Baidu to Buy Majority Stake in Online Travel Site Qunar for $306 Million
6/27/2011 09:00  Source:Bloomberg  

Both Elong and Qunar compete with Ctrip.com International Ltd. (CTRP) in China’s online travel market.

Qunar was co-founded by Fritz Demopoulos, Chenchao Zhuang and Douglas Koo. Demopoulos is stepping down as chief executive of Qunar, to be replaced by Zhuang, the statement said.

Qunar was backed by venture capital firms GSR Ventures of Beijing; Mayfield Fund and GGV Capital both of Menlo Park, California; and Tenaya Capital.

Google, owner of the world’s most popular search engine, accounted for 19.2 percent of China’s search market by revenue in the first quarter, declining from 19.6 percent three months earlier, according to research company Analysys International. Baidu’s market share rose to 75.8 percent from 75.5 percent, according to Analysys.

Google has been losing share in China’s search-engine market since the Mountain View, California-based company said last year it was no longer willing to comply with Chinese regulations to self-censor Web content. The company shut its Google.cn service and redirected Chinese users to an unfiltered site in Hong Kong.通信世界网

    
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