[Conclusion]

1, Ctrip and where to go in the air tickets, hotels and other areas of business overlap, combined with the promotion of airline tickets rarely, the hotel business or usher in a better development opportunities;

2, in terms of revenue and profitability, Ctrip obvious advantages in the development speed and the layout of the mobile terminal, where to perform better;

3, such as in accordance with the proportion of 2:1 100% convertible shares in the new company will be dispersed, not conducive to the management and operation decision. Double on the convertible premium dispute will also affect the progress of the negotiations;

4, Ctrip and where to go to the management team has the desire to continue to control the company, the merger of the leadership of the dispute will become the focus.

order Ctrip, where to merge the suspicions of

with the growing consumption potential of the middle class, China’s online travel industry in recent years to enter the stage of rapid development.

China online travel penetration is only 10%, far lower than developed countries. Data reports said that from 2012 to 2015, China’s online travel market will achieve double growth, reaching $30 billion scale.

and China’s online travel industry as the highest market value of the two companies Ctrip and where to be brewing merger. Once successful, will be established in the field of monopolistic competitive advantage.

sources said the two companies are negotiating on a variety of possible transactions, including strategic cooperation or complete merger.

, but then, Ctrip CEO Liang Jianzhang and where to go CEO Zhuang Chenchao are said in the internal, mergers and acquisitions in the negotiations to maintain the leadership of the management, the two have no positive denied rumors of cooperation.

in this period "Penguin" cool, we will explore in the two companies industry line position, characteristics, in scale and on the intersection of business and conflict, and in-depth analysis of the merger transaction objective feasibility.

a earnings comparison: Ctrip body mass, where the growth rate of

as an online travel industry competitors, Ctrip and where to go in the fourth quarter of 2013 and full year revenue growth, which Ctrip was 31% and 30%, where to go for the 74.2% and 69.6%. In the fourth quarter of last year, the data point of view, Ctrip’s revenue is about where to go about 6 times, where the revenue growth of Ctrip for the times of 2.4.

if you assume that the growth rate of the two companies in the future can be maintained, roughly 7 years later in 2020, where to go with Ctrip’s revenue will be flat. It is worth noting that, due to the higher volume of Ctrip’s revenue, the growth rate may gradually decline, in accordance with the existing growth rate, where 5 years of revenue that there is the possibility of catching ctrip.

for where to go faster, so in terms of convertible merger, where to go or to get a higher premium.

but compared to Ctrip, where to profitability