Chinese search engine giant Baidu to divest stake in online travel site Ctrip

Chinese search engine giant Baidu to divest stake in online travel site Ctrip

Photographer: Bloomberg

Baidu Inc. is selling about a third of its stake in online travel site Ctrip.com International Ltd., generating around $1 billion to counter a slowing economy and intensifying competition in its key advertising business.

Ctrip announced Thursday a proposed secondary offering of 31.3 million American depositary shares held by Baidu. That represents around 30% of its stake in Ctrip and is equivalent to around $1 billion according to Ctrip’s current share price.

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