Ctrip.com International, Ltd. (NASDAQ:CTRP)

WEB NEWS

Thursday, October 3, 2019

Notable Share Transactions
SHANGHAI, Oct. 1, 2019 /PRNewswire/ -- Ctrip.com International, Ltd. (CTRP) ("Ctrip" or the "Company"), a leading provider of online travel and related services, including accommodation reservation, transportation ticketing, packaged tours and in-destination services, corporate travel management, and other travel-related services, today announced the completion on October 1, 2019 of the secondary offering of an aggregate of 36,000,000 American Depositary Shares ("ADSs"), which included the exercise in full by the underwriters of their option to purchase up to 4,695,648 additional ADSs to cover over-allotment, each representing 0.125 ordinary share of the Company, by its shareholder Baidu Holdings Limited at US$28.00 per ADS.  The Company did not issue or sell any ADSs in the offering or receive any proceeds from the sale of the ADSs by the selling shareholder. 

Wednesday, October 2, 2019

Notable Share Transactions
SHANGHAI, Oct. 1, 2019 /PRNewswire/ -- Ctrip.com International, Ltd. (CTRP) ("Ctrip" or the "Company"), a leading provider of online travel and related services, including accommodation reservation, transportation ticketing, packaged tours and in-destination services, corporate travel management, and other travel-related services, today announced the completion on October 1, 2019 of the secondary offering of an aggregate of 36,000,000 American Depositary Shares ("ADSs"), which included the exercise in full by the underwriters of their option to purchase up to 4,695,648 additional ADSs to cover over-allotment, each representing 0.125 ordinary share of the Company, by its shareholder Baidu Holdings Limited at US$28.00 per ADS.  The Company did not issue or sell any ADSs in the offering or receive any proceeds from the sale of the ADSs by the selling shareholder. 

Thursday, September 26, 2019

Notable Share Transactions

SHANGHAI, Sept. 26, 2019 /PRNewswire/ -- Ctrip.com International, Ltd. (Nasdaq: CTRP) ("Ctrip" or the "Company"), a leading provider of online travel and related services, including accommodation reservation, transportation ticketing, packaged tours and in-destination services, corporate travel management, and other travel-related services, today announced the commencement of an offering of an aggregate of 31,304,352 American depositary shares ("ADSs"), each representing 0.125 ordinary share of the Company, by its shareholder Baidu Holdings Limited. The underwriters will have a 30-day option to purchase up to an aggregate of 4,695,648 additional ADSs from the selling shareholder solely for the purpose of covering over-allotment. The Company will not issue or sell any ADSs in the proposed offering and will not receive any proceeds from the sale of the ADSs by the selling shareholder. The Company and the selling shareholder have agreed to be subject to lock-up restrictions for 90 days and 180 days, respectively, after the proposed offering.

Goldman Sachs (Asia) L.L.C. and J.P. Morgan Securities LLC are acting as the joint book-runners for the proposed offering.

The ADSs will be offered pursuant to an effective registration statement filed with the Securities and Exchange Commission (the "SEC") on Form F-3 and available on the SEC's website at http://www.sec.gov. A preliminary prospectus supplement and the accompanying prospectus related to the proposed offering have been filed with the Securities and Exchange Commission (the "SEC") and will be available at the SEC website at: http://www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying prospectus may be obtained from Goldman Sachs & Co. L.L.C., 200 West Street, New York, New York 10282-2198, Attention: Prospectus Department, telephone: +1 (212) 902 1171 or J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, at (866) 803-9204 (toll free).

This press release shall not constitute an offer to sell or a solicitation of an offer to purchase any securities, nor shall there be a sale of the securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.


Monday, September 16, 2019

Deal Flow
SHANGHAI, Sept. 16, 2019 /PRNewswire/ -- Ctrip.com International, Ltd. (CTRP) ("Ctrip" or the "Company"), a leading provider of online travel and related services including accommodation reservation, transportation ticketing, packaged tours and in-destination services, corporate travel management, and other travel-related services, today announced that it has completed its previously announced put right offer relating to its 1.25% Convertible Senior Notes due 2022 (CUSIP No. 22943F AM2) (the "Notes"). The put right offer expired at 5:00 p.m., New York City time, on Thursday, September 12, 2019. Based on information from The Bank of New York Mellon as the paying agent for the Notes, US$924,231,000 aggregate principal amount of the Notes were validly surrendered and not withdrawn prior to the expiration of the put right offer. The aggregate purchase price of these Notes was US$924,231,000. The Company has accepted all of the surrendered Notes for repurchase and has forwarded cash in payment of the same to the paying agent for distribution to the applicable holders. Following the settlement of repurchase of these Notes, the total number of ordinary shares of the Company on a fully diluted basis will be reduced by 1.8 million shares.

Tuesday, September 10, 2019

Joint Venture

OITA, Japan, Sept. 10, 2019 (GLOBE NEWSWIRE) -- Ctrip.com International, Ltd., Asia’s largest online travel agency, today signed an agreement with Oita tourism bureau to cooperate in the promotion of inbound tourism to the region.

Oita Tourism Bureau is the first municipality in the Kyushu region to sign an agreement with Ctrip. In 2017, 4.9 million foreign tourists visited Kyushu, an increase of 32.8% from the previous year, and the highest number in six consecutive years. Home to famous hot spring resorts such as Yufuin and Beppu, Oita prefecture hosted 1.38 million foreign guests in 2017, an increase by 67.7% compared to the previous year, denoting the highest growth rate among all prefectures nationally for that year. Ctrip will work together with Oita Tourism Bureau to promote Oita prefecture to Chinese and other inbound tourists, and guarantee a stress-free and comfortable experience by offering tickets for various attractions, sightseeing spots, and day tours available via the Ctrip platform.

Oita Tourism Bureau Director Mr. Masuo Abe, Ctrip’s Group Strategic Partnerships and Overseas Market General Manager, Ms. Pei, and GM of Ctrip Group Japan Mr. Junda Su attended the signing ceremony, which was held on September 10th in Oita city.

“I hope that with this comprehensive cooperation agreement, we will also be able to collaborate in terms of sustainable tourism,” said Mr. Abe. “Making use of Ctrip's ability to effectively disseminate information and influence, we would also like to help tourists and residents achieve greater mutual understanding by sharing guides for etiquette and behaviour.” Ctrip’s Ms. Pei said that she was looking forward to the cooperation and elaborated, “We’ve noticed an increase in Chinese tourists visiting Oita in 2019. I believe this is closely related to the increase of strategic content to do with Oita’s rich tourism resources on the Ctrip platform, and the active development of marketing activities.”


Tuesday, September 10, 2019

Comments & Business Outlook

Second Quarter of 2019 Financial Results

  • For the second quarter of 2019, Ctrip reported net revenue of RMB8.7 billion (US$1.3 billion), representing a 19% increase from the same period in 2018. Net revenue for the second quarter of 2019 increased by 6% from the previous quarter.
  • Diluted losses per ADS were RMB0.73 (US$0.11) for the second quarter of 2019. Excluding share-based compensation charges and fair value changes of equity securities investments, non-GAAP diluted earnings per ADS were RMB2.25 (US$0.33) for the second quarter of 2019.

"We are encouraged by our results across our businesses and markets," said Jane Sun, Chief Executive Officer. "Our team continued to push the product coverage in scope and depth, improve customer service quality, and expand our exposure in domestic and oversea markets. We are confident and excited about the long-term future for the travel industry in China and the world."

"Today, we also announced a proposal to change the company's name to Trip.com Group Limited," said James Liang, Executive Chairman. "The new name reflects the services and products we provide, and can be easily remembered by global users. In October, we will celebrate the 20th Anniversary. Over the next decade, we will strive to become one of the most innovative and respected companies in the global travel industry."

Business Outlook

For the third quarter of 2019, the Company expects the net revenue growth to continue at a year-over-year rate of approximately 10%-15%. This forecast reflects Ctrip's current and preliminary view, which is subject to change.


Wednesday, August 14, 2019

Deal Flow

SHANGHAI, Aug. 14, 2019 /PRNewswire/ -- Ctrip.com International, Ltd. (CTRP) ("Ctrip" or the "Company"), a leading provider of online travel and related services, including accommodation reservation, transportation ticketing, packaged tours and in-destination services, corporate travel management, and other travel-related services, today announced that it is notifying holders of its 1.25% Convertible Senior Notes due 2022 (CUSIP No. 22943F AM2) (the "Notes") that pursuant to the Indenture dated as of September 12, 2016 (the "Indenture") relating to the Notes by and between the Company and The Bank of New York Mellon, as trustee and paying agent, each holder has the right, at the option of such holder, to require the Company to purchase all of such holder's Notes or any portion of the principal thereof that is equal to US$1,000 principal amount (or an integral multiple thereof) for cash on September 15, 2019 (the "Put Right"). The Put Right expires at 5:00 p.m., New York City time, on Thursday, September 12, 2019.

As required by rules of the United States Securities and Exchange Commission (the "SEC"), the Company will file a Tender Offer Statement on Schedule TO today. In addition, documents specifying the terms, conditions and procedures for exercising the Put Right will be available through the Depository Trust Company and the paying agent, which is The Bank of New York Mellon. None of the Company, its board of directors, or its employees has made or is making any representation or recommendation to any holder as to whether to exercise or refrain from exercising the Put Right.

The Put Right entitles each holder of the Notes to require the Company to repurchase all or a portion of such holder's Notes in principal amounts equal to US$1,000 or integral multiples thereof. The repurchase price for such Notes will be equal to 100% of the principal amount of the Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, September 15, 2019, which is the date specified for repurchase in the Indenture (the "2019 Repurchase Date"), subject to the terms and conditions of the Indenture and the Notes. The 2019 Repurchase Date is an interest payment date under the terms of the Indenture and the Notes. Accordingly, on September 16, 2019, being the business day immediately following the interest payment date, the Company will pay accrued and unpaid interest on all of the Notes through September 14, 2019, to all holders who were holders of record on September 1, 2019, regardless of whether the Put Right is exercised with respect to such Notes. On the 2019 Repurchase Date, there will be no accrued and unpaid interest on the Notes. As of August 13, 2019, there was US$975,000,000 in aggregate principal amount of the Notes outstanding. If all outstanding Notes are surrendered for repurchase through exercise of the Put Right, the aggregate cash purchase price will be US$975,000,000.


Wednesday, August 7, 2019

Joint Venture

PALERMO, Italy, Aug. 06, 2019 (GLOBE NEWSWIRE) -- Ctrip, the largest online travel agency in Asia today announced a strategic partnership with Sicily that promises to bring a bigger share of the world’s largest outbound tourism market to the Mediterranean island.

In the presence of Michele Geraci, Undersecretary of State for International Trade and Investment Attraction at the Ministry of Economic Development, Ctrip Chief Marketing Officer Bo Sun, the Region of Sicily, represented by Gaetano Armao, Regional Councilor for Economy and Vice-President of the Region of Sicily, and Lucia Di Fatta, General Director of the Regional Department of Tourism, Sport and Entertainment, on behalf of Councilor Manlio Messina, exchanged letters of mutual appreciation and support for a strategic partnership between Ctrip and the local industry, represented by Alessandro Albanese, President of Sicindustria and Francesco Picarella, President of Confcommercio Sicilia.

Tourism is a vital aspect of Italy-China bilateral co-operation. Italy is already one of the most popular destinations in Europe for Chinese visitors and continues to attract more visitors every year. In first half of 2019, according to Ctrip data, hotel reservations in Italy experienced a year-on-year growth of 200%, making Italy the top destination for Chinese tourists in Europe.

In 1787, The German writer Johann Wolfgang von Goethe famously said, “To have seen Italy without having seen Sicily is not to have seen Italy at all, for Sicily is the clue to everything”. Sicily is adored by Italian and foreign visitors alike, but has to date been relatively obscure on Chinese itineraries. According to statistics from the Region of Sicily, 26,418 Chinese tourists visited the island in 2018, an increase of 25% compared to 2017. The numbers recorded are still a very modest percentage of the total 3 million Chinese arrivals in Italy.

As the 2020 Italy-China Year of Culture and Tourism approaches, Ctrip and Sicily have formalized a partnership to help the island to untap the potential to attract more Chinese visitors as part of an effort to develop trade and people-to-people exchange between China and Italian regions.

With over 300 million users in China, Ctrip has pledged to allocate its online platforms and media connections to promote Sicilian tourism destinations and unique local experiences to the Chinese high-end outbound tourism market, from seaside resorts and medical spas, to food and wine tours; art and history itineraries, such as the Segesta and Selinunte archaeological parks and the Valley of the Temples of Agrigento; natural tracks such as skiing on Etna Volcano and diving in Ustica; and, even local events, including the Taormina film festival and the Carnival of Acireale.

Against the backdrop of the recent visit by President Xi Jinping to Palermo on 23rd March 2019, today’s strategic partnership lays strong foundations to untap the potential of Sicily as a promising tourism destination for the Chinese market.

An increase in the number of high-end Chinese tourists coming to the island promises to bring important benefits for the local economy. According to data from the World Travel and Tourism Council, the total contribution of tourism to the economy in 2017 was 223.2 billion euros, equivalent to 13% of GDP, a number which is three percentage points higher than the European and world average. Over 3.4 million jobs, or 14.7% of the country’s total employment were directly and indirectly generated by tourism in 2017. Chinese tourists are known to be among the highest spending international travelers, with an average daily consumption of €930, and up €1600 for the wealthiest Chinese tourists, and stand to bring significant stimulus to local businesses.

“We are very excited about this co-operation with Sicily and look forward to working more closely across the board with the Italian tourism industry. Italy is already one of the most popular destinations for the growing Chinese outbound tourism market. In 2017, Chinese tourists contributed USD 258 billion to the global economy, and in 2018, 150 million Chinese tourists travelled overseas. From restaurants to local artisans, all areas of the local Sicilian economy will gain from being a part of this massive trend. As the 2020 Year of Tourism and Culture between China and Italy fast approaches, there are vast opportunities for imaginative destination marketing solutions, we can’t wait to bring more Chinese tourists to Sicily and experience all that this beautiful region has to offer.” saidBo Sun, Chief Marketing Officer of Ctrip.

The signing of these agreements between Ctrip, Sicindustria and Confcommercio Sicilia in the tourism sector”, declared Undersecretary of State Michele Geraci, “represents a visible result of the thriving China-Italy relationship. Sicily is preparing to receive in the coming years a growing flow of Chinese tourists, which will be a small but important driver for the industry of Sicily and the South of Italy. Last year saw a significant increase in the number of foreign tourists: Sicily went from 3.7 million foreign visitors in 2017 to 4.5 million in 2018 (+ 21.9%), that is the largest share in the entire South of Italy. With reference to the expenditure of foreign tourists, there is a growing trend between 2017 and 2018, both in Sicily (+ 12.7%) and generally in the South of Italy (+ 8.8%), in any case higher than the growth recorded in the Center-North (+ 6.1%). In addition to tourism, we are also promoting our agri-food and industrial sectors, synergetic sectors with tourism as often emphasized by Minister Centinaio, with a particular eye to both small and medium enterprises, which I want to emphasize, represent over 99% of the Italian entrepreneurial system, and more important production sites. The objective is to promote investments which can create jobs in the South of Italy and, thanks to this agreement, in Sicily in particular.”



Tuesday, June 25, 2019

Comments & Business Outlook

SHANGHAI, China, June 25, 2019 (GLOBE NEWSWIRE) -- Ctrip has signed a memorandum of understanding (MOU) with Tourism Fiji and Fiji Airways at the Ctrip Headquarter in Shanghai. This MOU will enable Ctrip to work closely with Tourism Fiji and Fiji Airways on business development and joint promotional activities. This will help to accelerate Fiji’s existing marketing activities in China.

The one-year MOU was signed in Shanghai by Amanda Wang, General Manager Destination Marketing for Ctrip, Tourism Fiji Chief Executive Officer Matthew Stoeckel and Fiji Airways General Manager of Global Marketing Christina Templin. Such MOU will see the three companies collaborate to grow this important visitor market.

Under the agreement, Ctrip will work with Tourism Fiji in partnership with Fiji Airways to carry out comprehensive and strategic cooperation in destination marketing and product development. The collaborative approach between the airline and national tourism body further enables Ctrip to provide diverse travel packages for Chinese travelers.

Mr Stoeckel said the national tourism body had enjoyed a long and prosperous partnership with Ctrip to bring more Chinese visitors to Fiji.

“We have long enjoyed a productive relationship with Ctrip, a leading online travel agency in China, and I’m delighted to announce a strengthening of this relationship through the MOU in partnership with Fiji Airways. China is Fiji’s fourth largest market and we are confident that this collaborative approach will significantly assist Fiji to drive further visitor arrivals from the market,” he said.

According to the airline, Ctrip is the largest online consolidator of accommodations and transportation tickets in China in terms of transaction volume. Ctrip enables business and leisure travelers to make informed and cost-effective bookings by aggregating comprehensive travel related information and offering its services through an advanced transaction and service platform consisting of its mobile apps, websites and centralized, toll-free, 24-hour customer service center.

“Island tourism is a hot theme for Chinese tourists, with more and more Chinese tourists seen to be visiting the Pacific countries and Fiji being one of the most important destinations with its unique natural tourism resources and pleasant weather,” said Amanda Wang, General Manager of Ctrip’s Destination Marketing. “Ctrip has established a good relationship with Tourism Fiji and Fiji Airways, with signing this strategic cooperation agreement, Ctrip will support Fiji continuously and provide Fiji with an integrated marketing channels including online and offline solutions. Meanwhile, with more in-depth access to local resources in Fiji, we will provide Chinese visitors with more rich and unique Fiji’s travel products.”

This announcement follows the establishment of a dedicated Tourism Fiji Office in Greater China last year to further develop the market. Tourism Fiji continues to invest in marketing and activities in the market and recently partnered with Fiji Airways to welcome the well-known Chinese actor and singer – Mr. Luo Yunxi to Fiji. Mr. Luo is regarded as a unique, positive and influential storyteller and was engaged by Tourism Fiji to visit the destination and share his experiences across his networks.

Tourism Fiji Regional Manager in Greater China Vincent Zheng said, “We are thrilled to strengthen and further develop the established relationship with Ctrip. This remarkable strategic cooperation will help facilitate Chinese travelers to visit Fiji as well as experience the natural beauty and rich cultural history of this tropical paradise. We are expecting to jointly generate tremendous influence in the development of Fiji tourism and bring more Chinese travelers to Fiji.”


Thursday, May 23, 2019

Comments & Business Outlook

First Quarter of 2019 Financial Results

  • For the first quarter of 2019, Ctrip reported net revenue of RMB8.2 billion (US$1.2 billion), representing a 21% increase from the same period in 2018. Net revenue for the first quarter of 2019 increased by 8% from the previous quarter, primarily due to seasonality.
  • Diluted earnings per ADS were RMB7.45 (US$1.11) for the first quarter of 2019. Excluding share-based compensation charges and fair value changes of equity securities investments, non-GAAP diluted earnings per ADS were RMB2.93 (US$0.44) for the first quarter of 2019.

"Ctrip delivered solid results in the first quarter of 2019. We are seeing both healthy revenue growth and non-GAAP operating margin expansion," said Jane Sun, Chief Executive Officer. "Not only do we listen to our customers, we also lead the market as new opportunities emerge. We align our strategy in a prudent manner to suit the market. The great results reflect our determination to create the best travel experience through Ctrip's one-stop travel platform in the world."

"We are pleased that our first quarter results reflected our faith in the outlook of the travel industry in China as well as our own ability to execute and embrace the changes in this industry," said James Liang, Executive Chairman. "We primarily empower our growth organically and create long-term value to stakeholders, focusing on expanding customer base and deepening user engagement. We also have achieved an excellent record of global strategic investments and collaborations. We are excited about our recent MakeMyTrip investment and look forward to achieving greater success and creating more value to our shareholders in the future."f


Monday, May 20, 2019

Comments & Business Outlook

SHANGHAI, China, May 20, 2019 (GLOBE NEWSWIRE) -- Ctrip (CTRP), the largest online travel agency in Asia, and the World Wide Fund for Nature China WWF China)signed a Memorandum of Understanding (MoU) in Shanghai on 16 May 2019 to begin a strategic partnership. As a follow-up to the MoU, on the same day, the two parties announced a sustainable eco-tourism initiative with over 10 other partners, with the first project entitled “Exploring Fantastic Creatures” to be launched soon.

Ctrip and WWF China aim to enhance public awareness of biodiversity and transform travel products into environmental-friendly ones. About one million species of animals and plants are currently threatened with extinction, with many projected to become extinct within the next few decades.

“Last year, Ctrip and our international brand Trip.com made four commitments at the fourth Conference on Illegal Wildlife Trade 2018 in London. We pledged to use our mobile applications, websites, offline stores and other resources to increase public awareness of the illegal wildlife trade,” said Xinyu Li, Vice President of Ctrip. “We also utilized social media and our virtual travel managers to inform customers travelling Thailand about the ban on ivory trading.”

Jessica Zhang, General Manager of Ctrip Theme Travel, added, “The travel industry is closely related to the fight to preserve biodiversity and the environment. Ctrip’s work with industry partners seeks to make a meaningful contribution to the protection of our global environment.”

“The tourism industry links the natural and cultural resources of the world through servicing millions of travelers. Through our partnership with Ctrip, we hope we can influence more travel industry players to incorporate sustainable development into their business strategies and spread the idea of responsible tourism to more travelers,” said Fei Zhou, Chief Program Officer of WWF China.

A key component of the joint initiative in sustainable ecotourism is the provision of a behavior handbook to travelers. Travelers are provided tips on not carrying animal or plant products across borders without specific certificates of CITES and inspection & quarantine. They are also alerted not to feed or touch wild animals; buy, carry or transport wild animals and its products; make noises or use flashlights to interfere with wild animals and are encouraged to save local resources and not to waste water and food.

On 22 May 2019, the International Day for Biological Diversity, Ctrip and WWF China will launch the initiative of “Exploring Fantastic Creatures” charity photo shooting project, which allows Ctrip users to upload photos and short videos of nature to Trip Moments, Ctrip’s content sharing platform.

 

SHANGHAI, China, May 20, 2019 (GLOBE NEWSWIRE) -- Meliá Hotels International, the leading Spanish hotel group, today announces to deepen the strategic partnership with Ctrip and to launch a flagship store on the leading online travel agency’s Chinese website and mobile app.

Bernardo Cabot, the Regional Vice President of Meliá Hotels International in Asia Pacific, said, “We are honoured to maintain our partnership with Ctrip, the market leader in China. To collaborate with top local companies is one of the key pillars of our growth strategy. This new agreement with Ctrip marks yet another milestone for Meliá and further consolidates our partnership. Together with Ctrip’s support and the group’s Chinese-friendly program ‘Pengyou by Meilá’, we aim to constantly enhance our guest experience from the booking process to our hospitality service for Chinese travelers.”

China is one of the most important foreign markets for Meliá Hotels International. With the expertise in the “bleisure” (business and leisure) segment, collaborating with leading local companies with over 10 years of development in the region, the company currently has four hotels operating in China, including Shanghai, Xi’an, Zhengzhou and Jinan with an additional five properties in the pipeline under three of its most prestigious brands: Gran Meliá Hotels & Resorts, Meliá Hotels & Resorts and INNSiDE by Meliá.

Ctrip dominates the online travel market in China and its partnership with Meliá Hotels International dates back to 2016. The latest collaboration indicates the Meliá flagship store on Ctrip’s website and mobile app will enable 300 million plus Ctrip users to gain access to exclusive membership offers and benefits from nearly 400 hotels managed by the hotel group across the globe. Meanwhile, Ctrip users could score stay points along with additional benefits from MeliáRewards, the hotel group’s loyalty program. In addition to such benefits, Meliá Hotel International will also offer flight and hotel packages for Ctrip users. Furthermore, in the near future, the two companies will also launch a membership tier-matching program, where all tiers of Ctrip members could join MeliáRewards through the Meliá Flagship store, and be corresponding tiers of MeliáRewards.

In recognition of the importance of delivering a one-stop shopping experience for Chinese travelers from both companies, the Meliá flagship store on Ctrip platform will further elevate the hotel group’s presence in China by offering additional products and services. This collaboration leverages Meliá Hotel International to more opportunities and exposure in the China market while being featured on the Ctrip platform.

David Zhou, the Chief Business Officer of Ctrip Accommodation Business said, “We are excited to jointly establish the exclusive flagship store of Meliá Hotels International on our Ctrip platform. Such agreement will ensure that Ctrip will continue to drive better customer experience and enhance value to all of our partners.”

With strong support from Ctrip and other key local partners, Meliá Hotels International is confident that this will further bolster the group’s presence both inside and outside of China, creating more values and opportunities for both partners.  


Thursday, May 16, 2019

Joint Venture

SHANGHAI, China, May 15, 2019 (GLOBE NEWSWIRE) -- Jane Sun, CEO of Ctrip.com International, Ltd. (CTRP) ("Ctrip"), Asia’s largest online travel agency and the second largest in the world, recently laid out the next stage of development for the leading travel group in an internal letter. Ms. Sun noted that Ctrip is entering the third stage of its strategic development, characterized primarily by the expansion of operations outside China and a focus on serving mid-to-high end travel consumers.

Ms. Sun’s letter marked the announcement of a share exchange transaction between Ctrip and Naspers, in which Ctrip will become the largest shareholder of Indian online travel agency MakeMyTrip post the transaction.

Ms. Sun described how Ctrip was founded 20 years ago with the goal of revolutionizing online travel booking, and entered its second stage of development six years ago as the company adapted to the rise of mobile internet and expanded into a one-stop-shop for travel services. The third stage of Ctrip’s development, she wrote, would be to make Ctrip “a company based in China but with a global vision.”  

The MakeMyTrip transaction was hailed in Ms. Sun’s letter as an important starting point within Ctrip’s third stage of development. Ctrip’s confidence in the deal’s potential was based on the company’s deep understanding of the global travel industry.

Remarking on the deal, Ms. Sun said, “Of all the major economies, India has the youngest population and the second largest overall population. With the rise of the Indian middle class and the rising penetration of traditional and mobile internet, India’s tourism market has already become a key area of focus for global Internet giants. Aided by these demographic trends and the strong potential for internet startups in the Indian market, MakeMyTrip has achieved impressive growth over the last few years, with the platform’s gross merchandise volume sustaining a growth rate of 43% in the past three years amid declining losses, making it a very attractive investment for us.”

Ctrip’s financial results for the fourth quarter 2018 showed that the company’s international business accounts for 30-35% of Ctrip Group’s total revenue, with growth in international hotel and air ticket bookings equivalent to three times the industry average. Ctrip’s UK-based subsidiary Skyscanner has also continued its rapid expansion, with revenue from flights booked directly on its platform increasing more than 200% in the fourth quarter of last year, as Ctrip’s international brand Trip.com achieved triple-digit growth in its air ticketing business for nine quarters in a row. The company’s annual GMV is now over 725 billion RMB, larger than global players Booking.com and Expedia.

Ctrip has recently launched a raft of localized initiatives to meet the unique demands of consumers in its home market. Within the last year alone, Ctrip has launched TrainPal, an app for buying train tickets in the UK; opened overseas call centers in Edinburgh, Seoul and Tokyo to improve local service capabilities; and its subsidiary Ctrip Finance partnered with Standard Chartered to launch a virtual bank in Hong Kong. In addition, Ctrip’s international brand Trip.com is now a common sight at tourism fairs across the globe and Ctrip’s train ticketing services have recently been made available to Japanese consumers.

Consolidating a strong position in mid-to-high end travel offerings through international partnerships

In March Ctrip launched a series of high-end customized travel products, covering more than 80 countries and regions, including destinations in Europe, the Americas, Oceania, the Middle East and Antarctica. High end customized travel packages aim to provide high net worth individuals with the ultimate overseas travel experience, in manner tailored specifically to the tastes of discerning clients, with impeccable service quality.

Ctrip’s data shows that since the official launch of Ctrip’s customized travel platform in 2016, demand for these services has increased at a three-digit rate for three consecutive years. CEO Ms. Jane Sun recently gave an example of the popularity of these highly tailored packages in an interview with Fox News, stating, “The most expensive tour we’ve sold costs about $200,000 per person per trip, and it only took us about 17 seconds to sell these packages. That gives you an idea of how exclusive consumers can go when it comes to choosing their package.”

Ctrip has continued to expand its market share in the mid to high-end hotel market, a segment in which the company is growing at twice the rate of the industry average. This growth has been driven in part by the close partnerships forged by Ctrip with leading luxury hotel brands including Club Med, Aman, Rosewood, Shangri-La, Millennium, the Centara Hotel Group in Thailand, the Melia Hotel Group in Spain, the Magnuson Hotel Group in the US, as well as Accor, Hyatt and Radisson Hotels.


Thursday, May 16, 2019

Comments & Business Outlook

SHANGHAI, China, May 16, 2019 (GLOBE NEWSWIRE) -- At the third ITB China held in Shanghai from May 15th to 17th, Jane Sun, CEO of Ctrip, was invited to deliver the keynote speech at the ITB banquet with more than 600 guests from the global travel industry in attendance. In her speech, Jane said that she is confident about the robust growth outlook for outbound Chinese tourism even in the face of skepticism from other industry players.

ITB China is a trade fair specializing in the Chinese market organized by the world’s largest travel trade show, ITB Berlin.

According to statistics from China’s Ministry of Culture and Tourism, the number of outbound trips by Chinese citizens reached almost 150 million in 2018, maintaining China’s status as the country with the largest number of outbound tourists and representing a 14.7% increase from the year before. During the recent four-day Labor Day holiday, as many as 4 million Chinese traveled internationally. Furthermore, Ctrip’s data revealed a new trend of growing numbers of tourists from third and fourth tier cities going abroad. Over the holiday, Chinese tourists visited 903 destinations in more than 90 countries via group tours, independent trips and customized tours.

“At present, China’s urbanization is under 60% and it is expected that it will take 10 to 20 years to reach 70% to 80% as in the developed countries," said Ms. Sun. “Furthermore, only 10% of Chinese hold private passports, compared with 40% of Americans, which shows the potential for China’s outbound tourism to continue growing.”

As China’s leading OTA (online travel agent), Ctrip has been actively increasing its presence abroad. Ctrip’s GMV (Gross Merchandise Volume) reached 725 billion RMB in 2018, making it the No.1 OTA by GMV in the world.

Ctrip’s internationalization is drawing attention from the international business community. Recently, Jane was invited by JP Morgan’s CEO Jamie Dimon to join JP Morgan Asia Pacific council, becoming the only council member representing the tourism industry.

Recently, Jane shared some of Ctrip’s international achievements at JP Morgan’s Global China Summit in Beijing. She mentioned that Ctrip serves more than 300 million customers through its online and offline platforms and almost half of them are from overseas. Ctrip is proud to extend the same high-quality, fast-response customer service to customers in China and across the globe on a 24/7 basis, 365 days a year.

According to Ctrip’s latest financial results, revenue from its international business accounts for 30% to 35% of the group’s total revenue. Ctrip has set up offices in Southeast Asia, Korea, Japan, Australia and many other destinations to localize the products and services. Trip.com, the company’s international platform, now offers customer service in 19 languages and operates three overseas call centers in Edinburgh, Seoul and Tokyo.



Thursday, March 28, 2019

Joint Venture

HONG KONG, March 27, 2019 (GLOBE NEWSWIRE) -- Standard Chartered Bank (Hong Kong) Limited (“Standard Chartered”), PCCW Limited (“PCCW”), HKT Trust and HKT Limited (“HKT”) and Ctrip Financial Management (Hong Kong) Co., Limited (“Ctrip Finance”) today announced the establishment of a strategic joint venture to deliver a new standalone digital retail bank in Hong Kong. The joint venture will be conducted under a new entity, which today was granted a licence to operate a virtual bank in Hong Kong by the Hong Kong Monetary Authority (“HKMA”).

Standard Chartered will hold 65.1% in the joint venture, while PCCW, HKT and Ctrip Finance will hold 10.0%, 15.0% and 9.9% respectively. The joint venture will draw on the partners’ respective strengths to reach a broader spectrum of customers and to redefine the digital banking experience in Hong Kong by:

Integrating virtual banking into the service offerings to PCCW’s, HKT’s and Ctrip’s well established customer bases
Providing a suite of retail financial services and products, as well as unique telecom, entertainment and travel propositions from partners all in one place
Offering services that are personalised to customers’ circumstances, interests and needs
Ability to open accounts and apply for financial services on-the-go in real-time
Subject to regulatory approval, the Board of Directors will comprise Mary Huen (CEO of Standard Chartered Bank (Hong Kong) Limited) as Chairman of the Board, Susanna Hui (Executive Director and Group Managing Director of HKT), Janet Feng (CEO of Ctrip Finance and Senior Vice President of Ctrip Group), Dr Michael Gorriz (Group Chief Information Officer of Standard Chartered Bank), Samir Subberwal (Regional Head of Retail Banking, Greater China and North Asia of Standard Chartered Bank), Deniz Güven (CEO of the Virtual Bank) and three Independent Non-Executive Directors.

Mary Huen said: “As the oldest note issuing bank in Hong Kong, Standard Chartered has been serving the community for 160 years. Today, we are delighted to be among the first to receive a virtual bank licence from the HKMA and we are excited to partner with PCCW, HKT and Ctrip Finance. The strengths of our partners combined with our own rich banking expertise mean that we are in a strong position to provide diverse financial solutions to redefine the banking experience for customers in Hong Kong.”

Susanna Hui added: “As a trusted service provider and innovator, the addition of banking services to our digital ecosystem highlights an essential part of our integrated platform for consumers and merchants, and is a natural extension of our product offerings and relationship with our customers. We look forward to working with Standard Chartered and Ctrip Finance to provide a seamless and secure digital platform for customers to manage their financial matters.”

Janet Feng said: “Fully digitised retail banking is an innovation with extremely exciting implications for the travel industry, and Ctrip Finance is delighted to partner with Standard Chartered, PCCW and HKT to launch a new virtual bank in Hong Kong. The new initiative is set to provide Ctrip customers with a travel experience that is more comprehensive in service and convenient to use. Ctri p Finance remains committed to providing the most timely and professional financial services to travellers.”


Monday, March 25, 2019

Comments & Business Outlook

ROME, March 22, 2019 (GLOBE NEWSWIRE) -- During President Xi Jinping�s state visit to Italy, Jane Sun, CEO of Ctrip International and Luigi Fiorentino, Head of Cabinet of the Minister of Tourism, signed a strategic cooperation agreement between Ctrip and ENIT. The agreement is an important milestone in the cooperation between the two countries in the field of tourism.

President Xi Jinping�s visit, which promises to set the tone for the future of Sino-Italian bilateral relations, has attracted strong attention from all sides. Italian Economy and Finance Minister Giovanni Tria said that the promotion of business cooperation and political mutual trust between China and Italy is crucial for alleviating world tensions and facilitating global well-being.

Jane Sun said that in response to President Xi Jinping�s call, Ctrip is willing to be a �Marco Polo� of the new era, acting as a bridge of cultural exchange between Italy and China. The simplest and most direct form of diplomacy, tourism helps to build relations between China and the rest of the world.

�Italy has a wealth of history, humanities and natural tourism resources, while China has the largest and most economically powerful group of outbound tourists in the world. We welcome this cooperation with Ctrip, which is the medium through which to showcase the charm of Italy to Chinese tourists,� said Gian Marco Centinaio, Minister of Tourism of Italy.

Ctrip�s cooperation with ENIT will help promote tourist destinations in Italy and as well as Italy�s historical culture, fashion, food and other specialties. The agreement also marks the deepening of comprehensive cooperation between China and Italy.

During the period of President Xi�s visit, Jane Sun also signed a series of strategic cooperation agreements with Italian destinations, tourism associations and other companies, including the Region of Tuscany, Region of Umbria, Rome Capital, FIAVET, FEDERTURISMO, UNINDUSTRIA, Trenitalia, the Rome airport, the Milan airport and the Ferrari museum etc.

While the year 2018 was �China-Europe Tourism Year,� 2019 will present even more opportunities for cooperation between China and Italy. Beneficial for all sides, this agreement will make it even more convenient for the Chinese people to travel in Europe.

Jane Sun noted that Europe has become the second favorite destination for Chinese tourists to take customized tours. Ctrip�s Europe-bound customized travel business is growing rapidly, greatly outpacing overall market growth. Among the most popular European destination countries in 2018, Italy ranked second only to Russia, which ranked first thanks to the FIFA World Cup.

In addition, the cultural and commercial exchanges between the two sides and the continuous improvement of bilateral tourism has made the demand for direct flights between China and Italy more urgent. The realization of Sino-Italian direct flights will further strengthen the relations and exchanges between the two countries, releasing the full potential for all-round communication and cooperation, and allowing the two peoples to better share the dividends of each other�s development.

Looking ahead, Jane Sun predicted, �Ctrip will take advantage of development opportunities to make full use of its platform, resources and big data capabilities to deliver more tourists to European partners, Italy foremost among them. We also help Chinese tourists to broaden their horizons with trips abroad, and become a bridge for Sino-European economic and trade contact, cultural exchanges and civil diplomacy.�


Friday, March 15, 2019

Joint Venture

SHANGHAI, China, March 14, 2019 (GLOBE NEWSWIRE) -- Ctrip.com International, Ltd. (Nasdaq: CTRP), one of China’s largest integrated travel services companies (“Ctrip”), today signed an agreement with upscale global hoteliers Millennium Hotels and Resorts (MHR) to develop a global distribution strategy promoting MHR properties to Ctrip’s 300 million strong customer base.

The agreement was announced jointly at ITB Berlin by David Zhou, Chief Business Officer for Accommodation Business Unit of Ctrip and Nayan Peshkar, MHR Senior Vice President – Digital, Distribution & Revenue Strategy.

It marks the start of an alliance enabling Ctrip to offer MHR’s iconic portfolio of hotels in the USA, Europe, the Middle East, Asia and Australasia to its China-based business and leisure travel clients. Through the aegis of a strategic collaboration agreement, MHR will partner with Ctrip’s membership program, which will certify its properties as “Chinese Friendly Hotels” and enable them to benefit from Ctrip’s influential ranking system. MHR and Ctrip will also work towards customer initiatives such as the launching of a flagship store on Ctrip’s digital platforms, joint marketing campaigns as well as knowledge sharing and cross exposure programmes for team members.

Ctrip is the number one platform for Chinese nationals travelling overseas. About one in four Chinese citizens use Ctrip to book and search for outbound flight tickets, making it the world’s largest outbound travel platform. According to Ctrip’s 2018 Travel Report, its customers’ top destinations are England, France, Germany, Thailand, Japan, Hong Kong, South Korea, Indonesia, and USA, all of which are home to hotels owned or operated by MHR and its associates.

MHR parent company Millennium & Copthorne Hotels Plc was listed on the London Stock Exchange in 1996. At the end of 2018, it operated or branded a portfolio of 139 properties with over 40,000 rooms. Its respected brands are present in 28 nations around the world, including China where it owns and operates the iconic Grand Millennium Hotel Beijing, as well as operating properties in Hong Kong, Xiamen and other major Chinese destinations. The Group has always had a strong Asian franchise, thanks to its majority ownership by City Developments Limited, one of Singapore’s leading corporations. This, combined with its unique range of iconic properties in popular destinations will make it a valuable addition to Ctrip’s customer offering.   

David Zhou of Ctrip said, “We are so grateful to be enhancing our relationship with MHR. Chinese outbound tourists reached nearly 150 million in 2018, and the growth for this year remains strong. By signing this China–focused distribution agreement with MHR, we are continuing to offer 300 million members the best hotel experience worldwide whilst enhancing MHR’s presence and boosting new business opportunities for them in the China Market.”

Nayan Peshkar of MHR said, “We are delighted to be joining forces with Ctrip and thus raising the profile of our hotel offering in the large and fast-growing China travel market. Asia is our second biggest region of operations, so we already have a deep and embedded experience of what it takes to meet the high demands of business and leisure travelers from China. With hotels located in some of the world’s most attractive destinations, we look forward to welcoming more of Ctrip’s customers in the coming year.”


Tuesday, March 5, 2019

Comments & Business Outlook

Fourth Quarter 2018 Financial Results

  • Net revenue increased by 22% year-on-year to RMB7.6 billion (US$1.1 billion) in the fourth quarter of 2018, and increased by 16% year-on-year to RMB31.0 billion (US$4.5 billion) for the full year of 2018.
  • Diluted losses per ADS were RMB2.17 (US$0.32) for the fourth quarter of 2018. Excluding share-based compensation charges and fair value changes of equity securities investments, non-GAAP diluted earnings per ADS were RMB0.90 (US$0.13) for the fourth quarter of 2018.

"The solid results in the fourth quarter of 2018 ended the year on a strong note," said Jane Sun, Chief Executive Officer. "Over the year, despite various challenges, we focused on developing innovative new products, offering increased support to our suppliers, and most importantly, putting the customer at the center of everything we do. As a result, we accelerated the pace which we are gaining market share. Transacting users for our China brands continued to grow and now total 135 million, which represents a 25% CAGR increase over the past two years. GMV continued to grow at 30% year-on-year, which puts us well on track to reach our 2020 target."

"We are pleased with Ctrip's overall performance in 2018," said James Liang, Executive Chairman. "Looking into 2019 and the longer term, we are confident of continued growth. Based on the strong foundation we have laid over the past few years, we expect our market share to increase at an even faster pace going forward as we continue to leverage operational improvements."

Business Outlook

For the first quarter of 2019, the Company expects the net revenue growth to continue at a year-on-year rate of approximately 18~23%. This forecast reflects Ctrip's current and preliminary view, which is subject to change.


Thursday, January 24, 2019

Joint Venture

SHANGHAI, Jan. 24, 2019 /PRNewswire/ -- iQIYI, Inc. (NASDAQ: IQ) ("iQIYI" or the "Company"), an innovative market-leading online entertainment service in China, today announced a deepening of its partnership in joint premium membership benefits with Ctrip (NASDAQ: CTRP), Asia's largest online travel agency and the third largest in the world.

Under the agreement, members who purchase iQIYI Diamond VIP or QIYIGUO year card benefits on the iQIYI platform will be able to claim the benefits of Ctrip Prime members, including the use of Ctrip's VIP airport lounges, priority access for purchasing train tickets, discounts on hotel bookings, vehicle reservation, entry to sightseeing attractions and more. Similarly, customers who become Ctrip Prime members can activate an iQIYI 8-month VIP membership and enjoy access to VIP exclusive content, members-only audio-visual experiences, attendance at exclusive offline events and more.

The strengthened partnership between iQIYI and Ctrip, which are respectively the leading online entertainment platform and leading online travel platform in China, builds on an agreement in membership benefits announced by both companies last August. The previous agreement granted iQIYI V7 VIP members with all the perks available to Ctrip Prime members at no extra cost, and was received to great popularity, with statistics showing that over 98% of eligible subscribing iQIYI members claimed their benefits on the Ctrip platform. Both iQIYI and Ctrip attract a similar user profile of affluent, young customers who are willing to pay for high quality services, increasing potential synergy between the two platforms.

"Expanding co-operation with our network of partners is essential to maximizing the value we provide for our subscribing members," said Yang Xianghua, President of iQIYI's Membership and Oversea Business Group. "Following the success of our initiative with Ctrip last August, the deepening of this new partnership will allow a greater number of iQIYI subscribing members to enjoy Ctrip's premium travel services. We look forward to seeing this powerful combination produce even more impressive results."

"Ctrip is delighted to work together with iQIYI to offer the best of both entertainment and travel services to our members across China," said Sun Bo, CMO at Ctrip. "iQIYI has led China's entertainment market in the development of outstanding original content, member-specific benefits and sophisticated AI technology, making them the ideal partner to help add to the experience of our Ctrip Prime members."

As part of its efforts to strengthen partnerships with leading players in China's tech industry, in April of last year iQIYI launched a joint membership program with JD.com, China's largest online retailer. The partnership was also a resounding success, attracting more than one million new joint members within the first week after the launch.


Friday, December 14, 2018

Joint Venture

SHANGHAI, China, Dec. 14, 2018 (GLOBE NEWSWIRE) -- Ctrip Group’s Oasis Lab, the largest travel innovation hub in Asia, signed a strategic partnership with Plug and Play, a Silicon Valley-based global innovation platform for startups, corporations and investors, aiming to support innovation in the travel industry.

As Plug and Play’s first global partner in the travel vertical, Ctrip will play an active role in Plug and Play’s ecosystem worldwide and will contribute to the technology focus areas of Plug and Play’s Travel & Hospitality platform particularly in China. These include Artificial Intelligence, Machine Learning, Big Data Analytics, Natural Language Processing, Augmented Reality, Virtual Reality, Internet of Things, etc.

Through its collaboration with Plug and Play, Ctrip will gain immediate access to the largest corporate innovation platform in the world, comprised of promising early and late stage startups from around the globe, bringing product, process and business model innovation to the travel and hospitality industry. As an official partner of Plug and Play’s open innovation ecosystem, Ctrip will share insights and draw inspiration through collaboration with renowned corporations from various industries. Together, Ctrip and Plug and Play aim to elevate a traveller’s journey by creating a more seamless end-to-end experience from pre-trip inspiration to post-trip reflection.

The strategic partnership between Ctrip and Plug and Play will also create a new sourcing channel for Ctrip’s Oasis Lab to invest in early-stage startups. Plug and Play was cited by Silicon Valley Business Journal as the most active investor over the past two years with 262 investments in 2017, of which 162 were made in North America. Prior to Ctrip, Plug and Play Travel & Hospitality already partnered with 24 corporations across sectors such as airports, hotels, online travel agencies and travel management companies. Some of the notable names include Manchester Airport Group, Changi Airport, Star Alliance, JetBlue Technology Ventures, AirAsia, Delta Air Lines, Singapore Airlines, Accor Hotels, TUI Group, Yotel, trivago, Carlson Wagonlit Travel and Flight Centre Travel Group.

Oasis Lab is an extension of Ctrip Group’s internal incubation program focusing on providing opportunities for innovation in the consumption sector. Oasis Lab focuses on early-stage and angel-round investments that emphasize the potential of an idea to turn into future growth. Plug and Play Travel & Hospitality, as one of Plug and Play’s fourteen industry-themed verticals, aims to discover, support and scale disruptive technologies that are defining the future of travel.

Margaret Feng, Head of Ctrip Oasis Lab said, “Plug and Play is an important global platform. Ctrip’s partnership maximizes our global exposure and as we leverage our resources, we are able to foster innovation and enhance ideas from the travel and hospitality industry.”

“We are delighted to bring Ctrip on board as one of the top Chinese internet companies. Our ecosystem enables unparalleled horizontal access for Ctrip’s Oasis Lab to review strategic investment opportunities globally,” said Lio Chen, Managing Director at Plug and Play. “While Ctrip has already made Forbes list of World’s Most Innovative Companies, we at Plug and Play are committed to discovering new catalysts to fuel Ctrip’s pursuit of innovation in product services to meet the ever-changing demand of travelers.”


Tuesday, November 20, 2018

Joint Venture

SHANGHAI, China, Nov. 20, 2018 (GLOBE NEWSWIRE) -- Jane Sun, CEO of Ctrip, the largest online travel agent in Asia met with Ms. Fumiko Hayashi, Mayor of Yokohama, Japan on the 19th of November, 2018. Both sides signed a strategic cooperation agreement to collaborate in tourism product development, destination marketing and more. 2018 marks the 45th Anniversary of Shanghai and Yokohama becoming sister cities.

The capital of Kanagawa Prefecture, Yokohama is the second largest city in Japan after Tokyo. According to data released by the Japanese government, China has been the largest source of tourists visiting Japan for the last three consecutive years with 7.4 million trips made by Chinese to Japan representing a year-on-year increase of 15.4%. Chinese visiting Yokohama increased by 78% in 2017.

Japan has become one of Ctrip's most important overseas markets. In 2015, Ctrip established a Japanese branch with the aim of better serving travelers to Japan. In May this year, with the aim of providing timely travel-related services for all travellers, Trip.com, an independent brand primarily serving audiences in Asia Pacific markets was unveiled in Tokyo. Construction of 24/7 Ctrip call center in Japan is currently underway.

Ctrip’s vast user base and big data resources offer insight into user behaviour, which helps to integrate personalized product design into our one-stop travel platform. Ctrip will work with Yokohama to both expand and upgrade Yokohama’s travel products and services.

Fumiko Hayashi, Mayor of Yokohama, said, “Yokohama is a vibrant city set to host the Rugby World Cup in 2019 and is also one of the venues for the 2020 Tokyo Olympics. We are honored to create a partnership with Ctrip at this important moment. We hope to welcome more Chinese visitors to our city in the future.” 

Jane Sun, CEO of Ctrip, said, “This partnership is not only the result of historical ties but also has far-reaching significance. As the largest on-line travel service platform in Asia, we hope to play our part in facilitating two-way travel between China and Japan and to jointly develop the cross-border cultural tourism industry.”


Thursday, November 8, 2018

Comments & Business Outlook

Third Quarter of 2018 Financial Results

  • Net revenue increased by 15% year-on-year to RMB9.4 billion (US$1.4 billion) for the third quarter of 2018, which also represents an increase by 28% from the previous quarter.
  • Diluted losses per ADS were RMB2.08 (US$0.30) for the third quarter of 2018. Excluding share-based compensation charges and fair value changes of equity securities investments, Non-GAAP diluted earnings per ADS were RMB2.88 (US$0.42) for the third quarter of 2018.

"Ctrip reported solid results in the third quarter of 2018," said Jane Sun, Chief Executive Officer. "We are seeing our large, growing and loyal customer base continue to increase their engagements on Ctrip. We are selling more travel products across our customer's travel itinerary. With our strong foundation in the travel industry, despite the ongoing macro uncertainty, we are confident that we are the best travel company to capture more travel market share going forward."

"Ctrip continued making solid progress in each of our business area in the third quarter of 2018," said James Liang, Executive Chairman. "We have established a strong track record and are committed to continuing riding the travel growth wave: during high tides, we can boost our scale and profitability; and during low tides, we can extend our competitive advantages and accelerate market share gain. We will continue to work hard to extend the advantages of scale, while seizing the opportunities presented by globalization to drive Ctrip's long-term success."

Business Outlook

For the fourth quarter of 2018, the Company expects the net revenue growth to continue at a year-on-year rate of approximately 15-20%, which is calculated on the estimated net revenue of the fourth quarter of 2018 under the new revenue recognition standard and the net revenue of the fourth quarter of 2017 retrospectively adjusted. This forecast reflects Ctrip's current and preliminary view, which is subject to change.


Thursday, September 6, 2018

Comments & Business Outlook

Second Quarter 2018 Financial Results

  • Net revenue increased by 13% year-on-year to RMB7.3 billion (US$1.1 billion) for the second quarter of 2018.
  • Diluted earnings per ADS were RMB3.89 (US$0.59) for the second quarter of 2018. Excluding share-based compensation charges and fair value changes of equity securities investments, Non-GAAP diluted earnings per ADS were RMB1.90 (US$0.29) for the second quarter of 2018.

"Ctrip delivered solid results in the second quarter of 2018," said Jane Sun, Chief Executive Officer. "We have achieved a healthy revenue growth rate and improved operating profit margin quarter-over-quarter thanks to the scalability of our business model. Looking ahead, we are on the right track to accomplish our long-term goals. Our persistence in "customer-centricity," deep involvement in industry value chain, and solid execution in the international business will create enormous growth potentials in the years to come."

"Our team continues to drive results by putting the customer first in every aspect of our business," said James Liang, Executive Chairman. "We will continue to make investments in improving customer satisfaction, as we believe this strategy will create more customer life-time value over the long-term. In addition to pursuing the vast addressable market of potential new users, we will remain focused on better serving our large existing base of loyal customers. We will be relentless in extending our leadership in the travel industry, in China and the world."

Business Outlook

For the third quarter of 2018, the Company expects the net revenue growth to continue at a year-on-year rate of approximately 13%-18%, which is calculated on the estimated net revenue of the third quarter of 2018 under the new revenue recognition standard and the net revenue of the third quarter of 2017 retrospectively adjusted. This forecast reflects Ctrip's current and preliminary view, which is subject to change.


Monday, August 27, 2018

Joint Venture

BEIJING, Aug. 26, 2018 /PRNewswire/ -- iQIYI Inc. (NASDAQ: IQ) ("iQIYI" or the "Company"), an innovative market-leading online entertainment service in China, today announced it has come to a far-reaching new partnership with Ctrip (CTRP), Asia's largest online travel agency and the second largest in the world.

Under the agreement, iQIYI V7 VIP members will be able to enjoy all of the exclusive perks available to Ctrip's Prime Members, including discounts on hotel bookings and entry to sightseeing attractions, fast track airport security service, priority access for purchasing train tickets, as well as experience the comfort of Ctrip's airport VIP lounges. The benefits will be available to V7 VIP members for one year after activation and the offer can be redeemed before June 30, 2019.

"V7" is the highest of iQIYI's seven levels of VIP membership ranking for users. Higher levels of membership are reached by accumulating points, calculated through factors such as membership payment status, number of logins and amount of content viewed. The new partnership with Ctrip will add to the extensive list of benefits available exclusively to iQIYI V7 VIP members, which already includes discounted cinema tickets, priority attendance at star-studded offline events and exclusive showings of new blockbusters.

"The announcement of iQIYI's new partnership with Ctrip represents an exciting coming together of China's leading entertainment platform and China's leading online travel agency," said Yang Xianghua, Senior Vice President of iQIYI. "These additional benefits are the perfect way to thank our loyal iQIYI V7 VIP members, and are a major part of our drive to improve the user experience and benefits available to all users of our comprehensive entertainment platform."

According to iQIYI's 2018 Q2 financial results, the total number of subscribing members now stands at over 67.1 million as of June 30th, 2018, up 75% from a year ago. The partnership with Ctrip follows the joint membership program announced with JD.com in April this year.


Thursday, August 23, 2018

Resolution of Legal Issues

SHANGHAI, Aug. 23, 2018 /PRNewswire/ -- Ctrip.com International, Ltd. (CTRP), the largest online travel company in China and second largest in the world ("Ctrip"), and the consortium of  Ocean Imagination L.P. ("Ocean Link"), Ctrip Investment Holdings Ltd. and other investors (the "Ocean Link Consortium"), today announced that it has won the arbitration initiated by eHi Car Services Limited ("eHi") and Crawford Group, Inc. ("Crawford") relating to Ocean Link's purchase of shares in eHi. The arbitration award is final. With the dispute over Ocean Link's share ownership resolved, the Ocean Link Consortium confirms its over 33% voting power in eHi, which represents a blocking vote for approving the take-private transaction at eHi's EGM.

On August 16, 2018, the sole arbitrator issued an award dismissing the entirety of eHi's and Crawford's claims against Ocean Link's affiliate CDH Car Rental Service Limited ("CDH Car"). In this award, the arbitrator has ruled that CDH Car was not required to issue a first offer notice prior to its transfer of shares to Ocean and that, as a result, CDH Car was not in breach of the Investors' Rights Agreement in relation to shares of eHi, dated December 11, 2013 (the "IRA"). The arbitrator also ordered eHi and Crawford to pay CDH Car's costs of the arbitration.

On May 17, 2018, eHi and Crawford submitted a notice of arbitration with the Hong Kong International Arbitration Centre against CDH Car, claiming that transfer of eHi shares held by CDH Car to Ocean Link was in breach of various terms of the IRA, including the right of first offer in the IRA in favor of Ctrip and Crawford.

Ocean Link currently beneficially owns (i) 538,764 Class A Common Shares (including 438,764 Class A Common Shares represented by 219,382 ADSs), and (ii) 8,599,211 Class B Common Shares. Ctrip beneficially owns (i) 4,300,000 Class A Common Shares, and (ii) 15,168,193 Class B Common Shares. Holders of Class A Common Shares are entitled to one vote per share, while holders of Class B Common Shares are entitled to ten votes per share. Accordingly, the Class A Common Shares and the Class B Common Shares beneficially owned by the Ocean Link Consortium altogether represent over 33% of the aggregate voting power of the total outstanding Common Shares of eHi.


Tuesday, July 24, 2018

Comments & Business Outlook

SHANGHAI, July 24, 2018 (GLOBE NEWSWIRE) -- Ctrip, the largest online travel agent in Asia and the second largest in the world today announced the launch of the first Ctrip travel concept store, located at Dubai International Airport Terminal 3. The aim of the store is to provide customers, particularly Chinese, with 24/7 high quality customer service and in-destination products. As an important global hub, Dubai International Airport welcomes tourists from all over the world. The concept store is able to provide one-stop online and offline services, including travel guidance, consultation, transportation, catering, shopping and more.

The opening of Ctrip’s concept travel store marks the 2018 UAE-China Week and a fruitful cooperation with Dubai International Airport and Dubai Tourism. Ctrip’s first travel concept store allows tourists to enjoy greater value-added services upon their arrival. Travelers are able to experience Ctrip’s one-stop in-destinations services from the selection and booking of local tour activities to enjoying services from local tour guides and more. On-site staff are on hand to provide 24-hour service in languages such as Chinese, English, Arabic and many more. The concept store is complete with 3 TV sets along with 5 iPad Pros, allowing travelers to conveniently find their desired travel information.

Ctrip has worked together with Dubai Tourism to design a variety of stopover itineraries and local entertainment options for travelers in transit or only in Dubai. Whether customers are seeking niche travel products or a more in-depth experience, Ctrip’s one-stop travel concept store aims to make sure that travelers get all they can out of Dubai regardless of the amount of time they are able to spend in the destination.

Ctrip has already won favor from its users as Asia’s premier online service for travel solutions, and the travel concept store at Dubai Airport is the first time Ctrip has brought its superior standards in customer service offline. The store offers an interactive and integrated professional offline service, including consultation and on-site booking.

Ctrip’s travel concept store in Dubai marks one of the many positive achievements from long-term cooperation with Dubai Tourism. Ctrip has cooperated with more than 300 global destinations on local marketing, and has rich experience in the promotion of destinations in different target markets around the world. Ctrip’s vast user base and big data resources offer insight into user behaviour which helps to build tourism products with both local and international characteristics. More travel concept stores are planned to be launched later this year, especially in destinations popular among Chinese travelers.


Wednesday, July 18, 2018

Comments & Business Outlook

SHANGHAI, July 18, 2018 (GLOBE NEWSWIRE) -- Ctrip, the largest online travel agent in Asia and the second largest in the world, launched its first financial product “YiQiZhuang” at the Ctrip Industrial Finance Forum in Shanghai. Introduced with the theme of “Integration, Evolution and Without Boundaries”, Ctrip’s “YiQiZhuang”aims to ease financial burdens experienced by small to medium-sized hotels and marks Ctrip’s first step into the Travel Supply China financing. 

As the Chinese travel industry develops, many hotels are moving from more convenient and budget accommodation model to offering a more medium to high end hotel experience. For many small and medium-sized hotel owners, this upgrade often requires to additional financial pressures. Many hotel businesses also face difficulties in finding adequate loans and waiting for loan approvals.

The lack of mature financial products in the vast Chinese market represents an important development opportunity for Ctrip and its partnered financial institutions. Ctrip’s finance product “YiQiZhuang” was launched to fill this gap in the market. With 19 years of experience in the travel industry and having served more than a million domestic hotels, Ctrip has a deep understanding of the industry’s specific financial risks, enabling it to serve the industry better than any other peers.

According to the CEO of Ctrip Finance Janet Feng, “YiQiZhuang” will offer two types of loans for hotels. The first type serves customers wishing to upgrade, decorate or renovation their hotels. This type of loan has an upper limit of 10 million RMB, with the term of the loan lasting between 1 and 3 years. The second type of loan is a smaller capital loan, of amounts up to 1 million RMB and with loan term of up to 2 years. This type of loan is for upgrading facilities, hotel expansion and partial renovation. Any qualified hotel is able to directly apply for “YiQiZhuang” loan from Ctrip.

Ctrip has signed cooperation agreements with various banks such as Huaxia Bank and Beijing Zhongguancun Bank, ensuring sustained capital and ensuring that small and medium-sized hotels have access to convenient financial loans.

Jane Sun, CEO of Ctrip said, “Ctrip Finance is a platform which serves the real economy. YiQiZhuang is the starting point for Ctrip to explore the supply chain financing opportunity and offers an important platform to help our hotel partners and grow alongside these partners. In the future, we will continue to explore areas and provide financial alternatives for the industry.”


Wednesday, July 11, 2018

Comments & Business Outlook

SHANGHAI, China, July 11, 2018 (GLOBE NEWSWIRE) -- Ctrip, Asia's leading online travel agency and the second largest in the world, renewed its annual strategic cooperation agreement with Tourism New Zealand at an MOU signing ceremony in Shanghai on June 27. According to the agreement, the two sides will focus on New Zealand customized travel product development, especially for independent travelers. Areas of cooperation range from creating in-depth experiences to marketing and brand awareness and more. Through this agreement, Ctrip looks to further deepen its presence in the New Zealand market to provide one-stop integrated marketing solutions for Chinese travelers.

Victor Tseng, VP and CCO of Ctrip, and Chen Guanqi, Regional General Manager of Ctrip Destination Marketing, attended the MOU signing ceremony alongside Gregg Wafelbakker, Asia General Manager of Tourism New Zealand, Stephen England-Hall, Chief Executive of Tourism New Zealand and Rene de Monchy, Commercial Director of Tourism New Zealand.

In April of this year at the World Culture and Tourism Forum, New Zealand was selected as a “2017 Top Ten Overseas Holiday Destination.” This award reflects the fruitful results of past cooperation between the tourism board and Ctrip. Leveraging Ctrip’s big data capabilities and one-stop platform with diverse product range and resources, the two sides were able to work together to create an immersive destination experience for consumers. In addition, Tourism New Zealand collaborated with Chef Nic, a popular Chinese cuisine TV show, to integrate both cuisine and travel experiences for visitors. Ctrip also introduced a Chef Nic product line and itinerary in preparation for next year’s "China-New Zealand Tourism Year.”

Ctrip’s Destination Marketing has cooperated with over 300 global destinations. Ctrip’s vast user base and big data resources offer insight into user behavior, which helps to integrate personalized product design into our one-stop travel platform. Meanwhile, New Zealand is rich in travel resources and enjoys a good reputation among Chinese tourists. Ctrip and Tourism New Zealand have worked together to build tourism products and services with both local and international characteristics. Both are constantly adapting to the needs of middle and high-end tourists and are optimizing the travel product and service range. Through Ctrip’s Virtual Tour Manager (VTM), timely information, emergency responses, reservations and bookings along with other services relating to New Zealand are made conveniently available for our users. In terms of branding, New Zealand is becoming more and more of a choice for Chinese travellers thanks to continuous exposures. In addition, New Zealand has a flagship store on Ctrip’s online platform.

"Ctrip provides a one-stop integrated marketing solution for New Zealand,” said Jenna Qian, CEO of Ctrip Destination Marketing. “Leveraging opportunities New Zealand provides as a destination for fully independent travellers, we aim to offer more high quality tourism products for our Chinese users and bring more of them to New Zealand.”


Tuesday, June 12, 2018

Joint Venture

SHANGHAI, June 11, 2018 /PRNewswire/ -- Ctrip.com International, Ltd. (CTRP), the largest online travel company in China and second largest in the world, has further strengthened its relationship with Booking Holdings (BKNG). The Company announced that Gillian Tans, CEO of Booking.com, one of the world's largest e-commerce companies, and largest business within Booking Holdings, has been designated as Booking Holdings' observer to the Ctrip board of directors, a seat that was previously occupied by Booking.com's Director for Asia Pacific.

Ctrip and Booking.com will continue to share access to the companies' combined hotel inventory, allowing customers to select from a wider range of price competitive products globally.

The news of Gillian's appointment comes on the heels of commercial partnership announced between Ctrip, and another Booking Holdings business, OpenTable.  Through the partnership OpenTable, the world's leading provider of online restaurant reservations, will link OpenTable's North American restaurants to Ctrip users.

Jane Sun, CEO of Ctrip said, "We look forward to deepening the relationship between the top two global travel platforms, Booking Holdings and Ctrip. I am confident that our combined resources will bring more innovation and value to global travelers."

"Ctrip is a large partner for Booking in China and the relationship continues to be strong," said Glenn Fogel, Chief Executive Officer of Booking Holdings.

Gillian Tans, CEO of Booking.com said, "We have enjoyed a highly productive partnership with Ctrip since 2012. As the most established travel player in China, Ctrip is the ideal partner to help promote the development of global tourism. I am also honored to be representing Booking Holdings as an observer on Ctrip's board of directors."


Wednesday, May 23, 2018

Comments & Business Outlook

First Quarter of 2018 Financial Results

  • Gross margin was 82% for the first quarter of 2018, compared to 80% in the same period in 2017, and 83% for the previous quarter.
  • Diluted earnings per ADS were RMB1.81 (US$0.29) for the first quarter of 2018. Excluding share-based compensation charges and fair value changes of equity securities investments, Non-GAAP diluted earnings per ADS were RMB3.48 (US$0.55) for the first quarter of 2018.

"I'm glad that Ctrip achieved solid results in the first quarter of 2018," said Jane Sun, Chief Executive Officer. "We are hugely grateful for the trust of our customers. Together with our partners, we strive to make their travel easier and more enjoyable. There are still many improvements for us to make, and also many areas where we can further unleash our potential. We are in a good position to capture growth in the travel industry, both domestically and globally, and we are very excited about the bright future ahead of us."

"In the past 19 years since the launch of Ctrip, we have claimed many firsts in the travel service area," said James Liang, Executive Chairman. "We must be mindful that Ctrip's success to date has come from the value we created for customers, and this will not change in the future. Despite the challenges and setbacks along the way, we believe that as long as we stick to customer centric principles and continually make investments and innovations, we will become the best travel service provider in the world and the pride of the travel industry."

Business Outlook

For the second quarter of 2018, the Company expects the net revenue growth to continue at a year-on-year rate of approximately 12%-17%, which is calculated on the estimated net revenue of the second quarter of 2018 under the new revenue recognition standard and the net revenue of the second quarter of 2017 retrospectively adjusted. This forecast reflects Ctrip's current and preliminary view, which is subject to change.


Friday, May 18, 2018

Comments & Business Outlook

SHANGHAI, China, May 18, 2018 (GLOBE NEWSWIRE) -- Ctrip Group (CTRP), China’s leading Online Travel Agency (OTA) today announces its collaboration with leading global hospitality brand, Hyatt, to open its first flagship store on its website and mobile application. The online flagship store allows over 300 million Ctrip members to access Hyatt hotels in the Greater China region and will extend to Hyatt hotels globally in the near future.

The Hyatt flagship store offers Ctrip’s loyalty members access to attractive rates at Hyatt hotels and resorts around the world. Ctrip members who log on to the flagship store will be able to join World of Hyatt, Hyatt’s global loyalty program. The Hyatt portfolio includes various high-end hotel brands, including: the luxury Park Hyatt brand; premium Grand Hyatt and Hyatt Regency brands; lifestyle Andaz, Hyatt Centric and The Unbound Collection by Hyatt brands; and modern essential Hyatt Place and Hyatt House brands.

“The collaboration presents a win-win setting for both companies and represents a milestone in the travel industry distribution archetype. The flagship store is the outcome of several months’ hard work by cross-functional teams at the two companies, including R&D, product, marketing, legal and more, working collaboratively and quickly. We have found so much team spirit in both companies, and we are really impressed by the passion and hard work through nights and over weekends to make this happen,” said Ray Chen, Ctrip’s Hotel business unit CEO. 

As a result, Hyatt hotels will receive increased exposure on Ctrip platforms, intended to contribute incremental revenue and business from Chinese travelers along with the global Chinese community. The two brands will continue to work together to provide a new cooperative experience for customers. 

“We are very excited to be working with Hyatt on our online flagship hotel store. With the ever growing number of outbound Chinese travelers, we are always looking for ways to provide better services for our members. With the Hyatt flagship store, we are able to offer more benefits and shared offers,” said Ctrip’s Ray Chen. “With the diverse range of hotels offered by Hyatt, Ctrip members who are also World of Hyatt members can enjoy special rates to more than 700 hotels and resorts globally.”

“We want Hyatt hotels to be top of mind for travelers however they choose to book, and we are pleased to work with Ctrip to launch this flagship store,” said Stephen Ho, President – Greater China, Global Operations, Hyatt. “Ctrip has a huge consumer base in China, and it’s an important priority for Hyatt to cater to the growing number of Chinese travelers who are crossing countries and continents more than ever before. We look forward to welcoming these guests to Hyatt hotels all around the world.”

The collaboration between Ctrip and Hyatt marks a step in Ctrip’s continuous efforts to provide cost-effective, convenient, high-quality and seamless travel experiences on its various platforms. Ctrip Group will continue to pursue ways to provide members with the best rates and better services to become a one-stop travel shop, and invite more global partners to be featured on Ctrip platforms. 


Wednesday, April 25, 2018

Comments & Business Outlook

SHANGHAI, China, April 24, 2018 (GLOBE NEWSWIRE) -- Ctrip.com International, Ltd., the leading travel service provider of accommodation reservation, transportation ticketing, packaged tours and corporate travel management in China ("Ctrip"), today announced the completion of a strategic investment in Boom Supersonic, the leading supersonic airplane developer (“Boom”). Boom is applying the proceeds to accelerate the development of the company’s Mach-2.2 airliner.

Boom and Ctrip are working together to bring supersonic flight to China. Leveraging its extensive knowledge of the Chinese market, Ctrip will help Boom accelerate its ongoing partnership efforts with airlines in China. Ctrip is uniquely positioned to help Boom navigate the Chinese airline industry. Additionally, Boom will help Ctrip explore offering its customers 10–15 seats on one of Boom’s first several supersonic commercial flights. Together, the two companies are working to make the world more accessible by halving flight times from China to the United States, South Asia, and Oceania.

“Ctrip offers valuable expertise in the Chinese travel market, and we’re excited to work with their passionate, entrepreneurial team to bring supersonic travel to the region” said Blake Scholl, founder and CEO of Boom. “San Francisco to Shanghai, for example, could shrink from 11 hours to 6—and a typical round-trip itinerary can be accomplished two whole days faster. But the benefits of faster travel extend far beyond the time savings. What really matters are the new trips you choose to take—the ones you otherwise wouldn’t have considered because the journey was simply too long. When we fly twice as fast, the world becomes twice as small, turning far off lands into familiar neighbors.”

“As a leading innovator in the commercial aviation industry, Boom will be positioned to provide exciting premium global flight options for Ctrip users and Ctrip is making a strategic investment in the next generation of travel. In addition, Ctrip’s unrivalled expertise in the business-travel market will help Boom to further deepen its relationships with Chinese airlines.” said James Liang, Co-founder and Executive Chairman of Ctrip.

Boom is building a supersonic airliner capable of carrying 55 premium passengers at Mach 2.2 (2,335 km/hour or 1,451 miles/hour), more than twice as fast as current passenger airplanes at the same cost as today’s business class fares. The flight time from Shanghai to Los Angeles, currently about 12 hours, will shrink to just over 6 hours on Boom’s airliner, which will enter service in the mid-2020s. The Chinese market, now the world’s second largest and one of the fastest growing, is expected to surpass the US in size by 2022, according to the International Air Transportation Association.

Ctrip has made an investment into Boom Supersonic, joining other strategic partners like Japan Airlines to accelerate the future of air travel. Previously, Japan Airlines has also pre-ordered 20 Boom aircraft, joining Virgin Group as a Boom launch customer.


Tuesday, April 3, 2018

Joint Venture

SHANGHAI, China, April 02, 2018 (GLOBE NEWSWIRE) -- A new partnership recently announced between Ctrip, the largest online travel agent in Asia and the second largest in the world, and Silkroad, the global collective of artists and educators founded by cellist Yo-Yo Ma, will support music and learning programs in communities around the world.

As Silkroad’s official sponsor and exclusive travel services provider, Ctrip will be an essential partner in the organization’s mission to spark radical cultural collaboration and passion-driven learning while working towards a more hopeful world.

Founded in 1999, Ctrip has rapidly become one of the world’s leading providers of travel services. Four years after its founding, Ctrip successfully listed on the NASDAQ and now is a part of the NASDAQ-100 index – a stock market index made up of 104 equity securities issued by 100 of the largest non-financial companies listed on the NASDAQ. Today Ctrip services many of the growing Chinese outbound travel. According to "2017 China Outbound Tourism Travel Report" published by Ctrip and China Tourism Academy (CTA), a specialized institute under China National Tourism Administration (CNTA), there were 130 million Chinese outbound trips, growing at 7% year-on-year.

Just one year before Ctrip’s founding, Yo-Yo Ma conceived of Silkroad as a way to show that even as rapid globalization results in division, it also brings about extraordinary possibilities for working together. Seeking to understand this dynamic, he began to learn about the historical Silk Road, recognizing in it a model for productive cultural collaboration, for the exchange of ideas and tradition alongside commerce and innovation. And in a radical experiment, he brought together musicians from the lands of the Silk Road to create a new artistic idiom, a musical language founded in difference that could serve as a metaphor for the benefits of a more connected world.

Today, these Grammy Award-winning artists seek out and practice radical cultural collaboration in many forms, creating and performing new music, leading professional development and musician training workshops, creating residency programs in schools, museums, and communities, and experimenting with new media.

Eduardo A. Braniff, Silkroad’s executive director, said, “As I learned about Ctrip, I realized how closely aligned Silkroad’s ambition to bring the world closer together is with Ctrip’s culture and mission. It’s what makes this partnership ideal.”

Bourne Sun, senior vice president of Ctrip Group, said, “It is a great honor for us to be able to work with Silkroad and Yo-Yo Ma, supporting their high artistic standards while enhancing collaboration around the globe. Silkroad’s audience is ideal for us: they are heavily centered in the US, and highly educated. ”


Tuesday, March 20, 2018

Joint Venture

SHANGHAI, March 19, 2018 /PRNewswire/ -- Ctrip.com International, Ltd. (NASDAQ: CTRP, "Ctrip" or the "company") and Royal Caribbean Cruises Ltd. (NYSE: RCL, "RCL") announced today that they are ending the SkySea Cruise Line joint venture ("SkySea") in the autumn of 2018. TUI AG's Marella Cruises has agreed to purchase Golden Era, with delivery expected in December 2018, subject to satisfaction of closing conditions. Ctrip and RCL currently each own a minority of SkySea, with the balance owned by SkySea management and a private equity fund.

SkySea Cruise Line, the first smart contemporary cruise line specifically developed for the Chinese market, has been operating SkySea Golden Era since May 2015. By the time of the final voyage, SkySea Cruise Line will have operated close to 300 cruises and carried nearly 500,000 guests in just over three years.

SkySea Cruise Line will continue operations with the final voyage to be confirmed in the coming weeks. During this time, the brand is committed to delivering the same outstanding cruise vacations to its guests and support to its travel agent partners and vendors as it has since its inception. SkySea's final China season will offer exciting theme cruises and truly memorable experiences for Golden Era vacationers.

The cruise market in China is still in early stages but holds big potential. In 2017, there were less than 3 million cruise passengers in China, which is much less than the over 10 million passengers for the US market. The cruise business on Ctrip group's platforms generated over 70% revenue growth year-over-year in 2017. The cruise business will continue to be an essential part of Ctrip's one-stop platform and the company will continue to work closely with all the cruise lines in the world, including Royal Caribbean, to better service the growing number of Chinese cruise travelers.

Through its Royal Caribbean International brand, RCL will continue to serve the Chinese market, with the largest fleet deployment in the region and a strong collaborative relationship with Ctrip.


Thursday, March 15, 2018

Comments & Business Outlook

Fourth Quarter 2017 Financial Results

  • For the fourth quarter of 2017, Ctrip reported net revenue of RMB6.4 billion (US$980 million), representing a 26% increase from the same period in 2016. Net revenue for the fourth quarter of 2017 decreased 19% from the previous quarter, primarily due to seasonality and product change in domestic air ticketing.
  • Diluted earnings per ADS were RMB0.88 (US$0.14) for the fourth quarter of 2017. Excluding share-based compensation charges, Non-GAAP diluted earnings per ADS were RMB1.56 (US$0.24) for the fourth quarter of 2017.

"We had strong results in the fourth quarter, even as we transitioned through short-term challenges in certain areas of our business," said Jane Sun, Chief Executive Officer. "We continue to execute on our growth strategy and are encouraged with our progress, especially in international expansion and penetration of lower-tier cities. As users increasingly appreciate the convenience of Ctrip's unique one-stop travel platform, we are very excited about the opportunities ahead of us."

"I'm proud of the progress our team has made, and the many ways that Ctrip is striving to make travel more convenient and enjoyable," said James Liang, Executive Chairman. "We will always endeavor to maximize Ctrip's social impact while increasing the company's commercial value. Guided by the fundamental principles of consistency, transparency, and equality, we will continuously improve our products and services."

Business Outlook

For the first quarter of 2018, the Company expects the net revenue growth to continue at a year-on-year rate of approximately 9~11%, which is estimated based on Crip's new revenue recognition standard while taking into account the revenue reported for the same period in 2017. This forecast reflects Ctrip's current and preliminary view, which is subject to change


Monday, March 5, 2018

Comments & Business Outlook

SHANGHAI, March 5, 2018 /PRNewswire/ -- Ctrip (CTRP), China's largest online travel agent and the second largest in the world, today announced that its international car rental service will now be available on Trip.com, Ctrip Group's new international one-stop travel booking service.

Beginning this month, international customers are able to use Trip.com's "Car Hire" services to book rental cars in more than 6,000 cities across the globe. Customers have access to more than 130,000 rental outlets and over 7 million car resources to select from. The service is currently available to all desktop Trip.com users in English, with additional languages and a mobile version of the service to be launched soon.

The addition of rental car services on Trip.com - which already offers plane tickets, train tickets and hotel booking services in a variety of languages - represents a key step in Ctrip's ongoing efforts to provide enhanced travel services. In order to provide the new car rental services, Ctrip went through vigorous and intensive screening, assessment and contracting of car rental suppliers in order to be able to entrust high quality services.

"The ability for travelers all over the world to seamlessly access car rentals as part of their travel itinerary on Trip.com is a crucial step in building out our global platform," said Yuchen Wang, Ctrip Group Rental Car CEO. "As a key connection between airports and hotels, car rental services are an important and growing part of both commercial and individually organized travel. In particular, we are seeing more and more Chinese travelers choosing to rent cars on their trips. With our cost-efficient and integrated car rental services, Trip.com is well positioned to become a top choice for booking end-to-end international travel itineraries."

Ctrip Group is continuously upgrading services to cater to the needs of today's travelers. The needs of travelers have changed along with the increased number of international travelers. More and more travelers are looking for unique experiences and through the car rental services, Ctrip Group enables travelers to visit locations which previously were difficult to access. Further, as more Chinese consumers become accustomed to self-organized, independent travel, the car rental market will continue to enjoy immense opportunities for growth. A study conducted by Ctrip last year found that the number of Chinese car travelers has skyrocketed, with a year-on-year increase of 300% among those travelling abroad.


Thursday, March 1, 2018

Comments & Business Outlook

SHANGHAI, March 1, 2018 /PRNewswire/ -- Ctrip(CTRP), the largest online travel agent in Asia and the second largest in the world released the "2017 China Outbound Tourism Travel Report" alongside China Tourism Academy (CTA), a specialized institute under China National Tourism Administration (CNTA).

The number of outbound trips has reached 130 million in 2017, up 7.0% from 122 million in 2016. An estimated 115.29 billion USD was spent during 2017, a year-on-year increase of 5%. Chinese travelers are becoming increasingly focused on their well-being and the purpose for making outbound trips has changed from sightseeing and shopping to enjoying high-quality services. According to Ctrip statistics, Ctrip's tailor-made travel and local guide platform has served millions of tourists in 2017. Such personalized trips designed by Ctrip travel planners are becoming a popular option for Chinese travelers.

Chinese travelers have greater demand for assistance throughout their trip and are more focused on safety. Ctrip's "Global SOS" service provides 24/7 emergency responses and support for our ever growing travelers. 2017 saw a total of 2191 SOS cases from which 82% were for outbound travel. With a 94% success rate, it has since been widely accepted by our users.

In terms of outbound travelers, Beijing, Shanghai, Suzhou and Wenzhou spent the most. Lesser well-known cities are seeing huge growth in outbound tourist numbers. Chengdu surprisingly overtook Guangzhou and Shenzhen and ranked third in the number of outbound tourists with other cities such as Changsha (up 200% increase) and Xi'an (up 300% increase in tourist numbers) have also seen increasing rise of outbound tourists.

Thailand and Japan remain to be the two hottest outbound destinations. With more flight connections, better exchange rate and fewer visa restrictions, many emerging destinations such as Morocco, Turkey and Tunisia are seeing huge growth in visitor numbers.


Thursday, February 8, 2018

Comments & Business Outlook

SHANGHAI, Feb. 8, 2018 /PRNewswire/ -- Ctrip Group (CTRP), a leading provider of accommodation reservation, transportation ticketing, package tour and corporate travel management and other travel-related services has partnered with South Korea's national rail operator Korail to provide the sales of Korean rail tickets making it easy for member to purchase Korean rail tickets in their local languages. The service will first be available on Trip.com, Ctrip's Asia Pacific focused one-stop travel booking service available in 13 languages and further expand to other platforms within the Ctrip Group. This cooperation marks the first time Korail has partnered with an online third party to sell rail tickets.

With Korail joining Trip.com train platform, customers from all over the world will be able to conveniently purchase passage for Korea Train eXpress (KTX), high speed rail to visit locations throughout South Korea. This partnership will particularly benefit foreign visitors to the Winter Olympics in Pyeongchang starting February 9th, who can take advantage and purchase high speed rail tickets to Pyeongchang, Korail also operates a high speed train connecting Seoul station and Incheon International Airport, enabling travelers to transfer from airport to city center in less than an hour. Starting on Trip.com's website, Korail tickets will also be available on the Trip.com mobile version in the months to come.

"We are thrilled to welcome Korail, South Korea's national rail operator, to our travel booking platforms," said Amy Wei, General Manager, Ctrip Group International Railway Ticketing. "With Korail's comprehensive range of travel options and Trip.com's convenient booking interface, customers from all over the world will be able to conveniently plan their trip to various cities around South Korea."

"We are delighted to be working with Ctrip Group in our first partnership with a third-party booking website," said Ahn Byeong Ho, Senior Executive Director, Passenger Business HQ. "With a huge consumer base across China and growing number of users overseas in Asia, it is the perfect platform to bring Korail services to the world."

The partnership with Korail marks a step in Trip.com's ongoing efforts to bring international rail services to its various platform. Ctrip Group will continue to pursue partnerships to allow users to buy rail tickets in a range of markets including Germany, Italy, Taiwan and more, further strengthening its position as travelers' one-stop travel companion.


Friday, December 29, 2017

Going Private News

SHANGHAI, Dec. 29, 2017 /PRNewswire/ -- Ctrip.com International, Ltd. (CTRP), a leading travel service provider of accommodation reservation, transportation ticketing, packaged tours and corporate travel management in China ("Ctrip" or the "Company"), today announced that two of its investment portfolio companies, E-dragon Holdings Limited (or "eLong") and Tongcheng Network Technology Co., Ltd. (or "Tongcheng Network") have entered into definitive transaction documents in connection with the merger of two companies as Tongcheng-Elong Holdings Limited (or "Tongcheng-Elong"). The transaction will be subject to customary closing conditions.

The two companies have complementary travel services and products and the merger should create resource optimization and operational efficiency synergies. The merged company will continue to offer online travel services via Weixin Wallet and Mobile QQ Wallet, delivering a wider range of travel products and services to Chinese consumers as they upgrade their lifestyles and travel preferences.

Ctrip, along with Tencent Holdings Limited (HKSE: 00700), will be the major strategic shareholders of Tongcheng-Elong. James Liang, Ctrip's Co-founder and Executive Chairman, will serve as the new company's Co-Chairman. Zhixiang Wu, Tongcheng Co-founder and Tongcheng Group CEO & Chairman, will also be Co-Chairman. Heping Ma, Tongcheng Co-founder and Tongcheng Network President and Hao Jiang, eLong CEO, will be Co-CEOs of the new company.

ELong is a leader in mobile and online accommodation reservations in China. eLong enables travellers to book hotels, guesthouses, apartments and other accommodations, as well as air and train tickets through their platforms. In May 2015, Ctrip made a strategic investment in eLong and remained as an important shareholder when eLong completed its "going-private" transaction in May 2016.

Tongcheng Network has ranked among the Top 20 Tourism Groups of China and made it to 6th in 2017. It holds one of the leading positions in domestic air ticketing, train ticketing and other transportation ticketing. Ctrip purchased a minority stake of Tongcheng Network in April 2014 and has stayed on as a strategic shareholder.

The merger of eLong and Tongcheng Network will enable the new company to provide wider traveler coverage and deliver greater online travel services and products while benefiting from significant traffic via Tencent's Weixin and Mobile QQ platforms. Ctrip will continue to cooperate with Tongcheng-Elong to promote better travel experiences and to build a healthy ecosystem in the China online travel market.


Thursday, December 14, 2017

Joint Venture

SHANGHAI, Nov. 26, 2017 /PRNewswire/ -- Ctrip.com International, Ltd. (NASDAQ: CTRP) has signed a strategic partnership agreement with Big Bus Tours. Both companies will work together in areas of innovative marketing and product diversification to ensure that customers are able to have more access to tours options and in-destination transportation services. Executive Vice President of Big Bus Tours, Mr Omid Golshan and the Head of Global Sales, Ms Ana Araque attended the Signing Ceremony.

Ctrip is the first and only travel provider allowing over 300 million users to directly book with Big Bus Tours. With a combined fleet of over 400 buses, more than 4 million passengers turn to Big Bus Tours as a travel option. As the world's largest operator of open-top sightseeing tours, Big Bus Tours run services in 19 cities spanning across 4 continents. Destinations such as Hong Kong, London, New York, San Francisco, Paris, Abu Dhabi, Istanbul and Sydney are popular amongst Chinese tourists.

Ctrip's partnership with Big Bus Tours ensures that users enjoy a one-stop booking experience that is not only hassle-free and efficient but is also a solution to local transportation difficulties. Chinese travellers are able to use QR codes to join these tours and select different sightseeing routes to make their experiences more personalized. At present, Chinese travellers can book hop-on hop-off sightseeing tours in 13 cities. 6 more Big Bus Tours destinations will be made available online in the coming months.

The Director of Ctrip's Overseas Things To Do (TTD) Department Zhang Xiaori said "As an exclusive partner of Big Bus Tours, Ctrip allow users to be in better control of transportation services that are reliable and economical."

Ctrip's Overseas Things To Do (TTD) CEO Yu Xiaojiang said "Ctrip will continue to seek partnerships to ensure our user base are able to gain more access to top-quality products and personalized services."


Thursday, November 30, 2017

Comments & Business Outlook

BUDAPEST, Hungary, Nov. 30, 2017 /PRNewswire/ -- Ctrip and the Hungarian Tourism Agency signed a strategic cooperation agreement on November 28, 2017. Mr. Victor Tseng, Vice President of Ctrip's Corporate Affairs signed the agreement alongside the CEO of the Hungarian Tourism Agency, Mr. Zoltan Guller.

This signed agreement between Ctrip and the Hungarian Tourism Agency is another milestone in both the development of tourism and trade between China and Hungary and the long-term cooperation between China and the CEEC. Hungary was the first European country to sign a MOU relating to China's "One Belt, One Road" Initiative.

Eastern Europe and Hungary are rapidly becoming popular destination hotspots for Chinese travelers. According to Ctrip's November Statistics, Hungary enjoyed a 40% hike in growth year on year from visits made by Chinese tourists. They spent an average of more than 9,000 RMB per person in-country. Ctrip's 2017 October Golden Week Travel Report noted a 95% increase in visits to Hungary year on year. Moreover, searches on Ctrip for flights to Hungary rose by 70% during the past 11 months.

Interest in Hungary as a travel destination received a boost after the August airing of the Chinese TV Series "Love Actually." Sponsored by Ctrip and supported by the Hungarian Tourism Agency, the series was filmed on location in Budapest. Through their joint efforts, Ctrip and the Hungarian Tourism Agency, with support from the Hungarian government, will continue to provide Chinese outbound travelers with a wide range of exciting travel options.

Ctrip's Corporate Affairs Vice President Victor Tseng said, "Chinese travellers are increasingly discovering Hungary as a top-tier vacation destination. We look forward to working closely with the Hungarian Tourism Agency to continue to promote Hungary through Ctrip's leading online travel platform."

Mr. Tseng noted that the rapid growth of Chinese tourism presents broad prospects for development, and under the framework of the "OBOR' Initiatives and the "16+1 Cooperation", Ctrip continues to strengthen cooperation with all CEEC partners.


Monday, November 27, 2017

Joint Venture

SHANGHAI, Nov. 26, 2017 /PRNewswire/ -- Ctrip.com International, Ltd. (NASDAQ: CTRP) has signed a strategic partnership agreement with Big Bus Tours. Both companies will work together in areas of innovative marketing and product diversification to ensure that customers are able to have more access to tours options and in-destination transportation services. Executive Vice President of Big Bus Tours, Mr Omid Golshan and the Head of Global Sales, Ms Ana Araque attended the Signing Ceremony.

Ctrip is the first and only travel provider allowing over 300 million users to directly book with Big Bus Tours. With a combined fleet of over 400 buses, more than 4 million passengers turn to Big Bus Tours as a travel option. As the world's largest operator of open-top sightseeing tours, Big Bus Tours run services in 19 cities spanning across 4 continents. Destinations such as Hong Kong, London, New York, San Francisco, Paris, Abu Dhabi, Istanbul and Sydney are popular amongst Chinese tourists.

Ctrip's partnership with Big Bus Tours ensures that users enjoy a one-stop booking experience that is not only hassle-free and efficient but is also a solution to local transportation difficulties. Chinese travellers are able to use QR codes to join these tours and select different sightseeing routes to make their experiences more personalized. At present, Chinese travellers can book hop-on hop-off sightseeing tours in 13 cities. 6 more Big Bus Tours destinations will be made available online in the coming months.

The Director of Ctrip's Overseas Things To Do (TTD) Department Zhang Xiaori said "As an exclusive partner of Big Bus Tours, Ctrip allow users to be in better control of transportation services that are reliable and economical."

Ctrip's Overseas Things To Do (TTD) CEO Yu Xiaojiang said "Ctrip will continue to seek partnerships to ensure our user base are able to gain more access to top-quality products and personalized services."


Thursday, November 2, 2017

Comments & Business Outlook

Third Quarter of 2017 Financial Results

  • Net revenue of RMB7.9 billion (US$1.2 billion), representing a 42% increase from the same period of 2016. Net revenue for the third quarter of 2017 increased 23% from the previous quarter.
  • Diluted earnings per ADS were RMB2.10 (US$0.32) for the third quarter of 2017. Excluding share-based compensation charges, Non-GAAP diluted earnings per ADS were RMB2.70 (US$0.41) for the third quarter of 2017.

"We are pleased to deliver another quarter of solid results." said Jane Sun, Chief Executive Officer. "The investments we've made in products, services and technologies cement an unrivaled value proposition for our customers and supply chain partners. Customer-centricity is a core value and we will continue to diligently uphold it."

"Ctrip's foundation is based on travel innovation, one-stop experience and best in class 24/7 service," said James Liang, Executive Chairman. "The growth we've delivered through the years has been tremendous yet we're still only touching the tip of the whole travel opportunity. Our successful track record and our ability to stay inquisitive and innovative will further solidify our competitive moat."

Business Outlook

For the fourth quarter of 2017, the Company expects the net revenue growth to continue at a year-on-year rate of approximately 25-30%. This forecast reflects Ctrip's current and preliminary view, which is subject to change.


Thursday, August 31, 2017

Comments & Business Outlook

Second Quarter of 2017 Financial Results

  • Net revenue increased 45% year-on-year to RMB6.4 billion in the second quarter of 2017.
  • Diluted earnings per ADS were RMB0.59 (US$0.09) for the second quarter of 2017. Excluding share-based compensation charges, Non-GAAP diluted earnings per ADS were RMB1.49 (US$0.22) for the second quarter of 2017.

"We are pleased with the strong operating and financial results in the second quarter." said Jane Jie Sun, Chief Executive Officer. "Ctrip maintained healthy revenue growth and achieved continual improvement in operating efficiency. The group will remain focused on operating fundamentals that create value for our customers and suppliers. We are confident that Ctrip will generate long-term value for shareholders in the years to come."

"The Ctrip group has made good progress in expanding into lower-tier cities and increasing presence in international markets in the first half of 2017," said James Jianzhang Liang, Executive Chairman. "We will continue to invest in these markets and keep improving our comprehensive product offering, providing superior services and driving effective marketing to serve both domestic and international customers."

Business Outlook

For the third quarter of 2017, the Company expects the net revenue growth to continue at a year-on-year rate of approximately 35-40%. This forecast reflects Ctrip's current and preliminary view, which is subject to change.


Friday, June 16, 2017

Deal Flow

SHANGHAI, June 15, 2017 /PRNewswire/ -- Ctrip.com International, Ltd. (CTRP), a leading travel service provider of accommodation reservation, transportation ticketing, packaged tours and corporate travel management in China ("Ctrip" or the "Company"), today announced that the Company has entered into privately negotiated exchange agreements with a limited number of holders of the Company's outstanding 1.25% Convertible Senior Notes due October 15, 2018 (the "2018 Notes"). Pursuant to the exchange agreements, the Company will exchange approximately US$327.2 million aggregate principal amount of the outstanding 2018 Notes for (i) approximately 8.3 million American depositary shares (the "ADSs") of Ctrip, each representing as of the date of this press release 0.125 of one ordinary share of Ctrip, based on a conversion price of approximately US$39.19 per ADS computed pursuant to the indenture of the 2018 Notes, plus (ii) a cash amount inclusive of accrued and unpaid interest on the 2018 Notes up to, but not including, the closing date of the exchanges, which is expected to occur on June 21, 2017.

The issuance of the ADSs is expected to be made pursuant to the exemptions from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"), provided by Section 4(a)(2) of the Securities Act, on the basis that these exchanges constituted the exchanges with existing holders exclusively in privately negotiated transactions.

Simultaneously with the issuance of this press release, the Company is also entering into a termination agreement with an affiliate of the initial purchaser of the 2018 Notes (the "Hedge Counterparty"), which is a party to the convertible note hedge and warrant transactions related to the 2018 Notes, in order to terminate a pro rata portion of such convertible note hedge transactions in respect of the 2018 Notes expected to be exchanged, as well as a corresponding portion of the warrant transactions. The Company expects to receive cash consideration from such termination and the consideration is expected to be higher than the cash amount paid to the relevant holders of the 2018 Notes.

These exchanges, the potential hedge activities by the relevant holders of the 2018 Notes and the Hedge Counterparty, and the Company's issuance of the ADSs upon the consummation of these exchanges may result in the fluctuation of the market price of the ADSs in the coming trading days.

This press release does not constitute an offer to sell or a solicitation of an offer to purchase any securities, nor will there be a sale of the securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.

This press release contains information about transactions involving the 2018 Notes and the ADSs, and there can be no assurance that such transactions will be completed.


Thursday, February 23, 2017

Comments & Business Outlook

Fourth Quarter 2016 Financial Results

  • Net revenues of RMB5.1 billion (US$730 million), representing a 76% increase from the same period in 2015.
  • Non-GAAP diluted earnings per ADS were RMB2.24 (US$0.32) for the fourth quarter of 2016 vs. last years same quarter of RMB0.69 (US$0.11)

"The solid results in the fourth quarter of 2016 ended the year on a high note," said Jane Jie Sun, Chief Executive Officer. "The group delivered both healthy revenue growth and significant margin expansions throughout the year, despite challenges in the air ticket distribution environment. These results demonstrate the strength of our teams across all our business lines. Through our one-stop travel platform, we will continue to innovate and execute to better serve more customers around the world."

"Ctrip has been expanding its global footprint through China's growing outbound travel demand," said James Liang, Executive Chairman. "The addition of Skyscanner has complemented our positioning on a global scale. Skyscanner and Ctrip plan to share the best practices to unlock the potential of both brands."

Business Outlook

For the first quarter of 2017, the Company expects the net revenue growth to continue at a year-on-year rate of approximately 40-45%. This forecast reflects Ctrip's current and preliminary view, which is subject to change.


Friday, December 9, 2016

Acquisitions
SHANGHAI, Dec. 9, 2016 /PRNewswire/ -- Ctrip.com International, Ltd. (CTRP), a leading travel service provider of accommodation reservation, transportation ticketing, packaged tours and corporate travel management in China ("Ctrip" or the "Company"), today announced that it has completed the previously announced acquisition of Skyscanner Holdings Limited ("Skyscanner"), a leading global travel search site headquartered in Edinburgh, the United Kingdom. After the acquisition, the incumbent management team of Skyscanner will continue to manage its operations independently as part of the Ctrip group.

Tuesday, September 13, 2016

Deal Flow

SHANGHAI, Sept. 13, 2016 /PRNewswire/ -- Ctrip.com International, Ltd. (Nasdaq: CTRP), a leading travel service provider of accommodation reservation, transportation ticketing, packaged tours and corporate travel management in China ("Ctrip" or the "Company"), today announced the completion of the offering of US$900 million in aggregate principal amount of convertible senior notes due 2022 (the "Notes"). The Notes were offered to qualified institutional buyers pursuant to Rule 144A under the United States Securities Act of 1933, as amended (the "Securities Act"), and certain non-U.S. persons in compliance with Regulation S under the Securities Act. The Company has granted the initial purchasers a 30-day option to purchase up to an additional US$75 million principal amount of the Notes solely to cover over-allotments, if any. The Notes will be convertible into Ctrip's American depositary shares ("ADSs"), each representing 0.125 of an ordinary share of Ctrip, at the option of the holders, based on an initial conversion rate of 15.2688 of the Company's ADSs per US$1,000 principal amount of Notes (which is equivalent to an initial conversion price of approximately US$65.49 per ADS and represents an approximately 42.5% conversion premium over the closing trading price of the Company's ADSs on September 6, 2016, which was US$45.96 per ADS). The conversion rate for the Notes is subject to adjustment upon the occurrence of certain events.

The Notes will bear interest at a rate of 1.25% per year, payable semiannually in arrears on March 15 and September 15 of each year, beginning on March 15, 2017. The Notes will mature on September 15, 2022, unless previously repurchased, redeemed or converted in accordance with their terms prior to such date.

The Company also closed the concurrent offering of 28,500,000 ADSs (the "ADS Offering") at US$45.96 per ADS on September 12, 2016. Ctrip has granted the underwriters in the ADS Offering a 30-day option to purchase up to an additional 4,275,000 ADSs in connection with the ADS Offering to cover over-allotments, if any.

Concurrently with the closing of the Notes Offering, the Company closed a private placement of US$25 million aggregate principal amount of convertible notes due 2022 with a subsidiary of The Priceline Group Inc. ("Priceline"), Ctrip's existing shareholder, pursuant to an exemption from registration with the U.S. Securities and Exchange Commission (the "SEC") under Section 4(a)(2) of the Securities Act. In addition, concurrently with the ADS Offering, the Company closed private placements of Ctrip's ordinary shares with the respective subsidiaries of Baidu, Inc. ("Baidu") and Priceline, Ctrip's existing shareholders, at an aggregate investment amount of US$100 million and US$25 million, respectively, pursuant to exemptions from registration with the SEC under Regulation S and Section 4(a)(2) of the Securities Act, respective


Tuesday, September 13, 2016

Notable Share Transactions

SHANGHAI, Sept. 13, 2016 /PRNewswire/ -- Ctrip.com International, Ltd. (CTRP), a leading travel service provider of accommodation reservation, transportation ticketing, packaged tours and corporate travel management in China ("Ctrip" or the "Company"), today announced the completion of the offering of 28,500,000 American depositary shares ("ADSs"), each representing 0.125 of an ordinary share (the "ADS Offering"), at US$45.96 per ADS. Ctrip has granted the underwriters in the ADS Offering a 30-day option to purchase up to an additional 4,275,000 ADSs to cover over-allotments, if any.

The Company also closed the concurrent offering of US$900 million in aggregate principal amount of convertible senior notes due 2022 (the "Notes") (the "Notes Offering") on September 12, 2016. The Notes were offered to qualified institutional buyers pursuant to Rule 144A under the United States Securities Act of 1933, as amended (the "Securities Act"), and certain non-U.S. persons in compliance with Regulation S under the Securities Act. The Company has granted the initial purchasers a 30-day option to purchase up to an additional US$75 million principal amount of the Notes solely to cover over-allotments, if any


Tuesday, September 6, 2016

Notable Share Transactions

SHANGHAI, Sept. 6, 2016 /PRNewswire/ -- Ctrip.com International, Ltd. (Nasdaq: CTRP), a leading travel service provider of accommodation reservation, transportation ticketing, packaged tours and corporate travel management in China ("Ctrip" or the "Company"), today announced the commencement of the offering of 22,500,000 American depositary shares (the "ADSs"), each representing 0.125 of an ordinary share of the Company (the "ADS Offering"). The Company intends to grant the underwriters in the ADS Offering a 30-day option to purchase up to an additional 3,375,000 ADSs to cover over-allotments, if any.

The Company also commenced a concurrent offering of up to US$750 million in aggregate principal aggregate principal amount of convertible senior notes due 2022 (the "Notes") (the "Notes Offering"). The Company intends to grant the initial purchasers in the Notes Offering a 30-day option to purchase up to an additional US$112.5 million principal amount of the Notes solely to cover over-allotments, if any. The closing of the ADS Offering is not contingent upon the closing of the Notes Offering, and the closing of the Notes Offering is not contingent upon the closing of the ADS Offering. The offerings are subject to market conditions and other factors.


Tuesday, September 6, 2016

Deal Flow

SHANGHAI, Sept. 6, 2016 /PRNewswire/ -- Ctrip.com International, Ltd. (CTRP), a leading travel service provider of accommodation reservation, transportation ticketing, packaged tours and corporate travel management in China ("Ctrip" or the "Company"), today announced that it proposes to offer up to US$750 million in aggregate principal amount of convertible senior notes due 2022 (the "Notes") (the "Notes Offering"). The conversion rate and other terms of the Notes have not been finalized and will be determined at the time of pricing of the Notes Offering. The Company intends to grant the initial purchasers in the Notes Offering a 30-day option to purchase up to an additional US$112.5 million principal amount of the Notes solely to cover over-allotments, if any.

The Company also commenced a concurrent offering of 22,500,000 American depositary shares (the "ADSs"), each representing 0.125 of an ordinary share of the Company (the "ADS Offering"). The Company intends to grant the underwriters in the ADS Offering a 30-day option to purchase up to an additional 3,375,000 ADSs to cover over-allotments, if any. The closing of the Notes Offering is not contingent upon the closing of the ADS Offering, and the closing of the ADS Offering is not contingent upon the closing of the Notes Offering. The offerings are subject to market conditions and other factors.

Concurrently with, and subject to, the completion of the Notes Offering, one of Ctrip's major strategic shareholders ("Strategic Shareholder"), through one of its subsidiaries, has agreed to purchase from Ctrip US$25 million aggregate principal amount of convertible notes due 2022. The Company's concurrent issuance and sale of convertible notes to the Strategic Shareholder is being made in a private placement pursuant to an exemption from registration with the U.S. Securities and Exchange Commission (the "SEC") under Section 4(a)(2) of the Securities Act, as amended (the "Securities Act").

In addition, concurrently with, and subject to, the completion of the ADS Offering, each of Baidu Inc. ("Baidu"), Ctrip's existing shareholder, and the Strategic Shareholder through their respective subsidiaries, has agreed to purchase from Ctrip US$100 million and US$25 million, respectively, of Ctrip's ordinary shares at a price per share equal to the price of the ADS Offering adjusted to reflect the ADS-to-ordinary share ratio. The Company's concurrent issuance and sale of ordinary shares to Baidu and the Strategic Shareholder is being made in private placements pursuant to exemptions from registration with the SEC under Regulation S and Section 4(a)(2) of the Securities Act, respectively.

The Notes will be convertible into Ctrip's ADSs, at the option of the holders, in integral multiples of US$1,000 principal amount, at any time prior to the close of business on the second business day immediately preceding the maturity date. Ctrip will not have the right to redeem the Notes prior to maturity except in the event of certain tax law changes. Holders of the Notes will have the right to require the Company to repurchase for cash all or part of the Notes on September 15, 2019, at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date.

The Company plans to use the net proceeds from the Notes Offering and the concurrent private placement of convertible notes to the Strategic Shareholder for organic growth of Ctrip's business, acquisitions of and investments in complementary businesses and assets, and other general corporate purposes.

The Notes, the ADSs deliverable upon conversion of the Notes and the ordinary shares represented thereby have not been registered under the Securities Act of 1933, or any state securities laws. They may not be offered or sold within the United States or to U.S. persons, except to qualified institutional buyers in reliance on the exemption from registration provided by Rule 144A under the Securities Act and to certain persons in offshore transactions in reliance on Regulation S under the Securities Act.


Thursday, September 1, 2016

Comments & Business Outlook

Second Quarter of 2016 Financial Results

  • Net revenues for the second quarter of 2016 were RMB4.4 billion (US$664 million), up 75% year-on-year.
  • Diluted earnings per ADS were RMB-1.13 (US$-0.17) for the second quarter of 2016. Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS were RMB0.12 (US$0.02) for the second quarter of 2015.

"Ctrip continued to execute strongly in the second quarter of 2016, delivering solid top line growth and healthy margin expansion," said James Liang, Chairman of the Board and Chief Executive Officer of Ctrip. "We will continue to strengthen our industry leadership by focusing on our one-stop online travel platform, expanding international travel inventory coverage, and improving operating efficiency."

Business Outlook

For the third quarter of 2016, the Company expects the net revenue growth to continue at a year-on-year rate of approximately 70-75%. This forecast reflects Ctrip's current and preliminary view, which is subject to change.


Wednesday, June 29, 2016

Deal Flow

CALCULATION OF REGISTRATION FEE

               
 
Title of each class of securities
to be registered(1)

  Amount to be
registered(1)(2)

  Proposed maximum
offering price per
share(3)

  Proposed maximum
aggregate offering
price(3)

  Amount of
registration fee(3)

 

Ordinary shares, par value $0.01 per share

  153,366   $314.16   $48,181,462.56   $4,851.87

 


Thursday, June 16, 2016

Comments & Business Outlook

First Quarter 2016 Financial Results

  • Net revenues were RMB4.2 billion (US$648 million) for the first quarter of 2016, up 80% year-on-year.
  • Diluted earnings per ADS were RMB-3.49 (US$-0.54) for the first quarter of 2016. Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS were RMB0.57 (US$0.09) for the first quarter of 2015.

"The first quarter of 2016 was a great quarter. Our team did an excellent job growing revenue and improving margins," saidJames Liang, Chairman of the Board and Chief Executive Officer of Ctrip. "Going forward, we plan to devote more resources to innovation and outbound travel to build a solid foundation for our sustainable long-term growth."

Business Outlook

For the second quarter of 2016, the Company expects the net revenue growth to continue at a year-on-year rate of approximately 70-75%. This forecast reflects Ctrip's current and preliminary view, which is subject to change.


Thursday, April 21, 2016

Joint Venture
SHANGHAI, April 21, 2016 /PRNewswire/ -- Ctrip.com International, Ltd. (CTRP), a leading travel service provider of accommodation reservation, transportation ticketing, packaged tours and corporate travel management in China ("Ctrip"), and China Eastern Air Holding Company ("CEAH"), one of China's three major air transportation groups and the parent company of China Eastern Airlines (SSE: 600115, SEHK: 00670, NYSE: CEA), today announced their entry into a strategic collaboration agreement, under which Ctrip and CEAH will collaborate with each other on a broad range of products and services such as low-cost transportation solutions, international air travel, IT technology, travel insurance, and e-commerce. In connection with the agreement, Ctrip has agreed to invest RMB3 billion in China Eastern Airlines' A shares through a private placement of shares. Ctrip may elect to further increase its ownership stake in China Eastern Airlines in the next twelve months following the placement and may be entitled to appoint an observer or a director to China Eastern Airlines' board of directors, subject to the satisfaction of certain conditions such as ownership thresholds.

Thursday, March 17, 2016

Comments & Business Outlook

Fourth Quarter 2015 Financial Results

  • Net revenues were RMB2.9 billion (US$444 million) for the fourth quarter of 2015, up 50% year-on-year.
  • Diluted earnings per ADS were RMB0.19 (US$0.03) for the fourth quarter of 2015. Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS were RMB0.69 (US$0.11) for the fourth quarter of 2015.

Business Outlook

For the first quarter of 2016, the Company expects to continue the net revenue growth year-on-year at a rate of approximately 75-80%, reflecting the consolidation of Qunar's financial results. This forecast reflects Ctrip's current and preliminary view, which is subject to change.


Tuesday, January 12, 2016

Deal Flow

CALCULATION OF REGISTRATION FEE

               
 
Title of each class of securities
to be registered(1)

  Amount to be
registered(1)(2)

  Proposed maximum
offering price per
share(3)

  Proposed maximum
aggregate offering
price(3)

  Amount of
registration fee(3)

 

Ordinary shares, par value $0.01 per share

  2,661,967   $352.04   $937,118,862.68   $94,367.87

 


Thursday, December 10, 2015

Comments & Business Outlook

NORWALK, Conn., Dec. 10, 2015 /PRNewswire/ -- The Priceline Group Inc. (NASDAQ: PCLN) today announced that it has agreed to invest an additional $500 million in Ctrip.com International, Ltd. (NASDAQ: CTRP) ("Ctrip"), China's leading online travel company, through a convertible bond. 

Including the new bond, The Priceline Group has invested about $1.9 billion in Ctrip convertible bonds and American Depositary Shares since 2014.  Immediately following issuance of the new $500 million bond, assuming conversion of bonds held, The Priceline Group will own approximately 45.5 million American Depository Shares of Ctrip on a fully diluted basis.

The Priceline Group and Ctrip will continue their existing commercial partnership, whereby accommodations inventory is cross-promoted between the brands.

"Today's announcement reflects our ongoing commitment to the partnership between Ctrip and The Priceline Group, which began in 2012," said Darren Huston, CEO of Booking.com and President & CEO of The Priceline Group.  "The investment is an important part of our broader strategy to continue to grow our online travel business to, from and within China."


Wednesday, December 9, 2015

Deal Flow
CALCULATION OF REGISTRATION FEE

               
 
Title of each class of securities
to be registered(1)

  Amount to be
registered(1)(2)

  Proposed maximum
offering price per
share(3)

  Proposed maximum
aggregate offering
price(3)

  Amount of
registration fee(3)

 

Ordinary shares, par value $0.01 per share

  3,980,435   $52.08   $1,658,408,438.40   $167,001.73

 


Thursday, November 19, 2015

Comments & Business Outlook
Third Quarter of 2015 Financial Results
  • Net revenues were RMB3.2 billion (US$501 million) for the third quarter of 2015, up 49% year-on-year.
  • Diluted earnings per ADS were RMB13.26 (US$2.09) for the third quarter of 2015. Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS were RMB13.97 (US$2.20) for the third quarter of 2015.

"Ctrip maintained strong momentum and delivered great results in the third quarter of 2015," said James Liang, Chairman of the Board and Chief Executive Officer of Ctrip. "Both hotel and air ticketing businesses reached 50% year-over-year growth in volume. Outbound travel continued to grow at triple digit in the core business segments due to the booming demand this quarter. Meanwhile, the Ctrip team has demonstrated its strong execution through significant improvement in operational efficiency."

"We are also very excited about the transaction between Baidu and Ctrip announced on October 26th. Ctrip and Qunar are committed to building a healthier ecosystem in China's travel industry together. We are confident that both teams will further strengthen their fundamental capabilities and create better value for travelers, suppliers and shareholders." James added.

Business Outlook

For the fourth quarter of 2015, the Company expects to continue the net revenue growth year-on-year at a rate of approximately 45-50%. This forecast reflects Ctrip's current and preliminary view, which is subject to change.


Monday, October 26, 2015

Notable Share Transactions

BEIJING, October 26, 2015 /PRNewswire/ -- Baidu, Inc. ("Baidu") (NASDAQ: BIDU) today announced that the company has completed a share exchange transaction with Ctrip.com International, Ltd. ("Ctrip"), pursuant to which Baidu has exchanged 178,702,519 Class A ordinary shares[1] and 11,450,000 Class B ordinary shares of Qunar Cayman Islands Limited ("Qunar") beneficially owned by Baidu prior to the consummation of the transaction in exchange for 11,488,381 newly-issued ordinary shares of Ctrip. The share exchange ratio for the transaction is 0.725 Ctrip ADSs per Qunar ADS.[2] As a result of the transaction, Baidu will own ordinary shares of Ctrip representing approximately 25% of Ctrip's aggregate voting interest [3], and Ctrip will own ordinary shares of Qunar representing approximately 45% of Qunar's aggregate voting interest.

Four representatives, including James Liang and Jane Sun, chairman and chief executive officer, and co-president and chief operating officer of Ctrip, respectively, have been appointed to Qunar's board of directors, and Robin Li and Tony Yip, chairman and chief executive officer, and vice president, head of investments, mergers and acquisitions of Baidu, respectively, have been appointed to Ctrip's board of directors.

Baidu and Ctrip have also agreed to a business cooperation across a broad base of products and services. Baidu expects to continue its existing business cooperation with Qunar.

"I am happy to announce this transaction, which creates value for our shareholders and demonstrates Baidu's continuing commitment to online travel, an industry with tremendous potential ahead," said Robin Li, chairman and chief executive officer of Baidu. "We are happy with Qunar's accomplishments, and we look forward to working with the leading players in the industry."

"We are excited by this transaction, which we believe will help build a healthy travel ecosystem in China," said James Liang, chairman of the board and chief executive officer of Ctrip. "This milestone transaction will enable us to focus on providing the best travel products and services to our travelers. We believe this will create greater value to our customers, partners and shareholders in the future."

"China travel is an industry with great potential. As the technology leading player in the industry, Qunar has become China's fourth largest e-commerce company with tremendous growth momentum," said CC Zhuang, CEO and co-founder of Qunar. "We are very proud of our team, and appreciate the support from our global shareholder base."


Tuesday, August 4, 2015

Comments & Business Outlook

Second Quarter of 2015 Financial Results

  • Net revenues were RMB2.53 billion (US$408 million) for the second quarter of 2015, up 47% year-on-year.
  • Diluted earnings per ADS were RMB0.90 (US$0.15) for the second quarter of 2015. Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS were RMB1.86 (US$0.30) for the second quarter of 2015. 

"We saw continued robust growth across all business lines," said James Liang, Chairman of the Board and Chief Executive Officer of Ctrip. "Both our accommodation reservation and transportation ticketing businesses reached record-high revenues of over RMB1 billion, a landmark achievement in China's online travel industry. Accommodation reservation, air ticketing and transportation ticketing maintained strong year-over-year volume growth of 55%, 60% and 106% respectively, with high revenue quality and sales and marketing efficiency. Such performance, coupled with increased revenue generation and improved cost control of our new businesses, has allowed us to remain the most profitable travel company in China. We will continue to enhance our core competencies, strengthen our leadership and strive for a balance between investment and profitability in the coming quarters."

Business Outlook

For the third quarter of 2015, the Company expects to continue the net revenue growth year-on-year at a rate of approximately 45-50%. This forecast reflects Ctrip's current and preliminary view, which is subject to change.


Thursday, June 25, 2015

Deal Flow

SHANGHAI, June 25, 2015 /PRNewswire/ -- Ctrip.com International, Ltd. (Nasdaq: CTRP), a leading travel service provider of accommodation reservation, transportation ticketing, packaged tours, corporate travel management and other travel-related services in China ("Ctrip" or the "Company"), today announced the completion of US$700 million in aggregate principal amount of convertible senior notes due 2020 (the "2020 notes") and US$400 million in aggregate principal amount of convertible senior notes due 2025 (the "2025 notes" and, together with the 2020 notes, the "notes"). The notes were offered to qualified institutional buyers pursuant to Rule 144A under the United States Securities Act of 1933, as amended (the "Securities Act"), and certain non-U.S. persons in compliance with Regulation S under the Securities Act. The Company has granted the initial purchaser a 30-day option to purchase up to an additional US$105 million principal amount of the 2020 notes and an additional US$60 million principal amount of the 2025 notes solely to cover over-allotments, if any. The 2020 notes will be convertible into Ctrip's American depositary shares ("ADSs"), each representing as of the date of this press release 0.25 of an ordinary share of Ctrip, at the option of the holders, based on an initial conversion rate of 9.1942 of the Company's ADSs per $1,000 principal amount of notes (which is equivalent to an initial conversion price of approximately US$108.76 per ADS and represents an approximately 45.0% conversion premium over the closing trading price of the Company's ADSs on June 18, 2015, which was US$75.01 per ADS). The 2025 notes will be convertible into Ctrip's ADSs, at the option of the holders, based on an initial conversion rate of 9.3555 of the Company's ADSs per $1,000 principal amount of notes (which is equivalent to an initial conversion price of approximately US$106.89 per ADS and represents an approximately 42.5% conversion premium over the closing trading price of the Company's ADSs on June 18, 2015 of US$75.01 per ADS). The conversion rate for each of the 2020 notes and the 2025 notes is subject to adjustment upon the occurrence of certain events.

The 2020 notes will bear interest at a rate of 1.0% per year, payable semiannually in arrears on January 1 and July 1 of each year, beginning on January 1, 2016. The 2020 notes will mature on July 1, 2020, unless previously repurchased or converted in accordance with their terms prior to such date. The 2025 notes will bear interest at a rate of 1.99% per year, payable semiannually in arrears on January 1 and July 1 of each year, beginning on January 1, 2016. The 2025 notes will mature on July 1, 2025, unless previously repurchased or converted in accordance with their terms prior to such date.

The Company intends to use a portion of the net proceeds of the offering to pay the cost of call spread transactions which it entered into with third party financial institutions (the "hedge counterparties"). The Company has been advised that the hedge counterparties and/or their affiliates expect to enter into derivative transactions with respect to the ADSs concurrently with, or shortly after, the pricing of the notes and/or to purchase ADSs, and may adjust or unwind such derivative transactions or enter into additional derivative transactions, and buy or sell ADSs or other securities from time to time. These activities could impact the trading price of the ADSs and/or the notes.

The Company plans to use the remainder of the net proceeds from this offering for other general corporate purposes, including a concurrent repurchase of its ADSs and potential note retirement from time to time. The Company may from time to time enter into other transactions with respect to its securities, including purchases of its securities for cash and/or ADSs carried out concurrently with or shortly after the pricing of the notes. Any of these activities could impact the trading price of the ADSs and/or the notes.

The notes, the ADSs deliverable upon conversion of the notes and the ordinary shares represented thereby, have not been registered under the Securities Act or any state securities laws. They may not be offered or sold within the United States or to U.S. persons, except to qualified institutional buyers in reliance on the exemption from registration provided by Rule 144A under the Securities Act, and to certain persons in offshore transactions in reliance on Regulation S under the Securities Act.


Thursday, June 18, 2015

Deal Flow

SHANGHAI, June 18, 2015 /PRNewswire/ -- Ctrip.com International, Ltd. (Nasdaq: CTRP), a leading travel service provider of accommodation reservation, transportation ticketing, packaged tours, corporate travel management and other travel-related services in China ("Ctrip" or the "Company"), today announced that it proposes to offer up to US$1 billion in aggregate principal amount of convertible senior notes due 2020 (the "2020 notes") and convertible senior notes due 2025 (the "2025 notes" and, together with the 2020 notes, the "notes"), subject to market conditions. The conversion rate and other terms of the notes have not been finalized and will be determined at the time of pricing of the offering. The Company intends to grant to the initial purchaser a 30-day option to purchase up to an additional US$150 million principal amount of the notes solely to cover over-allotments, if any. The notes will be convertible into Ctrip's American depositary shares ("ADSs"), each representing as of the date of this press release 0.25 of an ordinary share of Ctrip, at the option of the holders, in integral multiples of US$1,000 principal amount, at any time prior to the close of business on the second business day immediately preceding the maturity date. Ctrip will not have the right to redeem the notes prior to maturity except in the event of certain tax law changes. Holders of the notes will have the right to require the Company to repurchase for cash all or part of the 2020 notes on July 1, 2018 and all or part of the 2025 notes on July 1, 2020, at a repurchase price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date.

The Company intends to use a portion of the net proceeds of the offering to pay the cost of call spread transactions which it expects to enter into with one or more third party financial institutions (the "hedge counterparties"). The Company has been advised that the hedge counterparties and/or their affiliates expect to enter into derivative transactions with respect to the ADSs concurrently with, or shortly after, the pricing of the notes and/or to purchase ADSs, and may adjust or unwind such derivative transactions or enter into additional derivative transactions, and buy or sell ADSs or other securities from time to time. These activities could impact the trading price of the ADSs and/or the notes.

The Company plans to use the remainder of the net proceeds from this offering for other general corporate purposes, including a concurrent repurchase of its ADSs and potential note retirement from time to time. The Company may from time to time enter into other transactions with respect to its securities, including purchases of its securities for cash and/or ADSs carried out concurrently with or shortly after the pricing of the notes. Any of these activities could impact the trading price of the ADSs and/or the notes.

The notes, the ADSs deliverable upon conversion of the notes and the ordinary shares represented thereby, have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws. They may not be offered or sold within the United States or to U.S. persons, except to qualified institutional buyers in reliance on the exemption from registration provided by Rule 144A under the Securities Act, and to certain persons in offshore transactions in reliance on Regulation S under the Securities Act.


Wednesday, June 3, 2015

Comments & Business Outlook

SHANGHAI, June 3, 2015 /PRNewswire/ -- Ctrip.com International, Ltd. (NASDAQ: CTRP), a leading travel service provider of accommodation reservation, transportation ticketing, packaged tours and corporate travel management in China ("Ctrip") today announced that it is no longer interested in pursuing a potential M&A discussion with Qunar Cayman Islands Limited (NASDAQ: QUNR) ("Qunar"), given Qunar's recent earnings performance and corporate actions. After being approached by Qunar, Ctrip sent a confidential, non-binding, preliminary proposal to Qunar's board of directors in early May indicating its interest in pursuing a potential transaction with Qunar. Ctrip received a response from Qunar earlier this week stating that the proposal was not accepted and indicating that Qunar would be open to having further discussions.

Ctrip is confident about its future and its ability to continue to be the most profitable, the largest and fast growing OTA in China based on its years of experiences, innovation and strong operation capability. Ctrip is a long-term player in the OTA market, and has the ability, resource, determination and patience to extend its leadership for many years to come. Meanwhile, Ctrip will continue to explore other partnership opportunities that will bring strategic value in the Internet and e-commerce space.


Tuesday, May 26, 2015

Comments & Business Outlook

SHANGHAI, May 26, 2015 /PRNewswire/ -- Ctrip.com International, Ltd. (NASDAQ: CTRP) ("Ctrip") today announced that The Priceline Group Inc. (NASDAQ: PCLN) will invest an additional $250 million in Ctrip. The investment will be made via a convertible bond and Ctrip has granted permission to The Priceline Group to increase its ownership in Ctrip through the acquisition of Ctrip's American depositary shares in the open market so that, when combined with the shares issuable upon conversion of the new bond and the $500 million convertible bond issued to The Priceline Group in August 2014, The Priceline Group may hold up to 15% of Ctrip's outstanding shares.

This investment follows a commercial relationship established between the two companies in 2012, which was expanded in August 2014 along with the $500 million investment by The Priceline Group. Immediately following issuance of the new $250 million bond and assuming conversion of the two bonds, The Priceline Group will own securities representing approximately 10.5% of Ctrip's outstanding shares.

The two companies will continue their existing commercial partnership, whereby accommodations inventory is cross-promoted between the brands.


Friday, May 22, 2015

Acquisitions

SHANGHAI, May 22, 2015 /PRNewswire/ -- Ctrip.com International, Ltd. (NASDAQ: CTRP), a leading travel service provider of accommodation reservation, transportation ticketing, packaged tours and corporate travel management in China ("Ctrip" or the "Company") today announced its investment in eLong, Inc. (NASDAQ: LONG) ("eLong") through acquiring eLong shares from certain selling shareholders, including Expedia, Inc. (NASDAQ: EXPE) ("Expedia"), together with several other investors.  Ctrip acquired a 37.6% equity stake in eLong for a total purchase price of approximately $400 million.  

In addition, Ctrip and Expedia have agreed to cooperate with each other to allow their respective customers to benefit from certain travel product offerings for specified geographic markets.

The transaction closed on May 22, 2015.


Thursday, May 14, 2015

Comments & Business Outlook

First Quarter of 2015 Financial Results

  • Net revenues were RMB2.3 billion (US$373 million) for the first quarter of 2015, up 46% year-on-year.
  • Diluted earnings per ADS were RMB-0.90 (US$-0.15) for the first quarter of 2015. Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS were RMB0.23 (US$0.04) for the first quarter of 2015.

"We are pleased with the strong results delivered in the first quarter of 2015," said James Liang, Chairman of the Board and Chief Executive Officer of Ctrip. "Accommodation reservation and transportation ticketing services reached 60% and 104% year-over-year growth in volume, respectively. Total air tickets sold increased 64% on a yearly basis, a new record high. The investments that we have made over the past few years continue to gain strong momentum and the majority of our new initiatives grew 200%~800% year-over-year in the first quarter. Cumulative mobile app downloads reached approximately 800 million by the end of first quarter, an increase of over 550% from a year ago. Mobile channels accounted for around 70% of total online transactions this quarter. We look forward to seeing greater achievements in the coming quarters with our growth strategy and solid execution in technology, products and services."

Business Outlook

For the second quarter of 2015, the Company expects to continue the net revenue growth year-on-year at a rate of approximately 45-50%. This forecast reflects Ctrip's current and preliminary view, which is subject to change.


Friday, March 20, 2015

Comments & Business Outlook

Fourth Quarter of 2014 Fincancial Results

  • Net revenues were RMB1.9 billion (US$308 million) for the fourth quarter of 2014, up 33% year-on-year, exceeding our net revenue guidance of 30% increase year-on-year for the fourth quarter 2014.
  • Diluted earnings per ADS were RMB-1.60 (US$-0.26) for the fourth quarter of 2014. Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS were RMB-0.70 (US$-0.11) for the fourth quarter of 2014.

"In the fourth quarter of 2014, our main business lines demonstrated strong momentum," said James Liang, Chairman of the Board and Chief Executive Officer of Ctrip. "Accommodation reservation and transportation ticketing services reached 53% and 102% year-over-year volume growth respectively. Total GMV of packaged tour business reached RMB13 billion in 2014. Our new initiatives have propelled the expansion in our market share. Cumulative mobile app downloads reached nearly 600 million by the end of the year, growing over 70% from the previous quarter. Over 70% of transactions were made through mobile platforms during the Chinese New Year holiday. 2015 could be another exciting year. We will continue to focus on technology, service quality and efficiency, product comprehensiveness and price competitiveness, to create greater value for our customers, our partners, our employees and ultimately, our investors."

Business Outlook

For the first quarter of 2015, the Company expects to continue the net revenue growth year-on-year at a rate of approximately 40-50%. This forecast reflects Ctrip's current and preliminary view, which is subject to change.


Wednesday, January 21, 2015

Joint Venture

SHANGHAI, January 21, 2015 /PRNewswire/ -- eHi Car Services Limited ("eHi" or the "Company") (NYSE: EHIC), a leading car rentals and car services provider in China, and Ctrip (NASDAQ: CTRP), a leading travel service provider for hotel accommodation, ticketing services, packaged tours and corporate travel management in China, jointly announced the expansion of their business partnership to include deeper integration of travel products and services for individual and corporate clients in China.

Under the expanded cooperation agreement, Ctrip will integrate eHi's chauffeured car services, including airport pick-up and drop-off and other business transportation services, into its corporate and individual service offerings. Ctrip will also feature and promote eHi's services on its official website, mobile client application and its various offline channels. The expanded partnership builds on the previous cooperation agreement of the two companies which appointed eHi as the designated and preferred business partner of Ctrip in providing car rental services. As part of that agreement, Ctrip integrated access to eHi's online reservation system in its Ctrip Travel mobile application.

Ray Zhang, eHi's chairman and chief executive officer, said, "We believe the expanded partnership and continued integration of eHi's professional and comprehensive car rentals and car services into Ctrip's leading online travel platform will help enrich the travel experience and solve the 'last mile' needs of business travelers and tourists in China. Additionally, we anticipate that the synergies between our businesses will allow us to provide more competitive travel products and gain access to Ctrip's user base, which will help us grow user traffic."

James Liang, chairman and chief executive officer of Ctrip, said, "eHi's car rental services have been the preferred choice for Ctrip clients and this has helped pave the way for the deepening of our cooperation. In our never-ending quest to provide a seamless travel experience for our customers, we aim to team up with car service partners we know can be trusted to deliver quality services. eHi has been a natural partner with its leading car rentals and car services platform, broad geographic coverage and innovative


Tuesday, January 6, 2015

Comments & Business Outlook

SHANGHAI, January 6, 2015 /PRNewswire/ -- Ctrip.com International, Ltd. (NASDAQ: CTRP), a leading travel service provider for hotel accommodation, ticketing services, packaged tours and corporate travel management in China, today announced that they have completed an investment transaction in Travelfusion by purchasing a majority stake in the company. Travelfusion is a UK-based leading online Low Cost Carrier (LCC) travel content aggregator and innovator of Direct Connect global distribution solutions. Aggregating 200+ LCCs, Full Service Carriers (FSCs), rail operators and 30+ leading hotel consolidators, Travelfusion's Direct Connect distribution platform enables the world's travel agents, travel search and mobile travel services to search and book this content through Travelfusion's API, desktop or internet booking engine technologies and facilitates global payment and settlement solutions.

"Travelfusion has built a great GDS system for LCCs globally," said James Liang, Chairman and Chief Executive Officer of Ctrip, "The strategic relationship we built with Travelfusion will further extend our leadership in China's international travel market, and enhance the efficiency and effectiveness of our IT system by leveraging Travelfusion's advanced technology. We are excited to work with Travelfusion's team to create greater value for our customers."

"China is expected to be the largest travel market in the world, and Ctrip is the clear leader in the online and mobile travel industry in China. After 15 years of building Travelfusion to be an industry leader, we are thrilled to take further steps to realize and fulfil our potential in such a great market with such a powerful industry leader," said Mr. Moshe Rafiah, Chief Executive Officer of Travelfusion.


Monday, December 15, 2014

Comments & Business Outlook

NANJING, China, Dec. 15, 2014 (GLOBE NEWSWIRE) -- Tuniu Corporation (Nasdaq:TOUR) ("Tuniu" or the "Company"), a leading online leisure travel company in China, today announced that it has entered into a share subscription agreement with Unicorn Riches Limited, a special purpose vehicle of Hony Capital, JD.com E-commerce (Investment) Hong Kong Corporation Limited, a special purpose vehicle of JD.com Inc. (Nasdaq:JD), Ctrip Investment Holding Ltd., a subsidiary of Ctrip.com International, Ltd. (Nasdaq:CTRP) and the respective personal holding companies of Tuniu's chief executive officer and chief operating officer, pursuant to which Tuniu will issue and sell a total of US$148 million newly issued class A ordinary shares to the investors.

Pursuant to the agreement, Unicorn Riches Limited, JD.com E-commerce (Investment) Hong Kong Corporation Limited, Ctrip Investment Holding Ltd. and the personal holding companies of Mr. Dunde Yu, Tuniu's chairman of the board and chief executive officer, and Mr. Haifeng Yan, Tuniu's director and chief operating officer, agree to subscribe newly issued Class A ordinary shares of the Company in the amount of US$50 million, US$50 million, US$15 million, US$16.5 million and US$16.5 million, respectively. The purchase price will be US$4.0203 per ordinary share, or the equivalent of US$12.061 per ADS. The purchase price represents the average closing trading prices of the Company's ADSs for the ten trading days prior to the signing of the agreement, adjusted for ADS-to-ordinary share ratio, and represents a small premium over the average of ADS closing trading prices in the last five trading days. This share issuance is made in reliance on, and in compliance with, Regulation S under the Securities Act of 1933, as amended. Each of the investors has agreed not to sell, transfer or dispose of any shares acquired in the transaction for six months after the closing.

"We are pleased to welcome Hony Capital and JD.com as our new investors. We look forward to cooperating with JD.com in the near future. We also expect to deepen our partnership around shared travel resources with Ctrip, one of our existing shareholders, which further increased its holdings in Tuniu through this placement," said Mr. Dunde Yu, chairman of the board and chief executive officer of Tuniu.

"Tuniu will continue to enhance our customer experience through improving our service and brand recognition, increasing our penetration into lower-tier cities, and increasing our investments in research and development in technology, mobile, and travel-related products. With these efforts, we are confident that Tuniu will further expand our market share and strengthen our industry leadership," said Mr. Alex Yan, co-founder and chief operating officer of Tuniu.

Unicorn Riches Limited is a special purpose vehicle of Hony Capital, Hony Capital is a leading Private Equity firm of China, focusing on the China market and currently managing more than US$7 billion assets.

In addition, the Company also announced that it has decided not to pursue its proposed registered public offering of ADSs and will withdraw the related registration statement on Form F-1 previously filed with the Securities and Exchange Commission on December 2, 2014.


Wednesday, November 26, 2014

Comments & Business Outlook

Third Quarter 2014 Financial Results

  • Net revenues were RMB2.1 billion (US$347 million) for the third quarter of 2014, up 38% year-on-year, exceeding our net revenue guidance for the third quarter 2014 of 30-35% increase year-on-year.
  • Diluted earnings per ADS were RMB1.38 (US$0.22) for the third quarter of 2014. Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS were RMB2.24 (US$0.36) for the third quarter of 2014.

"We are pleased to report the solid performance of Ctrip in the third quarter of 2014," said James Liang, Chairman and Chief Executive Officer of Ctrip. "Accommodation reservation and transportation ticketing services maintained robust growth, reaching 69% and 98% year-over-year in volume respectively. The number of Ctrip mobile app downloads reached 350 million, growing 75% from the previous quarter. We are also encouraged by the progress of our new initiatives. Through the open-platform, we work with around 1,000 hotel agency partners, China's top 600 air ticketing agencies, and over 800 local travel agencies. Total hotel transactions through the open-platform reached approximately RMB1 billion during the third quarter. We will continue to invest in our open platform strategy and in technology and services to create more value for both our customers and partners."

Business Outlook

For the fourth quarter of 2014, the Company expects to continue the net revenue growth year-on-year at a rate of approximately 30%. This forecast reflects Ctrip's current and preliminary view, which is subject to change.


Monday, November 24, 2014

Joint Venture

SHANGHAI, November 22, 2014 /PRNewswire/ -- Royal Caribbean Cruises Ltd. (NYSE, OSE: RCL) and Ctrip.com International Ltd. (NASDAQ: CTRP) today announced that they have agreed to form a strategic partnership through SkySea Cruises, a joint venture which is designed to serve the Chinese cruise market. Royal Caribbean and Ctrip will each own 35% of the new company, with the balance being owned by SkySea management and a private equity fund. The transaction is expected to close before the end of November.

"We look forward to working with Ctrip, a Chinese travel leader, to build a national cruise line for China," said Richard D. Fain, chairman and chief executive officer of Royal Caribbean Cruises Ltd. "SkySea Cruises represents an important strategic milestone in our expansion efforts in the Chinese market."

"Our partnership with Royal Caribbean Cruises Ltd. will allow us to bring the very best cruise vacations tailor-made for Chinese travelers," said Min Fan, chairman and chief executive officer of SkySea Cruises. "We expect SkySea cruises to be an integral part of China's fast growing cruise market."

The new cruise line will begin service in the middle of 2015 and will operate with one ship. The venture anticipates the potential for additional vessels to be added over time. Sales and marketing activities have commenced.


Tuesday, October 21, 2014

Joint Venture

NORWALK, Conn. and SHANGHAI, Aug. 6, 2014 /PRNewswire/ -- The Priceline Group Inc. (NASDAQ: PCLN) and Ctrip.com International, Ltd. (NASDAQ: CTRP) today announced that the two companies have expanded an existing commercial agreement to strengthen their global partnership.  In addition, The Priceline Group agreed to invest $500 million through a convertible bond and Ctrip has granted The Priceline Group permission to acquire Ctrip shares in the open market over the next twelve months, so that combined with shares convertible under the bond, The Priceline Group may hold up to 10% of Ctrip's outstanding shares. Upon purchase of the convertible bond, The Priceline Group will acquire the right to appoint an observer to the Ctrip board of directors.

Expanding on the existing commercial relationship established in 2012, the global partnership between the world's largest online travel group and China's largest online travel company will significantly promote tourism to and from China by allowing Ctrip's customers to reach The Priceline Group's global portfolio of over 500,000 accommodations outside of the Greater China Region, and The Priceline Group's customers to reach Ctrip's over 100,000 accommodations in the Greater China Region.

The new terms of the agreement build upon a history of cross-promoting accommodations inventory between the companies. The Priceline Group and Ctrip will offer their respective hotel inventory to each other on an enlarged scale with more favorable partnership terms, including an agreement to enhance promotional efforts.  Ctrip agrees to offer additional  Priceline Group brand services to its customers, including inventory from rentalcars.com and OpenTable, and The Priceline Group also agrees to promote Ctrip's other travel services to its customers, including air ticketing and attraction ticketing services.

"Ctrip is the clear leader in online travel in China and we are pleased with the growth in Ctrip bookings through Booking.com and Agoda over the last two years.  We are eager to build upon what has already become a great partnership, and thrilled to be able to offer our customers even more hotel options in China," said Darren Huston, President & CEO of The Priceline Group.  "Travel to and from China is growing rapidly, and through this partnership, we have an opportunity to further help the world experience China, and China experience the world."

"The Priceline Group is the global leader in online accommodations, and as such, a key strategic partner for us as we look to expand our global footprint," said James Liang, Co-founder, Chairman and CEO of Ctrip.  "Both of our companies operate on the same philosophy to deliver exceptional products and seamless online booking experiences for our customers, and we are eager to jointly invest in improving the experience for travelers worldwide."


Monday, September 29, 2014

Acquisitions
SHANGHAI, September 29, 2014 /PRNewswire/ -- Ctrip.com International, Ltd. (Nasdaq: CTRP), a leading travel service provider of accommodation reservation, transportation ticketing, packaged tours and corporate travel management in China ("Ctrip" or the "Company"), today announced that the Company, through Ctrip Travel Network Technology (Shanghai) Co., Ltd., one of its PRC wholly owned subsidiaries, and other affiliates of the Company, entered into a pre-sale framework agreement with SOHO (Shanghai) Investment Co., Ltd., pursuant to which the Company agreed to purchase certain premises with an aggregate sellable gross floor area ("GFA") of 100,167 square meters and certain auxiliary facilities in Sky SOHO for a total consideration of approximately RMB3.05 billion (US$497 million). The Company plans to use the existing cash balance to fund the purchase and does not expect this purchase to have material adverse impact on its income statement. The new premises are expected to be used to support the Company's fast growing business and to enhance operation efficiency in the future, especially for technology development and business innovation centers.

Wednesday, September 3, 2014

Acquisitions

SHANGHAI, September 3, 2014 /PRNewswire/ -- Ctrip.com International, Ltd. (NASDAQ: CTRP), a leading travel service provider for accommodation reservation, transportation ticketing, packaged tours and corporate travel management in China ("Ctrip" or the "Company"), today announced that it has, through Exquisite Marine Ltd. ("Exquisite"), an affiliate of Ctrip, entered into an agreement to acquire Celebrity Century, a 1,814-passenger cruise ship, from Royal Caribbean Cruises Ltd. (NYSE, OSLO: RCL). Royal Caribbean Cruises Ltd. will continue to operate Celebrity Century until April 2015.

Exquisite is a wholly owned subsidiary of Skyseas Holding International Ltd, ("Skyseas"), a co-founded company by Ctrip and other investors, which targets to provide Chinese customers the world-class and tailor-made cruise products. Ctrip has entered into a Memorandum of Understanding with Royal Caribbean Cruises Ltd. to form a joint venture to manage the operations of the acquired cruise ship and potentially broaden the relationship.

"China is becoming one of the largest cruise markets in the world," said Min Fan, Vice Chairman of the Board and President of Ctrip. "As the largest cruise agency in China, Ctrip has sent over 120,000 guests to cruise trips so far and acquired more than 10% of market share in China. We are excited about the strong growth of the cruise industry and strive to strengthen our leadership in this market.

"We are thrilled about our acquisition of Celebrity Century, which is one of the top-tier vessels in the world," Min Fan continued," Century will be renovated to provide an outstanding cruise experience to China's leisure travelers, including premium hotel services, diversified dining options, exciting on-board facilities, varieties of entertainments, and inspiring excursions and tours. Ctrip will capitalize on our strong brand, large customer base, and superior service quality, as well as our partner's extensive cruise operating experience to generate great value to our customers and shareholders."


Thursday, August 7, 2014

Joint Venture

NORWALK, Conn. and SHANGHAI, Aug. 6, 2014 /PRNewswire/ -- The Priceline Group Inc. (NASDAQ: PCLN) and Ctrip.com International, Ltd. (NASDAQ: CTRP) today announced that the two companies have expanded an existing commercial agreement to strengthen their global partnership.  In addition, The Priceline Group agreed to invest $500 million through a convertible bond and Ctrip has granted The Priceline Group permission to acquire Ctrip shares in the open market over the next twelve months, so that combined with shares convertible under the bond, The Priceline Group may hold up to 10% of Ctrip's outstanding shares. Upon purchase of the convertible bond, The Priceline Group will acquire the right to appoint an observer to the Ctrip board of directors.

Expanding on the existing commercial relationship established in 2012, the global partnership between the world's largest online travel group and China's largest online travel company will significantly promote tourism to and from China by allowing Ctrip's customers to reach The Priceline Group's global portfolio of over 500,000 accommodations outside of the Greater China Region, and The Priceline Group's customers to reach Ctrip's over 100,000 accommodations in the Greater China Region.

The new terms of the agreement build upon a history of cross-promoting accommodations inventory between the companies. The Priceline Group and Ctrip will offer their respective hotel inventory to each other on an enlarged scale with more favorable partnership terms, including an agreement to enhance promotional efforts.  Ctrip agrees to offer additional  Priceline Group brand services to its customers, including inventory from rentalcars.com and OpenTable, and The Priceline Group also agrees to promote Ctrip's other travel services to its customers, including air ticketing and attraction ticketing services.

"Ctrip is the clear leader in online travel in China and we are pleased with the growth in Ctrip bookings through Booking.com and Agoda over the last two years.  We are eager to build upon what has already become a great partnership, and thrilled to be able to offer our customers even more hotel options in China," said Darren Huston, President & CEO of The Priceline Group.  "Travel to and from China is growing rapidly, and through this partnership, we have an opportunity to further help the world experience China, andChina experience the world."

"The Priceline Group is the global leader in online accommodations, and as such, a key strategic partner for us as we look to expand our global footprint," said James Liang, Co-founder, Chairman and CEO of Ctrip.  "Both of our companies operate on the same philosophy to deliver exceptional products and seamless online booking experiences for our customers, and we are eager to jointly invest in improving the experience for travelers worldwide."


Wednesday, August 6, 2014

Deal Flow

NORWALK, Conn. and SHANGHAI, Aug. 6, 2014 /PRNewswire/ -- The Priceline Group Inc. (NASDAQ: PCLN) and Ctrip.com International, Ltd. (NASDAQ: CTRP) today announced that the two companies have expanded an existing commercial agreement to strengthen their global partnership.  In addition, The Priceline Group agreed to invest $500 million through a convertible bond and Ctrip has granted The Priceline Group permission to acquire Ctrip shares in the open market over the next twelve months, so that combined with shares convertible under the bond, The Priceline Group may hold up to 10% of Ctrip's outstanding shares. Upon purchase of the convertible bond, The Priceline Group will acquire the right to appoint an observer to the Ctrip board of directors.

Expanding on the existing commercial relationship established in 2012, the global partnership between the world's largest online travel group and China's largest online travel company will significantly promote tourism to and from China by allowing Ctrip's customers to reach The Priceline Group's global portfolio of over 500,000 accommodations outside of the Greater China Region, and The Priceline Group's customers to reach Ctrip's over 100,000 accommodations in the Greater China Region.

The new terms of the agreement build upon a history of cross-promoting accommodations inventory between the companies. The Priceline Group and Ctrip will offer their respective hotel inventory to each other on an enlarged scale with more favorable partnership terms, including an agreement to enhance promotional efforts.  Ctrip agrees to offer additional  Priceline Group brand services to its customers, including inventory from rentalcars.com and OpenTable, and The Priceline Group also agrees to promote Ctrip's other travel services to its customers, including air ticketing and attraction ticketing services.

"Ctrip is the clear leader in online travel in China and we are pleased with the growth in Ctrip bookings through Booking.com and Agoda over the last two years.  We are eager to build upon what has already become a great partnership, and thrilled to be able to offer our customers even more hotel options in China," said Darren Huston, President & CEO of The Priceline Group.  "Travel to and from Chinais growing rapidly, and through this partnership, we have an opportunity to further help the world experience China, and Chinaexperience the world."

"The Priceline Group is the global leader in online accommodations, and as such, a key strategic partner for us as we look to expand our global footprint," said James Liang, Co-founder, Chairman and CEO of Ctrip.  "Both of our companies operate on the same philosophy to deliver exceptional products and seamless online booking experiences for our customers, and we are eager to jointly invest in improving the experience for travelers worldwide."


Thursday, July 31, 2014

Comments & Business Outlook

Second Quarter 2014 Financial Results

  • Net revenues were RMB1.7 billion (US$278 million) for the second quarter of 2014, up 38% year-on-year, exceeding our net revenue guidance for the second quarter 2014 of 30-35% increase year-on-year.
  • Diluted earnings per ADS were RMB0.88 (US$0.14) for the second quarter of 2014. Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS were RMB1.58 (US$0.26) for the second quarter of 2014.

"We have continued to maintain an accelerated growth rate in the second quarter of 2014," said James Liang, Chairman and Chief Executive Officer of Ctrip. "Both accommodation reservation and transportation ticketing services achieved strong volume growth at 64% and 83% year-over-year respectively. During the second quarter of 2014, approximately 80% of Ctrip's total transactions were booked online or through mobile channels. Ctrip has successfully built an industry-leading mobile travel platform by offering travelers the most comprehensive products with the most competitive prices and the best user experience. The number of Ctrip Mobile App downloads has reached 200 million, growing at a rate of 60% quarter-over-quarter. Total mobile transaction value for the second quarter of 2014 more than tripled from a year ago and the peak daily transaction value exceeded RMB 220 million recently."

Business Outlook

For the third quarter of 2014, the Company expects to continue the net revenue growth year-on-year at a rate of approximately 30-35%. This forecast reflects Ctrip's current and preliminary view, which is subject to change.


Thursday, May 8, 2014

Comments & Business Outlook

First Quarter 2014 Financial Results

  • Net revenues were RMB1.6 billion (US$254 million) for the first quarter of 2014, up 36% year-on-year, exceeding our net revenue guidance for the first quarter 2014 of 25-30% increase year-on-year.
  • Non-GAAP diluted earnings per ADS were US$0.24 for the first quarter of 2014 vs. last years quarter of $0.39

"We are pleased to report the great performance in the first quarter of 2014," said James Liang, Chairman and Chief Executive Officer of Ctrip. "We recently expanded our traditional hotel reservation and ticketing services to accommodation reservation and transportation ticketing services. The growth of both businesses is on the accelerating track with volume increasing 67% and 71% year-on-year, respectively. Total mobile transaction value was over four times the level in the first quarter of 2013 with peak daily transaction value reaching about RMB150 million. Mobile has surpassed PC Internet to be the most important booking platform for our accommodation reservation business, contributing over 40% of our transactions during the quarter and over 60% on the peak day. We are also very proud to see our new businesses start to take leading positions. For example, Ctrip Travel Community Channel experienced over 300% year-on-year growth in daily unique visitors and became the top player among travel information and community websites in China.

"In addition, we recently became the second largest shareholder of LY.com and one of anchor investors for Tuniu.com in connection with its proposed IPO. As a leading player in the online and mobile travel market in China, we are seeing great potential in the industry. LY.com is a leading player in the local attraction ticket segment and Tuniu.com is strong in leisure package tour business. Ctrip is looking forward to working together with industry peers to create greater value for our customers and partners and to help develop a healthy and flourishing travel industry in China."

Business Outlook

For the second quarter of 2014, the Company expects to continue the net revenue growth year-on-year at a rate of approximately 30-35%. This forecast reflects Ctrip's current and preliminary view, which is subject to change.


Tuesday, April 29, 2014

Acquisitions

SHANGHAI, April 28, 2014 /PRNewswire/ -- Ctrip.com International, Ltd. (NASDAQ: CTRP), a leading travel service provider for hotel accommodations, ticketing services, packaged tours and corporate travel management in China ("Ctrip" or the "Company"), today announced that the Company has,  through Shanghai Ctrip International Travel Agency Co., Ltd., one of the Company's affiliated consolidated entities, entered into an investment agreement with Tongcheng Network Technology Share Co., Ltd. ("Tongcheng Network"), a leading local attraction ticket service provider that operates LY.com, to become the second largest shareholder of Tongcheng Network (second only to the management team) for consideration in cash equivalent to over US$200 million.

"We are very pleased to establish a strategic relationship with LY.com. We are increasingly positive about the potential of the travel industry in China. LY.com is the leading player in the local attraction ticket segment and  we will support the independent operation of LY.com. We are excited to work with LY.com's team to create greater value for travelers and help the healthy development of the industry," said James Liang, Chairman and Chief Executive Officer of Ctrip.

"We are thrilled to have Ctrip as our strategic investor. Ctrip is the clear leader in the online and mobile travel industry in China. This investment will enhance the strategic cooperation between the two companies and will ultimately benefit our customers and partners," said Zhi Xiang Wu, Chief Executive Officer of LY.com. 


Thursday, April 3, 2014

Notable Share Transactions
SHANGHAI, April 3, 2014 /PRNewswire/ -- Ctrip.com International, Ltd. (Nasdaq: CTRP), a leading travel service provider of hotel accommodations, ticketing services, packaged tours, and corporate travel management in China ("Ctrip" or the "Company"), today announced that the board of the Company has approved a new share repurchase program whereby Ctrip may purchase its own American depositary shares ("ADSs") with an aggregate value of up to US$600 million. The Company expects to fund the repurchase out of its existing cash balance, including cash generated from operations and cash received from the convertible bonds issued in 2012 and 2013. The proposed share repurchase may be effected on the open market at prevailing market prices and/or in negotiated transactions off the market from time to time as market conditions warrant in accordance with applicable requirements of Rule 10b5-1 and/or Rule 10b-18 under the U.S. Securities Exchange Act of 1934, as amended.

Monday, March 24, 2014

Company Rebuttal

SHANGHAI, March 24, 2014 /PRNewswire/ -- Ctrip.com International, Ltd. (Nasdaq: CTRP) ("Ctrip" or "the Company"), a leading travel service provider of hotel accommodations, ticketing services, packaged tours, and corporate travel management in China, today issued this press release in response to a recent incident related to Ctrip's information security.

In the evening of March 22, 2014, a third party website with focus on internet security information exchange, released news that as a result of a temporary testing function performed by Ctrip, certain data files containing customers' credit card information had been stored on local servers maintained by Ctrip, which may lead to potential exposure of these customers' information to hackers. Shortly after the news was released, Ctrip conducted a thorough internal check and removed the cause of the potential security concern within two hours. Ctrip also issued public statements in China related to the incident, including providing dedicated telephone lines for any customers who have questions or inquiries to call.

Ctrip has examined all other possible leaks and found that 93 customers' credit card information might have been downloaded by the above-mentioned website for the purpose of confirming potential risks. Ctrip's customer service team has proactively reached out to all 93 customers to help them minimize potential risks. To the Company's knowledge, no customer has suffered financial loss or other damage due to the incident. Ctrip is also making efforts to ensure all customer information will be safeguarded by the Company with high security standards.

For the maximum protection of customer information, Ctrip will invite the security white hat to work together with the Company to improve its information security system. Ctrip has also established the Expedite Security Responding System through the site sec.ctrip.com and set up an RMB5 million security reserve fund to reward people and institutions who can effectively help Ctrip improve the security practice. In addition, Ctrip will engage trusted authorities to perform extensive security audit to reassure high security standards in safeguarding customer information.


Thursday, February 13, 2014

Comments & Business Outlook

Fourth Quarter 2013 Financial Results

  • Net revenues were $238 million for the fourth quarter of 2013, up 31% year-on-year.
  • Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS were $0.39 for the fourth quarter of 2013, as compared to $0.23 in the same period last year.


"We are pleased to report the strong performance of the fourth quarter and the full year for 2013," said James Liang, Chairman of the Board and Chief Executive Officer of Ctrip. "The accelerated growth across all business lines reflected Ctrip's strong execution of our market share gain strategy. The investment that Ctrip has made in leisure travel products, price competitiveness, open-platform, and mobile Internet has significantly enhanced our leadership in the online and mobile travel markets. Cumulative downloads for Ctrip mobile app recently reached 100 million, with around 50% of hotel and 30% of air transactions booked through mobile channels during peak days. We are encouraged by the results and will continue our investments in branding, promotions, and new businesses in 2014."


Business Outlook

For the first quarter of 2014, the Company expects to continue the net revenue growth year-on-year at a rate of approximately 25-30%. This forecast reflects Ctrip's current and preliminary view, which is subject to change.


Wednesday, November 6, 2013

Comments & Business Outlook

Third Quarter 2013 Financial Results

  • Net revenues were RMB1.5 billion (US$252 million) for the third quarter of 2013, up 31% year-on-year.
  • Diluted earnings per ADS were RMB2.44 (US$0.40) for the third quarter of 2013 vs. last years third quarter of RMB 1.41 (US$0.23). Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS were RMB3.14 (US$0.51) for the third quarter of 2013.

"We are excited to report great results in the third quarter of 2013," said James Liang, Chairman of the Board and Chief Executive Officer of Ctrip. "We achieved strong growth in our major businesses and just recently saw the daily transaction value from Ctrip's mobile channels reach a record of RMB100 million. We expect mobile to become Ctrip's most important booking platform in the near future, and we will continue to extend our leadership in the online and mobile travel markets in China."

Business Outlook

For the fourth quarter of 2013, the Company expects to continue the net revenue growth year-on-year at a rate of approximately 20-25%. This forecast reflects Ctrip's current and preliminary view, which is subject to change.


Friday, October 11, 2013

Deal Flow

SHANGHAI, Oct. 10, 2013 /PRNewswire/ -- Ctrip.com International, Ltd. (Nasdaq: CTRP), a leading travel service provider of hotel accommodations, ticketing services, packaged tours and corporate travel management in China ("Ctrip" or the "Company"), today announced the pricing of US$700 million in aggregate principal amount of convertible senior notes due 2018 (the "notes"). The notes were offered to qualified institutional buyers pursuant to Rule 144A under the United States Securities Act of 1933, as amended (the "Securities Act"), and certain non-U.S. persons in compliance with Regulation S under the Securities Act. The Company has granted the initial purchaser a 30-day option to purchase up to an additional US$100 million principal amount of notes solely to cover over-allotments, if any. The notes will be convertible into Ctrip's American depositary shares ("ADSs"), each representing as of the date of this press release 0.25 of an ordinary share of Ctrip, at the option of the holders, based on an initial conversion rate of 12.7568 of the Company's ADSs per $1,000 principal amount of notes (which is equivalent to an initial conversion price of approximately US$78.39 per ADS and represents an approximately 42.5% conversion premium over the closing trading price of the Company's ADSs on October 10, 2013, which was US$55.01 per ADS). The conversion rate is subject to adjustment upon the occurrence of certain events. Holders of the notes may convert their notes, at their option, in integral multiples of US$1,000 principal amount, at any time prior to the close of business on the second business day immediately preceding the maturity date. Ctrip will not have the right to redeem the notes prior to maturity. Holders of the notes will have the right to require the Company to repurchase for cash all or part of their notes on October 15, 2016 at a repurchase price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest to, but excluding, October 15, 2016.

The notes will bear interest at a rate of 1.25% per year, payable semiannually in arrears on April 15 and October 15 of each year, beginning on April 15, 2014. The notes will mature on October 15, 2018, unless previously repurchased or converted in accordance with their terms prior to such date.

The Company intends to use a portion of the net proceeds of the offering to pay the associated cost of the convertible note hedge transaction, after such cost is partially offset by the proceeds to the Company from the sale of the warrant transaction, as described below. The Company is entering into a convertible note hedge transaction with an affiliate of the initial purchaser (the "hedge counterparty") and a warrant transaction with the hedge counterparty at a higher strike price. In connection with these transactions, the Company has been advised that the hedge counterparty and/or its affiliates expect to enter into various derivative transactions with respect to the ADSs and/or to purchase ADSs concurrently with, or shortly after, the pricing of the notes, and may adjust or unwind such derivative transactions or enter into additional derivative transactions, and buy or sell ADSs or other securities from time to time. These activities could impact the trading price of the ADSs and/or the notes.

The Company plans to use the remainder of the net proceeds from this offering for other general corporate purposes, including working capital needs and potential acquisitions of complementary businesses, as well as potential ADS repurchases and note retirement from time to time. The Company may from time to time purchase the ADSs pursuant to its share repurchase program and enter into other transactions with respect to its securities, including purchases of its securities for cash and/or ADSs carried out concurrently with or shortly after the pricing of the notes. Any of these activities could impact the trading price of the ADSs and/or the notes.


Thursday, October 10, 2013

Deal Flow

SHANGHAI, Oct. 9, 2013 /PRNewswire/ -- Ctrip.com International, Ltd. (Nasdaq: CTRP), a leading travel service provider of hotel accommodations, ticketing services, packaged tours and corporate travel management in China ("Ctrip" or the "Company"), today announced that it proposes to offer up to US$500 million in aggregate principal amount of convertible senior notes due 2018 (the "notes"), subject to market conditions. The conversion rate and other terms of the notes have not been finalized and will be determined at the time of pricing of the offering. The Company intends to grant to the initial purchaser a 30-day option to purchase up to an additional US$75 million principal amount of notes solely to cover over-allotments, if any. The notes will be convertible into Ctrip's American depositary shares ("ADSs"), each representing as of the date of this press release 0.25 of an ordinary share of Ctrip, at the option of the holders, in integral multiples of US$1,000 principal amount, at any time prior to the close of business on the second business day immediately preceding the maturity date. Ctrip will not have the right to redeem the notes prior to maturity. Holders of the notes will have the right to require the Company to repurchase for cash all or part of their notes on October 15, 2016 at a repurchase price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest to, but excluding,October 15, 2016.

The Company intends to use a portion of the net proceeds of the offering to pay the associated cost of the convertible note hedge transaction, after such cost is partially offset by the proceeds to the Company from the sale of the warrant transaction, as described below. The Company expects to enter into a convertible note hedge transaction with an affiliate of the initial purchaser (the "hedge counterparty") and to enter into a warrant transaction with the hedge counterparty at a higher strike price. In connection with these transactions, the Company has been advised that the hedge counterparty and/or its affiliates expect to enter into various derivative transactions with respect to the ADSs and/or to purchase ADSs concurrently with, or shortly after, the pricing of the notes, and may adjust or unwind such derivative transactions or enter into additional derivative transactions, and buy or sell ADSs or other securities from time to time. These activities could impact the trading price of the ADSs and/or the notes.

The Company plans to use the remainder of the net proceeds from this offering for other general corporate purposes, including working capital needs and potential acquisitions of complementary businesses, as well as potential ADS repurchases and note retirement from time to time. The Company may from time to time purchase the ADSs pursuant to its share repurchase program and enter into other transactions with respect to its securities, including purchases of its securities for cash and/or ADSs  carried out concurrently with or shortly after the pricing of the notes. Any of these activities could impact the trading price of the ADSs and/or the notes.


Thursday, August 1, 2013

Comments & Business Outlook

Second Quarter 2013 Financial Results

  • Net revenues were RMB1.2 billion (US$203 million) for the second quarter of 2013, up 28% year-on-year.
  • Gross margin was 75% for the second quarter of 2013, remained consistent with that in the same period of 2012.
  • Income from operations was RMB196 million (US$32 million) for the second quarter of 2013, up 17% year-on-year. Excluding share-based compensation charges (non-GAAP), income from operations was RMB307 million (US$50 million), up 11% year-on-year.
  • Operating margin was 16% for the second quarter of 2013, compared to 17% in the same period of 2012. Excluding share-based compensation charges (non-GAAP), operating margin was 25%, compared to 28% in the same period of 2012.
  • Net income attributable to Ctrip's shareholders was RMB210 million (US$34 million) in the second quarter of 2013, up 76% year-on-year. Excluding share-based compensation charges (non-GAAP), net income attributable to Ctrip's shareholders wasRMB322 million (US$52 million), up 41% year-on-year.
  • Diluted earnings per ADS were RMB1.47 (US$0.24) for the second quarter of 2013. Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS were RMB2.23 (US$0.36) for the second quarter of 2013.
  • Share-based compensation charges were RMB111 million (US$18 million), accounting for 9% of the net revenues, orRMB0.76 (US$0.12) per ADS for the second quarter of 2013.

"We are pleased to report strong results in the second quarter of 2013," said James Liang, Chairman of the Board and Chief Executive Officer of Ctrip. "Mobile Internet is changing the travel industry rapidly and our mobile strategy builds upon Ctrip's one-stop travel platform that features comprehensive products, industry leading service quality, and competitive prices. Transactions from Ctrip mobile channels tripled year-over-year in the second quarter and contributed to over 20% of hotel booking and approximately 15% of air ticket booking. We are excited to embrace the changes in the travel industry in China and will endeavor to create more value for our business partners and customers in an innovative fashion."

Business Outlook

For the third quarter of 2013, the Company expects the net revenue growth to continue year-on-year at a rate of approximately 20-25%. This forecast reflects Ctrip's current and preliminary view, which is subject to change.


Thursday, May 9, 2013

Comments & Business Outlook

First Quarter 2013 Financial Results

  • Net revenues were RMB1.2 billion (US$187 million) for the first quarter of 2013, up 27% year-on-year, versus our first quarter net revenue guidance of 15-20% increase year-on-year.
  • Gross margin was 74% for the first quarter of 2013, compared to 75% in the same period in 2012.
  • Net income attributable to Ctrip's shareholders was RMB153 million (US$25 million) for the first quarter of 2013, down 26% year-on-year. Excluding share-based compensation charges (non-GAAP), net income attributable to Ctrip's shareholders was RMB265 million (US$43 million), down 14% year-on-year.
  • Diluted earnings per ADS were RMB1.10 (US$0.18) for the first quarter of 2013. Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS were RMB1.87 (US$0.30) for the first quarter of 2013.

"We are glad to report strong results in the first quarter of 2013," said James Liang, Chairman of the Board and Chief Executive Officer of Ctrip. "We have made solid progress and gained market shares across major business lines. We will continue to focus on our mobile strategy, improve price competitiveness, strengthen partner relationships, and enhance marketing effectiveness. Our goal is to become the one-stop travel platform with best products, best services, and best prices for our customers. We are excited to capture the opportunities in the travel industry in Chinaand will work hard to elevate our leadership to the next level."

Business Outlook

For the second quarter of 2013, the Company expects to continue the net revenue growth year-on-year at a rate of approximately 15-20%. This forecast reflects Ctrip's current and preliminary view, which is subject to change


Tuesday, November 6, 2012

Comments & Business Outlook

Highlights for the Third Quarter of 2012

  • Net revenues were RMB1.17 billion (US$187 million) for the third quarter of 2012, up 20% year-on-year, versus our guidance of 15-20% year-on-year.
  • Gross margin was 76% for the third quarter of 2012, compared to 77% in the same period in 2011.
  • Income from operations was RMB190 million (US$30 million) for the third quarter of 2012, down 38% year-on-year. Excluding share-based compensation charges (non-GAAP), income from operations was RMB299 million(US$48 million), down 24% year-on-year.
  • Operating margin was 16% for the third quarter of 2012, compared to 31% in the same period in 2011. Excluding share-based compensation charges (non-GAAP), operating margin was 25%, compared to 41% in the same period in 2011.
  • Net income attributable to Ctrip's shareholders was RMB194 million (US$31 million) for the third quarter of 2012, down 40% year-on-year. Excluding share-based compensation charges (non-GAAP), net income attributable to Ctrip's shareholders was RMB302 million (US$48 million), down 27% year-on-year.
  • Diluted earnings per ADS were RMB1.41 (US$0.22) for the third quarter of 2012. Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS were RMB2.20 (US$0.35) for the third quarter of 2012.
  • Share-based compensation charges were RMB108 million (US$17 million), accounting for 9% of the net revenues, or RMB0.79 (US$0.13) per ADS for the third quarter of 2012.

"We are pleased with the solid results in the third quarter of 2012," said Min Fan, President and Chief Executive Officer of Ctrip. "During the quarter, Ctrip achieved many milestones toward building the leading 'one-stop travel platform' in China by strengthening our partner relationships, upgrading the mobile platform, and lifting the sales and marketing efforts. With Ctrip team's strong execution, we believe Ctrip will continue enhancing the market leadership in China."

Business Outlook

For the fourth quarter of 2012, the Company expects to continue the net revenue growth year-on-year at a rate of approximately 15-20%. This forecast reflects Ctrip's current and preliminary view, which is subject to change.


Tuesday, September 25, 2012

Deal Flow

SHANGHAI, Sept. 24, 2012 /PRNewswire/ -- Ctrip.com International, Ltd. (Nasdaq: CTRP), a leading travel service provider of hotel accommodations, airline tickets, packaged tours and corporate travel management in China ("Ctrip" or the "Company"), today announced the completion of US$180 million in aggregate principal amount of convertible senior notes due 2017 (the "notes"), following the exercise in full of the over-allotment option that the Company previously granted to one of the Initial Purchasers to purchase up to $20.0 million aggregate principal amount of notes. The notes were offered to qualified institutional buyers pursuant to Rule 144A under the United States Securities Act of 1933, as amended (the "Securities Act"), and certain non-U.S. persons in compliance with Regulation S under the Securities Act.

The notes will be convertible into Ctrip's American Depositary Shares ("ADSs"), each representing as of the date of this press release 0.25 of an ordinary share of Ctrip, based on an initial conversion rate of 51.7116 of the Company's ADSs per $1,000 principal amount of notes (which is equivalent to an initial conversion price of approximately US$19.34 per ADS and represents an approximately 10% conversion premium over the closing trading price of the Company's ADSs on September 18, 2012, which was US$17.58 per ADS). The conversion rate is subject to adjustment upon the occurrence of certain events. Full release.


Wednesday, September 19, 2012

Deal Flow
SHANGHAI, Sept. 18,2012 /PRNewswire/ -- Ctrip.com International, Ltd. (Nasdaq: CTRP), a leading travel service provider of hotel accommodations, airline tickets, packaged tours and corporate travel management in China ("Ctrip" or the "Company"), today announced that it proposes to offer up to US$140 million in aggregate principal amount of convertible senior notes due 2017 (the "notes"), subject to market conditions. The conversion rate and other terms of the notes have not been finalized and will be determined at the time of pricing of the offering. The Company intends to grant to the initial purchaser a 30-day option to purchase up to an additional US$20 million principal amount of notes solely to cover over-allotments, if any. The notes will be convertible into Ctrip's American depositary shares ("ADSs"), each representing as of the date of this press release 0.25 of an ordinary share of Ctrip, at the option of the holders, in integral multiples of US$1,000 principal amount, at any time prior to the close of business on the second business day immediately preceding the maturity date. Ctrip will not have the right to redeem the notes prior to maturity. Holders of the notes will have the right to require the Company to repurchase for cash all or part of their notes on September 15, 2015 at a repurchase price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest to, but excluding, September 15, 2015.  Full release.

Tuesday, July 24, 2012

Comments & Business Outlook

Highlights for the Second Quarter of 2012

  • Net revenues were RMB974 million (US$153 million) for the second quarter of 2012, up 17% year-on-year, versus our guidance of 15-20% year-on-year.
  • Gross margin was 75% for the second quarter of 2012, compared to 77% in the same period in 2011.
  • Income from operations was RMB168 million (US$26 million) for the second quarter of 2012, down 37% year-on-year.
  • Excluding share-based compensation charges (non-GAAP), income from operations was RMB277 million (US$44 million), down 22% year-on-year.
  • Operating margin was 17% for the second quarter of 2012, compared to 32% in the same period in 2011. Excluding share-based compensation charges (non-GAAP), operating margin was 28%, compared to 43% in the same period in 2011.
  • Net income attributable to Ctrip's shareholders was RMB120 million (US$19 million) in the second quarter of 2012, down 55% year-on-year. Excluding share-based compensation charges (non-GAAP), net income attributable to Ctrip's shareholders was RMB228 million (US$36 million), down 35% year-on-year.
  • Diluted earnings per ADS were RMB0.81 (US$0.13) for the second quarter of 2012. Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS were RMB1.56 (US$0.24) for the second quarter of 2012. Share-based compensation charges were RMB109 million (US$17 million), accounting for 11% of the net revenues, or RMB0.74 (US$0.11) per ADS for the second quarter of 2012.

 "We are pleased with the solid results in the second quarter of 2012," said Min Fan, President and Chief Executive Officer of Ctrip. "To strengthen Ctrip's capability of providing travelers with the one-stop travel products and services, we continued to invest heavily on product developments, especially in leisure travel products and services. We also launched intensified marketing campaigns to reach out to new customers. We believe that our investment today will further enhance Ctrip's market leadership in the long run."

Business Outlook

For the third quarter of 2012, the Company expects to continue the net revenue growth year-on-year at a rate of approximately 15-20%. This forecast reflects Ctrip's current and preliminary view, which is subject to change.


Wednesday, June 13, 2012

Notable Share Transactions

SHANGHAI, June 14, 2012 /PRNewswire-Asia/ -- Ctrip.com International, Ltd. (Nasdaq: CTRP) ("Ctrip" or the "Company"), a leading travel service provider of hotel accommodations, airline tickets, packaged tours and corporate travel management in China, today announced that the board of the Company has approved a new share repurchase program whereby Ctrip may purchase its own American depositary shares ("ADSs") with an aggregate value of up to US$300 million. The Company expects to fund the repurchase out of its existing cash balance, including cash dividends that it receives from its PRC subsidiaries. The dividends paid by the Company's PRC subsidiaries to the Company through its Hong Kong subsidiary will be subject to a 5% PRC withholding tax amounting up to US$15 million, which will decrease the Company's diluted consolidated earnings per ADS by about US$0.10 for the quarter affected. Impact of the PRC withholding tax will be reflected in the Company's 2012 second quarter financial results. The proposed share repurchase may be effected on the open market at prevailing market prices and/or in negotiated transactions off the market from time to time as market conditions warrant in accordance with applicable requirements of Rule 10b5-1 and/or Rule 10b-18 under the U.S. Securities Exchange Act of 1934, as amended.


Thursday, May 17, 2012

Comments & Business Outlook

Highlights for the First Quarter of 2012

  • Net revenues were RMB911 million (US$145 million) for the first quarter of 2012, up 19% year-on-year, versus our guidance of 15-20% year-on-year.
  • Gross margin was 75% for the first quarter of 2012, compared to 78% in the same period in 2011.
  • Income from operations was RMB177 million (US$28 million) for the first quarter of 2012, down 33% year-on-year. Excluding share-based compensation charges (non-GAAP), income from operations was RMB277 million (US$44 million), down 17% year-on-year.
  • Operating margin was 19% for the first quarter of 2012, compared to 34% in the same period in 2011. Excluding share-based compensation charges (non-GAAP), operating margin was 30%, compared to 44% in the same period in 2011.
  • Net income attributable to Ctrip's shareholders was RMB169 million (US$27 million) in the first quarter of 2012, down 28% year-on-year. Excluding share-based compensation charges (non-GAAP), net income attributable to Ctrip's shareholders was RMB270 million (US$43 million), down 12% year-on-year.
  • Diluted earnings per ADS were RMB1.11 (US$0.18) for the first quarter of 2012. Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS were RMB1.77 (US$0.28) for the first quarter of 2012.
  • Share-based compensation charges were RMB101 million (US$16 million), accounting for 11% of the net revenues, or RMB0.66 (US$0.11) per ADS for the first quarter of 2012.

"Through solid execution on our business strategies, the Ctrip team has continued outperforming the industry in the first quarter of 2012," said Min Fan, President and Chief Executive Officer of Ctrip. "In the first quarter, we strengthened all business sectors, expanded into more new business areas and intensified sales and marketing campaigns. As the industry leader, Ctrip will continuously strive to deliver the best product with the best service at the best price to our customers."

Business Outlook

For the second quarter of 2012, the Company expects to continue the net revenue growth year-on-year at a rate of approximately 15-20%. This forecast reflects Ctrip's current and preliminary view, which is subject to change.


Tuesday, February 21, 2012

Comments & Business Outlook

Highlights for the Fourth Quarter of 2011

  • Net revenues were RMB926 million (US$147 million) for the fourth quarter of 2011, up 18% year-on-year.
  • Gross margin was 76% for the fourth quarter of 2011, compared to 78% in the same period in 2010.
  • Income from operations was RMB231 million (US$37 million) for the fourth quarter of 2011, down 21% year-on-year. Excluding share-based compensation charges (non-GAAP), income from operations was RMB325 million (US$52 million), down 8% year-on-year.
  • Operating margin was 25% for the fourth quarter of 2011, compared to 37% in the same period in 2010. Excluding share-based compensation charges (non-GAAP), operating margin was 35%, compared to 45% in the same period in 2010.
  • Net income attributable to Ctrip's shareholders was RMB253 million (US$40 million) in the fourth quarter of 2011, down 16% year-on-year. Excluding share-based compensation charges (non-GAAP), net income attributable to Ctrip's shareholders was RMB347 million (US$55 million), down 4% year-on-year.
  • Diluted earnings per ADS were RMB1.67 (US$0.27) for the fourth quarter of 2011. Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS were RMB2.30 (US$0.37) for the fourth quarter of 2011.
  • Share-based compensation charges were RMB95 million (US$15 million), accounting for 10% of the net revenues, or RMB0.63 (US$0.10) per ADS for the fourth quarter of 2011.

"Despite a high 2010 comparison base, the Ctrip team delivered solid results in 2011. We increased our sales and marketing investment to further penetrate the leisure market during the fourth quarter," said Min Fan, President and Chief Executive Officer of Ctrip. "In 2012, Ctrip will invest further to enhance the competitive edge of each business line in order to offer the best product with the best service at the best price. Ctrip will work tirelessly to strengthen our leadership of the travel industry and rise far beyond the competition."

Business Outlook

For the first quarter of 2012, the Company expects to continue the net revenue growth year-on-year at a rate of approximately 15-20%. This forecast reflects Ctrip's current and preliminary view, which is subject to change.


Monday, November 14, 2011

Comments & Business Outlook

Third Quarter 2011 Results

  • Net revenues were RMB975 million (US$153 million) for the third quarter of 2011, up 20% year-on-year.
  • Gross margin was 77% for the third quarter of 2011, compared to 78% in the same period in 2010.
  • Income from operations was RMB304 million (US$48 million) for the third quarter of 2011, down 1% year-on-year. Excluding share-based compensation charges (non-GAAP), income from operations was RMB395 million (US$62 million), up 7% year-on-year.
  • Operating margin was 31% for the third quarter of 2011, compared to 38% in the same period in 2010. Excluding share-based compensation charges (non-GAAP), operating margin was 41%, compared to 45% in the same period in 2010.
  • Net income attributable to Ctrip's shareholders was RMB325 million (US$51 million) in the third quarter of 2011, up 2% year-on-year. Excluding share-based compensation charges (non-GAAP), net income attributable to Ctrip's shareholders was RMB416 million (US$65 million), up 9% year-on-year.
  • Diluted earnings per ADS were RMB2.13 (US$0.33) for the third quarter of 2011. Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS were RMB2.73 (US$0.43) for the third quarter of 2011.
  • Share-based compensation charges were RMB91 million (US$14 million), accounting for 9% of the net revenues, or RMB0.59 (US$0.09) per ADS for the third quarter of 2011.


 

"Despite a challenging comparison base, Ctrip has continued to outperform the industry with solid growth in the third quarter of 2011," said Min Fan, President and Chief Executive Officer of Ctrip. "The Ctrip team effectively implemented the Company's strategies to extend market leadership in all areas. We are encouraged by the progress in sales and marketing, product development and system enhancement. Building on these concerted efforts, we believe the team will continue to succeed in this promising and challenging market."

Business Outlook

For the fourth quarter of 2011, the Company expects to continue the net revenue growth year-on-year at a rate of approximately 15-20%. This forecast reflects Ctrip's current and preliminary view, which is subject to change.


Thursday, September 29, 2011

Notable Share Transactions
SHANGHAI, September 29, 2011 /PRNewswire-Asia/ -- Ctrip.com International, Ltd. (Nasdaq: CTRP) ("Ctrip" or the "Company"), a leading travel service provider of hotel accommodations, airline tickets, packaged tours and corporate travel management in China, today announced that the board of the Company has approved a new share repurchase program whereby Ctrip may purchase its own American Depositary Shares ("ADSs") with an aggregate value of up to US$100 million. The Company expects to fund the repurchase out of its existing cash balance, with the cash consideration of such repurchase being paid on Ctrip's behalf to the relevant ADS holders (or their agents) at the direction of the depositary. The proposed share repurchase may be effected on the open market at prevailing market prices and/or in negotiated transactions off the market from time to time as market conditions warrant in accordance with applicable requirements of Rule 10b5-1 and/or Rule 10b-18 under the U.S. Securities Exchange Act of 1934, as amended.

Thursday, September 22, 2011

Notable Share Transactions
SHANGHAI, September 22, 2011 /PRNewswire-Asia/ -- Ctrip.com International, Ltd. (Nasdaq: CTRP) ("Ctrip" or the "Company"), a leading travel service provider of hotel accommodations, airline tickets, packaged tours and corporate travel management in China, today announced that the Company plans to execute a share repurchase program whereby Ctrip may purchase its own American Depositary Shares ("ADSs") with an aggregate value of up to US$15 million. Ctrip has obtained board and shareholder approval for the share repurchase program. The Company expects to fund the repurchase out of its existing cash balance, with the cash consideration of such repurchase being paid on Ctrip's behalf to the relevant ADS holders (or their agents) at the direction of the depositary. The proposed share repurchase may be effected on the open market at prevailing market prices and/or in negotiated transactions off the market from time to time as market conditions warrant in accordance with applicable requirements of Rule 10b5-1 and/or Rule 10b-18 under the U.S. Securities Exchange Act of 1934, as amended.

Tuesday, August 2, 2011

Comments & Business Outlook

Highlights for the Second Quarter of 2011

  • Net revenues were RMB833 million (US$129 million) for the second quarter of 2011, up 20% year-on-year. In the second quarter of 2011, Wing On Travel and ezTravel together contributed 4% for the year-on-year growth for net revenues.
  • Gross margin was 77% for the second quarter of 2011, compared to 78% in the same period in 2010.
  • Income from operations was RMB268 million (US$42 million) for the second quarter of 2011, up 4% year-on-year. Excluding share-based compensation charges (non-GAAP), income from operations was RMB356 million (US$55 million), up 13% year-on-year.
  • Operating margin was 32% for the second quarter of 2011, compared to 37% in the same period in 2010. Excluding share-based compensation charges (non-GAAP), operating margin was 43%, compared to 45% in the same period in 2010.
  • Net income attributable to Ctrip's shareholders was RMB264 million (US$41 million) in the second quarter of 2011, up 12% year-on-year. Excluding share-based compensation charges (non-GAAP), net income attributable to Ctrip's shareholders was RMB351 million (US$54 million), up 20% year-on-year.
  • Diluted earnings per ADS were RMB1.72 (US$0.27) for the second quarter of 2011. Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS were RMB2.29 (US$0.35) for the second quarter of 2011.
  • Share-based compensation charges were RMB87 million (US$13 million), accounting for 10% of the net revenues, or RMB0.57 (US$0.09) per ADS for the second quarter of 2011.

"We are pleased that our team has delivered solid results in the second quarter of 2011," said Min Fan, President and Chief Executive Officer of Ctrip. "We have continued to strengthen the Ctrip brand, extending our market leadership by means of enhanced systems, diversified product offerings and elevated customer service. We believe our team is well positioned for future opportunities and challenges, and we are confident that the seeds planted today will lead to a fruitful future."

Business Outlook

For the third quarter of 2011, the Company expects to continue the net revenue growth year-on-year at a rate of approximately 15-20%. This forecast reflects Ctrip's current and preliminary view, which is subject to change.


Sunday, June 5, 2011

Liquidity Requirements
We believe that our current cash and cash equivalents, our cash flow from operations and proceeds from our financing activities will be sufficient to meet our anticipated cash needs, including our cash needs for working capital and capital expenditures, for the foreseeable future.

Tuesday, May 17, 2011

Comments & Business Outlook

First Quarter Results:

  • Net revenues were RMB765 million (US$117 million) for the first quarter of 2011, up 30% year-on-year. In the first quarter of 2011, Wing On Travel and ezTravel contributed 7% for the year-on-year growth for net revenues.
  • Gross margin was 78% for the first quarter of 2011, remained consistent with that in the same period in 2010.
  • Income from operations was RMB263 million (US$40 million) for the first quarter of 2011, up 34% year-on-year. Excluding share-based compensation charges (non-GAAP), income from operations was RMB333 million (US$51 million), up 28% year-on-year.
  • Operating margin was 34% for the first quarter of 2011, compared to 33% in the same period in 2010. Excluding share-based compensation charges (non-GAAP), operating margin was 44%, remained consistent with that in the same period in 2010.
  • Net income attributable to Ctrip's shareholders was RMB235 million (US$36 million) in the first quarter of 2011, up 23% year-on-year. Excluding share-based compensation charges (non-GAAP), net income attributable to Ctrip's shareholders was RMB305 million (US$47 million), up 20% year-on-year.
  • Diluted earnings per ADS were RMB1.54 (US$0.24) for the first quarter of 2011. Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS were RMB2.01 (US$0.31) for the first quarter of 2011.

"Following a successful 2010, the Ctrip team has once again achieved strong results in the first quarter of 2011," said Min Fan, Ctrip President and Chief Executive Officer. "Our team has worked diligently to extend our leadership and further gain market share through excellent customer service, strong strategic partnerships, the adoption of advanced technologies, and innovative value-added products. All of our hard work has empowered our team to make the most of the opportunities ahead of us."

For the second quarter of 2011, the Company expects to continue the net revenue growth year-on-year at a rate of approximately 15%-20%. This forecast reflects Ctrip's current and preliminary view, which is subject to change.


Tuesday, November 2, 2010

Comments & Business Outlook

Highlights for the Third Quarter of 2010

  • Net revenues wereRMB812 million (US$121 million) for the third quarter of 2010, up 49% year-on-year.
  • Gross margin was 78% for the third quarter of 2010, compared to 77% in the same period in 2009.
  • Income from operations wasRMB308 million (US$46 million) for the third quarter of 2010, up 55% year-on-year.
  • Excluding share-based compensation charges (non-GAAP), income from operations was RMB368 million (US$55 million), up 63% year-on-year.
  • Operating margin was 38% for the third quarter of 2010, compared to 37% in the same period in 2009.
  • Excluding share-based compensation charges (non-GAAP), operating margin was 45%, compared to 41% in the same period in 2009.
  • Net income attributable to Ctrip's shareholders was RMB320 million (US$48 million) in the third quarter of 2010, up 70% year-on-year.
  • Excluding share-based compensation charges (non-GAAP), net income attributable to Ctrip's shareholders was RMB380 million (US$57 million), up 77% year-on-year.  Diluted earnings per ADS wereRMB2.11(US$0.31)for the third quarter of 2010.
  • Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS were RMB2.50(US$0.37)for the third quarter of 2010. 

Business Outlook

For the fourth quarter of 2010, the Company expects to continue the net revenue growth year-on-year at a rate of approximately 30~35%. This forecast reflects Ctrip's current and preliminary view, which is subject to change.


Sunday, August 22, 2010

Comments & Business Outlook

Highlights for the Second Quarter of 2010:

  • Net revenues were RMB695 million (US$103 million) for the second quarter of 2010, up 46% year-on-year.
  • Gross margin was 78% for the second quarter of 2010, compared to 77% in the same period in 2009.
  • Income from operations was RMB257 million (US$38 million) for the second quarter of 2010, up 57% year-on-year.
  • Excluding share-based compensation charges (non-GAAP), income from operations was RMB316 million (US$47 million), up 66% year-on-year.
  • Excluding share-based compensation charges (non-GAAP), operating margin was 45%, compared to 40% in the same period in 2009.
  • Net income attributable to Ctrip's shareholders was RMB235 million (US$35 million) in the second quarter of 2010, up 48% year-on-year.
  • Excluding share-based compensation charges (non-GAAP), net income attributable to Ctrip's shareholders was RMB293 million (US$43 million), up 58% year-on-year.
  • Diluted earnings per ADS were RMB1.55 (US$0.23) comared to RMB2.27 (US$0.33).  
  • Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS were RMB1.93 (US$0.29) compared to RMB2.66 (US$0.39).

"We are pleased to announce solid results for the second quarter of 2010," said Min Fan, President and Chief Executive Officer of Ctrip. "Through our strong execution, we were able to extend our leadership in all business lines. Our presence in the Greater China region will enable us to provide excellent services to customers travelling abroad. The Ctrip team is well positioned to capture more opportunities in the travel industry in China."

Business Outlook:

For the third quarter of 2010, the Company expects to continue the net revenue growth year-on-year at a rate of approximately 35-40%. This forecast reflects Ctrip's current and preliminary view, which is subject to change.

Non-GAAP EPS Figures exclude certain non-operating gains and losses as well as certain non-cash items. Non-GAAP information should not be viewed in isolation or as a substitute for reported, or GAAP information . For a more complete explanation of the company's definition of non-GAAP please refer to its financial press releases. The GeoTeam® non-GAAP figures may, from time to time, differ from company supplied figures. The GeoTeam® non-GAAP figures apply a 25% and 36% tax rate for Chinese and United States companies respectively.


Wednesday, August 5, 2009

Comments & Business Outlook

'We are pleased that our team once again delivered solid results in the second quarter of 2009. We strengthened our competitiveness despite the challenges that we faced during this period,' said Min Fan, Chief Executive Officer of Ctrip, 'We will continue to improve our customer service, to apply new technologies, and to broaden sales and marketing channels in order to extend our leadership.'

3rd Quarter 2009 Guidance Ending September a

  Full Year 2009 Guidance Full Year 2008 Reported Period Change
GAAP Revenue $46.4 million $58.0 million 25.0%

Source: See Release, August 4, 2009  

a
The above forecasts reflect the Company's current and preliminary views and are therefore subject to change. Please refer to the Company's Safe Harbor Statement (usually in press releases) for the factors that could cause actual results to differ materially from those contained in any forward-looking statement.


Sunday, April 12, 2009

Comments & Business Outlook

'I am pleased that our team delivered solid results in the first quarter despite the difficult economy,' said Min Fan, Chief Executive Officer of Ctrip. 'Our strong execution in operations and prudent controls on cost enabled us to achieve healthy growth in profit. While the business environment remains uncertain, we will extend our leadership in the China travel industry through excellent customer service, strategic alliance with our partners, advanced IT technologies and innovative sales and marketing channels.'

2nd Quarter 2009 Guidance Ending June a

  2nd Quarter 2009 Guidance 2nd Quarter 2008 Reported Period Change
GAAP Revenue $49.7 to 47.6 million $54.7 million 10% to 15%

Source: See Release, May 11, 2009   

a
The above forecasts reflect the Company's current and preliminary views and are therefore subject to change. Please refer to the Company's Safe Harbor Statement (usually in press releases) for the factors that could cause actual results to differ materially from those contained in any forward-looking statement.



Sunday, February 8, 2009

Comments & Business Outlook

Guidance Report: (Non-China)

First Quarter Year 2009 Guidance Ending March

  2009 Guidance 2008 Reported Period Change
Revenue $51.45 to $53.9 million $49 million 5% to 10%

'Despite the challenges in the travel industry in China, our team delivered a solid result in 2008. We strengthened our market leadership, enhanced our vendor relationship, elevated our customer service level, improved our operation efficiency, and achieved a steady revenue and earnings growth,' said Min Fan, Chief Executive Officer of Ctrip. 'In the near term, we remain cautious about the global economy. We will prudently manage our business and capitalize the opportunities ahead of us.'

Source: PR Newswire (February 8, 2009)

GeoTeam® Comment:

It appears that the revenue Guidance is above the analyst estimates we could locate.