Ctrip to Invest in Mobile Hotel Booking App
Ctrip.com International Ltd (Nasdaq: CTRP), China's biggest online travel agency, told Bianews.com that it plans to invest in Kuai Jie Jiu Dian Guan Jia, a mobile app for hotel booking, and that the company will be spun off from its parent 133.cn, a flight booking site. Ctrip and 133.cn will jointly own the new KJJDGJ and may seek other strategic investors, Ctrip said, without revealing details about ownership makeup. Ctrip will likely invest $20 million in KJJDGJ for a 33.3% stake, according to a person with knowledge of the deal. Orders from Ctrip's mobile app currently represent 10-15% of its total orders.
China Okays Return of Boeing's Dreamliner
China has given green light to airlines to fly Boeing Co's (NYSE: BA) 787 Dreamliner and is to allow them to use the super jumbo for international flights in a few months. The approval from the Civil Aviation Administration of China clears the way for the 787 Dreamliner to be reinstated after a three-month global grounding following faulty batteries. A Chinese airline that operates the 787 Dreamliner said the international restriction on the Boeing model would be far shorter than that imposed on the Airbus A380.
Huiyuan Juice Buys Out Pulp Supplier
China Huiyuan Juice Group Ltd (HKG: 1886), a leading juice maker, said it will spend ¥3.9 billion ($636.48 million) acquiring a raw material supplier from Huiyuan's chairman. Huiyuan Industry Holdings, currently owned by Huiyuan Juice's chairman Zhu Xinli, is a pulp and concentrated juice maker with an annual capacity of 380,000 tons. Huiyuan Juice captured a 54.2% share of China's pure juice market and 44.1% share of the concentrated juice market in 2012, but its earnings declined 95% to just ¥16 million due to heavy investment in securing stable raw material supply. Zhu tried to sell Huiyuan Juice in March 2009 to Coca-Cola Co (NYSE: KO) for $2.3 billion, but the deal was blocked by the Chinese government for monopoly concerns. Now he says he won't sell the company as he had invested a lot in its upstream business, adding that it would take five to 10 years for the investments to pay off.
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