Just days after Expedia Inc reduced its focus on China, Priceline Group has injected a quarter of a billion dollars in Ctrip.
The $250 million investment comes less than a year after the Booking.com parent put its initial $500 million into the company.
The deal (structured through a convertible note and acquisition of Ctrip's depositary shares in the US on the open market) will give Priceline a 10.5% stake in the company.
The two companies will continue their existing commercial partnership, with accommodation inventory cross-promoted between the two brands, a statement says.
Darren Huston, president and CEO of The Priceline Group, says:
"Ctrip continues to be a very important partner for The Priceline Group in China, and we look forward to continuing to build upon that partnership.
"We consider Ctrip a market leader in China and we're investing in a company and a team that we believe fits well with our long-term view of China as a market and the Chinese people as global travelers."
Ctrip chairman and CEO, James Liang, adds:
"Today's news aligns with our continued commitment to drive our existing commercial agreement with The Priceline Group forward in order to deliver more value for travelers seeking great accommodations all over the world."
The latest development illustrates, ironically, how one major global brand is taking China extremely seriously as another decides to move out.
The strategy could mirror that of how Priceline plays its existing portfolio - Booking.com is the focal point of its ambitions in accommodation and some consider eLong to be the new hotel-focused consumer platform under the Ctrip umbrella.