Equity Snap: Tongcheng Travel (780 HK) Acquisition of Dida

Research evidence excerpt

Equity Snap: Tongcheng Travel (780 HK) Acquisition of Dida

30 June 2026

Equity Snap: Tongcheng Travel Equities Internet Software & Services

(780 HK)

Acquisition of Dida China

◆ Tongcheng announced to acquire all shares of the carpooling Parash Jain*

platform Dida at HKD2.6bn total consideration, seeing cross- Global Head of Transport & Logistics Research The Hongkong and Shanghai Banking Corporation Limited

selling and operational efficiency opportunity by extending parashjain@hsbc.com.hk

+852 2996 6717

existing travel-to-transport journeys Deepak Maurya*, CFA

Analyst, Asia Transport

The Hongkong and Shanghai Banking Corporation Limited

Tongcheng Travel (780 HK, HKD12.79, Buy, TP HKD22.00) deepakmaurya@hsbc.com.hk

+852 2822 4292

(Priced as of 29 Jun 2026)

Bruce Chu*, CFA

Tongcheng to acquire Dida for total consideration of HKD2.6bn: On 29 Jun Analyst, Asia Transport

2026, Tongcheng announced to acquire all issued shares in Dida Inc (2559 HK, CMP The Hongkong and Shanghai Banking Corporation Limited bruce.y.h.chu@hsbc.com.hk

HKD 1.27, not rated) at HKD1.3875 per share (HKD1.4bn in total), at a 9% premium +852 2996 6621

above the last market close and implies 10.3x 2025 PE. Dida’s board intends to

declare a special cash dividend of HKD1.1745 per share (HKD1.2bn in total), * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

not registered/ qualified pursuant to FINRA regulations

bringing the total consideration for the acquisition to HKD2.6bn or 16.5x 2025 PE.

53.7% of the issued share capital has signed an irrevocable undertaking to accept

the offer, and there is no regulatory approval pending. Timeline for the completion of

the deal is not yet disclosed. Meanwhile, Tongcheng secured up to HKD1.5bn loan to

finance the transaction.