Group 1 - The core point of the news is that Tongcheng Group's subsidiary, Yilong Network Information Technology, has acquired 100% of Newborn Payment for approximately 300 million yuan, allowing the company to enter the payment sector indirectly through the acquisition of a payment license [1] - The acquisition is expected to benefit the company by leveraging opportunities in the Hainan Free Trade Port, focusing on cross-border trade and cultural tourism consumption, and aiding the digital upgrade of tourism consumption scenarios [1] - Newborn Payment, established in early 2008 and under HNA Group, is one of the first third-party payment companies in China to obtain a full payment license, with its license valid until May 2026 [1] Group 2 - After acquiring Newborn Payment, Tongcheng Travel can reduce payment costs and create synergies with its main business, which includes accommodation booking and transportation ticketing services [2] - The value of payment licenses has been increasing, with companies like JD.com, Meituan, and ByteDance acquiring licenses through similar means, while competitors like Ctrip have developed their own payment solutions [2] Group 3 - In the first half of 2025, Tongcheng Travel reported revenue of 9.05 billion yuan, a year-on-year increase of 11.5%, with adjusted EBITDA of 2.34 billion yuan, up 35.2%, and adjusted net profit of 1.56 billion yuan, an increase of 28.6% [3] - Revenue from transportation ticketing for the same period was 3.88 billion yuan, growing by 11.6%, while accommodation booking revenue reached 2.56 billion yuan, up 18.8% [3]

Group 1 - Tongcheng Group's subsidiary, Yilong Network, has acquired 100% equity of Newborn Payment for approximately 300 million yuan [1][2] - This acquisition allows Tongcheng Group to indirectly obtain a payment license and officially enter the payment sector [2][3] - Newborn Payment is one of the first third-party payment institutions to receive a payment business license from the People's Bank of China and is the only licensed payment entity in Hainan Province [3][4] Group 2 - The acquisition is expected to leverage opportunities from the development of Hainan Free Trade Port, enhancing cross-border trade and cultural tourism consumption [2][7] - Newborn Payment's business scope includes internet payment, prepaid card issuance, and acceptance, as well as cross-border RMB payment capabilities [4][7] - The recent changes in corporate structure indicate a shift towards aligning with Tongcheng Group's strategic interests, with new management closely linked to the group [5][6] Group 3 - The payment industry is entering a phase where acquiring licenses through acquisition is becoming a common strategy due to regulatory constraints [7][8] - Having a payment license will enable the platform to reduce costs associated with external partnerships and enhance user experience through integrated services [8]

Core Viewpoint - Tongcheng Group's acquisition of 100% equity in Newborn Payment marks its entry into the payment sector, allowing it to indirectly obtain a payment license and leverage opportunities in cross-border trade and digital tourism consumption [2][3]. Summary by Sections - **Acquisition Details** - Tongcheng Group's subsidiary, Yilong Network, acquired Newborn Payment for approximately 300 million yuan [2]. - Newborn Payment is one of the first third-party payment institutions to receive a payment business license from the People's Bank of China and is currently the only licensed payment institution in Hainan Province [5]. - **Business Opportunities** - The acquisition positions Tongcheng Group to benefit from the development opportunities presented by the Hainan Free Trade Port, particularly in cross-border commerce and digital upgrades in tourism consumption [3][8]. - Newborn Payment's business scope includes internet payment, prepaid card issuance, and cross-border RMB payment, with potential for future expansion into cross-border RMB exchange [8]. - **Management Changes** - Recent changes in management at Newborn Payment include the appointment of new executives closely associated with Tongcheng Group, indicating a strategic alignment post-acquisition [6][5]. - **Industry Context** - The payment industry is transitioning into a phase where acquiring licenses through acquisition is becoming a common strategy due to regulatory constraints on new licenses [8]. - Having a payment license allows platforms to reduce costs associated with external partnerships and enhances user experience through integrated payment solutions [9].

Core Viewpoint - Tongcheng Group's subsidiary, eLong, has acquired 100% of Newborn Payment Co., Ltd., gaining a payment license to capitalize on opportunities in cross-border trade and cultural tourism in the Hainan Free Trade Port [1][3][4] Group 1: Acquisition Details - The acquisition of Newborn Payment was executed through a full acquisition by eLong, which is a subsidiary of Tongcheng Group [3] - Newborn Payment, established in 2008 with a registered capital of 100 million RMB, was previously under HNA Group and has held a payment business license since 2011 [3][4] - The payment license allows Newborn Payment to conduct various payment services, including internet payment, prepaid card issuance, and bank card acceptance, with a license validity until May 2026 [3][4] Group 2: Strategic Considerations - The acquisition aligns with Tongcheng's strategy to leverage the development of the Hainan Free Trade Port, enhancing its capabilities in cross-border commerce and cultural tourism [1][6] - Newborn Payment is the only licensed payment institution in Hainan, positioning it to benefit from the region's favorable policies as it approaches the 2025 deadline for becoming a high-level free trade port [4][5] Group 3: Industry Context - The payment industry is transitioning into a phase where acquiring licenses through acquisition is becoming a common strategy due to regulatory constraints on new applications [3][7] - The importance of having a complete payment license is emphasized, as it allows companies to reduce costs associated with partnering with external licensed payment institutions [6][8] Group 4: Future Opportunities - The acquisition is expected to enhance Tongcheng's service offerings, allowing for better integration of financial services within its existing travel platform [8][9] - The move is seen as a step towards building a comprehensive financial ecosystem, which is crucial for maintaining competitiveness in the digital economy [9][10]

Core Viewpoint - The online travel agency (OTA) platform Tongcheng Travel's subsidiary, Yilong Network, is acquiring 100% of the shares of Newborn Payment to obtain a payment license, aiming to leverage opportunities in the Hainan Free Trade Port and enhance digital upgrades in cultural and tourism consumption [2][3]. Group 1: Acquisition Details - Yilong Network confirmed the acquisition of Newborn Payment, which is the only licensed payment institution in Hainan, providing a strategic advantage to access favorable policies in the Free Trade Port [2][3]. - Newborn Payment, established in 2008 with a registered capital of 100 million RMB, is one of the first third-party payment companies to obtain a full payment business license from the People's Bank of China [2][3]. Group 2: Business Capabilities - Newborn Payment holds comprehensive payment qualifications, including internet payment, bank card acquiring, prepaid card issuance, and cross-border RMB payment, with potential for future cross-border RMB exchange qualifications [3]. - The acquisition is expected to enhance the synergy between payment functions and the main business, providing users with a smoother and safer payment experience [3]. Group 3: Market Context - The competition for payment licenses has intensified among major internet platforms, with companies like JD.com, Meituan, and ByteDance acquiring payment licenses through similar means [3]. - Ctrip, another major OTA, acquired a licensed payment institution in 2020, indicating a trend among OTAs to integrate payment capabilities into their services [4].

齐鲁晚报·齐鲁壹点 张志恒 随着国庆黄金周的脚步日益临近，旅游市场的预热氛围愈发浓厚。不少消费者已开启行程规划，将火车 票、机票与酒店预订提上日程。面对琳琅满目的在线旅游（OTA）平台，消费者的选择呈现出明显差 异，林女士表示，会在同程APP订购机票，对比多个平台后选择美团预订酒店；刘先生向记者分享自己 的心得："去哪儿网的机票价格要便宜一些，订酒店的话可以试试换个新手机号注册账户。"乔女士则表 示，最近京东酒店预定搞活动，新人注册比较便宜。 国庆黄金周到来之前的OTA赛道，可谓"硝烟弥漫"：携程因"调价助手"问题两度被监管点名；京东高 举"0佣金"大旗，短短两天内便吸引5万家酒店涌入入驻通道；高德扫街榜派送立减券；美团推出免单卡 与提前订房满减券活动；同程一边深耕下沉市场，一边携手华为争夺流量。老霸主、新平台、内容电 商、本地生活巨头齐聚，一场短兵相接的行业博弈已然展开。 刘强东站台品酒会"鲶鱼"京东闯入酒旅江湖 记者实测发现，以京东、同程、美团、去哪儿网、高德地图五个平台为例，检索同一酒店同时期的同一 间房型，数据显示每晚价格分别为423元、484元、498元、494元、428元。其中京东凭借新用户身份叠 ...

Group 1 - The core viewpoint of the article is that Tongcheng Group's subsidiary, Yilong Network, has acquired 100% of Xinxing Payment to obtain a payment license, aiming to leverage opportunities in cross-border trade and cultural tourism consumption, particularly benefiting from the development of Hainan Free Trade Port [1][5][4] Group 2 - Xinxing Payment, established in 2008 with a registered capital of 100 million RMB, was previously under HNA Group and has been granted various payment business licenses, including internet payment and prepaid card issuance [3][4] - The acquisition of Xinxing Payment is significant as it is the only licensed payment institution in Hainan and plays a crucial role in the digital RMB pilot for cross-border e-commerce [4][5] - The payment license allows Yilong Network to reduce costs associated with external licensed payment partners and enhances its ability to accumulate user data and cross-sell financial services [5][6] Group 3 - The acquisition reflects Tongcheng's strategy to capitalize on opportunities in cross-border commerce and cultural tourism, with a focus on digital upgrades in consumption scenarios [5][6] - Compliance is a critical factor, as the financial regulatory environment emphasizes licensed operations, and the company must establish a robust compliance and internal control system post-acquisition [6][7] - The payment license is seen as a foundational infrastructure for financial operations, enabling the company to expand its service boundaries within a compliant framework [7][8] Group 4 - The integration of payment capabilities is essential for building a financial ecosystem and enhancing business synergy, allowing the company to connect consumer and merchant transactions effectively [8] - In the context of increasing digitalization, having a complete license system is becoming a standard for leading companies, providing a competitive edge in the evolving digital economy [8][9]

Core Viewpoint - Another OTA platform, Tongcheng Group's affiliate, eLong, has entered the payment sector by acquiring 100% equity of Newborn Payment Co., Ltd, thereby obtaining a payment license [1] Group 1: Company Developments - eLong has completed the acquisition of Newborn Payment, with changes in business registration already partially updated [1] - The acquisition will allow eLong to benefit directly from the development of Hainan Free Trade Port [1] Group 2: Strategic Opportunities - eLong aims to leverage payment services as a link to seize strategic opportunities in cross-border trade and cultural tourism consumption [1] - The company plans to support the digital upgrade of cultural tourism consumption scenarios through this acquisition [1]

中经记者 李静 北京报道 "解决旅游行业内卷问题，最快速、最方便的方法就是能够把国内的旅游市场这个增量做大。把国内旅 游市场增量做大，最快速的方法就是引入更多的消费者，其实就是要做好入境游。"9月23日，在《中国 经营报》主办的"绿色引领 重塑未来——2025中国企业可持续发展行动大会"上，携程集团副总裁秦静 这样分享道。 为了在国际市场上更有效地获取客户，携程从以下三个方面采取了措施： 第一，在自身运营层面，携程致力于精细化与本地化。与许多海外App仅通过切换语言来实现国际化的 做法不同，携程在不同国家和地区都针对本地用户的具体需求开展深度运营。 例如，日本用户非常重视酒店是否配备智能马桶，这是一个极具本土特色的偏好；因此在日本地区，携 程专门设立对应标签，使这些用户在中国预订酒店时能快速筛选出符合要求的选项。同样，针对穆斯林 用户对清真餐厅的强烈需求，也设置了相应标签，方便他们在来华旅行时快速识别适宜酒店。 "凭借这种高度本地化的运营策略，近年来我们在海外市场的获客一直保持三位数增长。"秦静说道。 第二，在服务能力方面，携程是全球范围内少数拥有约1.5万名自营客服员工的企业，提供7×24小时纯 人工服务。 ...

Core Viewpoint - The automatic price adjustment feature of Ctrip has caused significant frustration among hotel operators, leading to regulatory scrutiny and potential changes in the online travel industry landscape [2][10][18]. Group 1: Ctrip's Automatic Price Adjustment - Hotel operators have reported that Ctrip's "automatic price adjustment" feature frequently alters room prices without their consent, often resulting in prices that do not even cover costs [2][6]. - The process to disable this feature is complicated and time-consuming, leading to further dissatisfaction among hotel managers [10][12]. - Regulatory bodies have taken notice, with the Zhengzhou Market Supervision Administration recently addressing Ctrip for violating e-commerce laws by unreasonably restricting merchants' pricing rights [11][18]. Group 2: Regulatory Actions and Industry Response - Ctrip has faced multiple regulatory meetings, indicating a growing intolerance from authorities regarding its practices [3][5]. - The regulatory body has mandated Ctrip to rectify its practices, including revising contract terms and optimizing its pricing tools to protect merchant rights [11][18]. - New competitors like JD.com and Douyin are entering the market, offering favorable terms to hotel operators, which could shift the balance of power away from Ctrip [13][14][17]. Group 3: Market Dynamics and Future Outlook - The entry of new players is seen as a positive development for hotel operators, providing them with more options and reducing reliance on a single platform [17][20]. - The competitive landscape is expected to evolve, focusing more on service quality, technological innovation, and ecosystem development [18][20]. - As the market transforms, consumers may benefit from more transparent pricing and improved service quality, marking a shift away from the previous dominance of platforms like Ctrip [20].