Ctrip buys into Tongcheng Network

Ctrip.com International, a Chinese NASDAQ-listed travel booking website, said on Monday that it will buy stakes in Tongcheng Network Technology Share Co (Tongcheng Network) worth $200 million in a strategic investment deal that will make Ctrip the second-largest shareholder of Tongcheng Network.

Suzhou-based Tongcheng Network operates ly.com, a local attraction ticket service provider.

The deal will be conducted through Shanghai Ctrip International Travel Agency Co, a subsidiary of the NASDAQ-listed company.

"Ly.com is the leading player in the local attraction ticket segment and we will support the independent operation of ly.com," said Ctrip CEO James Liang Jianzhang.

"The investment will enhance the strategic cooperation between the two companies and will ultimately benefit our customers and partners," said ly.com CEO Wu Zhixiang.