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Ctrip Reports Unaudited Second Quarter 2014 Financial Results

Ctrip Reports Unaudited Second Quarter 2014 Financial Results

SHANGHAI, July 30, 2014 - Ctrip.com International, Ltd. (Nasdaq: CTRP), a leading travel service provider of accommodation reservation, transportation ticketing, packaged tours and corporate travel management in China (“Ctrip” or the “Company”), today announced its unaudited financial results for the quarter ended June 30, 2014.

Highlights for the Second Quarter of 2014


  — Net revenues were RMB1.7 billion (US$278 million) for the second quarter
      of 2014, up 38% year-on-year, exceeding our net revenue guidance for the
      second quarter 2014 of 30-35% increase year-on-year.
  — Accommodation reservation revenues increased 47% year-on-year, reaching
      RMB753 million (US$121 million) for the second quarter of 2014, and
      accommodation reservation volume increased 64% year-on-year, exceeding
      our guidance of 50-60% volume increase year-on year.
  — Transportation ticketing revenues increased 39% year-on-year, reaching
      RMB726 million (US$117 million) for the second quarter of 2014, and
      transportation ticketing volume increased 83% year-on-year, exceeding
      our guidance of 50-60% volume increase year-on year.
  — Gross margin was 72% for the second quarter of 2014, compared to 75% in
      the same period in 2013, and remained consistent with that in the
      previous quarter.
  — Income from operations was RMB91 million (US$15 million) for the second
      quarter of 2014, down 54% year-on-year. Excluding share-based
      compensation charges (non-GAAP), income from operations was RMB202
      million (US$33 million), down 34% year-on-year.
  — Operating margin was 5% for the second quarter of 2014, compared to 16%
      in the same period in 2013 and 4% in the previous quarter. Excluding
      share-based compensation charges (non-GAAP), operating margin was 12%,
      compared to 25% in the same period in 2013, and remained consistent with
      that in the previous quarter.
  — Net income attributable to Ctrip’s shareholders was RMB135 million
      (US$22 million) for the second quarter of 2014, down 36% year-on-year.
      Excluding share-based compensation charges (non-GAAP), net income
      attributable to Ctrip’s shareholders was RMB246 million (US$40 million),
      down 23% year-on-year.
  — Diluted earnings per ADS were RMB0.88 (US$0.14) for the second quarter
      of 2014. Excluding share-based compensation charges (non-GAAP), diluted
      earnings per ADS were RMB1.58 (US$0.26) for the second quarter of 2014.
  — Share-based compensation charges were RMB111 million (US$18 million),
      accounting for 6% of the net revenues, or RMB0.7 (US$0.12) per ADS for
      the second quarter of 2014.
“We have continued to maintain an accelerated growth rate in the second quarter of 2014,” said James Liang, Chairman and Chief Executive Officer of Ctrip. “Both accommodation reservation and transportation ticketing services achieved strong volume growth at 64% and 83% year-over-year respectively. During the second quarter of 2014, approximately 80% of Ctrip’s total transactions were booked online or through mobile channels. Ctrip has successfully built an industry-leading mobile travel platform by offering travelers the most comprehensive products with the most competitive prices and the best user experience. The number of Ctrip Mobile App downloads has reached 200 million, growing at a rate of 60% quarter-over-quarter. Total mobile transaction value for the second quarter of 2014 more than tripled from a year ago and the peak daily transaction value exceeded RMB 220 million recently.”

Second Quarter 2014 Financial Results

For the second quarter of 2014, Ctrip reported total revenues of RMB1.8 billion (US$293 million), representing a 38% increase from the same period in 2013. Total revenues for the second quarter of 2014 increased by 9% from the previous quarter.

Accommodation reservation revenues amounted to RMB753 million (US$121 million) for the second quarter of 2014, representing a 47% increase year-on-year, primarily driven by an increase of 64% in accommodation reservation volume and partially offset by the decrease of commission per room night. Accommodation reservation revenues increased by 15% quarter-on-quarter.

Transportation ticketing revenues for the second quarter of 2014 were RMB726 million (US$117 million), representing a 39% increase year-on-year, driven by an increase of 83% in ticketing volume. Transportation ticketing revenues increased by 11% quarter-on-quarter.

Packaged-tour revenues for the second quarter of 2014 were RMB205 million (US$33 million), representing a 10% increase year-on-year, driven by an increase of 42% in volume of organized tours and self-guided tours. Packaged-tour revenues decreased by 21% quarter-on-quarter, primarily due to seasonality.

Corporate travel revenues for the second quarter of 2014 were RMB90 million (US$15 million), representing a 37% increase year-on-year, primarily driven by the increased corporate travel demand from business activities. Corporate travel revenue increased by 27% quarter-on-quarter, primarily due to seasonality.

For the second quarter of 2014, net revenues were RMB1.7 billion (US$278 million), representing a 38% increase from the same period in 2013. Net revenues for the second quarter of 2014 increased by 9% from the previous quarter.

Gross margin was 72% for the second quarter of 2014, compared to 75% in the same period in 2013 and remained consistent with that in the previous quarter.

Product development expenses for the second quarter of 2014 increased by 55% to RMB479 million (US$77 million) from the same period in 2013 and 9% from the previous quarter, primarily due to an increase in product development personnel related expenses. Excluding share-based compensation charges (non-GAAP), product development expenses accounted for 25% of the net revenues, increased from 22% in the same period in 2013 and remained consistent with that in the previous quarter.

Sales and marketing expenses for the second quarter of 2014 increased by 77% to RMB479 million (US$77 million) from the same period in 2013 and increased by 12% from the previous quarter, primarily due to an increase in sales and marketing related activities. Excluding share-based compensation charges (non-GAAP), sales and marketing expenses accounted for 27% of the net revenues, increased from 21% in the same period in 2013 and 26% in the previous quarter.

General and administrative expenses for the second quarter of 2014 increased by 22% to RMB194 million (US$31 million) from the same period in 2013 and 2% from the previous quarter primarily due to an increase in administrative personnel related expenses. Excluding share-based compensation charges (non-GAAP), general and administrative expenses accounted for 8% of the net revenues, remained consistent with that in the same period in 2013 and the previous quarter.

Income from operations for the second quarter of 2014 was RMB91million (US$15 million), representing a decrease of 54% from the same period in 2013 and an increase of 28% from the previous quarter. Excluding share-based compensation charges (non-GAAP), income from operations was RMB202 million (US$33 million), representing a decrease of 34% from the same period in 2013 and an increase of 5% from the previous quarter.

Operating margin was 5% for the second quarter of 2014, compared to 16% in the same period in 2013, and 4% in the previous quarter. Excluding share-based compensation charges (non-GAAP), operating margin was 12%, compared to 25% in the same period in 2013, and remained consistent with that in the previous quarter.

The effective tax rate for the second quarter of 2014 was 32%, increased from 27% in the same period of 2013, primarily due to the increase in the amount of non-tax-deductible share-based compensation as a percentage to our income as a whole. The effective tax rate for the second quarter of 2014 decreased from 40% in the previous quarter, primarily due to certain tax benefits granted by the local tax bureau in the second quarter of 2014.

Net income attributable to Ctrip’s shareholders for the second quarter of 2014 was RMB135 million (US$22 million), representing a decrease of 36% from the same period in 2013 and an increase of 17% from the previous quarter. Excluding share-based compensation charges (non-GAAP), net income attributable to Ctrip’s shareholders was RMB246 million (US$40 million), representing a decrease of 23% from the same period in 2013 and an increase of 4% from the previous quarter.

Diluted earnings per ADS were RMB0.88 (US$0.14) for the second quarter of 2014. Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS were RMB1.58 (US$0.26) for the second quarter of 2014.

As of June 30, 2014, the balance of cash and cash equivalents, restricted cash and short-term investment was RMB10.8 billion (US$1.7 billion).

Business Outlook

For the third quarter of 2014, the Company expects to continue the net revenue growth year-on-year at a rate of approximately 30-35%. This forecast reflects Ctrip’s current and preliminary view, which is subject to change.

Recent Development

As of July 30, 2014, Ctrip had purchased approximately 19 million ADSs in aggregate with a total consideration of US$370 million.

Conference Call

Ctrip’s management team will host a conference call at 8:00PM U.S. Eastern Time on July 30, 2014 (or 8:00AM on July 31, 2014 in the Shanghai/Hong Kong Time) following the announcement.

The conference call will be available on Webcast live and replay at: http://ir.ctrip.com. The call will be archived for one month at this website.

The dial-in details for the live conference call: U.S. Toll Free Number +1.877.299.4502, International dial-in number +1.617.597.5442, Passcode 85282121#. For pre-registration, please click

https://www.theconferencingservice.com/prereg/key.process?key=PPMBUNHGQ

A telephone replay of the call will be available after the conclusion of the conference call until August 6, 2014. The dial-in details for the replay: U.S. Toll Free Number +1.888.286.8010, International dial-in number +1.617..801.6888, Passcode 41610502.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “future,” “intend,” “plan,” “believe,” “estimate,” “is/are likely to,” “confident” or other similar statements. Among other things, quotations from management and the Business Outlook section in this press release, as well as Ctrip’s strategic and operational plans, contain forward-looking statements. Ctrip may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission on Forms 20-F and 6-K, etc., in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Ctrip’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, severe or prolonged downturn in the global or Chinese economy, general declines or disruptions in the travel industry, volatility in the trading price of Ctrip’s ADSs, Ctrip’s reliance on its relationships and contractual arrangements with travel suppliers and strategic alliances, failure to further increase Ctrip’s brand recognition to obtain new business partners and consumers, failure to compete against new and existing competitors, failure to successfully manage current growth and potential future growth, risks associated with any strategic investments or acquisitions, seasonality in the travel industry in mainland China, Hong Kong, Macau or Taiwan, failure to successfully develop Ctrip’s corporate travel business, damage to or failure of Ctrip’s infrastructure and technology, loss of services of Ctrip’s key executives, adverse changes in economic and political policies of the PRC government, inflation in China, risks and uncertainties associated with PRC laws and regulations with respect to the ownership structure of Ctrip’s affiliated Chinese entities and the contractual arrangements among Ctrip, its affiliated Chinese entities and their shareholders, and other risks outlined in Ctrip’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F and other filings. All information provided in this press release and in the attachments is as of the date of the issuance, and Ctrip does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

About Non-GAAP Financial Measures

To supplement Ctrip’s unaudited condensed consolidated financial statements presented in accordance with United States Generally Accepted Accounting Principles (“GAAP”), Ctrip uses non-GAAP financial information related to product development expenses, sales and marketing expenses, general and administrative expenses, income from operations, operating margin, net income, and diluted earnings per ordinary share and per ADS, each of which is adjusted from the most comparable GAAP result to exclude the share-based compensation charges recorded under ASC 718, “Compensation-Stock Compensation” for 2014 and 2013. Ctrip’s management believes the non-GAAP financial measures facilitate better understanding of operating results from quarter to quarter and provide management with a better capability to plan and forecast future periods.

Non-GAAP information is not prepared in accordance with GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The presentation of this additional information should not be considered a substitute for GAAP results. A limitation of using non-GAAP financial measures is that non-GAAP measures exclude share-based compensation charges that have been and will continue to be significant recurring expenses in Ctrip’s business for the foreseeable future.

Reconciliations of Ctrip’s non-GAAP financial data to the most comparable GAAP data included in the consolidated statement of operations are included at the end of this press release.

About Ctrip.com International, Ltd.

Ctrip.com International, Ltd. is a leading travel service provider of accommodation reservation, transportation ticketing, packaged tours, and corporate travel management in China. Ctrip aggregates hotel and flight information to enable business and leisure travellers to make informed and cost-effective bookings. Ctrip also helps customers book vacation packages and guided tours. In addition, Ctrip corporate travel management services help corporate clients effectively manage their travel requirements. Since its inception in 1999, Ctrip has experienced substantial growth and become one of the best-known travel brands in China.

For further information, please contact:

Investor Relations

Ctrip.com International, Ltd.

Tel: (+86) 21 3406 4880 X 12928

Email: .(JavaScript must be enabled to view this email address)

  Ctrip.com International, Ltd.

  Unaudited Condensed Consolidated Balance Sheets


                                  December 31, 2013           June 30, 2014           June 30, 2014

                                        RMB                   RMB                   USD

                                    (unaudited)              (unaudited)            (unaudited)

 

  ASSETS

 

  Current assets:

                                                7,138,344,814           6,548,622,152           1,055,616,441

  Cash and cash equivalents

                                                  739,543,614           1,209,087,347             194,900,920

  Restricted cash

                                                3,635,090,955           3,012,465,793             485,599,618

  Short-term investment

                                                1,518,230,029           1,998,512,645             322,153,692

  Accounts receivable, net

                                                1,237,530,956           1,811,252,378             291,967,951

  Prepayments and other current assets

                                                  96,979,500             112,223,898             18,090,125

  Deferred tax assets, current


                                                14,365,719,868           14,692,164,213           2,368,328,747

  Total current assets


                                                  559,185,652           2,053,754,455             331,058,491

  Long-term deposits and prepayments

                                                  107,476,794             105,909,243             17,072,223

  Land use rights

                                                1,412,943,693           2,095,403,912             337,772,247

  Property, equipment and software

                                                2,857,213,480           3,030,398,888             488,490,375

  Investment

                                                  972,531,184           1,180,513,074             190,294,841

  Goodwill

                                                  356,653,022             426,170,269             68,697,251

  Intangible assets

                                                  186,750,769             189,131,150             30,487,322

  Other long-term receviables


                                                20,818,474,462           23,773,445,204           3,832,201,497

  Total assets

 


  LIABILITIES

 

  Current liabilities:

                                                  774,599,341           1,540,973,395             248,399,864

  Short-term borrowings

                                                1,637,545,824           2,171,110,809             349,975,951

  Accounts payable

                                                  257,641,763             301,002,241             48,520,575

  Salary and welfare payable

                                                  315,299,656             363,284,813             58,560,322

  Taxes payable

                                                2,451,931,450           3,071,903,156             495,180,727

  Advances from customers

                                                  284,668,935             373,838,765             60,261,584

  Accrued liability for customer reward program

                                                  646,321,729           1,067,255,633             172,038,112

  Other payables and accruals


                                                6,368,008,698           8,889,368,812           1,432,937,135

  Total current liabilities


                                                  63,197,155             72,004,775             11,606,934

  Deferred tax liabilities, non-current

                                                5,657,182,650           5,797,264,200             934,500,000

  Long-term Debt


                                                12,088,388,503           14,758,637,787           2,379,044,069

  Total liabilities

 


  SHAREHOLDERS’ EQUITY

                                                  3,033,490               3,069,141               494,735

  Share capital

                                                4,088,484,766           4,512,752,886             727,440,984

  Additional paid-in capital

                                                  118,449,230             118,449,230             19,093,628

  Statutory reserves

                                                  372,634,580             202,734,123             32,680,077

  Accumulated other comprehensive income

                                                5,498,934,733           5,749,174,666             926,748,125

  Retained Earnings

                                              (1,551,141,268)          (1,997,296,415)          (321,957,640)

  Treasury stock


                                                8,530,395,531           8,588,883,631           1,384,499,909

  Total Ctrip’s shareholders’ equity


                                                  199,690,428             425,923,786             68,657,519

  Noncontrolling interests


                                                8,730,085,959           9,014,807,417           1,453,157,428

  Total shareholders’ equity


                                                20,818,474,462           23,773,445,204           3,832,201,497

  Total liabilities and shareholders’ equity

 

 

  Ctrip.com International, Ltd.

  Unaudited Condensed Consolidated Statements of Comprehensive Income

 

                                                                                                                          Quarter Ended                   Quarter Ended           Quarter Ended             Quarter Ended

                                                        June 30, 2013                                               March 31, 2014 June 30, 2014         June 30, 2014

                                                            RMB                                                     RMB       RMB               USD

 

                                                                                                                          (unaudited)                    (unaudited)            (unaudited)              (unaudited)


          Revenues:

          Accommodation reservation **                                                                                                      510,977,850                       656,662,297             752,565,453             121,311,086

          Transportation ticketing ***                                                                                                      522,013,771                       651,065,201             725,513,462             116,950,394

          Packaged tour                                                                                                                 187,024,425                       259,220,548             205,141,896             33,068,202

          Corporate travel                                                                                                               65,944,003                       70,956,329               90,442,575             14,579,047

          Others                                                                                                                       34,190,294                       35,268,438               45,842,408               7,389,646


          Total revenues                                                                                                               1,320,150,343                     1,673,172,813             1,819,505,794             293,298,375


          Less: business tax and related surcharges                                                                                             (75,294,640)                    (91,384,691)            (97,244,864)            (15,675,554)


          Net revenues                                                                                                                 1,244,855,703                     1,581,788,122             1,722,260,930             277,622,821


          Cost of revenues                                                                                                             (309,111,062)                    (449,411,887)            (478,601,393)            (77,148,977)


          Gross profit                                                                                                                 935,744,641                     1,132,376,235             1,243,659,537             200,473,844


          Operating expenses:

          Product development *                                                                                                          (309,851,724)                    (440,653,457)            (479,262,194)            (77,255,496)

          Sales and marketing *                                                                                                          (271,244,149)                    (429,548,555)            (479,274,011)            (77,257,401)

          General and administrative *                                                                                                      (158,708,095)                    (191,227,092)            (194,203,673)            (31,304,996)


          Total operating expenses                                                                                                         (739,803,968)                  (1,061,429,104)          (1,152,739,878)          (185,817,893)


          Income from operations                                                                                                           195,940,673                       70,947,131               90,919,659             14,655,951


          Interest income ****                                                                                                            46,994,570                       92,166,471               83,277,622             13,424,080

          Interest expense ****                                                                                                            (3,932,234)                    (32,998,931)            (33,693,033)            (5,431,207)

          Other income/(expense)                                                                                                            24,056,241                     (14,298,252)              5,265,556               848,790


          Income before income tax expense and equity in income                                                                                       263,059,250                       115,816,419             145,769,804             23,497,614


          Income tax expense                                                                                                             (70,419,098)                    (46,686,845)            (47,090,068)            (7,590,765)

          Equity in (loss)/income of affiliates                                                                                                 (4,525,873)                      19,231,991               13,215,687               2,130,325


          Net income                                                                                                                   188,114,279                       88,361,565             111,895,423             18,037,174


          Less: Net loss attributable to noncontrolling interests                                                                                     22,266,815                       26,990,188               22,992,757               3,706,357


          Net income attributable to Ctrip’s shareholders                                                                                           210,381,094                       115,351,753             134,888,180             21,743,531


          Comprehensive income/(loss) attributable to Ctrip’s                                                                                       208,157,307                     (180,401,468)            260,740,944             42,030,586
          shareholders


          Earnings per ordinary share

          - Basic                                                                                                                         6.44                           3.39                   3.97                 0.64

          - Diluted                                                                                                                         5.88                           3.00                   3.51                 0.57


          Earnings per ADS

          - Basic                                                                                                                         1.61                           0.85                   0.99                 0.16

          - Diluted                                                                                                                         1.47                           0.75                   0.88                 0.14


          Weighted average ordinary shares outstanding

          - Basic                                                                                                                     32,677,730                       33,994,500               33,952,472             33,952,472

          - Diluted                                                                                                                     36,573,910                       39,496,370               39,339,689             39,339,689


          * Share-based compensation charges included are as follows:

            Product development                                                                                                             35,003,222                       44,381,634               41,555,508               6,698,612

            Sales and marketing                                                                                                             12,325,365                       12,995,817               11,715,564               1,888,511

            General and administrative                                                                                                       63,838,858                       64,266,792               58,066,756               9,360,171


          ** Accommodation reservation revenues mainly represent revenues from reservations of hotels, hostels, vacation rentals and other accommodation related
          services.


          *** Transportation ticketing revenues mainly represent revenues from reservations of air tickets, railway tickets and other
          transportation related services.


          **** Interest expenses have been reclassified from interest income with no effect on net income or
          retained earnings.

 


  Ctrip.com International, Ltd.

  Reconciliation of GAAP and Non-GAAP Results

  (In RMB, except % and per share information)


                                                                                                                              Quarter Ended June 30, 2014
                                                                                                                            ———

                                                              GAAP Result                               % of Net Revenues           Share-based Compensation   % of Net Revenues     Non-GAAP Result % of Net Revenues

 


                                Product development                                                           (479,262,194)        28%                        41,555,508 2%                (437,706,686)  25%

                                Sales and marketing                                                           (479,274,011)        28%                        11,715,564 1%                (467,558,447)  27%

                                General and administrative                                                       (194,203,673)        11%                        58,066,756 3%                (136,136,917)  8%
                                                                                                      ———

                                Total operating expenses                                                       (1,152,739,878)        67%                        111,337,828 6%              (1,041,402,050)  60%


                                Income from operations                                                           90,919,659         5%                        111,337,828 6%                202,257,487   12%


                                Net income attributable to Ctrip’s shareholders                                           134,888,180         8%                        111,337,828 6%                246,226,008   14%


                                Diluted earnings per ordinary share (RMB)                                                  3.51                                       2.83                         6.34


                                Diluted earnings per ADS (RMB)                                                          0.88                                       0.70                         1.58


                                Diluted earnings per ADS (USD)                                                          0.14                                       0.12                         0.26

 

                                                                                                                            Quarter Ended March 31, 2014
                                                                                                                           

                                                              GAAP Result                               % of Net Revenues           Share-based Compensation   % of Net Revenues     Non-GAAP Result % of Net Revenues
                                                              ——-                              —-          —-  —-    -—-


                                Product development                                                           (440,653,457)        28%                        44,381,634 3%                (396,271,823)  25%

                                Sales and marketing                                                           (429,548,555)        27%                        12,995,817 1%                (416,552,738)  26%

                                General and administrative                                                       (191,227,092)        12%                        64,266,792 4%                (126,960,300)  8%
                                                                                                      ———

                                Total operating expenses                                                       (1,061,429,104)        67%                        121,644,243 8%                (939,784,861)  59%


                                Income from operations                                                           70,947,131         4%                        121,644,243 8%                192,591,374   12%


                                Net income attributable to Ctrip’s shareholders                                           115,351,753         7%                        121,644,243 8%                236,995,996   15%


                                Diluted earnings per ordinary share (RMB)                                                  3.00                                       3.08                         6.08


                                Diluted earnings per ADS (RMB)                                                          0.75                                       0.77                         1.52


                                Diluted earnings per ADS (USD)                                                          0.12                                       0.12                         0.24

 

                                                                                                                              Quarter Ended June 30, 2013
                                                                                                                            ———

                                                              GAAP Result                               % of Net Revenues           Share-based Compensation   % of Net Revenues     Non-GAAP Result % of Net Revenues
                                                              ——-                              —-          —-  —-    -—-


                                Product development                                                           (309,851,724)        25%                        35,003,222 3%                (274,848,502)  22%

                                Sales and marketing                                                           (271,244,149)        22%                        12,325,365 1%                (258,918,784)  21%

                                General and administrative                                                       (158,708,095)        13%                        63,838,858 5%                (94,869,237)  8%
                                                                                                      ———

                                Total operating expenses                                                         (739,803,968)        59%                        111,167,445 9%                (628,636,523)  50%


                                Income from operations                                                           195,940,673         16%                        111,167,445 9%                307,108,118   25%


                                Net income attributable to Ctrip’s shareholders                                           210,381,094         17%                        111,167,445 9%                321,548,539   26%


                                Diluted earnings per ordinary share (RMB)                                                  5.88                                       3.04                         8.92


                                Diluted earnings per ADS (RMB)                                                          1.47                                       0.76                         2.23


                                Diluted earnings per ADS (USD)                                                          0.24                                       0.12                         0.36

 

                                Notes for all the condensed consolidated financial schedules presented:


                                  Note 1: The conversion of Renminbi (RMB) into U.S. dollars (USD) is based on the certified exchange rate of USD1.00=RMB6.2036 on June 30,
                                  2014 published by the Federal Reserve Board.
SOURCE Ctrip.com International, Ltd.

Ctrip.com International, Ltd.

Web Site: https://www.theconferencingservice.com/prereg/key.process?key=PPMBUNHGQ


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