Tuniu
- 🦄Became a unicorn2014
- 📈Peak valuation$1.3 Billion ’15
- 💔Became a Unitard2016
- 💸Last valuation~$65M
How it happened
Tuniu was one of China's largest online leisure-travel agencies, specializing in packaged tours, and listed on the Nasdaq in May 2014. Its shares peaked that August and the company drew a $350M investment from JD.com in 2015 — which took a 27.5% stake — at an implied valuation well above $1B. But intense competition from Ctrip/Trip.com, persistent losses and then the pandemic collapse of travel crushed it. Its market cap has since fallen to under $150M, far below the $1B line, and in 2024 it received a Nasdaq notice for trading below the $1 minimum bid price.
Source: Macrotrends / JD IR / Nasdaq (China online-travel agency; May 2014 Nasdaq IPO, all-time-high ADS $23.19 Aug 2014; JD invested $350M for 27.5% in 2015, implying ~$1.3B; market cap ~$0.05–0.13B in 2024-26, below the $1 minimum bid)
