King & Wood Mallesons (“KWM") represented All-Stars Investment Cayman Limited in its investment in Tujia.Com International (“Tujia”)’s series E financing, with the total fund raised by Tujia of approximately US$300 million. This round of financing is Tujia’s first round of financing for its online business ever since the split of Tujia’s online and offline businesses.

Tujia is a leading lodging-service sharing platform in China. Its online business is characterized by an online platform that provides a variety of vacation home selections. All-Stars Investment Cayman Limited is a hybrid fund with a focus on the internet and consumer brands in Greater China. For Tujia’s series E round of financing, Ctrip and All-Stars Investment Cayman Limited are lead investors, followed by G-Street Capital, China Renaissance and Glade Brook Capital, making it the single largest round of financing in the lodging-service sharing business sector.

As counsel to All-Stars Investment Cayman Limited, KWM has successfully and meaningfully directed, managed, and participated in the analysis of the transaction structure, the design of the respective rights and obligations for different series of preferred shareholders, the drafting of minority shareholder protection provisions and various negotiations and drafting throughout the process, thus having played a key role in facilitating and ensuring the timely closing of Tujia’s series E round of financing. The project is led by partner Rocky Lee.

Rocky Lee commented, “With the surge of China’s online travel and accommodation industry, Tujia has certainly raised as a strong market player. We are pleased to have advised on this transaction to fund Tujia’s foreseeable rapid expansion in the future.”

In this transaction, Maples and Calder (Hong Kong) LLP was the Cayman counsel to Tujia, and Han Kun the PRC counsel. KWM acted as counsel to All-Stars Investment Cayman Limited, and Skadden, Arps, Slate, Meagher & Flom LLP acted as counsel to Ctrip.