Ctrip.com Completes Share Exchange Transaction With Baidu

(RTTNews) - Travel service provider Ctrip.com International, Ltd. (CTRP) said it has completed a share exchange transaction with Baidu, Inc. Following this, Baidu exchanged 178.70 million Class A ordinary shares and 11.45 million Class B ordinary shares of Qunar Cayman Islands Limited beneficially owned by Baidu in exchange for 11.49 million newly-issued ordinary shares of Ctrip.

The share exchange ratio for the transaction is 0.725 Ctrip ADSs per Qunar ADS. As a result of the transaction, Baidu will own ordinary shares of Ctrip representing 25 percent of Ctrip's aggregate voting interest. Ctrip will own ordinary shares of Qunar representing 45 percent of Qunar's aggregate voting interest?.

Four representatives, including James Liang and Jane Sun, chairman and chief executive officer, and co-president and chief operating officer of Ctrip, respectively, have been appointed to Qunar's board of director.

Robin Li and Tony Yip, chairman and chief executive officer, and vice president, head of investments, mergers and acquisitions of Baidu, respectively, have been appointed to Ctrip's board of directors.

Baidu and Ctrip have also agreed to a business cooperation across a broad base of products and services. Baidu expects to continue its existing business cooperation with Qunar.