At 45,000 words, this report is equally an analysis of Ctrip's strategic and financial path and a study of the Chinese online travel market. Given Ctrip's dominance of the industry in China, it is crucial to understand what they are doing to decipher the broader trends shaping the future.
As part of our primary research, we spent several weeks in Asia, including time at Ctrip headquarters meeting with management and specialists at the company. We attended the ITB China conference, visited the local offices of several hotel companies, and spoke with two of the most respected private equity investors in China. Given the complexities of the market in China, these interviews, which are included in the report, are even more crucial than usual. China is a complex market, but has immense opportunities (and risks) for the travel industry.
This report will cover:
- Overview of Ctrip's products, strategy, financial trajectory and our valuation framework
- Mobile and online penetration trends in China
- Trends across domestic, inbound, and outbound Chinese travel
- What the "BAT" (Baidu, Alibaba, Tencent) companies are doing in travel directly and through investments
- Broad China travel insights from leading hotels including Marriott, Peninsula Hotels, Hyatt, Hilton, and Wyndham
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