Ctrip’s wholly owned subsidiary, C-Travel International Limited, has entered into an agreement with Wing On Travel (Holdings) Limited to increase its presence in Hong Kong.

Published: 04 Feb 2010

Ctrip’s wholly owned subsidiary, C-Travel International Limited, has entered into an agreement with Wing On Travel (Holdings) Limited to increase its presence in Hong Kong.

As per the deal, C-Travel has agreed to invest in and Wing On Travel agreed to sell to C-Travel, 90 percent of the issued share capital of Wing On Travel’s travel service segment (operated through Wing On Travel’s subsidiary, HKWOT (BVI) Limited), for a total consideration of approximately US$88 million in cash.

Ctrip stated that this investment “will enable Ctrip to offer more comprehensive products and elevated services to domestic, outbound and inbound travellers”. The company hopes to attract more FIT travellers from Hong Kong to use Ctrip’s services. And, it will also help the company to service high-end urban travellers from Mainland China.

“Ctrip’s track record on M&A has been proven prudent and very generative to our shareholders. Each acquisition or investment that Ctrip made in the past ten years has helped Ctrip to become the leading player for that business segment. We have the same reason for the investment in Wing On Travel,” said Min Fan, Co-founder & CEO of the company.

Headquartered in Hong Kong, Wing On Travel primarily operates in Hong Kong and engages in tour packages, airline ticketing, hotel reservation and inbound and outbound travel operations. It operates approximately 20 branches, along with a call centre and the website - www.wingontravel.com.