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Yahoo
6 days ago
- Business
- Yahoo
MakeMyTrip Raises $3.1 Billion to Shrink Trip.com Group's Stake
MakeMyTrip on Tuesday said it raised around $3.1 billion as part of its plans to repurchase shares from China's Group, which at one point owned more than 45% of the company. MakeMyTrip said in a stock exchange filing last month that it was raising money to buy back shares, and after several repurchases during the quarter, stake is down to 16.9%. MakeMyTrip said it is open to doing more buybacks later this year. 'We'll remain open to kind of dipping into further buyback even in the rest of year because we haven't really deployed directly from the balance sheet through the quarter,' MakeMyTrip Chief Financial Officer Mohit Kabra said during an earnings call Tuesday. Following the announcement, Skift accessed the company's 6-K filing with the U.S. SEC, which also revealed a board overhaul. right to nominate directors on MakeMyTrip's board dropped from five to two. Shortly after the share repurchases, three directors — James Liang, Moshe Rafiah, and Paul Halpin — resigned. Their departures were 'not due to any disagreement,' the company said. MakeMyTrip added three new independent directors, including Kabra. The compensation committee now includes venture capitalist Aditya Tim Guleri, Shanghai Sunnyview Eldercare Company Co-Founder May Yihong Wu, and Group CEO Jane Jie Sun. 'The interests of and its affiliates may be different from or conflict with the interests of our other shareholders,' MakeMyTrip had said last month in a stock exchange filing announcing the buyback. Quarter in Review Even as April was a typical high season with bookings up in the mid‑20% range. The terrorist attack near Pahalgam on April 22 disrupted travel, closed several airports until May 10. The Air India plane crash in Ahmedabad in June dented confidence further. As a result, flight and leisure package bookings in May and June slipped below last year's levels. However MakeMyTrip's diversified mix of business and variety of travel and ancillary services helped the company to deliver a strong performance. The quarter ending June 30 looked solid for MakeMyTrip: Revenue rose 5.6% year‑on‑year to $268.8 million. Gross bookings (the total travel spend on the platform) climbed 12.4% to $2.61 billion. Adjusted operating profit improved by $8.2 million to $47.3 million. Adjusted net profit grew by $4.9 million to $49.4 million. 'While domestic demand for leisure travel was particularly weak for domestic leisure destinations for air travel and holiday packages, being a one-stop shop on travel allowed us to drive growth from other travel services, other modes of transport as well as ancillary travel services catering to non-leisure travel use cases,' Group CEO Rajesh Magow said during the earnings call. 'We also continue to drive growth in international travel, where online booking wherever is growing and the overall demand was relatively less impacted… We managed to continue the growth momentum in our corporate offerings.' MakeMyTrip Will Continue to Invest in AI MakeMyTrip said it is also betting on artificial intelligence to stand out. 'We've seen a lot of promise coming out of Gen AI, and we've been investing significantly behind that, and we will continue to keep investing,' Magow said. 'We see it more as sort of leading the innovation through Gen AI, rather than overtly getting paranoid about potential disruption.' The logic is simple. Over nearly two decades, MakeMyTrip has gathered data from 83 million customers across its brands. Every day brings huge web traffic, booking details, supply‑side signals and more. All that information becomes fuel for AI models. In turn, those models power features that make it easier for travelers to find, compare and book exactly what they want. But AI isn't just about customer experience. It's also about working smarter. Wherever a process can be faster, cheaper or more accurate, be it handling support tickets, pricing cabins, or matching hotels to guest tastes, MakeMyTrip looks to AI for gains. MakeMyTrip calls this an evolving space and admits it's learning as it goes. 'But we will continue to keep investing behind it. And we do believe we are in a better position given all the strengths,' Magow said. Get breaking travel news and exclusive hotel, airline, and tourism research and insights at 登入存取你的投資組合
Business Times
7 days ago
- Sport
- Business Times
Chinese travellers make the rounds in Asia for high-profile events
[SINGAPORE] Star-studded concerts and international sporting events have gained importance as critical drivers of tourist revenue in South-east Asia and Greater China, as the Chinese travel wave returns in 2025. Cities such as Singapore, Bangkok and Jakarta have emerged as prominent hotspots for large-scale events, owing to their accessibility to international travellers and suitable infrastructure for such events, said senior regional director for South-east Asia, Edmund Ong. Visits centring around such events have become increasingly common in the region, with a notable rise in tourists from mainland China choosing to travel to attend concerts, festivals and sports games. 'As the Chinese outbound wave gains speed, expect events to be the engine driving it,' Ong added. BT takes a look at some of the region's largest events in 2025. Sports events World Artistic Gymnastics Championships 2025 Where and when: A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Jakarta, Indonesia: Oct 19-25 According to bookings on the platform to the Indonesian capital during this period have surged over 150 per cent year on year as sports fans seek to cheer on gymnasts. The event is likely to attract fans from Asian giants Japan and China, who finished second and third in overall medal counts, respectively, during the games' 2023 iteration. 33rd South-east Asian Games Where and when: Bangkok, Chonburi and Songkhla, Thailand: Dec 9-20 With events spanning several cities, the 33rd South-east Asian Games is expected to attract over 500,000 spectators, according to the Ministry of Tourism and Sports. Tourists bookings are expected to surge by 93 per cent year on year, noted in a report, as Thailand hopes for a strong end for its tourism sector's quiet year. World Aquatics Championships 2025 Where and when: Singapore: Jul 11 - Aug 3 Inbound travel bookings increased by 31 per cent to Singapore during the period, report noted. The most demand was from Indonesian travellers, with a 36 per cent year on year rise from the previous year, while Chinese visitors surged 24 per cent. Concerts High-profile international musicians have also become large draws for tourists in markets across Asia. 'Exclusive experiences such as live events provide compelling reasons to travel, often with extended stays and premium bookings,' said Ong. Last March, pop superstar Taylor Swift's six concerts in Singapore were estimated to have boosted the country's tourist revenues by up to S$500 million. Ong noted that the agency had seen a sizeable uptick in interest from China, with events such as Lady Gaga's Singapore concert in May drawing strong international bookings from China. G-Dragon's 'Ubermensch' world tour Where and when: Jakarta, Indonesia: Jul 26 Hong Kong, China: Aug 9 and 10 The K-pop megastar has already held sold-out concerts across the region, with stops in Macau, the Philippines, Taipei, and Kuala Lumpur. However, a planned show in Bangkok in August was cancelled, with organisers citing concerns about a 'heat wave' in the intended open-air stadium. This adds to the continuing wave of struggles that Thailand's tourism sector has experienced in 2025, after an earthquake and the kidnapping of a Chinese actor spooked tourists earlier this year. Tyler, the Creator's 'Chromakopia' world tour Where and when: Bangkok, Thailand: Sep 16 Manila, the Philippines: Sep 20 and 21 Blackpink's 'Deadline' world tour Where and when: Bangkok, Thailand: Oct 24-26 Jakarta, Indonesia: Nov 1-2 Bulacan, the Philippines: Nov 22-23 Singapore: Nov 29-30 Popular K-pop group Blackpink and American rapper Tyler, the Creator's concerts are expected to bring a significant boost in tourism revenues to the four South-east Asian countries they will visit as part of ongoing world tours. In Singapore, OCBC chief economist Selena Ling said in a June note that Blackpink's November concert is likely to 'brighten the tourism landscape' in the country. Such trends in tourism reflect a 'broader evolution in consumer preferences', noted Ong. 'Travel is no longer just about the destination, but also about why they're travelling, and events play a big part in that,' he added. This has further influenced the manner in which tourism boards, travel platforms and event organisers fine-tune their business strategies. 'For example, they are bundling packages, syncing calendars, and strategically placing events in cities like Singapore, Bangkok, and Jakarta,' Ong said.
The Star
22-07-2025
- Business
- The Star
Resort, service provider link booking systems for seamless trips in Malaysia
(From left) Boon, Lee and Liu with the signed agreements. AN integrated resort and a global travel service provider have signed two landmark memoranda of understanding to strengthen their strategic collaboration. The agreements between Resorts World Genting (RWG) and Group aim to boost Malaysia's inbound travel, leveraging the latter's global audience as RWG's top supporting online travel agency (OTA). The agreements marked a major milestone in connectivity, marketing innovation and market-specific engagement, reflecting a commitment to delivering seamless, personalised and elevated travel experiences for international tourists, according to a media statement by RWG. One feature is the direct integration between and RWG's hotel and theme park booking systems, enabling real-time inventory updates, instant confirmations and rate parity across platforms, providing a streamlined booking experience. customers will enjoy exclusive offers and enhanced convenience when planning their visit to RWG. RWG sales, marketing and public relations executive vice-president Spencer Lee said, 'We are witnessing strong travel momentum across the region, especially Malaysia, and our partnership with enhances our ability to meet this growing demand. 'We are well-positioned to offer a streamlined travel journey supported by exceptional leisure, hospitality and entertainment offerings.' There will also be a series of marketing campaigns to drive awareness of RWG among international travellers, with a focus on the Asian market. These collaborative campaigns, ranging from flash sales to member-exclusive deals, will be powered by traveller insights and vast marketing ecosystem. 'We are delighted by this strengthened partnership with RWG, enhancing our product offerings with one of Malaysia's most recognised hospitality brands,' said Boon Sian Chai, managing director and vice-president of international markets. 'Malaysia is a key growth market for and this collaboration reflects our ongoing commitment to supporting its tourism sector. 'As a one-stop travel platform, we are focused on delivering a seamless end-to-end user experience, from planning to booking to travelling.' attractions and tours general manager Chase Liu said, 'We are proud to be the first OTA to implement direct integration with RWG, which will make it even easier for our customers to easily discover and experience local hotspots. 'We are confident that our joint efforts will not only boost RWG's presence in key international markets, but also further reinforce as a leading travel services provider providing access to top-tier attractions.' The collaboration was also a strategic move in anticipation of Visit Malaysia 2026, supporting Tourism Malaysia's mission to promote the country as a top travel destination, the statement added.
Korea Herald
22-07-2025
- Business
- Korea Herald
ITE Hong Kong 2026 - Proven Sourcing Platform, Draw more Trade & Premium FIT from Asia Fast Growing Markets
HONG KONG, July 22, 2025 /PRNewswire/ -- Asia's leading travel fair, ITE2026 incorporates the 40th ITE Leisure & 21st ITE MICE will be held from 11 to 14 June at Hong Kong Convention & Exhibition Centre. It is held annually with first two days for trade and last two days open to the public. The highly international ITE2025 successfully drew more Buyers & Trade Visitors"BTV" (+8.6%) and public visitors "PV" (+11.4%). 88% of 502 Exhibitors and 53% of 7626 BTV from abroad; 1/3 of 64 exhibiting countries and regions from outside Asia. Geographically, over 70% of 7626 BTV from Greater Bay Area (GBA), which include Hong Kong, Guangzhou and Shenzhen etc in 2024 had a combined population of 87.4 million and GDP of US$ 2077.4 billion which about world's 12th largest economy. By sector, 45.7% of BTV were travel agents and 15.3% were corporation & MICE; 48% of 70212 PV with 3 or more outbound holidays and 91% keep / increase travel spending! Hong Kong outbound fully recovered in 2024: ranked world's 14 th largest by international tourism spending of US$28.9 billion and made 104.7 million departures, recovered to 107% and 111% of pre-epidemic levels respectively. In first 4 months of 2025, HK outbound grew 17%! Dec-2024, reported HK residents prefer quality lodging and exploring niche destinations. New in ITE2025 included Youth and Family Travel Pavilions for more Gen Z and Young Parent visitors; some 50 KOLs joined Networking and Grand Tour in trade days and held seminars in public days; and providing AI-simultaneous interpretation for Niche / New Destination seminars. B2B program included free services like Business Matching though free-flow the main format, speaking opportunities, pre-show promotions etc. For B2C, exhibitors can apply for free seminar session of 25 minutes. Business Matching participants overstayed! 135 trade and public seminars drew 9224 audiences! Plenty exhibitor visitor interactions in stand! Signs of good business. Respectively, 50% and 23% of ITE's PV had university and post-secondary education background, many can speak English, online booking and mobile payment are indeed widely used. Thus, directly selling to PV is feasible.
Perth Now
19-07-2025
- Business
- Perth Now
‘Reliable': China's big call on Albo trip
Anthony Albanese has landed back in Australia after six days abroad touting Australia's trade and tourism offerings in China. The Prime Minister has been keen to reframe the Australia-China relationship in friendlier terms, steering away from the increasingly militaristic tone to focus on a peaceful coexistence ensured through deeper economic interdependency. 'Overwhelmingly, what we discuss as moving forward is issues of today and tomorrow, rather than the past,' Mr Albanese told reporters on his final day in Chengdu, a major research hub in western China. 'What I speak about is the potential that's there to grow the relationship, to develop further economic ties. Anthony Albanese in Shanghai with fiancé Jodie Haydon and Socceroos great turned Shanghai Port FC coach Kevin Muscat. NewsWire / Joseph Olbrycht-Palmer Credit: News Corp Australia 'We – of course, as I've said repeatedly – we co-operate where we can, we disagree where we must, but we don't want those disagreements to define our relationship either. 'So what we do is talk about how we can co-operate further in the future.' His message has gone down well in Beijing, with Chinese state media eagerly lapping up every photo op and flattering remark Mr Albanese made. Mr Albanese's message has seemingly gone down well with Beijing. Supplied/PMO Credit: Supplied Chinese state media had only good things to say after the two leaders met. Supplied/PMO Credit: Supplied The Global Times is a leading English-language propaganda mouthpiece for the Chinese Communist Party (CCP). Doing its best to imitate a Western-style publication, it is often used to circulate the CCP's various pet peeves and routinely takes scathing shots at Australia. But the Chinese government tabloid has had only good things to say after Mr Albanese met with Xi Jinping and other party top brass in the middle of the trip. 'The most important insight this gives us is that treating each other as equals, seeking common ground while shelving differences, and engaging in mutually beneficial co-operation serve the fundamental interests of both China and Australia and the two peoples,' it cited the Chinese President as saying in his remarks at the top of the big meet — a striking similarity to Mr Albanese's own words. (L-R) Mr Albanese with Tourism Australia's Robin Mack, vice president Edison Chen, and CEO Jane Sun. Joseph Olbrycht-Palmer / NewsWire Credit: News Corp Australia More tellingly, it summed up the state visit as a revival of 'Australia's independent China policy', speaking to the elephant in the room. Donald Trump has made clear China is the main game when it comes to the foreign policy focus of his second administration. Its exploding middle class and relentless growth is evidence of an economic model that could rival the US. Similarly, China's rapid expansion of its nuclear and conventional arsenals has raised questions about how it might use its might, sparking warnings from Washington that Mr Xi is eyeing an invasion of Taiwan. It is with that concern that US Defence Secretary Pete Hegseth demanded the Albanese government hike Australia's defence spending to at least 3.5 per cent — a request Mr Albanese has rejected even as his deputy and defence minister, Richard Marles, said China's military build-up is driving 'security anxiety' in Canberra. Brushing off the Trump administration's warnings as needless warmongering, the resistance to the US defence demand has not gone unnoticed in Beijing, which has eagerly seized on global trade uncertainty driven by tariffs. In an opinion piece on Thursday, the Global Times said Mr Albanese's 'trip has come at a time of global turmoil instigated by the US'. 'The prime minister's critics are accusing him of prioritising the China relationship over the US relationship, but this is a misrepresentation,' it read. 'The simple reality is that China is a reliable partner.' The piece went on to say 'Australia's relationship with the US has deteriorated' due to tariffs imposed 'despite Australia being the US' most reliable ally'. Mr Albanese met with China's President Xi Jinping on Tuesday. Source - PMO Credit: Supplied Mr Albanese visits The Great Wall of China with his fiance Jodie Haydon. NewsWire / Joseph Olbrycht-Palmer Credit: NewsWire 'The contrast between China's steady reliability and the US' erratic demands is being noticed by the Australian people – opinion polls in Australia show falling confidence in the US and rising confidence in China,' it claimed. Throughout the trip, Mr Albanese has leaned heavily on his mantra of co-operating with China where possible and disagreeing where necessary, making clear chasmic differences remain between Canberra and Beijing. But his messaging from the glitz of central Shanghai, to the Great Hall of the People in Beijing, and the panda breeding capital of Chengdu, is that peace through trade and people-to-people ties are the best ways to navigate the challenges in the relationship. It is not a new approach — the EU took it with post-Soviet Russia and was blindsided after the 2022 invasion of Ukraine. Whether Mr Albanese's China push will make Australia vulnerable down the line will be a matter for future generations.
