More on Ctrip: The company expects 15%-20% Y/Y revenue growth in Q1, in-line with an 18.7% consensus. Gross margin was 74%, down from 76% in Q3 and Q4 '11. Hotel reservation sales (40% of total) +17% Y/Y, up from +11% in Q3 - a 36% increase in volume offset a 14% drop in commission/room (evidence of price competition). Plane ticket booking sales (39% of total) +18%, down from +24% in Q3. CTRP +3.5% AH - expectations had fallen thanks to bearish comments from Oppenheimer. CC at 8PM ET (webcast).