Qunar Cayman Islands LimitedNASDAQ
Wed, Nov. 23, 10:10 AM
- CEO Yang Tao recently sent an internal company-wide email announcing that Ctrip's (CTRP -1.2%) vacation business unit will merge with the vacations division of Qunar (QUNR), Marbridge Daily reports.
- Ctrip's senior management also denied earlier rumors that Ctrip planned to acquire Tuniu Technology (TOUR -0.9%), operator of online travel site Tuniu.
Wed, Aug. 31, 11:53 PM
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Thu, Jun. 23, 9:16 AM
Thu, Jun. 23, 7:40 AM
- Qunar Cayman Islands Limited (NASDAQ:QUNR) has received a preliminary non-binding proposal from Ocean Management Limited to acquire all the outstanding shares of Qunar not owned by Significant Shareholders (who have majority voting power) for $30.39 pre ADS or $10.13 per ordinary share (one ADS = 3 ordinary shares).
- The buyer is an entity related to Ocean Imagination L.P., a private equity fund focused on investing in travel-related industries in China. The transaction will be funded with a combination of debt and equity capital.
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Wed, Jun. 15, 6:03 PM
- Qunar Cayman Islands (NASDAQ:QUNR): Q1 EPS of -RMB2.48 beats by RMB0.03.
- Revenue of RMB993.1M (+48.0% Y/Y) misses by RMB136.9M.
Mon, Jun. 6, 5:35 PM
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Thu, Mar. 17, 11:30 AM
- Ctrip (CTRP -2.7%) is lower after beating Q4 estimates and guiding for 75%-80% Y/Y Q1 revenue growth, after accounting for the consolidation of peer Qunar's (QUNR +4.4%) results following the end of Q4 - Ctrip owns 45% of Qunar's voting interests following an October deal with Baidu. Consensus, which doesn't account for the Qunar consolidation, is for 45.9% growth.
- Qunar, which saw a major executive shakeup in January, is higher after beating Q4 estimates on the back of 148% revenue growth. On its earnings call (transcript), Qunar said it's declining to give formal Q1 guidance due to ongoing extension talks with hotel owners regarding the company's merchant hotel program, as well as its ongoing efforts to work with airlines to "clean up the agent market and eliminate the irregular behaviors by certain ticketing agencies on our platform."
Ctrip's Q4: Accommodation (hotel) revenue rose 41% Y/Y to RMB1.2B ($183M). Transportation ticketing revenue rose 61% to RMB1.2B ($192M) thanks to a 143% increase in ticket volume. Packaged tour revenue rose 50% to RMB350M ($54M). Corporate travel revenue rose 26% to RMB136M ($21M).
Gross margin was flat Q/Q and up 400 bps Y/Y to 73%. Operating expenses rose 17% Y/Y (less than revenue growth of 50%) to RMB2.02B ($311M). Ctrip ended 2015 with $4.6B in cash and $4.8B in debt.
Qunar's Q4: Accommodation revenue rose 423.6% Y/Y to $82.6M. Flight revenue rose 84.7% to $98.2M. Mobile accounted for 75.3% of total revenue.
Gross margin fell to 60.8% from 62.4% in Q3 and 73.5% a year ago. R&D spend rose 532.7% Y/Y to $236.5M, product sourcing spend 207% to $52.4M, sales/marketing 213% to $134.7M, and G&A (excluding one-time stock compensation expenses) 121.5% to $20.6M. Qunar ended 2015 with $1.1B in cash and $510M in debt.
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- Qunar: Q4 results, earnings release
Wed, Mar. 16, 6:06 PM
- Qunar Cayman Islands (NASDAQ:QUNR): Q4 EPADS of -RMB5.67 beats by RMB3.22.
- Revenue of RMB1.29B (+148.2% Y/Y) beats by RMB180M.
Tue, Mar. 15, 5:35 PM
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Wed, Jan. 13, 11:49 AM
- Ctrip (CTRP -4.3%) says it's authorized to invest $1.3B in cash and issue 5.4M ordinary shares (equal to 21.6M ADS') via "limited partnership capital contribution or other financing arrangements, in several non-U.S. investment entities, which are managed or owned by parties unaffiliated with each other and unaffiliated with the Company and are dedicated to investing in businesses in China."
- Ctrip adds the entities "will acquire a significant minority stake" in Qunar (QUNR +12.6%) from Qunar shareholders, via privately-negotiated deals involving cash and/or Ctrip shares as payment.
- The news comes less than three months after Ctrip announced a deal to buy a major stake in Qunar (its biggest rival) from Baidu. The deal left Ctrip owning 45% of Qunar's voting interests, and Baidu 25% of Ctrip's voting interests.
- Last week, Ctrip announced it's investing $180M in Indian online travel firm MakeMyTrip.