Just days after reports emerged that China’s top 2 online travel agents were in talks for a potential merger, rivals eLong (Nasdaq: LONG) and venture-backed Tongcheng have announced their own new tie-up that could be prelude to a similar marriage. In an interesting twist, this newest deal looks like it’s being engineered behind the scenes by Tencent (HKEx: 700), China’s leading Internet company that is also a major stakeholder in both eLong and Tongcheng. Such a dynamic would be similar to the bigger deal that emerged earlier this week, which could see leading online search firm Baidu (Nasdaq: BIDU) orchestrate a much larger merger between Ctrip (Nasdaq: CTRP) and Qunar (Nasdaq: QUNR). Read Full Post…
The following press releases and media reports about Chinese companies were carried on April 11. To view a full article or story, click on the link next to the headline.
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eLong (Nasdaq: LONG), Tongcheng Form Strategic Cooperation Agreement (PRNewswire)
Tencent (HKEx: 700) Launches $5 Bln Bond Program (English article)
ZTE (HKEx: 763) Q1 Profit To Surge As 4G Orders Lift Business Outlook (Businesswire)
NQ Mobile (NYSE: NQ) Announces Q4, Fiscal Year 2013 Results (PRNewswire)
Wuxi Suntech (NYSE: STPFQ) Equity Interests Purportedly Transferred To 3rd Party (PRNewswire)
The news has been flying thick and fast these past 2 few for Ctrip (Nasdaq: CTRP), including the latest word that China’s oldest and largest online travel agent could be headed for a merger with fast-rising rival Qunar (Nasdaq: QUNR). I actually predicted this potential merger last fall in the run-up to Qunar’s IPO, even though nothing happened at that time. Now the latest reports are saying such a deal is in late-stage talks as Ctrip prepares to sell a controlling stake of itself to leading search engine Baidu (Nasdaq: BIDU), which also happens to be Qunar’s controlling stakeholder. Read Full Post…
Reports of major new funding for online travel site Tongcheng are casting a spotlight on a sudden rise in competition for the sector, which for years was dominated by industry leaders Ctrip (Nasdaq: CTRP) and eLong (Nasdaq: LONG). The trend looks a bit worrisome to me, hinting at a new looming round of price wars and potentially some consolidation. Ctrip could well become a leader of such consolidation if it occurs, since the company now has a huge cash pile of nearly $2 billion following its raising of $800 million through a highly popular convertible bond offer last fall. Read Full Post…
The following press releases and media reports about Chinese companies were carried on February 18. To view a full article or story, click on the link next to the headline.
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New Oriental (NYSE: EDU) Spins Off Online Education Business – Memo (English article)
