Travel agency Ctrip will work with private equity firm General Atlantic to capture investment opportunities in the fast-growing Chinese tourism sector.
Mergers in China's e-commerce space, including Ctrip's tie-up with Qunar, are the default response to competition. A few giants now control vast swaths of the sector unopposed.
The merger between China's two leading online travel firms Ctrip and Qunar could herald more consolidation in the country's fiercely competitive online and e-commerce markets.
US-listed YY is forced to pull its $250 million convertible bond after initially revising the terms and re-offering it below par. But Sina attracts strong demand.
Ctrip.com International, a Chinese travel agent, has raised $800 million in a convertible bond sale and set a conversion premium at 42.5%, the highest for a Chinese issuer since 2007.
China-based Hanting Inns and Hotels is aiming to raise up to $110 million ahead of a Nasdaq listing, while facade specialist Far East Global is seeking up to $79 million from a Hong Kong IPO.