Chinese OTA Tuniu reports 97% drop in packaged-tour revenue
Leisure-focused Chinese online travel company Tuniu Corporation said its revenue from packaged tours declined more than 97% year-over-year in the second quarter this year. As of June 30, the company had cash and cash equivalents, restricted cash and short-term investments of USD 225.2 million. Tuniu believes that will be sufficient for the company to go through the next twelve months. The company expects net revenues to decline 80%-90% year-over-year in Q3.