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Major shareholders cut stakes in Group

2020/4/19 10:33:49 Group filed its 20-F annual report on April 9 with details about the company's latest ownership structure and investments in recent years. For the past year, the Chinese online travel giant's major stakeholders Baidu and Booking Holdings have both taken a step back and sold part of their stakes in Group.

Meanwhile, Naspers Limited, which is also a major shareholder of Tencent, has now acquired a 5.5% stake in Group through a share swap deal with India's online travel company MakeMyTrip last year.

Investments Group said that in May 2018 it acquired substantially all of the remaining equity interest of an offline travel agency company in which it previously held 48% equity interest for the consideration of RMB 198 million in cash and 1.9% non-controlling interest of one of its subsidiaries with the fair value of RMB 399 million.

ChinaTravelNews believes the offline travel agency is Chongqing-based chain Traveling Bestone.

In November 2019, Group and TripAdvisor agreed on a strategic partnership to expand global cooperation through various contracts. The two companies agreed through our respective subsidiaries to form and jointly control a joint venture, which would operate globally as TripAdvisor China.

In November 2019, Group obtained control of an online travel agency company in which it previously had held 51% equity interest with substantive participating rights being held by the non-controlling shareholder. Group obtained control of the online travel agency company when the non-controlling shareholder agreed to remove these substantive participating rights. The deemed consideration was the previously held 51% equity interest, the fair value of which was RMB 259 million. Group also recognized a gain of RMB 196 million from the re-measurement of the previously held equity interest.

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