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Rumor: Tencent Acquires 30% Stake in Travel Site

Caiing, 1/13/11

An inside source at Chinese internet company Tencent (0700.HK) has revealed that the company has bought a 30% stake in travel site, operated by Tong Cheng Travel Network Technology. The size of the transaction, which has already been completed, is on the order of RMB 50-60 mln.

A representative of declined to comment on the matter.

Chen Peng, CEO of air ticket reservation platform 51book commented that travel companies like spend over RMB 10 mln each year on Baidu (Nasdaq: BIDU) ads alone, which can cause significant financial strain. "Attracting Tencent as an investor will bring more customers to, while reducing advertising costs," Chen stated.

Keywords: online travel Chen Peng Internet Tencent 0700.HK online ticketing investment


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