Core Viewpoint - Klook, known as the "Hong Kong version of Ctrip," has filed for an IPO with the SEC, marking a significant moment for its investors despite the company never having achieved profitability since its establishment in 2014 [1][2]. Company Overview - Klook was founded in 2014 and 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 [2][3]. - The platform supports 14 languages, 40 currencies, and over 40 payment methods, providing 310,000 travel booking services across approximately 4,200 destinations globally [2]. - Klook is projected to achieve 54.5 million bookings in 2024 and over 65 million bookings in the year ending September 30, 2025 [2]. Financial Performance - Klook has not turned a profit in its 10 years 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 [3]. - The corresponding net losses for these years were $123 million, $142 million, $99 million, and $141 million [3]. - However, the company showed signs of improvement in 2025, with adjusted EBITDA turning positive in the second and third quarters, reaching approximately $5 million per quarter [3]. Investment and Funding - Klook's co-founders control approximately 20.5% of the company's shares through various investment vehicles [4]. - Since its inception, Klook has completed nine funding rounds, raising over $1 billion, with notable participation from Sequoia China, which has invested in six rounds [4][5]. - Recent funding rounds include $210 million from Asian financial institutions in December 2023 and $100 million led by Veen Capital in February 2025, aimed at enhancing AI technology and digital transformation [5].

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 participation [1] - The company has yet to achieve profitability since its establishment in 2014, and faces challenges in competing with industry giants during its global expansion [1] Company Overview - Founded in 2014, Klook is one of the few unicorns to emerge from Hong Kong, focusing on non-standard travel products, unlike major OTAs like Ctrip and Booking that offer standardized services [2] - Klook supports 14 languages, 40 currencies, and over 40 payment methods, providing 310,000 travel booking services across approximately 4,200 destinations [2] - The platform is projected to achieve 54.5 million bookings in 2024 and over 65 million bookings in the year ending September 30, 2025 [2] Financial Performance - Klook has not been profitable in its 10 years 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 [3] - Corresponding net losses were $123 million, $142 million, $99 million, and $141 million for the same periods [3] - However, the company showed signs of improvement in 2025, with adjusted EBITDA turning positive in the second and third quarters, reaching approximately $5 million per quarter [3] Investment and Funding - Klook's three co-founders control approximately 20.5% of the company through various investment vehicles, with EEB Capital Limited holding 15.3% [4] - Since its inception, Klook has completed nine funding rounds, raising over $1 billion, with Sequoia China participating in six rounds [4][5] - Recent funding includes $210 million from Asian financial institutions in December 2023, aimed at accelerating international expansion, and a $100 million round led by Veen Capital in February 2025 for AI and digital transformation initiatives [5]