Qunar Receives Majority of Minority Shareholder Consent to Employee Share Exchange Program
December 09 2015 - 3:53AM
Qunar Cayman Islands Limited (NASDAQ:QUNR) ("Qunar" or the
"Company"), China’s leading mobile and online travel platform,
today announced that, following Qunar’s announcement of an exchange
program for its employees on October 26, 2015 and the management’s
voluntary undertaking to seek the consent of its shareholders, it
has received consent for the employee exchange program from Qunar
shareholders representing the majority of all the outstanding fully
diluted shares of Qunar, including convertible bonds on an as
converted basis, that were not owned by Baidu, Ctrip, or Qunar
management.
As of October 23, 2015, total shares outstanding
of Qunar on a fully diluted basis, including convertible bonds on
an as converted basis, that were not owned by Baidu, Ctrip or Qunar
management, were 207,540,976 shares, which is equivalent to
69,180,325 Qunar ADSs (the “Fully Diluted Minority
Shareholdings”).
As of December 7, 2015, Qunar had received
written affirmative consent from its shareholders that beneficially
owned 40,154,332 Qunar ADSs as of November 30, 2015, which is
equivalent to 58% of the Fully Diluted Minority
Shareholdings. In addition, shareholders that beneficially
owned 552,822 ADSs as of November 30, 2015, or 0.8%, did not
consent to the exchange. The remainder did not express their
view.
“We truly appreciate the support from our global
shareholder base,” said CC Zhuang, chief executive officer and
co-founder of Qunar. “The alignment of employees, management
and shareholders forms the foundation for generating long-term
value. We are looking forward to greater cooperation with
Ctrip across business lines and greater value creation for
all.”
“Receiving the majority of minority shareholder
consent is a sign of mutual support between our shareholders and
our team,” added Yilu Zhao, chief financial officer of Qunar.
“Employees’ dedication and shareholders’ conviction have fueled the
growth of Qunar. We are truly grateful for everyone’s
support.”
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
written or oral 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.
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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