- Chinese online travel leader Ctrip (CTRP -4.2%) is investing $180M in Indian online travel firm MakeMyTrip (MMYT) via convertible bonds. The company has also been granted permission to make open-market purchases of MakeMyTrip shares. Between the convertible debt and stock purchases, Ctrip is allowed to have a stake of up to 26.6%.
- MakeMyTrip has soared on the news. Ctrip, which recently obtained a major stake in top Chinese rival Qunar from Baidu, is following U.S. and Chinese markets lower. The Shanghai composite fell 7% overnight.