Tiger Global Management Sells Entire Stake in Tuniu Corp (TOUR)

In a newly amended filing with the U.S. Securities and Exchange Commission, Tiger Global, managed by Feroz Dewan, has disclosed unloading its entire passive stake in Tuniu Corp (NASDAQ:TOUR). Two months ago, the company revealed ownership of 3.60 million Class A ordinary shares of the company, equal to 10.1% of the class.

With a market cap of around $896.2 million, China-based Tuniu Corp (NASDAQ:TOUR) is an online leisure travel company that offers a large selection of packaged tours, including organized and self-guided tours, as well as travel-related services for leisure travelers through its website tuniu.com and mobile platform. Shares of the company traded down by 0.05% to $18.32 on Tuesday. It has a 52 week high of $19.80, and has a 52 week low of $8.52.

In May, Tuniu Corp (NASDAQ:TOUR) conducted its Initial Public Offering, in which it offered a total of 8.0 million American Depositary Shares (ADSs), each representing three Class A ordinary shares of the company, at $9.00 per ADS for a total offering size of about $72.0 million, assuming the underwriters do not exercise their option to purchase additional ADSs. The offering included 7.38 million shares offered by the company and 620,000 by the selling shareholders. The company granted the underwriters an option, exercisable within 30 days from the date of the final prospectus, to purchase up to an additional 1.20 million ADSs at the initial public offering price to cover any over-allotments.

Tiger Global was founded by Chase Coleman in 2001 with $25 million seed money from legendary investor Julian Robertson. Chase Coleman runs Tiger Global’s equity funds together with Feroz Dewan who graduated from Princeton University. The fund has around $6-8 billion under management. It returned 71% after fees in 2007. According to Tiger Global’s latest 13F filing, the value of the fund’s equity portfolio was $7.36 billion as of the end of the first quarter of 2014.

Last month, Tiger Global Management disclosed a new stake in Zhaopin Ltd (ADR) (NYSE:ZPIN), owning around 2.50 million shares of the company, the passive stake accounting for 18.6% of the company’s class A stock.

Disclosure: none