It was inevitable really. Given the growing appetite in China for leisure travel, at home and abroad, it was only a matter of time before online travel booking gain traction.
Monday’s move by Tencent, China’s largest internet company, to acquire a 16 per cent stake in eLong, the online travel company, for $84.4m, underscores how this nascent industry is quickly emerging as the next big battleground for China’s internet companies.
The deal will make Tencent eLong’s second biggest shareholder after Expedia, which owns 56 per cent of the company. The tie-up is also expected to loosen Nasdaq-listed Ctrip’s grip on the Chinese online travel market.
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