LY.com, a leading player in China’s local attraction ticket arena, announced on Sunday it’s going to merge Wanda Tourism, the traveling arm of Chinese real estate conglomerate Dalian Wanda Group, with a mixture of cash and stock.

After the transaction, LY.com’s market valuation will exceed 20 billion RMB (around $2.98 billion USD) with a cash deposit of over 5 billion RMB ($746 million USD), according to a company statement.

Together with the news, LY.com, formerly 17u.com or Tongcheng, revealed that its management has injected a combined 1 billion RMB ($149 million USD) into the company, which means that its founding team still holds a decisive voting position. The statement emphasized that major shareholders Wanda Group, Ctrip and Tencent all support the independent development of LY.com.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.