Liang Zeng, Yuming He and Fang Wei Appointed to
Expanded Board
Board Affirms Confidence in Management and
Extends Employment Agreements
Qunar Cayman Islands Limited (NASDAQ:QUNR) ("Qunar" or the
"Company"), China's leading mobile and online travel platform,
today announced it has expanded its Board of Directors from seven
to nine seats, and has appointed Liang Zeng, Yuming He, and Fang
Wei as Directors. Hesong Tang has stepped down from the Board. The
Company also announced that the employment contracts of Chenchao
(CC) Zhuang, Qunar's Chief Executive Officer, and Yilu Zhao, its
Chief Financial Officer, have been extended for four years,
affirming the Board's confidence in the management team in driving
Qunar's growth.
"We are very pleased to welcome Liang Zeng, Yuming He and Fang
Wei to Qunar's Board. Together, they bring a wide array of
experience in sales and marketing, investment strategy and finance
and their addition further deepens the strategic relationship
between Qunar and Baidu," said Mr. Robin Yanhong Li, Chairman of
Qunar's Board of Directors. "Qunar's impressive business
performance is a testament to the management team's robust
execution capability, and these new board appointments further
strengthen Qunar's ability to achieve its goal of becoming China's
number one travel platform."
"I would also like to thank Hesong Tang for his important
contributions and years of service to Qunar," continued Mr. Li.
"On behalf of the entire Qunar team, I look forward to working
with our Board as we continue to innovate, grow our market share,
and build value for all shareholders," said Chenchao (CC) Zhuang,
Chief Executive Officer and co-founder of Qunar. "Baidu is our
largest shareholder, and its continued support and dedication to
our long-term vision is a welcome pillar in our strategic platform.
These new Board members reflect the importance of our strategic
partnership, as well as our commitment to further developing and
executing opportunities for enhanced collaboration in a range of
O2O initiatives and other related areas, including travel and
payment."
As a result of new strategic collaboration initiatives between
Qunar and Baidu, Qunar users will be able to access Baidu's
extensive online to offline (O2O) supply chain in restaurant
booking and food delivery, while Baidu will gain broader access to
Qunar's travel products, expanding beyond hotels to park and
attraction tickets, with more categories in the
pipeline. Qunar is also an important Baidu Wallet
merchant.
Liang Zeng serves as Baidu's vice president and general manager
of its Nuomi unit, an online to offline service platform focused on
connecting consumers to merchants. Previously, Mr. Zeng served as
vice president of key account sales and marketing solution
consulting at Baidu. Prior to joining Baidu, Mr. Zeng held senior
positions at Microsoft as vice president of the Greater China
Region and general manager of public sector group. Mr. Zeng holds
an MBA from the Georgia Institute of Technology and an MS in
Engineering from Tsinghua University.
Yuming He joined Baidu in August 2015 as executive director of
strategic investment. Mr. He has more than 15 years of professional
experience in overseas listings, fund investments, mergers and
acquisitions, and strategy and planning for listed companies and
growth companies across numerous industry sectors. Prior to joining
Baidu, he held senior positions at Juntong Capital Management (HK)
Co. Limited and Morgan Stanley, as well as earlier positions at
J.P. Morgan, Disney, Paladin Capital and Lazard. Mr. He holds an
MBA from the University of Chicago.
Fang Wei joined Baidu in 2006 and has served as senior
director of finance at Baidu since January 2012. Previously, Mr.
Wei was Baidu's director of finance and senior manager of
information disclosure. Prior to joining Baidu, he was an audit
manager at KPMG. Mr. Wei holds a BA from Capital University of
Economics and Business and an EMBA from China Europe International
Business School.
The Board appointments are consistent with the investment
interest Baidu has held in Qunar since 2011. To ensure the
Company's continued operating independence, the Board's Audit
Committee, which is responsible for the review and approval of all
related party transactions, is composed entirely of independent
directors, and independent directors also comprise a majority of
the Board's Nominating and Compensation Committees.
Forward-looking Statements
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
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "confident" and similar statements. Among
other things, quotations from management, as well
as Qunar's strategic and operational plans, contain
forward-looking statements. Qunar may also make
forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission, 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 Qunar's beliefs and expectations,
are forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: the Company's goals and strategies; its future business
development, financial condition and results of operations; the
expected growth of the online travel markets in China; the
Company's expectations regarding demand for and market acceptance
of its products and services; its expectations regarding
relationships with users and travel service providers; the business
cooperation agreement with Baidu; its plans to invest in the
technology platform; competition in the industry; fluctuations in
general economic and business conditions in China; and relevant
government policies and regulations relating to the industry.
Further information regarding these and other risks is included in
the documents filed with the U.S. Securities and Exchange
Commission. All information provided in this announcement is as of
the date of the announcement, and Qunar undertakes no
duty to update such information, except as required under
applicable law.
About Qunar
Qunar is China's leading mobile and online travel platform. With
a commitment to building a travel ecosystem serving the entire
travel industry value chain, Qunar is evolving the way people
travel in a world increasingly enabled by technology. Qunar
addresses the needs of Chinese travelers and travel service
providers by efficiently matching industry supply and demand
through its proprietary technologies. By providing technology
infrastructure for travel service providers on mobile and online
platforms, Qunar integrates and offers the most comprehensive
selection of travel products and the most convenient means to
complete desired transactions for Chinese travelers.
Qunar means "where to go" in Mandarin Chinese.
For more information, please visit http://ir.qunar.com.
CONTACT: For media inquiries, please contact:
press@qunar.com
For investor inquiries, please contact:
Xiaolu Zhu
Investor Relations
Qunar Cayman Islands Limited
Tel: +86-10-5764-6223
Email: ir@qunar.com
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