Ctrip's ELong And Tongcheng Network To Merge

(RTTNews) - Ctrip.com International, Ltd. (CTRP) announced that two of its investment portfolio companies, E-dragon Holdings Limited or "eLong" and Tongcheng Network Technology Co., Ltd. have entered into definitive transaction documents in connection with the merger of two companies as Tongcheng-Elong Holdings Limited.

The merged company will continue to offer online travel services via Weixin Wallet and Mobile QQ Wallet, delivering a wider range of travel products and services to Chinese consumers as they upgrade their lifestyles and travel preferences.

Ctrip, along with Tencent Holdings Limited, will be the major strategic shareholders of Tongcheng-Elong. James Liang, Ctrip's Co-founder and Executive Chairman, will serve as the new company's Co-Chairman. Zhixiang Wu, Tongcheng Co-founder and Tongcheng Group CEO & Chairman, will also be Co-Chairman. Heping Ma, Tongcheng Co-founder and Tongcheng Network President and Hao Jiang, eLong CEO, will be Co-CEOs of the new company.