Competition in the Chinese online travel market is intense these days, and eLong's transition into the highest tier on Nasdaq is just another signal that the business is maturing.
China online travel agency eLong’s American depository shares start trading January 2 as part of the Nasdaq Global Select Market.
In the three-tier Nasdaq trading hierarchy, the Global Select Market is one level above the Nasdaq Global Market, where eLong previously traded. The lowest tier is the Nasdaq Capital Market.
“We are delighted that Nasdaq recognized our high quality business and governance standards by selecting eLong for inclusion in its top tier market,” said Guangfu Cui, eLong CEO.
eLong’s chief rival, the larger Ctrip, also trades as part of the Nasdaq Global Select Market.
Expedia Inc. is the majority shareholder in eLong, and Tencent Holdings Limited is the next largest shareholder.
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