135921 (LONG) research, news, and more from GeoInvesting

Company description

Mon, 07 Apr 2008 04:00:00 GMT

eLong, Inc. (NASDAQ: LONG) is a leading online travel service provider in China. It utilizes a centralized modern call center and web-based distribution technologies to provide its services. It seeks to serve China's emerging class of frequent independent travelers, or FITs, who engage in business and leisure travel. eLong believes FITs to be a fast-growing, yet relatively underserved, segment of the RMB684.0 billion (US$82.6 billion) travel market in China. Through its nationwide 24-hour toll-free call center, its user-friendly Chinese and English language websites and its extensive reseller network, eLong, Inc. provides its customers with consolidated travel information and the ability to book rooms at discounted rates at 4,500 plus hotels in more than 330 cities across China. The majority of its hotel suppliers are three-, four- or five-star hotels, as rated by the China National Tourism Bureau, catering to higher-end travelers. It also offers convenient airticketing services.

Since its inception in April 2001, eLong, Inc. has built one of the largest travel service distribution networks in China. It offers its customers a wide selection of hotel rooms in all major cities in China, usually at significant discounts to published rates, and guaranteed year round room availability at many hotels. Its hotel booking volume has increased significantly from 2001 to 2005. It offers its travel suppliers access to aggregated consumer demand, giving them the ability to promote their hotels and other travel related services to a large and growing base of customers at low incremental cost.

eLong, Inc. also sells air tickets for all major airlines in China and many international airlines that operate flights originating from China. It issues and delivers air tickets using a network of local agents throughout 70 major cities in China. It provides air-ticketing service through its toll-free call center and websites. (website)

Through its beneficial ownership of our ordinary shares and our high-vote ordinary shares, as of May 31, 2011, Expedia controls approximately 81% of our voting power and has the power to control the election and appointment of our board of directors, thus we are a “controlled company” as defined in the Nasdaq Listing Rules. As a result, Expedia is generally able to exercise control over all matters requiring approval by our board of directors or our shareholders. Conflicts of interest may arise between Expedia or its affiliates and us, including corporate opportunities, potential acquisitions or transactions as well as other matters. For example, Expedia could prevent a sale of our company or cause the removal or replacement of any or all of our board of directors or senior executive officers, even if such actions would not be beneficial to our other shareholders. In addition, some of our directors may have interests in both us and in Expedia, which could cause them to have conflicts of interest.

Comments & Business Outlook

Thu, 17 Mar 2016 20:08:49 GMT

Fourth Quarter 2015 Financial Results

Gross revenue earned from accommodation reservation (Non-GAAP)[2] was RMB351 million, representing a 4% decrease in the fourth quarter of 2015 compared to the same period in 2014.
Basic net loss per ADS and diluted net loss per ADS for the fourth quarter of 2015 were each RMB8.86 (US$1.36), compared to both basic net loss per ADS and diluted net loss per ADS of RMB5.78 (US$0.94) in the prior year quarter. Net loss per ADS and diluted net loss per ADS for the full year 2015 were each RMB27.94 (US$4.32), compared to net loss per ADS and diluted net loss per ADS of RMB7.58 (US$1.22) for 2014.

"In 2015, our accommodation reservation room nights grew 26%, setting an eLong record of 43.2 million stayed room nights. We also achieved an important milestone with gross bookings[5] surpassing RMB17 billion for the first time in our history," said Hao Jiang, Chief Executive Officer of eLong. "In 2016, we will continue to execute our focused mobile accommodation strategy to increase our investment in our mobile products, technology team and mobile customer acquisition while maintaining a balance between our top line and spending growth."

Comments & Business Outlook

Thu, 19 Nov 2015 13:06:25 GMT

Third Quarter 2015 Financial Results

Net revenues for the third quarter increased 2% to RMB307.2 million (US$48.3 million), compared to RMB301.5 million in the third quarter of 2014.
Basic net loss per ADS and diluted net loss per ADS for the third quarter of 2015 were each RMB4.22 (US$0.66), compared to both basic net loss per ADS and diluted net loss per ADS of RMB1.64 (US$0.26) in the prior year quarter.

"We continue to execute our mobile accommodation-focused strategy and our mobile lodging transactions have surpassed 180,000 per day on peak days. We are glad to see our top line in the third quarter is back to growth after the continuous declines in the previous three quarters. Facing a dynamic market in China, we will continue to invest in our mobile products, technology team and marketing campaign to achieve a solid room night growth rate," said Hao Jiang, Chief Executive Officer of eLong.

Going Private News

Fri, 21 Aug 2015 04:46:42 GMT

BEIJING, Aug. 21, 2015 /PRNewswire/ -- eLong, Inc. (Nasdaq: LONG) (the "Company"), a leading mobile and online travel service provider in China, today announced that the special committee (the "Special Committee") of the Company's board of directors (the "Board") has retained Duff & Phelps (Duff & Phelps Securities, LLC and Duff & Phelps, LLC) as its financial advisor and Kirkland & Ellis as its legal counsel in connection with its review and evaluation of the previously-announced non-binding "going private" proposal from Tencent Holdings Limited ("Tencent") that the Board received on August 3, 2015 (the "Transaction").

The Board cautions the Company's shareholders and others considering trading in the Company's securities that the Special Committee is continuing its evaluation of the Transaction and that, at this time, no decisions have been made by the Special Committee with respect to the Company's response to the Transaction. There can be no assurance that any definitive offer will be made by Tencent, that any agreement will be executed with Tencent or that the Transaction or any comparable transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to the Transaction or any other transaction, except as required under applicable law.

Going Private News

Fri, 14 Aug 2015 04:42:58 GMT

BEIJING, Aug. 13, 2015 /PRNewswire/ -- eLong, Inc. (LONG), a leading mobile and online travel service provider in China, today announced the appointment of Mr. Hao Jiang, the current eLong, Inc. (the "Company") Chief Executive Officer, as a director and Mr. Adam J. Zhao as an independent director, effective August 10, 2015 and August 13, 2015, respectively.

Mr. Adam J. Zhao has been the chief financial officer and board secretary of PapayaMobile since December 2014. Prior to joining PapayaMobile, Mr. Zhao was the CFO and board secretary of Country Style Cooking Restaurant Chain (CCSC), beginning in January 2012. Prior to that, he was the corporate vice president of Ninetowns Internet Technology Group (Nasdaq:NINE), beginning in August 2007. From 2004 to 2007, he was the CFO of Digital Media Group acquired by VisionChina (VISN). Mr. Zhao's earlier experiences include investment management positions at New Hope Capital and serving as an investment director at a Hong Kong investment company. Mr. Zhao received his bachelor's degree in economics from Beijing International Study University in 1989 and his MBA from the University of Illinois in Chicago in 2003.

The Company also announced that its board of directors (the "Board") has formed a special committee consisting of three independent and disinterested directors, Ms. May Wu, Mr. Shengli Wang and Mr. Adam J. Zhao, to consider the previously-announced non-binding "going private" proposal from Tencent Holdings Limited ("Tencent") that the Board received on August 3, 2015 (the "Transaction"). Ms. May Wu will be the chairman of the special committee. The special committee intends to retain independent legal and financial advisors in due course, to assist it in this process.

The Board cautions the Company's shareholders and others considering trading in its securities that the Board has just received the non-binding proposal letter from Tencent and no decisions have been made with respect to the Company's response to the Transaction. There can be no assurance that any definitive offer will be made by Tencent, that any agreement will be executed or that the Transaction or any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law.

Restructuring Activity

Tue, 04 Aug 2015 12:42:40 GMT

BEIJING, August 4, 2015 /PRNewswire/ -- China Digital TV Holding Co., Ltd. (NYSE: STV) ("China Digital TV" or the "Company"), the leading provider of cloud-based application platforms and conditional access ("CA") systems which enable China's digital cable television market to offer and secure diversified content services, today provided a further update on its asset restructuring (the "Restructuring") with Shanghai Tongda Venture Capital Co., Ltd ("Tongda Venture"), as referred to in the press releases dated June 13, 2014, October 9, 2014, October 27, 2014, November 27, 2014, and July 16, 2015, respectively. The Company announced that Tongda Venture has submitted all relevant documents to the China Security Regulatory Commission ("CSRC") and received an acceptance letter. The acceptance letter acknowledges that the application materials submitted by the Company are in order, and states that it will proceed to consider the application.

There will be uncertainties in completing the Restructuring, which remains subject to review by the CSRC, amid increasingly stringent standards for such transactions. Pursuant to the framework agreement entered into on June 13, 2014, the Restructuring will be terminated if it is not completed by December 31, 2015. There is no assurance that these approvals or regulatory clearance will be obtained within a reasonable timeframe, or at all. Additionally, to the extent that the CSRC provides comments on the Restructuring or imposes additional conditions to its approval (such as extending the covered period, namely 2014, 2015 and 2016, of the profit compensation scheme), and parties to the Restructuring fail to resolve these comments or agree on necessary new arrangements to meet such conditions or fail to obtain shareholders approval (if required for such new arrangements), the Restructuring may terminate or lapse.

Comments & Business Outlook

Tue, 04 Aug 2015 07:37:36 GMT

Second Quarter 2015 Unaudited Financial Results

Net revenues for the second quarter decreased 25% to RMB218.5 million (US$35.2 million), compared to RMB292.4 million (US$47.1 million) in the second quarter of 2014.
Basic net loss per ADS and diluted net loss per ADS for the second quarter of 2015 were each RMB9.82 (US$1.58), compared to basic net income per ADS and diluted net income per ADS was RMB0.90 (US$0.14) and RMB0.88 (US$0.14) respectively in the prior year quarter.

"We are facing fierce competition in China, but eLong is well positioned with a strong leadership team, significant customer base, and adequate cash balance. The eLong board of directors and management team will focus more on the mobile accommodation market place and invest more in mobile products, our technology team and promotion to achieve a solid room night growth rate with more balance between our revenues and spending," said Hao Jiang, Chief Executive Officer of eLong. "We believe the accommodation space is large enough for significant future growth for us and will drive eLong to be an accommodation-focused company."

Going Private News

Tue, 04 Aug 2015 07:33:55 GMT

BEIJING, Aug. 4, 2015 /PRNewswire/ -- eLong, Inc. (Nasdaq: LONG), a leading mobile and online travel service provider in China, today announced that its Board of Directors (the "Board") has received a preliminary non-binding proposal letter, dated August 3^rd, 2015, from Tencent Holdings Limited ("Tencent"), proposing a "going-private" transaction (the "Transaction") to acquire all outstanding ordinary shares (the "Shares") of eLong, Inc. (the "Company") not already beneficially owned by TCH Sapphire Limited which is a wholly owned subsidiary of Tencent, the major shareholders in the Company accounting for at least 70% in voting power of the Company (the "Majority Stockholders") and certain members of Company management (the "Company Management"), for $18 in cash per American depositary share of the Company ("ADS"), each representing two (2) Shares. The proposed purchase price represents a premium of approximately 24.1% to the closing trading price of the Company's ADS on July 31, 2015, the last trading day prior to the date hereof and a premium of 20.3% to the volume-weighted average closing price during the last 30 trading days.

Tencent's proposal is conditioned upon the Majority Stockholders agreeing to support, and to roll their existing equity in the Company into, the Transaction. Tencent intends to seek the support of the Majority Stockholders for this proposal and to negotiate definitive agreements for the participation of the Majority Stockholders in the Transaction concurrently with the completion of due diligence and the negotiation of definitive documentation for the Transaction. Tencent also intends to invite the Company Management to join in the proposed Transaction.

Tencent currently beneficially owns 5,038,500 high-vote ordinary shares and 6,031,500 ordinary shares, representing approximately 15.0% of the aggregate voting power of the Company.

According to the proposal letter, Tencent intends to finance the Transaction with a combination of new and rollover equity capital funded by Tencent, Company Management and the Majority Stockholders. A copy of the proposal letter is attached as Annex A to this press release.

The Board intends to form a special committee composed entirely of independent and disinterested directors to consider Tencent's non-binding proposal, and plans to authorize the special committee to retain legal and financial advisors to assist it in evaluating the Transaction.

Legal Insights

Thu, 02 Jul 2015 06:34:07 GMT

BEIJING, July 1, 2015 (GLOBE NEWSWIRE) -- Qunar Cayman Islands Limited (NASDAQ:QUNR) ("Qunar" or the "Company"), today announced that it has received the final judgment (the "Final Judgment") from the Beijing High People's Court (the "Court") with respect to the contract dispute relating to an Inventory Distribution Agreement for hotels with eLong, Inc., which was previously described in the Company's annual report on Form 20-F for the fiscal year of 2014. The Company does not believe that the Final Judgment will have any material impact on its future business, results of operations or financial condition.

In the Final Judgment, the Court upheld the prior judgment of the Beijing No. 1 Intermediate People's Court from January 1, 2015 that (i) our subsidiary, Beijing Qunar Software Technology Co., Ltd. ("Beijing Qunar") shall credit to the advertisement account opened at Beijing Qunar by eLongNet Information Technology (Beijing) Co., Ltd. ("eLongNet"), a subsidiary of eLong, Inc., the amount of RMB52,335,369 (approximately US$8.5 million) corresponding to the period up to September 30, 2014; and RMB36,450,000 (approximately US$6.0 million) for the period from October 1, 2014 through June 30, 2015; (ii) eLongNet shall pay Beijing Qunar a commission of RMB8,127,400 (approximately US$1.3 million) due under the Inventory Distribution Agreement; and (iii) the Inventory Distribution Agreement shall continue to be performed by both parties. The Court also ordered Beijing Qunar to pay eLongNet RMB227,599 (US$37 thousand) in legal fees, and apportioned court fees between the parties.

In the three months ended December 31, 2014, the Company has already recorded in its financial results a one-time loss provision relating to this lawsuit. The Company does not believe that the Final Judgment will have any material impact on its future business, results of operations or financial condition. The Company continues to expand its hotel direct segment, which is the substantial majority of the Company's hotel business, and the Final Judgment will not impact the Company's ability to continue to grow this important segment.

Comments & Business Outlook

Wed, 01 Jul 2015 13:17:47 GMT

BEIJING, July 1, 2015 /PRNewswire/ -- eLong, Inc. (NASDAQ: LONG), released the following update on its legal dispute with Qunar:

On June 29, 2015, the Beijing Municipal High Court (the "High Court") issued its written final judgment (the "Final Judgment") in the contract dispute between an eLong subsidiary, eLongNet Information Technology (Beijing) Co., Ltd. ("eLong Information"), and an affiliate of Qunar, Beijing Qunar Software Technology Co. Ltd. ("Beijing Qunar").

eLong Information commenced the case in 2013 after Beijing Qunar improperly terminated a three-year hotel inventory redistribution agreement (as amended, the "Affiliation Agreement") entered into by eLong Information and Beijing Qunar. The Beijing First Intermediate Court (the "Intermediate Court") issued a judgment (the "First-Instance Judgment") on December 26, 2014. And in January 2015, both Beijing Information and Beijing Qunar appealed the First-Instance Judgment to the High Court.

The Final Judgment dismissed the appeals and upheld the First-Instance Judgment, which ruled primarily in favor of eLong. Key points are the following:

The Intermediate Court held Beijing Qunar to be in breach of contract for its early termination of the Affiliation Agreement. Specifically, the Intermediate Court rejected Beijing Qunar's claim that eLong Information had breached the Affiliation Agreement and held that Beijing Qunar's termination notice was therefore void.
The Intermediate Court ordered Beijing Qunar and eLong Information to resume their PRC domestic agency hotel inventory cooperation under the terms of the Affiliation Agreement.
The Intermediate Court ordered Beijing Qunar to compensate eLong Information RMB52,335,396 (US$8.4 million) for the period from September 6, 2013 through September 30, 2014 and, as stipulated in the Affiliation Agreement, to pay such compensation as an advertising credit to eLong Information's advertising account at Qunar.
The Intermediate Court further ordered Beijing Qunar to pay eLong Information an advertising credit of RMB27 per room night if Beijing Qunar fails to meet the room night target of 450,000 PRC domestic hotel room nights per quarter under the Affiliation Agreement for any quarterly periods from October 1, 2014 through June 30, 2016.
The Intermediate Court ordered eLong Information to pay RMB8,127,402 (approximately US$1.3 million) in commissions to Beijing Qunar for room nights sold under the Affiliation Agreement during the period from July 1, 2013 through September 5, 2013, prior to Beijing Qunar's breach of contract.
The Intermediate Court also ordered Beijing Qunar to pay eLong Information RMB227,599 (US$37 thousand) in legal fees, and apportioned court fees between the parties.

Under the Final Judgment and the First-instance Judgment, Beijing Qunar has the obligation to compensate eLong Information within 10 days from the Final Judgment's effective day RMB88,785,396 (US$14.4 million) as an advertising credit to eLong Information's advertising account at Qunar for the period from September 6, 2013 through June 30, 2015; which includes RMB36,450,000 (US$6.0 million) generated for the period from October 1, 2014 through June 30, 2015.

If Beijing Qunar fails to perform the Final Judgment, eLong will continue to take all necessary and appropriate actions to protect its rights and interests under PRC law and the Affiliation Agreement.

Comments & Business Outlook

Fri, 22 May 2015 04:00:00 GMT

BEIJING, May 22, 2015 /PRNewswire/ -- eLong, Inc. (Nasdaq: LONG), a leading online travel company in China (the "Company" or "eLong"), today announced the sale by Expedia, Inc. (NASDAQ: EXPE) ("Expedia"), the largest shareholder of the Company, of its 62.4% ownership interest in the Company held through its wholly owned subsidiary. Expedia informed eLong that, on May 22, 2015, all of the ordinary shares Expedia owned were sold at an average price of US$14.63 per share (equivalent to an average price of US$29.27 per ADS) to several purchasers based in China, including C-Travel International, Ltd. (a wholly owned subsidiary of Ctrip.com International, Ltd. (NASDAQ: CTRP)), Keystone Lodging Holdings Limited, Plateno Group Limited and Luxuriant Holdings Limited.

Comments & Business Outlook

Fri, 01 May 2015 04:00:00 GMT

First Quarter 2015 Financial Results

Net revenues for the first quarter decreased 14% to RMB211.9 million (US$34.2 million), compared to RMB246.1 million (US$39.6 million) in the first quarter of 2014.
Basic net loss per ADS and diluted net loss per ADS for the first quarter of 2015 were each RMB5.02 (US$0.82), compared to basic net loss per ADS and diluted net loss per ADS of RMB1.00 (US$0.16) in the prior year quarter.

Notable Share Transactions

Thu, 19 Mar 2015 04:00:00 GMT

BEIJING, March 19, 2015 /PRNewswire/ -- eLong, Inc. (NASDAQ: LONG), a leading mobile and online travel service provider in China, today announced that it entered into a share transfer agreement (the "Share Transfer Agreement") with respect to Nanjing Xici Information Technology Share Co., Ltd. ("Nanjing Xici").

On March 19, 2015, eLong, Inc., through its wholly-owned subsidiary eLongNet Information Technology (Beijing) Co., Ltd. and a consolidated affiliated company (together, "eLong"), entered into the Share Transfer Agreement with ADDOR Capital Management Co., Ltd. and its subsidiary Jiangsu Zijin Huiwen Media Investment Co., Ltd. ("JZH Media"), pursuant to which JZH Media will acquire a 90% equity interest and all assets relating to eLong's Nanjing Xici business for a purchase price of RMB76.5 million (US$12.2 million). Nanjing Xici operates a regional BBS business in Jiangsu Province, China. Immediately prior to entering into the Share Transfer Agreement, eLong and Nanjing Xici employees owned 95.05% and 4.95%, respectively, of Nanjing Xici. The Share Transfer Agreement also provides that eLong will transfer its remaining 5.05% equity interest in Nanjing Xici to employees of Nanjing Xici upon JZH Media's payment of the full purchase price.

eLong currently expects the transactions contemplated by the Share Transfer Agreement to be completed in the fourth quarter of 2015, and intends to use the funds received by eLong from the transactions for general corporate purposes.

Comments & Business Outlook

Fri, 06 Feb 2015 05:00:00 GMT

Fourth Quarter 2014 Financial Results

Net revenues for the fourth quarter decreased 6% to RMB246.2 million (US$39.7 million), compared to RMB261.0 million (US$43.1 million) in the fourth quarter of 2013.
Net loss for the fourth quarter of 2014 was RMB206.7 million, compared to net loss of RMB44.0 million during the prior year quarter. Net loss for the full year 2014 was RMB268.9 million, compared to net loss of RMB167.7 million in 2013.
Basic net loss per ADS and diluted net loss per ADS for the fourth quarter of 2014 were each RMB5.78 (US$0.94), compared to basic net loss per ADS and diluted net loss per ADS of RMB1.26 (US$0.22) in the prior year quarter. Net loss per ADS and diluted net loss per ADS for the full year of 2014 were each RMB7.58 (US$1.22), compared to net loss per ADS and diluted net loss per ADS of RMB4.82 (US$0.80) for 2013.

"Our mobile lodging transactions have surpassed 100,000 per day on peak days; and our lodging network has grown to more than 200,000 properties in China and more than 400,000 properties worldwide. Facing fierce competition, we are innovating more quickly and investing more in our products, technology and people than at any time in our history. We will continue to invest in order to accelerate our growth in 2015," said Guangfu Cui, Chief Executive Officer of eLong.

Comments & Business Outlook

Thu, 13 Nov 2014 05:00:00 GMT

Third Quarter 2014 Unaudited Financial Results

Net revenues for the third quarter increased 2% to RMB301.5 million (US$49.1 million), compared to RMB296.9 million (US$48.5 million) in the third quarter of 2013. Total revenues for the third quarter increased to RMB323.5 million (US$52.7 million).
Basic net loss per ADS and diluted net loss per ADS for the third quarter of 2014 were each RMB1.64 (US$0.26), compared to basic net loss per ADS and diluted net loss per ADS of RMB1.44 (US$0.24) in the prior year quarter.

"Our mobile lodging transactions have now surpassed 100,000 per day on peak days during holiday periods; and our lodging network has grown to more than 155,000 properties in China and over 365,000 properties worldwide. Every day our mobile applications provide real savings to our customers with tens of thousands of discounted lodging products, including pre-paid, flash sale and last minute products," said Guangfu Cui, Chief Executive Officer of eLong.

Business Outlook

eLong currently expects net revenues for the fourth quarter of 2014 to be within the range of a decline of 20% to an increase of 10% compared to the fourth quarter of 2013. This outlook reflects eLong's current and preliminary view, which is subject to change.

CFO Trail

Tue, 23 Sep 2014 04:00:00 GMT

BEIJING, September 23, 2014 /PRNewswire/ -- eLong, Inc. (Nasdaq: LONG), a leading mobile and online travel service provider in China, today announced the appointment of Philip Yang, currently the Company's Chief Accounting Officer, as Chief Financial Officer, effective October 1, 2014.

Since joining eLong in 2006, Mr. Yang has held a number of increasingly senior positions in eLong's Finance department, including Internal Audit Director, Financial Controller and Chief Accounting Officer. Prior to joining eLong, Mr. Yang was a senior auditor with Deloitte Touche Tohmatsu and also previously worked at Protiviti and TOM Group Limited. Mr. Yang graduated from Beijing Polytechnic University with a Bachelors Degree of Business Administration and Civil Engineering. He is a PRC Certified Public Accountant and a Certified Management Accountant.

Rong Luo, eLong's Chief Financial Officer, and Jason Xie, eLong's Chief Operating Officer, will be leaving the company on September 30, 2014. "Jason and Rong have each made valuable contributions to eLong's growth and development, and we wish them continued success in the future," said Guangfu Cui, Chief Executive Officer of eLong. "Philip has been an outstanding leader of our Finance department for eight years, and I look forward to working closely with him to execute our strategy and grow our business."

Comments & Business Outlook

Fri, 08 Aug 2014 04:00:00 GMT

Second Quarter 2014 Unaudited Financial Results

Net revenues for the second quarter increased 25% to RMB292.4 million (US$47.1 million), compared to RMB234.3 million (US$38.2 million) in the second quarter of 2013. Total revenues for the second quarter increased to RMB312.4 million (US$50.4 million).
Basic net income per ADS and diluted net income per ADS for the second quarter of 2014 was RMB0.90 (US$0.14) and RMB0.88 (US$0.14) respectively, compared to basic net loss per ADS and diluted net loss per ADS of RMB2.20 (US$0.36) in the prior year quarter.

"In the second quarter, our lodging network grew to 120,000 contracted properties in China and nearly 325,000 properties worldwide. Every day our mobile applications provide real savings to our customers with tens of thousands of discounted lodging products, including pre-paid, flash sale, last minute and groupbuy products. With our broad range of accommodations products and attractive discounts, mobile has now become our largest booking channel, surpassing 60,000 transactions on peak days," said Guangfu Cui, Chief Executive Officer of eLong.

Business Outlook

eLong currently expects net revenues for the third quarter of 2014 to increase by 10% to 20% compared to the third quarter of 2013. This outlook reflects eLong's current and preliminary view, which is subject to change.

Joint Venture

Thu, 22 May 2014 04:00:00 GMT

BEIJING, May 22, 2014 /PRNewswire/ -- eLong, Inc. (Nasdaq: LONG), a leading mobile and online travel service provider in China, today announced that eLong and Tongcheng Network Technology Share Co., Ltd. ("Tongcheng") have entered into an agreement terminating their Strategic Cooperation Agreement.

In exchange for termination of the strategic cooperation agreement, Tongcheng agreed to pay eLong RMB 30 million, and paid this amount on May 22, 2014. eLong has agreed to provide hotel inventory, and to pay commission for hotel bookings, through May 23, 2014. The parties have also agreed that any future commercial cooperation will be negotiated at a later date.

Comments & Business Outlook

Thu, 10 Apr 2014 04:00:00 GMT

BEIJING, April 10, 2014 /PRNewswire/ -- eLong, Inc. (Nasdaq: LONG), a leading mobile and online travel service provider in China, today announced that eLong and Tongcheng Network Technology Share Co., Ltd. ("Tongcheng") have entered into a Strategic Cooperation Agreement. Tongcheng (www.LY.com) is a leading PRC online travel agency focused on leisure travel and based in Suzhou, China.

Under the agreement, eLong will become the exclusive provider of agency hotel and group-buy hotel inventory for Tongcheng in mainland China, and Tongcheng will become the exclusive provider of scenic attraction ticket inventory for eLong.

"We are delighted to reach agreement to provide eLong's outstanding PRC hotel inventory to Tongcheng, and to expand our own product offerings by providing scenic attraction tickets. We believe this is a win-win for travelers, for eLong and for Tongcheng," said Guangfu Cui, Chief Executive Officer of eLong.

"With this agreement we will provide an expanded selection of hotel offerings for our customers, and will focus our resources to build on our leading position in the scenic attraction ticket and leisure travel markets in China," said Wu Zhixiang, Chief Executive Officer of Tongcheng.

Comments & Business Outlook

Thu, 20 Feb 2014 05:00:00 GMT

Fourth Quarter 2013 Financial Results

Net revenues for the fourth quarter increased 25% to RMB261.0 million (US$43.1 million), compared to RMB208.8 million(US$33.5 million) in the fourth quarter of 2012.
Basic net loss per ADS and diluted net loss per ADS for the fourth quarter of 2013 were each RMB1.26 (US$0.22), compared to basic net income per ADS and diluted net income per ADS of RMB0.16 (US$0.02) in the prior year quarter.

"In 2013, our hotel room nights grew 60% setting an eLong record of 25.8 million room nights stayed. We also achieved two important company milestones with gross bookings* surpassing RMB10 billion and net revenues exceeding RMB1 billion for the first time in our history," said Guangfu Cui, Chief Executive Officer of eLong. "We continue to execute our mobile hotel strategy and upgrade our mobile user experience, including recently launching train ticket booking and WeChat payment on our mobile Apps."

Business Outlook

eLong currently expects net revenues for the first quarter of 2014 to increase by 10% to 20% compared to the first quarter of 2013. This outlook reflects eLong's current and preliminary view, which is subject to change.

Comments & Business Outlook

Thu, 02 Jan 2014 05:00:00 GMT

BEIJING, January 2, 2014 /PRNewswire/ -- eLong, Inc. (Nasdaq: LONG), a leading mobile and online travel service provider in China, announced that, effective January 2, 2014, listing of the company's American depositary shares will be transferred to the NASDAQ Global Select Market.

NASDAQ-listed companies are classified in three listing tiers: NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market. The NASDAQ Global Select Market is the highest of the three tiers. Prior to transfer to the NASDAQ Global Select Market, eLong shares traded on the NASDAQ Global Market.

"We are delighted that NASDAQ recognized our high quality business and governance standards by selecting eLong for inclusion in its top tier market," said Guangfu Cui, eLong's Chief Executive Officer.

American depositary shares of the company will continue to trade under the ticker symbol LONG.

Comments & Business Outlook

Thu, 14 Nov 2013 05:00:00 GMT

Third Quarter 2013 Financial Results

Total revenues increase 49% from RMB316.0 from last years RMB211.9
Basic net loss per ADS and diluted net loss per ADS for the third quarter of 2013 were each RMB1.44 (US$0.24), compared to basic net loss per ADS and diluted net loss per ADS of RMB0.96 (US$0.16) in the prior year quarter.

"In Q3, we achieved a record of 7.7 million quarterly hotel room nights stayed, a 68% increase year-on-year," said Guangfu Cui, Chief Executive Officer of eLong. "We are executing our mobile hotel strategy and constantly upgrading our mobile user experience. eLong mobile apps have achieved 35 million cumulative downloads, and mobile comprises more than 25% of our total hotel bookings."

Business Outlook

eLong currently expects net revenues for the fourth quarter of 2013 to increase by 20% to 30% compared to the fourth quarter of 2012. This outlook reflects eLong's current and preliminary view, which is subject to change.

Company Rebuttal

Wed, 16 Oct 2013 04:00:00 GMT

BEIJING, October 16, 2013 /PRNewswire/ -- eLong, Inc. (NASDAQ: LONG), released the following statement regarding a legal dispute with Qunar:

We recently have noticed a number of public statements regarding a contract dispute between eLong and Qunar. We would like to clarify some of the facts relating to this dispute, and set forth our position with respect thereto.

In May 2013, after a temporary suspension of cost-per-click advertising cooperation, an eLong subsidiary entered into two contract amendments with a Qunar affiliate ("Beijing Quna") regarding hotel inventory redistribution (together, the "Agreement"). Under the Agreement, eLong is to provide Qunar with PRC domestic agency hotel inventory, PRC domestic pre-pay hotel inventory and international hotel inventory, pursuant to a revenue share arrangement. The Agreement specifies that domestic agency hotel inventory would be provided first, and pre-pay hotel and international hotel would be provided subsequently, and states that the parties would separately finalize commission and settlement terms and procedures for the pre-pay and international hotel inventory.

Under the Agreement, Qunar is obligated to sell at least 900,000 stayed room nights of eLong-provided hotel inventory between July 1, 2013 and December 31, 2013, including 450,000 room nights quarterly between July 1, 2013 and September 30, 2013, and 450,000 between October 1, 2013 and December 31, 2013. The Agreement also requires Qunar to sell a higher number of room nights of eLong inventory during the future period betweenJanuary 1, 2014 and June 30, 2016, and stipulates that the rate of increase must be at least 70% of Qunar's prior year fourth quarter hotel room night growth rate. If Qunar fails to meet the sales targets, the Agreement specifies that Qunar is to compensate eLong by providing advertising credit at a rate of RMB27 per room night, and such compensation is to be paid within 20 days after the end of each calendar quarter. Thus, under the terms of the Agreement, and without estimating any future growth rate, Qunar has committed to sell a total of 5.4 million stayed room nights of eLong hotel inventory during the period between July 1, 2013 and June 30, 2016, and to pay compensation of RMB 27 for each room night less than the sales target (e.g. if no room nights sold, RMB145.8 million = 5.4 million x 27 RMB per room night).

We believe we have faithfully carried out our obligations under the Agreement, and that Qunar breached the Agreement by seeking early termination without legal or contractual basis. To protect our interests, on September 11, 2013, we filed suit against Beijing Quna, and the Court in Beijing has scheduled the first hearing for this case in late October. In this action, we seek a resumption of cooperation under the terms of the Agreement and damages for our losses. We will continue to take all appropriate and necessary steps to protect our legal interests.

Notable Share Transactions

Thu, 19 Sep 2013 04:00:00 GMT

BEIJING, Sept. 18, 2013 /PRNewswire/ eLong, Inc. (NASDAQ: LONG), today announced grants of approximately 6.3 million restricted share units (currently equivalent to approximately 3.15 million eLong American Depository Shares) to its chief executive officer and other members of its senior management. The grants are intended to further increase the alignment of eLong's senior management team with eLong's shareholders while they continue to drive eLong's performance as a leader in China's mobile and online travel market.

Guangfu Cui, eLong's Chief Executive Officer and Board member, will receive approximately 4 million restricted share units, with other members of eLong's senior management receiving the balance. In both cases, half of the restricted share units will vest in equal annual increments over a five-year period, and half will vest in three equal increments if eLong achieves certain operational and financial performance targets. Vesting for each recipient is also subject to continued employment with eLong through each applicable vesting date. Upon vesting, eLong will deliver one ordinary share for each restricted share unit. Currently, each eLong American Depository Share represents two ordinary shares.

"We consider Guangfu and his team true partners in building the eLong brand in the highly competitive Chinese travel sector. This is a team that has delivered by gaining share versus its biggest competitor since the first quarter of 2010, and remains on track to continue growing and gaining share going forward," said Dara Khosrowshahi, Chief Executive Officer of Expedia, Inc. "These grants reflect our partnership and help us ensure the team remains aligned with shareholders and focused on the enormous long-term opportunity thatChina represents."

In connection with the grants, eLong's Board of Directors also amended the 2009 Share and Annual Incentive Plan increasing the total number of authorized shares from 12 million to 17 million.

Comments & Business Outlook

Thu, 15 Aug 2013 04:00:00 GMT

Second Quarter 2013 Financial Results

Net revenues for the second quarter increased 27% to RMB234.3 million (US$38.2 million), compared toRMB185.0 million (US$29.1 million) in the second quarter of 2012.
Basic net loss per ADS and diluted net loss per ADS for the second quarter of 2013 were each RMB2.20(US$0.36), compared to basic net income per ADS and diluted net income per ADS of RMB0.46 (US$0.08) in the prior year quarter.

"We see an accelerating trend towards mobile hotel bookings, which comprised more than 20% of our hotel room nights in Q2, surpassing our call centers to become our second largest hotel booking channel," saidGuangfu Cui, Chief Executive Officer of eLong. "To capture this great market opportunity, we have moved from an online hotel strategy to a mobile hotel strategy. We are also establishing a US$100 million fund to encourage innovation in this fast-growing area."

Business Outlook

eLong currently expects net revenues for the third quarter of 2013 to increase by 35% to 45% compared to the third quarter of 2012. This outlook reflects eLong's current and preliminary view, which is subject to change.

CFO Trail

Mon, 10 Jun 2013 04:00:00 GMT

BEIJING, June 8, 2013 /PRNewswire/ -- eLong, Inc. (Nasdaq: LONG), a leading online travel company in China, today announced the appointment of Rong Luo as the Company's Chief Financial Officer, effective June 8, 2013 (Beijing Time).

Prior to joining eLong, Mr. Luo was finance senior manager (China) for the Lenovo Group, and, prior to Lenovo, held a number of positions in Beijing and Seattle in the finance function of the Microsoft Corporation, including analyst, manager and senior manager. Mr. Luo holds a double major Bachelor's Degree in Economics and Information Management & Systems from Peking University, a Master's Degree in Management Science and Engineering from Tsinghua University, and is a PhD candidate in Management of Information Sciences at Peking University.

"We are delighted to welcome Rong Luo as our new CFO, and are confident he will make significant contributions to eLong's growth and development," said Guangfu Cui, Chief Executive Officer of eLong.

Comments & Business Outlook

Tue, 14 May 2013 04:00:00 GMT

First Quarter 2013 Financial Results

Net revenues increased 42% to RMB217.4 million (US$35.0 million), compared to RMB153.2 million(US$24.3 million) in the first quarter of 2012.
Net income for the first quarter of 2013 was RMB2.8 million, compared to net income of RMB11.9 million during the prior year quarter.
Basic net income per ADS and diluted net income per ADS for the first quarter of 2013 were each RMB0.08 (US$0.012), compared to basic net income per ADS and diluted net income per ADS of RMB0.34 (US$0.06) in the prior year quarter.

"In Q1, we further expanded our hotel booking market share and further strengthened our brand proposition of 'Book Hotel, Use eLong'," said Guangfu Cui, Chief Executive Officer of eLong. "We are also seeing terrific growth in mobile bookings which now comprise more than 15% of our room nights. We will continue to invest in mobile and execute our mobile and online hotel strategy.

Business Outlook

eLong currently expects net revenues for the second quarter of 2013 to increase by 15% to 25% compared to the second quarter of 2012. This outlook reflects eLong's current and preliminary view, which is subject to change.

CFO Trail

Tue, 14 May 2013 04:00:00 GMT

CFO Transition

Mike Doyle, eLong's Chief Financial Officer for the past four years, will be leaving the Company on May 31, 2013. "Mike has made outstanding contributions to eLong's growth and development, and we wish him continued success in his future endeavors," saidGuangfu Cui. "I am proud of the progress we have made in turning around eLong's business and in building a strong finance organization. I remain confident in eLong's future and the ability of the team to achieve our objective to become China's largest online hotel booking service provider," said Mike Doyle.

eLong has appointed Philip Yang, as Interim CFO and Chief Accounting Officer, effective June 1, 2013. Mr. Yang is currently Vice President of Finance and Financial Controller of eLong. "Philip has been a trusted leader in our finance department for nearly seven years, and I am delighted that he will now assume a larger role in the execution of our mobile and online hotel strategy. In addition, we are considering external candidates to further strengthen our finance leadership team," said Guangfu Cui.

Since joining eLong in 2006, Mr. Yang has held a number of leadership positions within eLong's Finance department, including Internal Audit Director and Financial Controller. Prior to joining eLong, Mr. Yang was a senior auditor with Deloitte Touche Tohmatsu and also previously worked at Protiviti and TOM Group Limited. Mr. Yang is a graduate of Beijing Polytechnic University with a Bachelors Degree of Business Administration and Civil Engineering. He is a PRC Certified Public Accountant and a Certified Management Accountant.

Comments & Business Outlook

Tue, 21 Aug 2012 04:00:00 GMT

2nd Quarter Highlights

Net revenues for the second quarter increased 33% to RMB185.0 million (US$29.1 million), compared to RMB139.1 million (US$21.5 million) in the second quarter of 2011.
Net income for the second quarter increased to RMB16.0 million (US$2.5 million), compared to RMB7.1 million (US$1.1 million) in the prior year period.
Net income per ADS and diluted net income per ADS for the second quarter of 2012 were each RMB0.46 (US$0.08), compared to net income per ADS and diluted net income per ADS of RMB0.26 (US$0.04) and RMB0.24 (US$0.04) respectively in the prior year quarter

"In the second quarter, eLong delivered a record high number of hotel room nights, was the clear leader in hotel group buy, and continued to gain market share in the hotel booking segment," said Guangfu Cui, Chief Executive Officer of eLong. "In the third quarter, we have launched our largest-ever marketing campaign to drive awareness of our brand, innovative products and services."

Business Outlook

eLong currently expects net revenues for the third quarter of 2012 to increase by 10% to 20% compared to the third quarter of 2011. This outlook reflects eLong's current and preliminary view, which is subject to change.

Notable Share Transactions

Mon, 18 Jun 2012 04:00:00 GMT

BEIJING, June 18, 2012 /PRNewswire-Asia/ -- The Executive Committee of the Board of Directors of eLong, Inc. (the "Company"), acting on behalf of the Company's Board of Directors, has approved a new share repurchase program.

Under the repurchase program, the Company may purchase ordinary shares of the Company, including American depositary shares ("ADSs"), with a total value at the time of purchase of up to US$30 million. The Company currently expects to fund the repurchases out of its cash on hand.

The repurchase program is for an indefinite period, and does not obligate the Company to purchase a particular number of shares during any period. In addition, the Company may modify, suspend or terminate the program at any time. Share repurchases may be effected in the open market and/or pursuant to privately negotiated transactions.

Share repurchases will be conducted in accordance with the applicable rules and regulations of the Securities and Exchange Commission.

Comments & Business Outlook

Fri, 24 Feb 2012 05:00:00 GMT

Highlights - Fourth Quarter 2011

Hotel room nights booked through eLong in the fourth quarter increased 50% to 2.6 million room nights compared to 1.7 million in the prior year period.
Net revenues for the fourth quarter increased 27% to RMB158.2 million (US$25.1 million), compared toRMB124.1 million (US$18.8 million) in the fourth quarter of 2010.
Net income for the fourth quarter increased to RMB15.0 million (US$2.4 million), compared to RMB4.2 million (US$0.6 million) in the fourth quarter of 2010.
Domestic hotel coverage network expanded 48% to over 25,500 domestic hotels as of December 31, 2011, compared to 17,200 as of December 31, 2010. In addition, eLong offers almost 149,000 international hotels through a direct connection to Expedia.
Online hotel bookings in the fourth quarter were approximately 63% of total hotel bookings, compared to 45% in the same period in 2010.
In December 2011, monthly room nights booked through eLong's group buy channel exceeded 100,000 for the first time.
Received China's 2011 Best Online Travel Service Provider award as selected through an online poll organized by Sohu and Ipsos.

"We continue to execute on our online hotel-focused strategy and customers are enthusiastically responding. During the quarter, we launched customer enhancements to both our award-winning online and developing mobile channels driving additional customers to our rapidly increasing supply of hotels, including over 25,500 domestic and almost 149,000 international hotels," said Guangfu Cui, Chief Executive Officer of eLong.

Comments & Business Outlook

Tue, 15 Nov 2011 05:00:00 GMT

Third Quarter 2011 Results

Net revenues increased 19% to RMB164.3 million (US$25.8 million), compared to RMB137.8 million (US$20.6 million) in the third quarter of 2010.
Net income per ADS and diluted net income per ADS for the third quarter of 2011 were RMB0.28 (US$0.04), compared to net income per ADS and diluted net income per ADS for the prior year quarter of RMB0.04 (US$0.01).

"Our customers continue to respond strongly to our market leading hotel network of over 23,000 domestic hotels and 145,000 international hotels, our easy-to-use hotel website and mobile applications and our competitive prices. In addition, we continue to drive innovation in the travel sector through our Group Buying and Last-Minute hotel offerings," said Guangfu Cui, Chief Executive Officer of eLong. "I am also pleased to report that approximately sixty percent of our hotel customers now book online at eLong.com and through our mobile applications."

Business Outlook

eLong currently expects net revenues for the fourth quarter of 2011 to be within the range of RMB143 million to RMB155 million, equal to an increase of 15% to 25% compared to the fourth quarter of 2010.

Comments & Business Outlook

Tue, 09 Aug 2011 04:00:00 GMT

Highlights -- Second Quarter 2011

Online hotel bookings in the second quarter were approximately 55% of total hotel bookings, exceeding call center hotel bookings for the first time in eLong's history.
Net revenues for the second quarter increased 17% to RMB139.1 million (US$21.5 million), compared to RMB118.9 million (US$17.5 million) in the second quarter of 2010.
Hotel room nights booked through eLong in the second quarter increased 43% to 2.2 million room nights compared to 1.5 million in the prior year period.
Domestic hotel coverage network expanded 72% to over 21,000 domestic hotels as of June 30, 2011, compared to 12,200 as of June 30, 2010. In addition, eLong offers almost 140,000 international hotels through a direct connection to Expedia.
In July, launched first initiatives with Tencent. Integrated eLong hotel inventory on go.qq.com and eLong group buy hotel inventory on tuan.qq.com. Began cooperation on travel content with trip.elong.com.

"eLong's online hotel bookings in Q2 were over 50% of our total hotel bookings the first time ever. This milestone is the result of our focused online strategy and the appealing breadth and competitive prices of our over 21,000 hotels, the largest directly bookable hotel network in China. It also demonstrates customers' continuing transition to online booking as the preferred hotel booking method in China," said Guangfu Cui, Chief Executive Officer of eLong.

Business Outlook

eLong currently expects net revenues for the third quarter of 2011 to be within the range of RMB152 million to RMB165 million, equal to an increase of 10% to 20% compared to the third quarter of 2010.

Liquidity Requirements

Thu, 30 Jun 2011 04:00:00 GMT

Our capital expenditures totaled RMB32.9 million, RMB12.0 million and RMB17.6 million (US$2.7 million) in 2008, 2009, and 2010, respectively. Our capital expenditures in 2010 related primarily to purchases of software, computer equipment, servers and computer software to support the development of our business. Capital expenditures in 2011 have been, and are expected to continue to be, funded through operating cash flows and through our existing capital resources.

Comments & Business Outlook

Tue, 17 May 2011 04:00:00 GMT

First Quarter Results:

Net revenues for the first quarter increased 23% to RMB124.5 million (US$19.0 million), compared to RMB101.1 million (US$14.8 million) in the first quarter of 2010.
Income from operations for the first quarter increased 111% to RMB13.2 million (US$2.0 million), compared to RMB6.3 million (US$0.9 million) in the prior year period. Operating margin was 10.6% compared to 6.2% in the first quarter of 2010.
Net income for the first quarter increased 30% to RMB7.7 million (US$1.2 million), compared to RMB5.9 million (US$0.9 million) in the first quarter of 2010.

"In the first quarter, eLong accelerated the growth of its core online hotel business. We were pleased to see nearly half of our customers now choosing to book hotel online. We expect our hotel online bookings will for the first time exceed our call center bookings in the second quarter. This is a great milestone for both eLong's online hotel booking strategy and China's online travel industry! We also continued to drive product innovation with our next generation iPhone application which is currently in the Top 10 travel downloads in China's iTunes App Store," said Guangfu Cui, Chief Executive Officer of eLong.

Net income per ADS and diluted net income per ADS for the first quarter of 2011 were RMB0.32 (US$0.04) and RMB0.30 (US$0.04) respectively, compared to net income per ADS and diluted net income per ADS for the prior year quarter of RMB0.26 (US$0.04) and RMB0.24 (US$0.04) respectively.

Comments & Business Outlook

Fri, 18 Feb 2011 05:00:00 GMT

Fourth Quarter Results:

Net revenues for the fourth quarter increased 23% to RMB124.1 million (US$18.8 million), compared to RMB100.9 million (US$14.8 million) in the fourth quarter of 2009.
Income from operations for the fourth quarter increased to RMB12.6 million (US$1.9 million), compared to RMB2.4 million (US$0.3 million) in the prior year period.
Net income increased to RMB4.2 million (US$0.6 million), compared to RMB1.0 million (US$0.1 million) in the fourth quarter of 2009.
Net income per ADS and diluted net income per ADS for the fourth quarter of 2010 were RMB0.18 (US$0.02) and RMB0.16 (US$0.02) respectively, compared to both net income per ADS and diluted net income per ADS of RMB0.04 (US$0.01) in the prior year quarter.
Adjusted diluted net income per ADS for the fourth quarter of 2010 were US$0.04 and RMB0.16 (US$0.02)compared to $0.01 in the prior year quarter.

Guidance:

eLong currently expects net revenues for the first quarter of 2011 to be within the range of RMB111 million to RMB121 million, equal to an increase of 10% to 20% compared to the first quarter of 2010.

"In 2010, eLong really accelerated the growth of its core online hotel business. Room night growth was 49% year-on-year as our customers welcomed the real savings available from our coupon program, and our expanded hotel coverage network of over 17,200 domestic and 130,000 international hotels. We were also pleased to see the positive customer response to our much improved website booking experience with over 45% of our customers now choosing to book online," said Guangfu Cui, Chief Executive Officer of eLong.

Comments & Business Outlook

Thu, 11 Nov 2010 05:00:00 GMT

Highlights - Third Quarter 2010

Net revenues increased 42% to RMB137.8 million, compared to RMB97.2 million in the third quarter of 2009.

Income from operationsincreased 104% to RMB12.0 million, compared to RMB5.9 million in the third quarter of 2009. Operating margin was 8.7% compared to 6.1% in the third quarter of 2009.

Net income for the third quarter of 2010 wasRMB1.2 million, compared to net income of RMB7.5 millionduring the prior year quarter.

Net income per ADS and diluted net income per ADS for the third quarter of 2010 were RMB0.04, compared to net income per ADS and diluted net income per ADS for the prior year quarter of RMB0.32 and RMB0.30, respectively.

Non-GAAP per ADS was $0.60 vs. $0.42

Business Outlook

eLong currently expects net revenues for the fourth quarter of 2010 to be within the range of RMB116 million to RMB126 million, equal to an increase of 15% to 25% compared to the fourth quarter of 2009.