The post Tencent-Backed Tongcheng’s Profit Climbs On China Travel Gains appeared on BitcoinEthereumNews.com. Tourists visit China’s Great Wall. (Photo by Kevin Frayer/Getty Images) Getty Images Profit in the three months to Sept. 30 at Tongcheng Travel Holdings, the big China online travel business whose investors include the country’s lnternet giant Tencent, rose by nearly 23% from a year earlier, buoyed by growth in ticketing and accommodation reservations, Tongcheng said in a filing yesterday after the close of trade at the Hong Kong Stock Exchange. Profit rose to 985 million yuan, or about $139 million, from 803 million yuan. Revenue gained 10.4% to 5.5 billion yuan, helped by a record in accommodation bookings. Tongcheng — also partly owned by Trip.com, one of the world’s largest online travel sites – said China’s travel industry “is undergoing a profound change, characterized by shifting consumer preferences towards immersive experiences. This transformation reflects a growing emphasis on emotional fulfillment in travel consumption, creating new consumption scenarios and growth opportunities for the industry.” China’s upcoming five-year plan — to kick in next year — reaffirms the pivotal role the tourism industry in driving economic and social development, Tongcheng added. On an investment call, the company expressed optimism about China’s travel industry outlook and was also upbeat about its purchase last month for about $340 million of Wanda Hotel Management (Hong Kong) Co. as a “second growth driver.” Tongcheng’s shares have gained more than 15% in the past 12 months, giving it a market capitalization of more than $6 billion. Tencent owns 20% of Tongcheng and Trip.com also holds more than a fifth. The company also announced a leadership shift that included the resignation of James Liang, the chairman of Trip.com and a long-time leader in China’s online travel industry, from his position as Tongcheng co-chairman starting yesterday due to personal reasons. He’ll will continue as a non-executive director. Jiang… The post Tencent-Backed Tongcheng’s Profit Climbs On China Travel Gains appeared on BitcoinEthereumNews.com. Tourists visit China’s Great Wall. (Photo by Kevin Frayer/Getty Images) Getty Images Profit in the three months to Sept. 30 at Tongcheng Travel Holdings, the big China online travel business whose investors include the country’s lnternet giant Tencent, rose by nearly 23% from a year earlier, buoyed by growth in ticketing and accommodation reservations, Tongcheng said in a filing yesterday after the close of trade at the Hong Kong Stock Exchange. Profit rose to 985 million yuan, or about $139 million, from 803 million yuan. Revenue gained 10.4% to 5.5 billion yuan, helped by a record in accommodation bookings. Tongcheng — also partly owned by Trip.com, one of the world’s largest online travel sites – said China’s travel industry “is undergoing a profound change, characterized by shifting consumer preferences towards immersive experiences. This transformation reflects a growing emphasis on emotional fulfillment in travel consumption, creating new consumption scenarios and growth opportunities for the industry.” China’s upcoming five-year plan — to kick in next year — reaffirms the pivotal role the tourism industry in driving economic and social development, Tongcheng added. On an investment call, the company expressed optimism about China’s travel industry outlook and was also upbeat about its purchase last month for about $340 million of Wanda Hotel Management (Hong Kong) Co. as a “second growth driver.” Tongcheng’s shares have gained more than 15% in the past 12 months, giving it a market capitalization of more than $6 billion. Tencent owns 20% of Tongcheng and Trip.com also holds more than a fifth. The company also announced a leadership shift that included the resignation of James Liang, the chairman of Trip.com and a long-time leader in China’s online travel industry, from his position as Tongcheng co-chairman starting yesterday due to personal reasons. He’ll will continue as a non-executive director. Jiang…

                                                                               Wormhole’s native token has had a tough time since launch, debuting at $1.66 before dropping significantly despite the general crypto market’s bull cycle.                     Wormhole, an interoperability protocol facilitating asset transfers between blockchains, announced updated tokenomics to its native Wormhole (W) token, including a token reserve and more yield for stakers. The changes could affect the protocol’s governance, as staked Wormhole tokens allocate voting power to delegates.According to a Wednesday announcement, three main changes are coming to the Wormhole token: a W reserve funded with protocol fees and revenue, a 4% base yield for staking with higher rewards for active ecosystem participants, and a change from bulk unlocks to biweekly unlocks.“The goal of Wormhole Contributors is to significantly expand the asset transfer and messaging volume that Wormhole facilitates over the next 1-2 years,” the protocol said. According to Wormhole, more tokens will be locked as adoption takes place and revenue filters back to the company.Read more