Ctrip.com and Qunar, China’s two leading travel websites, yesterday announced a strategic partnership in a deal that creates the country’s biggest online travel service and taps into its fast-growing tourism market.
Under the terms of the deal, Ctrip.com will own roughly 45 per cent of Qunar, while Qunar’s backer, China search group Baidu, will take a 25 per cent stake in Ctrip.com.
Baidu’s US-listed shares rose more than 9 per cent in premarket trading on news of the deal.
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