Ctrip has announced a $1 billion convertible debt offering, with the money earmarked for "general corporate purposes".
The company says that some of the money raised will be used for "a concurrent repurchase of its ADSs and potential note retirement from time to time".
However, "general corporate purposes" is a catch-all phrase and some of the cash could easily be used for operational reasons - M&A, investment in the product, expansion into new markets - as well as financial dealings.
Elsewhere, Ctrip is one of a group of investors which has made a $1 billion takeover offer to buy HomeInns, China's leading economy hotel chain. The offer is being considered by HomeInns.
It has been a busy few weeks for Ctrip, with the business part of a group which bought Expedia's stake in eLong for some $670 million.
It also picked up a $250 million injection from Priceline Inc which took Priceline's stake in Ctrip up to 10.5%
And it was part of a group of investors which put $500 million into Tunui.com.
The landgrab for China's growing online travel market shows no sign of slowing down. If anything, it is building momentum - Qunar raised $500 million at the start of the month.
Meanwhile, HNA Group and NetEase announced a JV which will bring yet another mega-funded OTA into the Chinese market.
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