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RENN - Baidu Wisely Dumps 30% of Its Stake in Ctrip.com for $1 Billion
Renren Inc. American Depositary Shares each representing fifteen Class A
Baidu(NASDAQ: BIDU) once owned a 45% voting stake in online travel agency (OTA) Qunar. A partnership between China's biggest search engine and one of its top OTAs seemed wise, but Qunar's margins eventually crumbled as it engaged in a brutal price war with its top OTA rival Ctrip.com(NASDAQ: CTRP).
In late 2015 Baidu traded its entire stake in Qunar for a 25% voting stake in Ctrip. That move, which turned Ctrip into Qunar's top investor, ended the price war between the two OTAs, and Ctrip's growth and margins stabilized.