eLong Inc. (LONG), China’s second-largest online travel company, today rose more than 18% to $13.85, the highest intraday price since Nov. 12. Expedia Inc. (EXPE), well known for their online travel service around the world, boosted its stake in the Chinese firm to 16.9 percent, according to a regulatory filing.
eLong’s total sales revenue in the first quarter increased 30% year-on-year to 107.5 million yuan ($15.73 million), and net revenues increased 30% year-on-year to 101.1 million yuan ($14.80 million).
Expedia was the first online travel company to enter China’s online travel market when it invested in eLong, Expedia’s exclusive affiliate in China, in 2004. Expedia now owns the majority of eLong ownership.