Chinese online travel company Ctrip.com International Ltd on Monday announced a tie-up with rival Qunar Cayman Islands Ltd and its backer Baidu Inc through a share swap, to tap the rising number of Chinese travelers heading overseas.The deal is valued at $3.4 billion, according to Reuters calculations. Ctrip's U.S.-listed shares were up 28 percent at record $94.66 in early trading, while Qunar was up 20 percent at near five-month high of $49.71.Overseas spending by Chinese tourists is expected to rise 23 percent this year to $229 billion, and will nearly double to $422 billion by 2020, according to a report by consultancies China Luxury Advisors and the Fung Business Intelligence Centre. (bit.ly/1H4r6t4)
Baidu, Inc. (Baidu) is a Chinese-language Internet search provider (ISP). Shares of BIDU traded higher by 7.13% or $11.24/share to $168.84. In the past year, the shares have traded as low as $100.00 and as high as $251.99. On average, 4883870 shares of BIDU exchange hands on a given day and today's volume is recorded at 4264048.
Ctrip.com International, Ltd. is a travel service provider for hotel accommodations, transportation ticketing services, packaged tours and corporate travel management in China. Shares of CTRP traded higher by 22.88% or $17.01/share to $91.35. In the past year, the shares have traded as low as $40.74 and as high as $97.29. On average, 2662100 shares of CTRP exchange hands on a given day and today's volume is recorded at 14223756.