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Ctrip Announces Investment in LY.com

April 30, 2014 Financial No Comments Email Email

Ctrip.com International, Ltd., 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 overUS$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.

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