Ctrip announced that 88 million U.S. dollars acquisition of 90% stake in Wing On Travel Business

February 3 news, online travel sites Ctrip 88 million U.S. dollars, today announced the acquisition of Wing On Travel's tourism business 90% of the shares, now that the deal still needs shareholder approval of Wing On Travel.

It is reported that Wing On Travel Hong Kong's most well-known travel brands, is headquartered in Hong Kong, mainly in Hong Kong as a business focus to provide customers with local travel, out, inbound tourism, air ticket booking, hotel reservations and a series of travel related services.

Early February 2010, Netcom, Ctrip off its wholly-owned subsidiary, C-Travel International Limited, entered into an agreement with Wing On Travel to approximately 88 million U.S. dollars (600 million 84 million Hong Kong dollars) in cash investment in Wing On Travel (Holdings) Limited The company's tourism business (operated by the Hong Kong Wing On Travel) 90% of the shares.

Ctrip said that, through this investment, following China, Taiwan and the market, enhance its market position in Hong Kong. Ctrip can count on the Wing On Travel Service in Hong Kong and productive business operations in the Asian region to establish a more favorable strategic position.

Ctrip.com International Ltd. Chairman of the Board Mr. Liang Jianzhang stressed: "They will integrate Ctrip of the most cutting-edge technology platform and Wing On Travel is rich in tourist market experience, our products and services to bring a new level. Through this partnership, Ctrip in the Greater China District leadership will be more solid, that can better meet our customers local and foreign markets, demand for tourism. Ctrip this investment will be an important milestone in the history. "

However, the successful completion of the transaction will depend on whether the future of a variety of factors, including access to Wing On Travel (Holdings) Limited shareholder approval.