Chinese travel operator Lailaihui raises $16.3m Series B


chinaChinese travel operator Lailaihui has raised RMB100m ($16.3m) in a Series B round backed by conglomerate Fosun’s venture arm and CDH Venture.

CDH is a return backer, having invested in the company’s Series A in February.

Fosun has just pulled out of the bidding process for French holiday group Club Med, which has accepted a higher offer from Italian tycoon Andrea Bonomi.

Bonomi trumped a sweetened €17.50 per share offer from Ardian and Fosun with a €21 per share bid in June after regulators told him to clarify his intentions before the end of the month.

In June Fosun chairman Guo Guangchang said its €557m bid was the best possible offer for Club Med and the Chinese group was not interested in partnering with any other party besides Ardian.

Last month it was reported that another company backed by CDH, pork production giant WH Group, could relaunch its scrapped $5.3bn Hong Kong IPO.

Copyright © 2014 AltAssets