Trip.com Group
Trip.com Group Limited (Chinese: 携程集团) is a multinational travel service conglomerate headquartered in Shanghai, China. Founded in 1999, the company owns and operates several travel fare aggregators and travel fare metasearch engines including namesake and flagship Trip.com, Skyscanner, Qunar, Travix, and MakeMyTrip. It operates websites in about 40 languages and 200 countries.
| Formerly | Ctrip.com International, Ltd. |
|---|---|
| Type | Public |
| Industry | Travel agency |
| Founded | June 1999 |
| Headquarters | Shanghai, China[1] |
Area served | Worldwide |
Key people | |
| Revenue | US$ 5.12 billion (2019)[2] |
| US$ 1.0 billion (2019) | |
| Total assets | US$ 28.75 billion (2019) |
Number of employees | 33,400 |
| Subsidiaries | |
| Website | group |
Trip.com Group is currently the largest online travel agency in China and one of the largest travel service providers in the world.[3]
History edit
The company was founded by James Liang, Neil Shen, Min Fan, and Qi Ji in June 1999.[4][5]
The company was listed on the NASDAQ in 2003 through a variable interest entity (VIE) based in the Cayman Islands in a Merrill Lynch-led offering, raising US$75 million from the sale of 4.2 million American depositary receipts at $18 each. It appreciated 86% to close at $33.94 per ADR in its first day of trading. The stock traded at a peak of $37.35 on its first day of trading, making it the first company since the November 2000 IPO of Transmeta to double its price in the first day of trading.[5]
In 2006, about 70% of the company's sales came from just four cities in China: Beijing, Guangzhou, Shanghai, and Shenzhen.[6]
On August 6, 2014, Priceline.com, announced that it will invest $500 million in the company to broaden the companies’ options in China. Priceline and Ctrip, which have had a commercial partnership since 2012, will increase their cross-promotion of each company's hotel inventory and other travel services, the companies said in a statement.[7]
In May 2015, Booking Holdings (formerly The Priceline Group) announced it would be investing an additional $250 million in the company.[8]
In November 2016, the company acquired Skyscanner for £1.4 billion.[9][10] That same month, Jane Jie Sun became the CEO of Ctrip.[11] She had joined the company in 2005.[12]
On November 1, 2017, Ctrip acquired Trip.com, rebranding it as its global brand website.[13]
In February 2018, Ctrip launched TrainPal, an online ticketing platform[14] featuring split ticketing,[15] in the United Kingdom.[16] Accredited by the National Rail of the UK,[17] TrainPal mainly provides services for the UK, and other European countries.[18]
In September 2019, Ctrip completed a share exchange with Naspers and became the single largest shareholder of MakeMyTrip.[19][20]
On October 25, 2019, at its 2019 annual general meeting of shareholders, it was approved to change the Company name from "Ctrip.com International, Ltd." to "Trip.com Group Limited".[21]
In June 2020, Trip.com joined China Eastern to launch new airline in Hainan as plans to make the island a free trade hub promise greater air traffic.[22]
On April 19, 2021, Trip.com Group was officially listed on the Hong Kong Stock Exchange.[23]
Remote work edit
The company is a proponent of scientific management.[24] After a 2012 randomized control trial using 242 employees and sponsored by professors at Stanford University and Peking University found that employees randomly assigned to remote work for 9 months increased their output by 13.5% versus the office-based control group, and their turnover rates fell by almost 50%, the company allowed remote work company-wide.[25]
References edit
- ^ "Form 20-F". U.S. Securities and Exchange Commission. 15 March 2021. Retrieved 30 April 2021.
- ^ "TRIP.COM GROUP LIMITED - FORM 20-F (PDF)". 19 March 2020.
- ^ "Where The Big Four Online Travel Agencies — Expedia, TripAdvisor, Ctrip, & Priceline — Are Placing Their Bets". CB Insights Research. November 9, 2017.
- ^ Flannery, Russell (March 29, 2010). "Ctrip's Remarkable Journey: China travel boom fuels hotel chain IPO". Forbes.
- ^ a b Beltran, Luisa (December 9, 2003). "Ctrip.com IPO soars in first day". MarketWatch.
- ^ Liu, John; Ryan, Damien (May 29, 2006). "Ctrip May Buy Asian Companies as More Chinese Travel". Bloomberg News.
- ^ Surane, Jennifer; Cao, Jing (August 6, 2014). "Priceline Investing $500 Million in Ctrip Travel Agency". Bloomberg News.
- ^ Ajmera, Ankit (26 May 2015). "Priceline to invest additional $250 million in China's Ctrip.com". Reuters.
- ^ "Ctrip Announces Agreement to Acquire Skyscanner" (Press release). Skyscanner. November 23, 2016.
- ^ Russell, Jon (23 November 2016). "China's Ctrip is buying flight search company SkyScanner for $1.74 billion". TechCrunch.
- ^ "Ctrip Announces Ms. Jane Jie Sun as New CEO and Director" (Press release). PR Newswire. November 16, 2016.
- ^ "Jane Jie Sun". Forbes.
- ^ Tan, Kenneth (May 5, 2018). "Ctrip launches new global brand Trip.com, removes all references to the site being China-owned". Gothamist.
- ^ "Trade war puts Chinese tourists off US". Bangkok Post. May 13, 2019.
- ^ "Cheap train tickets: how to save money on rail fares with split ticketing and other tips". Inews.co.uk. Jul 3, 2019.
- ^ "Split-city ticketing: the trick that can make your train travel cheaper". Rail Professional. November 28, 2019.
- ^ "Payment Methods Report 2019 - European Payments Council" (PDF). European Payments Council. 28 June 2019.
- ^ "Trade war is putting Chinese tourists off US, with many opting for 'more welcoming' nations". scmp.com. May 15, 2019.
- ^ "Completion of Naspers share exchange transaction with Ctrip" (Press release). Naspers. September 5, 2019.
- ^ "Ctrip Announces Share Exchange Transaction with Naspers" (Press release). PR Newswire. April 26, 2019.
- ^ Schaal, Dennis (October 25, 2019). "Ctrip Name Change to Trip.com Group Is Now Official". Skift.
- ^ “China Eastern to launch new airline in Hainan with partners including Trip.com unit, as plans to make the island a free trade hub promise greater air traffic”
- ^ Murdoch, Sophie Yu, Scott (2021-04-19). "Trip.com Group shares gain 4.5% in Hong Kong debut". Reuters. Retrieved 2021-04-19.
{{cite news}}: CS1 maint: multiple names: authors list (link) - ^ Garvin, David (January 1, 2012). "Ctrip: Scientifically Managing Travel Services". Harvard Business School.
- ^ Bloom, Nicholas; Liang, James; Roberts, John; Ying, Jenny (February 2013). "Does working from home work? Evidence from a Chinese experiment" (PDF). Stanford Research Paper.
External links edit
- Trip.com USA site
- Business data for Trip.com Group Limited:
- Bloomberg
- SEC filings
- Yahoo!