Expedia to lift investment in Kuxun.cn
March 15, 2010 |
Kuxun.cn is likely to team up with Hotels.com, another unit of Expedia, in a bid to grow into a bellwether in the fast-growing Chinese online travel market,
Kuxun.cn, an online travel service provider in China, is expected to get additional capital from its parent company Expedia, Inc., disclosed Zhang Haijun, chief executive officer for the Beijing-based company, today.
Expedia will lift its investment in Kuxun.cn to tens of millions of US dollars as part of a planned business consolidation in China, said Mr. Zhang, noting that Kuxun.cn still runs independently although it has been put on the financial report of the US-based online travel service provider. Expedia, through its travel information unit TripAdvisor, bought Kuxun.cn for USD 12 million in October 2009, deepening its footprint in the world's most populous tourism market.
As its next step, Kuxun.cn is likely to team up with Hotels.com, another unit of Expedia, in a bid to grow into a bellwether in the fast-growing online service market, according to an executive for the company. Already a top-ranking player in the China, Kuxun.cn joined forces with several units under the aegis of Expedia after the acquisition.
Source: TradingMarkets.com
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