Baidu, the search engine group, is selling about $1bn of its shares in Ctrip, China’s largest travel booking website, bolstering its cash on hand after a difficult year for profits.
Ctrip, which owns Skyscanner, the UK flight search engine and is known as Trip.com outside China, said on Wednesday in a stock exchange filing that it will sell 31.3m of its Nasdaq-listed shares owned by the Chinese search engine.
The sale makes up a third of Baidu’s stake in Ctrip, and Baidu will remain its largest shareholder after the deal.
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