This article only represents the author's own views.
Just when it was flying high on a wave of “revenge spending” by budget-conscious Chinese travelers, Tongcheng Travel Holdings Ltd. (0780.HK) suddenly appears to be losing some of its lift.
The online travel agent was soaring for much of last year, as low-budget domestic tourism emerged as one of the rare bright spots in China’s otherwise dull economy with the end of pandemic-era restrictions. That lifted Tongcheng and its peers to sky-high revenue and profit growth as they catered to a new generation of enthusiastic but cost-conscious Chinese travelers.
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