Priceline Group is taking a $500m stake in Ctrip, the Shanghai-based travel booking website, increasing the biggest US online travel agent’s footprint in China’s fast-growing tourism market.Priceline集团已耗资5亿美元投资于总部坐落于上海的旅游订票网站携程(Ctrip)。Priceline是美国仅次于的网上旅行社，正在打进快速增长的中国旅游市场。The Connecticut-based company will invest $500m via a convertible bond. It will also gain the right to acquire Ctrip shares on the open market over the next year to build a stake which, combined with the shares convertible under the bond, could be worth up to 10 per cent.总部坐落于康涅狄格州的Priceline将通过可转债向携程投资5亿美元。

该公司还将取得明年在公开市场上购入携程股票的权力，与可转债所不含股份一起，总计能取得携程10%的股份。Ctrip, which listed on Nasdaq in 2003, has a market capitalisation of $8.2bn.携程于2003年在纳斯达克(Nasdaq)上市，目前市值82亿美元。The two companies are also expanding a commercial agreement first struck in 2012 to offer more hotel room inventory to each other’s customers, give Ctrip users access to Priceline’s rental cars and restaurant booking offerings and give Priceline access to Ctrip’s airline and attraction ticket services.两家公司还延伸了在2012年时首次达成协议的一份商业协议，从而能为彼此的客户获取更加多酒店自由选择，让携程用户能享用Priceline的租车及餐馆预约服务，同时Priceline客户也需要采访携程的航空公司和景点门票服务。A flood of middle class Chinese tourists armed with higher disposable incomes is fanning out across the world and reshaping the global travel market.随着农村居民收益的提高，大量中国中产阶级人群开始走进国门，到世界各地旅行，全球旅游市场格局因此转变。

“So many Chinese tourists are making their way to Europe. They’re the most noticeable change in global travel,” said Darren Huston, Priceline chief executive. “In five to 10 years they could become the world’s largest travelling population.”Priceline首席执行官达伦休斯顿(Darren Huston)回应：“去欧洲旅游的中国游客十分多。他们给全球旅游市场带给了最引人注目的变化。在5到10年内，中国人不会沦为全球最大规模的旅游人口。”CLSA estimates that by the end of this decade, 200m Chinese tourists will travel outside the country each year and spending on tourism will double.里昂证券(CLSA)估算，到2019年，中国每年将有2亿游客回国境外旅游，旅游支出也将缩减到。

While in most western countries, 40 to 50 per cent of travel bookings are made online, only 10 to 15 per cent are done so in China, Mr Huston said, offering providers like Priceline a big opportunity.休斯顿回应，尽管在多数西方国家，40%到50%的旅游订票是在网上已完成的，中国这一比例却只有10%到15%。这为Priceline这样的服务提供商带给了极大机遇。The US group preferred to partner with Ctrip – a well-known brand with an established business – rather than tackle the market alone, he said.他回应，Priceline更加不愿与携程这样业务成熟期的知名品牌合作，而不是独自一人研发市场。The deal will allow Priceline to offer travellers outside of China access to Ctrip’s inventory of 100,000 accommodations in the country. “It rounds out the key premise of our success: the broadest selection of booking options,” Mr Huston said.根据近期协议，在中国以外的Priceline客户将需要采访携程的中国国内酒店目录，这些酒店共计10万套房间。

休斯顿回应：“这表明了我们获得成功的关键因素：我们能给顾客获取最普遍的酒店自由选择。”Ctrip’s revenues jumped 38 per cent to RMB1.8bn in the second quarter but net income fell 36 per cent to RMB134.9m as expenses rose.今年第二季度，携程营收跃居38%，至18亿元人民币。不过，由于支出减少，携程的净收入暴跌了36%，至1.349亿元人民币。

Priceline started in 1997 as a “name your own price” service for hotel, airline, car rental and vacation bookings and became known for quirky television ads featuring Star Trek’s William Shatner.Priceline股票今年下跌了近12%。自1月份以来携程股价已下跌逾24%。

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