Industry landscapes
The companies, capital and talent shaping travel and hospitality in China. Find the leaders. Understand the segments. See where the activity is.
An industry ecosystem,
measured in context.
24 featured companies from the funding, hiring, revenue and team-size leaderboards.
Locked revenue figures are available in Radar; the eight company financial previews stay the same throughout this page. A dash means the figure is outside these featured lists. Revenue years vary by company; the figures are not a like-for-like revenue comparison. Compare annual accounts ↗
No company example met every recorded classification, independence and public-profile gate in this snapshot. The live directory may have newer qualifying companies.
Explore classified startups in Radar ↗A few useful ratios bring the size of this ecosystem into perspective.
14 of 878 tracked companies have open roles.
78 of 878 tracked companies have a recorded round.
Share of disclosed capital received by the three largest recorded recipients.
Midpoint of 71 rounds with a disclosed amount.
Scale is concentrated. Opportunity is broader. The three largest funding recipients hold 53.9% of disclosed capital, while 91.1% of tracked companies have no recorded funding round.
Explore the segments →Recorded company formation and disclosed funding across the complete annual series shown.
Sum of recorded funding rounds · USD
| Year | Funding (USD) | Founded | Raising |
|---|---|---|---|
| 2016 | $2.43B | 40 | 9 |
| 2017 | $1.02B | 30 | 7 |
| 2018 | $16.72B | 30 | 9 |
| 2019 | $5.09B | 57 | 9 |
| 2020 | $7.28B | 21 | 9 |
| 2021 | $2.37B | 11 | 6 |
| 2022 | $4.23B | 16 | 6 |
| 2023 | $2.97B | 20 | 6 |
| 2024 | $5.7M | 9 | 1 |
| 2025 | $1.57B | 0 | 2 |
Share of all disclosed company funding.
119 recorded rounds since 2016
Recorded participation in travel and hospitality company rounds since 2016.
Backed by HNA Group.
Backed by Alibaba and Tencent and others.
Backed by Ingka and CICC Shandong Green Development Fund.
Backed by Warburg Pincus.
Backed by Guangdong China Youth Travel Service.
Backed by Legend Capital.
Backed by Jeneration and Far East Horizon and others.
Backed by JD.com and Huaxia Life Insurance and others.
Backed by Matrix Partners China and Qiming Venture Partners.
Backed by Bojiang Capital and ITOCHU and others.
The measured China identity-to-filing probe did not produce a qualifying designated legal or national-ID join: the scoped identities lack an authoritative Chinese registrar mapping; bare ticker overlaps produced no complete annual revenue and net-income statement groups.; The measured China identity-to-filing probe did not produce a qualifying designated legal or national-ID join: the scoped identities lack an authoritative Chinese registrar mapping; bare ticker overlaps produced no complete annual revenue and net-income statement groups.
How the China companies on this page show up online: the sites people visit, the apps they install, and how often those apps ship.
15 of the 878 companies on this page carry a measured traffic record (1.7%); these are the largest of those, by monthly visits. The median among them is 516,659 visits.
| Company | Monthly visits | Authority | Mobile |
|---|---|---|---|
| Cathay Pacificcathaypacific.com | 7,861,869 | 73 | 51.1% |
| MTRmtr.com.hk | 2,175,678 | 71 | 79% |
| Kmbkmb.hk | 1,590,990 | 52 | 89.9% |
| China Eastern Airlinesceair.com | 1,575,893 | 55 | 37% |
| HK Expresshkexpress.com | 1,492,281 | 53 | 54.6% |
| Rosewood Hotel Grouprosewoodhotels.com | 997,932 | 63 | 64.6% |
| China Railway Constructioncrcc.cn | 674,579 | 27 | 0% |
| Hong Kong International Airporthongkongairport.com | 516,659 | 64 | 49.8% |
| Hong Kong Airlineshongkongairlines.com | 499,943 | 55 | 43.6% |
| RWSrwsentosa.com | 411,657 | 55 | 74.5% |
Visits and authority are third-party web estimates, not company-reported figures.
29 of these companies (3.3%) publish at least one Android app — 42 apps in all, carrying 20.1M installs between them.
| App | Installs | Rating | Store category |
|---|---|---|---|
| APP 1933 - KMB/LWBKmb | 5.4M | 3.1 | Travel & Local |
| MTR MobileMTR | 4.7M | 4 | Travel & Local |
| CitybusCitybus | 3.5M | 2.4 | Travel & Local |
| Cathay PacificCathay Pacific | 2.9M | 3.1 | Travel & Local |
| Air ChinaAir China | 794.9K | 2.7 | Travel & Local |
| Universal Studios SingaporeRWS | 699.4K | 3.8 | Travel & Local |
| Ocean Park Hong KongOcean Park | 535.1K | 3.1 | Travel & Local |
| Bridging NewsiChongqing | 407.3K | — | News & Magazines |
| My HKG – HK Airport (Official)Hong Kong International Airport | 373.5K | 3.9 | Travel & Local |
| High Speed RailMTR | 252.2K | 4 | Travel & Local |
Installs are lifetime totals to date at the June 2026 store reading — a measure of reach, not of people using an app today.
The busiest app inside each of this page’s own segments, with the quarterly release trend behind it (2023Q1–2026Q1).
| Segment | Apps | Installs | Leading app | Release trend |
|---|---|---|---|---|
| Bus Operators | 5 | 9M | APP 1933 - KMB\/LWB 5.4M | |
| Passenger Rail Operators | 3 | 5M | MTR Mobile 4.7M | |
| Passenger Airlines | 4 | 3.8M | Cathay Pacific 2.9M | |
| Hotels | 10 | 824.1K | Universal Studios Singapore 699.4K | |
| Travel Agencies | 3 | 495.1K | Bridging News 407.3K | |
| Airport Operators | 2 | 392.6K | My HKG – HK Airport (Official) 373.5K | |
| Parking Services | 3 | 52.3K | Wilson Parking 50.4K | |
| Car Rentals | 2 | 25.3K | Asia Car Driver 16.6K |
A company can carry several segment tags, so these rows overlap and should not be added together. Trend lines are zero-based and share one quarter grid, so a flat line is a quiet segment, not a missing one.
New apps published, beside apps whose most recent update landed in that quarter — the second bar is how much of the shelf is still being maintained.
Darker bars are new releases, lighter bars apps updated. 35 of 42 apps carry a release date. The series ends at 2026Q1, the last quarter that closed before the June 2026 reading.
Explore the segments behind the headline numbers.
Rank segments by scale, hiring or disclosed funding.
Companies can sit in several segments. Counts and funding overlap.
The largest measured segment in this report snapshot.
0 companies hiring · $0 disclosed funding
Explore in RadarCommon revenue models; a company can use more than one.
Recorded corporate activity linked to companies in this landscape.
Cathay Pacific (CX, Hong Kong International) is planning to raise about HKD2 billion Hong Kong dollars (USD255.4 million) through a Hong Kong dollar-denominated bond issuance, Reuters reported citing sources and a term sheet.
MTR, a global leader in membrane-based separation technologies, today announced it has secured a $27 million equity investment led by Climate Investment, with participation from Hartree Partners.
The Acquisition was jointly announced by Mandarin Oriental and Jardine Matheson on 17 October 2025.
China Tourism Group Duty Free, the nation’s biggest travel retail operator with more than 80 percent of the domestic market share, on Monday said it has agreed to buy DFS’s travel retail business in Greater China in cash from its current owners LVMH Moët Hennessy Louis Vuitton and its cofounder, Robert Miller.
Warburg Pincus announced the acquisition of Topcast Aviation Supplies, the largest independent distributor of civil aviation parts and Maintenance, Repair, and Overhaul (MRO) service provider in Asia Pacific.
China Eastern Airlines (MU, Shanghai Hongqiao) is set to become the sole owner of maintenance, repair, and overhaul (MRO) entity STARCO after agreeing to acquire the 49% stake currently held by joint venture partner ST Engineering.
Deutsche Bank AG has refinanced part of a $350 million loan originally extended by Mizuho Bank Ltd. to fund Oyo Hotels founder Ritesh Agarwal’s purchase of shares in the company
The purchase heralds a new era among major Carrefour shareholders, as Peninsula, the family holding of the late Abilio Diniz, has now sold its 8% stake, Carrefour said in a statement.
including the mobile assets acquisition of China Telecom, the IPOs of Sinopec, Chalco, China Telecom, China Netcom, China Life Insurance, PICC, Air China, China Shenhua Energy, China Construction Bank, Dongfeng Automobile, China Merchants Bank, ICBC, China Citic Bank, China Coal Energy, COSCO, CPIC, CSCEC, ABC, Everbright Bank, PSBC, CGN, CHAMC, China Re, Legend Holdings, CZ Bank, CEEC, CNR, CR Pharma, HR Bank, CICC, HZ Bank, HEC, Xinhua Net, SFC, as well as a number of restructuring and M&A deals for major industries.
Caesar BidCo GmbH, a holding company owned by investment funds, which are advised and managed by CVC Capital Partners ('CVC'), today has the final results of the public delisting acquisition offer to all shareholders of CompuGroup Medical SE & Co. KGaA ('CompuGroup Medical' or 'CGM'). The deadline for acceptance is 24 June 1998. On June 1, 2025, the delisting offer for approximately 3.39% of all shares in CompuGroup Medical was accepted. In total, CVC has thus to this day a share of
Top 10 categories among 540 recorded events in the 24-month window.
2 companies with recorded IPO activity
IPO1 reports
IPO1 reports
21 tracked people moves
Appointment Head of Climate Action
Appointment Senior Vice President, North America
Appointment Chief Strategy and Sustainability Officer
Departure Previously Sustainability head
Appointment General Manager, Oceania
Appointment Chairman
Appointment Chairman and Director of Resorts World Sentosa
Appointment Hong Kong Transport Services Director
11 recorded customer wins
Customer: Saudi ArabiaConstruction
Customer: Construction
Customer: air premiaAviation Maintenance
Customer: Alibaba and its Ant affiliateReal Estate
Customer: aerofugia
Customer: qatar airwaysaviation
3 companies with reported reductions
Scale not stated rolescost reduction
360 rolesCOVID-19 impact
Scale not stated roles
6 recorded events
approved for injectionWyoming Department of Environmental Quality’s Uranium Recovery Program
approved to operateJavier Milei\'s government
approved to provide financial guaranteesChina Southern Airlines
approved for publicationGerman Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht)
4 tracked suits
Price-fixing of fuel surchargesCivil · Ongoing
winding-up petition / bankruptcyCivil · Ongoing
Reported company results in the recorded window.
Median across 62 reported growth observations; companies may contribute multiple periods.
Company-linked deal reports; status is preserved as recorded.
| Acquirer → target | Status | Date | Value / context |
|---|---|---|---|
| american airlines→China Southern Airlines ↗ | Announced | 2026-03-26 | $200.0M |
| China Tourism Group Duty Free→dfs | Announced | 2026-01-19 | Not stated in snapshot |
| jardine→Mandarin Oriental ↗ | Completed | 2026-01-19 | $4.2B |
| Na→Cathay Pacific ↗ | Completed | 2026-01-07 | Not stated in snapshot |
| MTR→eastern | 2025-12-12 | Not stated in snapshot | |
| warburg pincus→Topcast ↗ | Announced | 2025-11-27 | Not stated in snapshot |
A discussion or rumour is not a completed transaction. An unstated value is not zero.
0 postings in the preceding 12 months. The full 2-posting snapshot covers 1 employers.
0 tracked postings mention remote work.
Top skills across 2 tracked postings in the available jobs snapshot.
| Company | Employees |
|---|---|
| China Railway Construction ↗ | 261,333 |
| China Southern Airlines ↗ | 96,234 |
| China Eastern Airlines ↗ | 75,277 |
| AHK ↗ | 33,000 |
| MTR ↗ | 28,305 |
| Cathay Pacific ↗ | 26,029 |
| Sands China ↗ | 25,636 |
| Hainan Airlines ↗ | 24,772 |
126 founders and chief executives across 100 companies.
Ex-National Price Bureau, Hainan Airlines Group, HNA Xinhua Culture Holdings. Wuhan University, Maastricht School of Management.
Ex-Beijing Aircraft Maintenance and Engineering Corporation, Civil Aviation Administration of China. Zhongshan University
Ex- Ameco Beijing, Shenzhen Airlines, Air China International Corporation, CNAHC. Civil Aviation University of China.
ex-SGH Company.
Weave Living Hk, ex-Apg Asset Management, ex-Merrill Lynch, The Australian National University, 2002
Laguna Resorts & Hotels Public Company, ex- Thai Wah Public Company, Thai Wah Resorts Development Public. National University of Singapore
BlackDoors. Snapask, Time Auction, MyDress.com. University of Southern California BBA
Ex- CNAHC. Second Flying Academy of China Air Force
CEO Together Second (Shanghai) Information Technology Development, Ex- Jingzhi Home, Zhuoyang Furniture Design. Tongji University
Shanghai Jin Jiang International Hotels, ex-Shanghai Airlines, Shanghai East Asia Group, Shanghai Jin Jiang Capital Co, Shanghai Yangtze Hotel Co…
CAAPA, ex- Great Wall Computer Shenzhen, Shenzhen Huaqiang Cultural Intelligent Technology. Hubei University of Technology…
ex- Paliburg Holdings, Regal Hotels International Holdings, Cosmopolitan International, Regal Portfolio Management.
2 profiles with education records.
1 profiles with prior-work records.
Profiles cover recorded founders and leaders; contact details remain in Radar.
1,174,174 articles in the measured 12-month window.
Travel and Hospitality coverage across China · articles per complete quarter
| Quarter | Articles |
|---|---|
| 2021Q2 | 126,342 |
| 2021Q3 | 140,303 |
| 2021Q4 | 122,426 |
| 2022Q1 | 143,627 |
| 2022Q2 | 134,244 |
| 2022Q3 | 165,910 |
| 2022Q4 | 167,603 |
| 2023Q1 | 182,371 |
| 2023Q2 | 169,051 |
| 2023Q3 | 187,963 |
| 2023Q4 | 158,056 |
| 2024Q1 | 172,313 |
| 2024Q2 | 183,280 |
| 2024Q3 | 182,089 |
| 2024Q4 | 205,234 |
| 2025Q1 | 290,032 |
| 2025Q2 | 218,527 |
| 2025Q3 | 545,410 |
| 2025Q4 | 157,503 |
| 2026Q1 | 175,870 |
Article volume measures coverage, not market sales.
806 recorded company events across 40 companies; percentages use that event total.
Travel and Hospitality coverage across China · ranked by full-period article count.
Recent and prior counts use the source comparison windows.
Travel and Hospitality coverage across China
| Keyword | Recent | Prior | Change |
|---|---|---|---|
| countries | 4,197 | 1,858 | 126% |
| domestic robots | 3,589 | 242 | 1383% |
| toy robots | 3,575 | 200 | 1688% |
| sustainable city planning | 3,358 | 71 | 4630% |
| summit diplomacy | 1,848 | 1,210 | 53% |
| sanctions policies | 1,786 | 1,061 | 68% |
| export sanctions | 1,759 | 755 | 133% |
| wto rulings | 1,362 | 461 | 195% |
| stablecoin fx impact | 1,344 | 605 | 122% |
| asian games | 1,308 | 74 | 1668% |
| preferential tariff | 3,227 | 5,311 | -39% |
| economic slowdown | 2,839 | 5,069 | -44% |
| tariff rate quota | 2,426 | 3,670 | -34% |
| mfn tariff | 1,988 | 3,134 | -37% |
| gold futures trends | 1,717 | 2,909 | -41% |
Travel and Hospitality coverage across China
territories, disputed islands, tariff negotiations
41.7% critical · 17.1% positiveinflation reports fx, currency intervention policies, trade deficits fx
49.6% critical · 39.5% positivegdp growth rate, gdp acceleration, economic output growth
44.1% critical · 39.8% positiveTravel and Hospitality coverage across China. Topic labels describe recorded classifications and can include broad context.
Company counts, hiring and disclosed funding across the recorded hubs.
33.9% across the displayed hubs
10 companies hiring · $7.7B disclosed funding
Explore companies in Hong Kong ↗
18.3% across the displayed hubs
1 companies hiring · $1.6B disclosed funding
Explore companies in Shanghai ↗
17.3% across the displayed hubs
0 companies hiring · $7.3B disclosed funding
Explore companies in Beijing ↗
9.3% across the displayed hubs
0 companies hiring · $4.6B disclosed funding
Explore companies in Guangzhou ↗
9.0% across the displayed hubs
1 companies hiring · $1.0B disclosed funding
Explore companies in Shenzhen ↗
4.8% across the displayed hubs
0 companies hiring · $1.6B disclosed funding
Explore companies in Hangzhou ↗
4.0% across the displayed hubs
0 companies hiring · $10.8B disclosed funding
Explore companies in Kowloon ↗
3.3% across the displayed hubs
0 companies hiring · $36.1M disclosed funding
Explore companies in Chaoyang ↗Clear definitions for making better comparisons.
It measures the tracked company ecosystem, recorded funding, hiring and other available evidence. It is not a market-size estimate.
No. A company can belong to several segments, so segment counts and funding can overlap.
A dash or unavailable panel means the current reviewed source snapshot does not support that figure.
Company ecosystem snapshot: 31 August 2026. Funding is recorded in USD; filed accounts retain their stated currency and reporting basis. Each section identifies its own coverage. The news and research behind these sections is explorable in Prism.
Canonical landscape ↗