Tencent to purchase 16% stake in eLong
By Ding Yining |
May 18, 2011, Wednesday
|
Print Edition
Print Edition
TENCENT Holdings, China's biggest Internet company in terms of market value, said it will become the second largest shareholder of the country's second largest online travel company eLong as it aims to tap the growing demand for online booking services in the country.
Tencent will take a 16 percent stake in NASDAQ-listed eLong with a US$84.4 million investment, according to a statement yesterday.
The two companies will jointly develop online travel products and distribute eLong's hotel supply to Tencent's online community.
Beijing-based eLong's hotel supply now covers 150,000 hotel properties worldwide with 19,000 hotels in China.
Separately, Expedia, the largest online travel company in the world, will buy another 8 percent of the outstanding shares of eLong for US$41.2 million to increase its take in eLong to 56 percent.
"ELong and Expedia will enjoy incremental access to more customers in the country given Tencent's user base and its reach across multiple platforms, including portal, mobile and social networking," said Cui Guangfu, chief executive officer of eLong.
"We will continue to enhance our service offering to fulfill users' various lifestyle needs online through implementing our open platform strategy," said Martin Lau, president of Tencent.
Figures show eLong, with around 7.5 percent of the online travel agency market, trails Ctrip, which boasts a more than 47 percent share.
Tencent will take a 16 percent stake in NASDAQ-listed eLong with a US$84.4 million investment, according to a statement yesterday.
The two companies will jointly develop online travel products and distribute eLong's hotel supply to Tencent's online community.
Beijing-based eLong's hotel supply now covers 150,000 hotel properties worldwide with 19,000 hotels in China.
Separately, Expedia, the largest online travel company in the world, will buy another 8 percent of the outstanding shares of eLong for US$41.2 million to increase its take in eLong to 56 percent.
"ELong and Expedia will enjoy incremental access to more customers in the country given Tencent's user base and its reach across multiple platforms, including portal, mobile and social networking," said Cui Guangfu, chief executive officer of eLong.
"We will continue to enhance our service offering to fulfill users' various lifestyle needs online through implementing our open platform strategy," said Martin Lau, president of Tencent.
Figures show eLong, with around 7.5 percent of the online travel agency market, trails Ctrip, which boasts a more than 47 percent share.
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