Core Insights - Klook, known as the "Hong Kong version of Ctrip," has filed for an IPO with the SEC, marking a significant moment for its investors after years of funding. However, the company has not achieved profitability in its 10 years of operation and faces challenges from industry giants during its global expansion [2][3]. Company Overview - Founded in 2014, Klook is one of the few unicorns to emerge from Hong Kong, focusing on non-standard travel products, unlike traditional OTAs like Ctrip and Booking that offer standardized services. Klook supports 14 languages, 40 currencies, and over 40 payment methods, providing 310,000 travel booking services across approximately 4,200 destinations by September 30, 2025 [4]. - Klook's offerings include tickets for attractions, local experiences, transportation vouchers, hotels, and dining options. The platform is positioned against non-standard experience platforms like GetYourGuide in Europe and Viator in North America [4][5]. Financial Performance - Klook has not turned a profit in its decade of operation, with revenues of $129 million, $335 million, $417 million, and $407 million for the years 2022, 2023, 2024, and the first three months of 2025, respectively. Corresponding net losses were $123 million, $142 million, $99 million, and $141 million [5]. - However, there are signs of improvement in 2025, with adjusted EBITDA turning positive in the second and third quarters, reaching approximately $5 million per quarter [5]. Investment and Ownership - Klook's co-founders hold approximately 20.5% of the company's shares through various entities, with significant stakes held by EEB Capital Limited and other investment firms [6][7]. - Since its inception, Klook has raised over $1 billion across nine funding rounds, with notable participation from Sequoia China and other major investors. Recent funding rounds in December 2023 and February 2025 focused on accelerating international expansion and enhancing AI technology [8][9].