's ADSs for the ten trading days prior to the signing of the agreement, adjusted for ADS-to-ordinary share ratio, and represents a small premium over the average of ADS closing trading prices in the last five trading days. This share issuance is made in reliance on, and in compliance with, Regulation S under the Securities Act of 1933, as amended. Each of the investors has agreed not to sell, transfer or dispose of any shares acquired in the transaction for six months after the closing.

"We are pleased to welcome Hony Capital and JD.com as our new investors. We look forward to cooperating with JD.com in the near future. We also expect to deepen our partnership around shared travel resources with Ctrip, one of our existing shareholders, which further increased its holdings in Tuniu through this placement," said Mr. Dunde Yu, chairman of the board and chief executive officer of Tuniu.

"Tuniu will continue to enhance our customer experience through improving our service and brand recognition, increasing our penetration into lower-tier cities, and increasing our investments in research and development in technology, mobile, and travel-related products. With these efforts, we are confident that Tuniu will further expand our market share and strengthen our industry leadership," said Mr. Alex Yan, co-founder and chief operating officer of Tuniu.

Unicorn Riches Limited is a special purpose vehicle of Hony Capital, Hony Capital is a leading Private Equity firm of China, focusing on the China market and currently managing more than US$7 billion assets.

In addition, the Company also announced that it has decided not to pursue its proposed registered public offering of ADSs and will withdraw the related registration statement on Form F-1 previously filed with the Securities and Exchange Commission on December 2, 2014.

NANJING, China, Dec. 10, 2014 (GLOBE NEWSWIRE) -- Tuniu Corporation (Nasdaq:TOUR) ("Tuniu" or the "Company"), a leading online leisure travel company in China, today announced that the Company has signed a strategic agreement with Ctrip.com International, Ltd. ("Ctrip"), a leading travel service provider of accommodation reservation, transportation ticketing, packaged tours and corporate travel management in China, to expand their collaboration on shared travel resources.

"We are pleased to deepen our collaboration with Ctrip," said Mr. Alex Yan, co-founder and chief operating officer of Tuniu. "Since we started our partnership in May, we have made good progress integrating Ctrip's hotel resources into Tuniu's Hotel Channel. We plan to build on this by expanding our strategic cooperation into other travel resources including flight ticketing and car rental services so that we can provide an even wider range of services to Chinese leisure travelers."

In May 2014, Ctrip acquired $15 million of Tuniu Class A ordinary shares concurrent with Tuniu's initial public offering ("IPO") and currently owns over 3% of Tuniu's outstanding shares.

NANJING, China, Dec. 9, 2014 (GLOBE NEWSWIRE) -- Tuniu Corporation (Nasdaq:TOUR) ("Tuniu" or the "Company"), a leading online leisure travel company in China, today announced that it has set up 10 new regional service centers, significantly expanding its coverage of lower tier cities in China.

"The regional service centers are central to our drive to expand our customer base in lower tier cities and bring new and better travel options to Tuniu users," said Mr. Alex Yan, co-founder and chief operating officer of Tuniu. "We have been very pleased with the ability of the new regional centers to contribute to growth and have accelerated the expansion of our network through the course of the year. This has translated into strong growth in lower tier markets, with roughly 50% of gross bookings generated from second and lower tier cities in the third quarter, up from 40% a year ago."

With additional service centers in Luoyang, Lanzhou, Nanchong, Datong, Huzhou, Yichang, Zhuzhou, Zhangzhou, Taizhou and Deyang, Tuniu now has a total of 60 regional service centers throughout China.

Mr. Donald Yu, co-founder and chief executive officer of Tuniu added, "Going forward, we will invest in building our capabilities and resources at each regional center so that we can unearth more great travel products and tailor our services to suit local customer preferences. This will further differentiate Tuniu's customer service and product offerings, and reinforce our leadership in online leisure travel in China."

Third Quarter 2014 Financial Results

• Net revenues were RMB1.31 billion (US$213.7 million) in the third quarter of 2014, representing a year-over-year increase of 85.6% from the corresponding period in 2013. 
• Net loss per ADS �basic and diluted (1.89) vs. last years same quarter of (8.38).

Mr. Donald Yu, Tuniu's co-founder and Chief Executive Officer, said, "We are excited to have delivered excellent top-line growth of 85.6% year-over-year in the third quarter as more Chinese leisure travelers turned to Tuniu for packaged tours. This result is a testament to our ability to gain market share through offering a comprehensive product portfolio and industry-leading customer service, combined with competitive pricing."

Mr. Alex Yan, Tuniu's co-founder and Chief Operating Officer, said, "Since the end of the second quarter until now, we have opened an additional 30 service centers. This larger network enables us to bring new and diverse travel options to Chinese leisure travelers living in second and third tier cities, and further improves our local sourcing capabilities. Through the use of targeted offline sales and marketing activities, these new centers also quickly contribute to Tuniu's growth."

Mr. Conor Yang, Tuniu's Chief Financial Officer, said, "President Xi Jinping recently commented that in the next 5 years there will be over 500 million outbound tourist trips from China⁴. We are excited about this potential for growth. We will continue to grow our market share by expanding our customer service network, developing new product offerings, pricing competitively, and investing in online and offline branding initiatives."

NANJING, China, Sept. 28, 2014 (GLOBE NEWSWIRE) -- Tuniu Corporation (Nasdaq:TOUR) ("Tuniu" or the "Company"), a leading online leisure travel company in China, today announced that it has set up 10 new regional service centers in tier two and three cities across China.

The larger network will allow Tuniu to provide travelers with enriched product offerings and more robust on-the-ground services. With the additional service centers in Dalian, Taiyuan, Shi Jiazhuang, Nanning, Changchun, Fuzhou, Nanchang, Guiyang, Xiamen, and Hefei, Tuniu now has a total of 30 regional service centers throughout China.

"Expanding our network of regional centers will further integrate Tuniu's online and offline platforms and provide Chinese leisure travelers with more comprehensive and seamless travel services," said Mr. Donald Yu, Tuniu's co-founder and Chief Executive Officer. "Our expanded network will also improve Tuniu's ability to localize sourcing and launch more targeted offline sales and marketing activities."                                                             

"As China's demand for leisure travel continues to grow rapidly, we will continue to focus on cementing Tuniu's leadership position through enhancing our product offerings, building brand recognition and extending our customer regional service network to more leisure travelers across China."

NANJING, China, Sept. 24, 2014 (GLOBE NEWSWIRE) -- Tuniu Corporation (Nasdaq:TOUR) ("Tuniu" or the "Company"), a leading online leisure travel company in China, today announced that it has reached a strategic agreement with China Three Gorges Project ("Three Gorges"), a subsidiary of China Three Gorges Corporation, to be the exclusive online partner for making reservations to visit the Three Gorges Dam.

The new collaboration will enable Chinese travelers to make reservations to visit the Three Gorges Dam via Tuniu's integrated online customer service platform including its website and mobile app. As part of the partnership, Tuniu and Three Gorges will launch a joint targeted marketing campaign to promote the new offering to millions of Chinese leisure travelers.

"As the world's largest hydro-power station, the Three Gorges Dam is renowned for its scale and engineering and is a unique and popular tourist site in China," said Mr. Donald Yu, Tuniu's co-founder and Chief Executive Officer. "We are delighted to form this exclusive partnership with Three Gorges, which will further enhance Tuniu's rich product and service offerings."

"Tuniu's strategy of building strong upstream relationships with local tourism companies across China enables us to offer the most exciting exclusive travel offerings and the best customer service, further differentiating Tuniu as the leading destination to book leisure travel online."

China Three Gorges Project is a wholly owned subsidiary company of China Three Gorges Corporation, responsible for managing and developing tourism for China's Three Gorges Dam. The Three Gorges Dam has become one of the first tourist attractions since 2007 to receive China's top 5A-Class Scenic Area Rating from the China National Tourism Administration. The Three Gorges Dam currently has approximately 1.8 million annual visitors. China Three Gorges Corporation recently announced that Chinese citizens will be able to enter the Three Gorges Dam scenic area for free starting September 25th, 2014, coinciding with its launch of a real-name registration system for tourists to make reservations prior to their visits.

Second Quarter 2014 Financial Results

• Net revenues in the second quarter of 2014 increased by 84.9% year-over-year to RMB716.4 million (US$115.5 million).
• Net loss per ADS �basic and diluted was RMB0.45 vs. last years same quarter of RMB0.09

Mr. Donald Yu, Tuniu's co-founder and Chief Executive Officer, said, "After our successful IPO in May, we are capitalizing on the IPO by strengthening our leading position in terms of market share and brand recognition. Despite the short-term impact of political instability in Southeast Asia and the tragic Malaysia Airline accident, we delivered a strong top line growth of 84.9% year-over-year in the second quarter. Our wide coverage of travel destinations and the professional guidance provided by our tour advisors enabled us to better serve a growing number of Chinese leisure travelers."

Mr. Alex Yan, Tuniu's co-founder and Chief Operating Officer, said, "During the second quarter, we launched our flash sale platform and established new regional service centers in five additional cities. In the second half of the year, we will continue to enhance customer service and improve our local sourcing and marketing capability by opening more regional service centers in second and third tier cities in China."

"In the second quarter, we made a strategic decision to price and market aggressively to increase our scale more quickly and achieve market share gains against our competitors. In the long run, as our scale increases over time, we shall obtain stronger bargaining power with our supply chain and improve our operational efficiency over a larger revenue base," said Mr. Conor Yang, Tuniu's Chief Financial Officer.

Business Outlook

For the third quarter of 2014, Tuniu expects to generate RMB1,201 million to RMB1,237 million of net revenues, which represents 70% to 75%growth year-over-year. This forecast reflects Tuniu's current and preliminary view on the industry and its operations, which is subject to change.