Meiya books $17m investment

China state-backed National Small and Medium-size Enterprises Development Fund and Fortune Capital have supplied cash to online airplane ticketing platform Meiya.

The National Small and Medium-size Enterprises Development Fund, backed by China’s central government and the Shenzhen municipal government, has contributed to a RMB120m ($17m) funding round for China-based online plane ticketing service Meiya, China Money Network wrote yesterday.

Fortune Capital also contributed to the round.

The National SMEs Development Fund, a public-private partnership, was announced in September 2015 with a target size of RMB60bn. The vehicle is also backed by insurance provider Sinosafe Insurance and snack producer Strong Group.

Meiya, founded in 1997, operates an online platform that lets users search for plane tickets and that offers business travel management as well as tourism services. The company acts as the local travel agent for a range of international airlines’ tour offerings, such as Emirates Holidays.

Meiya will put the capital towards technology and brand development. It will also strengthen its market share.

Jia Wei, a partner at the National SMEs Development Fund, said: "With the rapid development of the outbound travel market, the demand for international flight tickets is increasing significantly.

"In 2016, only 7% Chinese companies use business travel management system, which is much lower than 40% in western countries. With Meiya's resource and featured products, business travel management sector will become the main revenue resource for Meiya.”

See more from this Government Report: People's Republic of China

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