NewChinese travel service Qunar says it expects revenue to double this quarter
Nasdaq-listed Qunar said it expects revenue will more than double in the current quarter from a year earlier
Chinese online travel services provider Qunar expects to cap this year by posting its seventh consecutive quarter of more than 100 per cent revenue growth, following its blockbuster merger with Ctrip.com International.
Beijing-based Qunar forecast revenue in the three months to December will increase between 105 to 125 per cent year on year, the company announced on Tuesday after the close of trading on Nasdaq.
“With Ctrip becoming our largest shareholder, the two teams are currently exploring ways through which we can effectively cooperate to further strengthen our fundamental capabilities and create greater value for travellers, suppliers and shareholders,” Qunar co-founder and chief executive Zhuang Chenchao said.
Online search giant Baidu last month completed the exchange of its equity stake in Qunar for 11.49 million newly issued shares of Ctrip.
That deal made Baidu the largest shareholder in Ctrip, with a 25 per cent interest. Ctrip now owns a 45 per cent stake in Qunar.
In a report, HSBC analysts Tsang Chi and Alice Cai said that the merger would allow Qunar “to enjoy higher synergies and operational improvement” in the US$500 billion China travel market.