Tongcheng Travel Holdings, through its subsidiary eLong, Inc., made a voluntary conditional cash offer on 29 June for all of Hong Kong-listed Dida Inc. at HK$1.3875 per share, valuing the ride-sharing platform at about HK$1.42bn.
Why Tongcheng Travel Holdings is buying Dida Inc.
Coverage of the deal said Tongcheng wants to expand its ground transport and short-distance travel offering, gaining Dida's network across 366 cities and some 21 million certified private car owners for cross-selling with its ticketing, hotel and travel services.
Deal terms and financing
Nomura made the offer on eLong's behalf and said the price would not be raised. Holders of 53.70% of Dida, led by 5brothers with 31.23% and Leap Profit with 16.46%, gave irrevocable undertakings to accept. Dida proposed a conditional special dividend of HK$1.1745 per share that would not reduce the offer price. The offer was financed by a facility of up to HK$1.5bn from China CITIC Bank International.
Regulatory approvals and timing
The offer closed on 21 August 2026 with valid acceptances for 88.74% of Dida's shares. The offeror intends to keep Dida listed, and the company must restore its minimum public float.
Market context
Dida's revenue fell to 502m yuan in 2025 and its shares had traded around HK$1, well below its listing value. Its stock jumped 88% on the first trading day after the announcement, while Tongcheng's fell 4.4%.
