Ctrip invests in LY.com to tap online tourism boom
Print Edition
CTRIP.COM Inc, China’s No. 1 online travel agency, said it has invested US$200 million in cash for a stake in online tourism site ticket agency LY.com in the latest move in the country’s booming online tourism industry.
LY.com, also known as Tongcheng, focuses on selling tickets to tourism sites from zoos, temples to gardens in China. The deal, which Ctrip didn’t reveal details of, is set to enhance the services and offerings of Ctrip which focuses on selling airplane tickets, hotel and package tours, industry insiders said.
“We are increasingly positive about the potential of the travel industry in China,” said James Liang, chairman and CEO of Ctrip.
“LY.com is the leading seller of local attraction tickets, and we will support its independent operation,” he said.
Ctrip’s investment in the tourism website follows those of other dot.com firms who are all driven by the booming China online tourism market, improved Internet popularity and mobile Internet.
The number of Chinese traveling overseas may hit over 100 million this year to propel the country to be the world’s No. 1 and helping it surpass the US and Germany for the first time, said the China National Tourism Administration.
Tencent Inc has also invested in LY.com while Baidu has invested in Nasdaq-listed Qunar, which is Ctrip’s arch rival.
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