Travel sites Ctrip, Qunar swap shares in tie-up as industry heats up

Travel-booking firm Ctrip agreed to a share swap on Monday with travel search engine Qunar in a move that will give both more room to breath in China’s competitive online travel industry, The New York Times reported. Following the swap Baidu, the majority shareholder of Qunar, will have a 25% voting interest in Ctrip, while Ctrip will have a 45% voting interest in Qunar. China’s travel market is still growing despite a slowdown in the country’s heavy industry and manufacturing sectors, with Ctrip’s second-quarter revenue up 47% to US$408 million from a year ago, while Qunar’s revenue for the same period was up 120% to US$142.1 million.