Qunar Cayman Islands Limited - (NASDAQ:QUNR)

BEIJING, Feb. 28, 2017 (GLOBE NEWSWIRE) -- Qunar Cayman Islands Limited (QUNR) (“Qunar”  or the “Company”), China’s leading mobile and online travel platform, today announced the completion of its merger (the “Merger”) with Ocean Management Merger Sub Limited (“Merger Sub”), a wholly owned subsidiary of Ocean Management Holdings Limited (“Parent”), pursuant to the previously announced agreement and plan of merger dated as of October 19, 2016 (the “Merger Agreement”) by and among the Company, Parent and Merger Sub. As a result of the Merger, the Company became a wholly owned subsidiary of Parent.

Under the terms of the Merger Agreement, which was approved by the Company’s shareholders at an extraordinary general meeting held on February 24, 2017, all of the Company’s Class A and Class B ordinary shares (each, a “Share”) issued and outstanding immediately prior to the effective time of the Merger (the “Effective Time”) have been cancelled in exchange for the right to receive US$10.13 per Share, and all of the Company’s American depositary shares (“ADSs”), each of which represents three Class B ordinary shares, issued and outstanding immediately prior to the Effective Time have been cancelled in exchange for the right to receive US$30.39 per ADS, in each case, in cash, without interest and net of any applicable fees and withholding taxes, except for (a) (i) Shares (including Shares represented by ADSs) beneficially owned by each of Ctrip.com International, Ltd., M Strat Holdings, L.P., Momentum Strategic Holdings, L.P. and certain minority  shareholders (the “Rollover Shareholders”), and (ii) Shares (including Shares represented by ADSs) reserved for the issuance and allocation pursuant to the Company’s 2007 and 2015 share incentive plans, each of which has been cancelled and has ceased to exist without any consideration paid therefor, and (b) Shares held by shareholders who have validly exercised and not effectively withdrawn or lost their rights to dissent from the merger pursuant to Section 238 of the Companies Law of the Cayman Islands (the “Dissenting Shares”), which have been cancelled and have ceased to exist in exchange for the right to receive the payment of appraised fair value of the Dissenting Shares in accordance with Section 238 of the Companies Law of the Cayman Islands.

Registered shareholders entitled to the merger consideration will receive a letter of transmittal and instructions on how to surrender their share certificates in exchange for the merger consideration and should wait to receive the letter of transmittal before surrendering their share certificates. As to ADS holders entitled to the merger consideration, payment of the merger consideration (less $0.05 per ADS cancellation fees) will be made to ADS holders as soon as practicable after Deutsche Bank Trust Company Americas, the Company’s ADS depositary, receives the merger consideration.

The Company also announced today that it requested that trading of its ADSs on the NASDAQ Stock Market (“NASDAQ”) be suspended before the market opens on March 1, 2017 (New York time). The Company requested NASDAQ to file a notification on Form 25 with the U.S. Securities and Exchange Commission (the “SEC”) notifying the SEC of the delisting of its ADSs on NASDAQ and the deregistration of the Company’s registered securities. The deregistration will become effective 90 days after the filing of the Form 25 or such shorter period as may be determined by the SEC. The Company intends to terminate its reporting obligations under the Securities Exchange Act of 1934, as amended, by filing a Form 15 with the SEC in approximately ten days following filing of the Form 25. The Company’s obligation to file with or furnish to the SEC certain reports and forms, including Form 20-F and Form 6-K, will be suspended immediately as of the filing date of the Form 15 and will terminate once the deregistration becomes effective.

BEIJING, Feb. 24, 2017 (GLOBE NEWSWIRE) -- Qunar Cayman Islands Limited (QUNR) (“Qunar” or the “Company”), China’s leading mobile and online travel platform, today announced that, at an extraordinary general meeting held today, the Company’s shareholders voted in favor of, among others, the proposal to authorize and approve the previously announced agreement and plan of merger dated as of October 19, 2016 (the “Merger Agreement”), by and among the Company, Ocean Management Holdings Limited (“Parent”) and Ocean Management Merger Sub Limited (“Merger Sub”), a wholly owned subsidiary of Parent, the plan of merger required to be filed with the Registrar of Companies of the Cayman Islands, substantially in the form attached as Annex A to the Merger Agreement (the “Plan of Merger”), and the transactions contemplated thereby, including the Merger (defined below).  Pursuant to the Merger Agreement, Merger Sub will merge with and into the Company with the Company continuing as the surviving company and a wholly owned subsidiary of Parent in accordance with Cayman Islands Companies Law (the “Merger”).

Approximately 98.86% of the ordinary shares voted in person or by proxy at today’s meeting were voted in favor of the proposal to authorize and approve the Merger Agreement, the Plan of Merger and the transactions contemplated thereby, including the Merger. A two-thirds majority of the voting power represented by the shares of the Company present and voting in person or by proxy at the extraordinary general meeting was required for approving the Merger.

Completion of the Merger is subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement. The Company will work with the other parties to the Merger Agreement to satisfy all other conditions precedent to the Merger set forth in the Merger Agreement and complete the Merger as quickly as possible. If and when completed, the Merger will result in the Company becoming a privately held company and its American depositary shares, each representing three Class B ordinary shares of the Company, will no longer be listed on the NASDAQ Stock Market.

BEIJING, Feb. 24, 2017 (GLOBE NEWSWIRE) -- Qunar Cayman Islands Limited (NASDAQ:QUNR) (“Qunar” or the “Company”), China’s leading mobile and online travel platform, today announced that, at an extraordinary general meeting held today, the Company’s shareholders voted in favor of, among others, the proposal to authorize and approve the previously announced agreement and plan of merger dated as of October 19, 2016 (the “Merger Agreement”), by and among the Company, Ocean Management Holdings Limited (“Parent”) and Ocean Management Merger Sub Limited (“Merger Sub”), a wholly owned subsidiary of Parent, the plan of merger required to be filed with the Registrar of Companies of the Cayman Islands, substantially in the form attached as Annex A to the Merger Agreement (the “Plan of Merger”), and the transactions contemplated thereby, including the Merger (defined below).  Pursuant to the Merger Agreement, Merger Sub will merge with and into the Company with the Company continuing as the surviving company and a wholly owned subsidiary of Parent in accordance with Cayman Islands Companies Law (the “Merger”).

Approximately 98.86% of the ordinary shares voted in person or by proxy at today’s meeting were voted in favor of the proposal to authorize and approve the Merger Agreement, the Plan of Merger and the transactions contemplated thereby, including the Merger. A two-thirds majority of the voting power represented by the shares of the Company present and voting in person or by proxy at the extraordinary general meeting was required for approving the Merger.

Completion of the Merger is subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement. The Company will work with the other parties to the Merger Agreement to satisfy all other conditions precedent to the Merger set forth in the Merger Agreement and complete the Merger as quickly as possible. If and when completed, the Merger will result in the Company becoming a privately held company and its American depositary shares, each representing three Class B ordinary shares of the Company, will no longer be listed on the NASDAQ Stock Market.

KUALA LUMPUR, Malaysia, Oct. 19, 2016 /PRNewswire/ -- Median Group Inc. (OTC Market ticker: CHMD), a telecommunication and financial technology company ("Median"), today announced a private placement of 100,000,000 of its common stocks to Getthiss Innovation Sdn. Bhd. ("Getthiss") to signify its strategic collaboration with an independent marketing platform provider in Malaysia.

"We have found a strategic shareholder who brings in a strong network of members that could potentially expand our market reach beyond our traditional market segment. We are currently at the advanced stage of discussion with Getthiss, and we hope that we will be able to work together in successfully going forward," stated Andrew Hwan Lee, President of Median. "We are pleased to have found a strong partner who will play an important role in the distribution of our products and services in Malaysia through their extensive distribution platform."

Mr. Lee continued, "I am grateful to our shareholders, investors and partners who have stood by us during this challenging time. We are excited with this new development and will continue to expand our business offering, and hence work towards increasing shareholders' value."

BEIJING, Oct. 19, 2016 (GLOBE NEWSWIRE) -- Qunar Cayman Islands Limited (NASDAQ:QUNR) (“Qunar” or the “Company”), China’s leading mobile and online travel platform, today announced that it has entered into a definitive agreement and plan of merger (the “Merger Agreement”) with Ocean Management Holdings Limited (“Parent”) and Ocean Management Merger Sub Limited (“Merger Sub”), a wholly owned subsidiary of Parent, pursuant to which Qunar will be acquired by Parent in a transaction implying an equity value of the Company of approximately $4.44 billion.

Pursuant to the terms of the Merger Agreement, at the effective time of the merger, each ordinary share of the Company issued and outstanding immediately prior to the effective time of the merger (each a “Share”) will be cancelled and cease to exist in exchange for the right to receive $10.13 in cash without interest, and each American depositary share (each an “ADS”) of the Company, representing three Shares, will be cancelled in exchange for the right to receive $30.39 in cash without interest, except for (a) (i) Shares (including Shares represented by ADSs) beneficially owned by each of Ctrip.com International, Ltd. (“Ctrip”), M Strat Holdings, L.P., Momentum Strategic Holdings, L.P. and certain other minority existing shareholders (the “Rollover Shareholders”), (ii) Shares (including Shares represented by ADSs) held by Parent, the Company or any of their subsidiaries, and (iii) Shares (including Shares represented by ADSs) held by the Depositary and reserved for the issuance and allocation pursuant to the Company’s 2007 and 2015 share incentive plans, each of which will be cancelled and cease to exist without any conversion thereof or consideration paid therefor, and (b) Shares held by shareholders who have validly exercised and not effectively withdrawn or lost their rights to dissent from the merger pursuant to Section 238 of the Companies Law of the Cayman Islands (the “Dissenting Shares”), which will be cancelled and cease to exist in exchange for the right to receive the payment of appraised fair value of the Dissenting Shares in accordance with Section 238 of the Companies Law of the Cayman Islands.

The merger consideration represents a premium of approximately 15% to the closing price of the Company’s ADSs on June 22, 2016, the last trading day prior to the Company’s announcement of its receipt of a “going-private” proposal.

Immediately following the consummation of the transactions contemplated by the Merger Agreement, Parent will be beneficially owned by Ocean Management Limited, Ctrip and the other Rollover Shareholders. The Company’s board of directors (the “Board”), acting upon the unanimous recommendation of a committee of independent and disinterested directors established by the Board (the “Special Committee”), approved the Merger Agreement and the merger and resolved to recommend that the Company’s shareholders vote to authorize and approve the Merger Agreement and the merger. The Special Committee negotiated the terms of the Merger Agreement with the assistance of its financial and legal advisors.

The merger, which is currently expected to close during the first half of 2017, is subject to customary closing conditions including the approval of the Merger Agreement and the merger by the affirmative vote of holders of Shares representing at least two-thirds of the voting power of the Shares present and voting in person or by proxy at a meeting of the Company’s shareholders convened to consider the approval of the Merger Agreement and the merger. The Rollover Shareholders have agreed to vote all of the Shares and ADSs they beneficially own, which represent approximately 94.3% of the voting power of the Shares outstanding as of the date of the Merger Agreement, in favor of the authorization and approval of the Merger Agreement and the merger. If completed, the merger will result in the Company becoming a privately-owned company and its ADSs will no longer be listed on the NASDAQ Stock Market.

Duff & Phelps, LLC and Duff & Phelps Securities, LLC are serving as financial advisors to the Special Committee, and Kirkland & Ellis is serving as U.S. legal counsel to the Special Committee.

Skadden, Arps, Slate, Meagher & Flom LLP is serving as U.S. legal counsel to Parent.

Second Quarter 2016 Financial Results

• Total revenues for the second quarter of 2016 were RMB1,030.8 million (US$155.1 million), an increase of 17.0% year-on-year.
• Loss per share for ordinary shares basic and diluted was $(0.24) vs last years same quarterly loss of $(0.33).

BEIJING, July 07, 2016 (GLOBE NEWSWIRE) -- Qunar Cayman Islands Limited (QUNR) ("Qunar" or the "Company"), China's leading mobile and online travel platform, today announced that the special committee (the "Special Committee") of the Company's board of directors has retained Duff & Phelps (Duff & Phelps Securities, LLC and Duff & Phelps, LLC) as its financial advisor and Kirkland & Ellis as its U.S. legal counsel in connection with its review and evaluation of the previously announced non-binding "going private" proposal from Ocean Management Limited (“Ocean”) that the Board received on June 23, 2016 (the "Transaction").

The Board cautions the Company's shareholders and others considering trading the Company's securities that the Special Committee is continuing its evaluation of the Transaction and that, at this time, no decisions have been made by the Special Committee with respect to the Company's response to the Transaction. There can be no assurance that any definitive offer will be made by Ocean, that any agreement will be executed with Ocean or that the Transaction or any comparable transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to the Transaction or any other transaction, except as required under applicable law.

BEIJING, June 23, 2016 (GLOBE NEWSWIRE) -- Qunar Cayman Islands Limited (QUNR) ("Qunar" or the "Company"), China's leading mobile and online travel platform, today announced that its board of directors (the "Board") has received a preliminary non-binding proposal letter, dated June 23, 2016, from Ocean Management Limited (the "Buyer"), to acquire all outstanding ordinary shares of Qunar not beneficially owned by the Significant Shareholders (as defined below). The proposed purchase price for each American depositary share of the Company ("ADS", each representing three ordinary shares) is $30.39 in cash, or $10.13 for each ordinary share of the Company, which represents an approximately 15% premium to the closing trading price of the Company's ADSs on June 22, 2016, the last trading day prior to the date of the proposal letter. A copy of the proposal letter is attached as Exhibit A to this press release.

According to the proposal letter, the Buyer is an entity related to Ocean Imagination L.P., a private equity fund dedicated to investing in travel-related industries in China.  The Buyer intends to seek the support of the Company's shareholders accounting for a majority in voting power of the Company (the "Significant Shareholders") for this proposal. The Buyer also intends to fund the consideration payable in the Transaction with a combination of debt and equity capital, with the equity financing to be provided from the Buyer in the form of cash and any rollover equity capital in the Company from the Significant Shareholders.

The Board has formed a special committee comprised of three independent, disinterested directors, Mr. Jimmy Lai, Mr. Jianmin Zhu and Ms. Ying Shi, to consider the Buyer's proposal and the transaction contemplated therein. The special committee expects to retain independent advisors, including independent financial and legal advisors, to assist it in this process.

The Board cautions the Company's shareholders and others considering trading the Company's securities that the Board has just received the proposal letter and has not had an opportunity to carefully review and evaluate the proposal or make any decision with respect to the Company's response to the proposal. There can be no assurance that any definitive offer will be made, that any definitive agreement will be executed relating to the proposed transaction or that this or any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law.

First Quarter 2016 Financial Results

• Total revenues for the first quarter of 2016 were RMB993.1 million (US$154.0 million), an increase of 48.0% year-on-year.
• Basic and diluted net loss per ADS for the first quarter of 2016 was RMB7.44 (US$1.14).

“Our mobile business continued to expand rapidly on top of a very strong 2015,” said Zhenyu Chen, chief executive officer of Qunar. “We are proud of the progress the team made in the first quarter despite the headwinds we faced in our flight business.”

BEIJING, June 13, 2016 (GLOBE NEWSWIRE) -- Qunar Cayman Islands Limited (QUNR) ("Qunar" or the "Company"), China's leading mobile and online travel platform, today announced the appointment of PricewaterhouseCoopers Zhong Tian LLP ("PwC”) as the Company's independent registered public accounting firm.

PwC replaces Ernst & Young Hua Ming LLP ("Ernst & Young"), previously the independent auditor for Qunar. The appointment of PwC has been approved by the Audit Committee of Qunar, with the concurrence of the Board of Directors of the Company.

The consolidated financial statements of Qunar and its subsidiaries as of and for the years ended December 31, 2014 and 2015 did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope or accounting principles. The decision to change auditors was not the result of any disagreement between the Company and Ernst & Young on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.

The Board would like to take this opportunity to express its sincere gratitude to the Ernst & Young team for their services rendered to the Company over the past years.

Fourth Quarter 2015 Financial Results

• Total revenues for the fourth quarter of 2015 were RMB1,294.0 million (US$199.8 million), an increase of 149.0% year-on-year.
• Adjusted net loss (non-GAAP), defined as net loss excluding share-based compensation expenses of RMB4,502.5 million (US$695.1 million) and impairment loss of long-term investments of RMB39.4 million (US$6.1 million), was RMB550.9 million (US$85.0 million) for the fourth quarter of 2015, compared to adjusted net loss of RMB295.9 million in the corresponding period of 2014 and adjusted net loss of RMB624.2 million in the third quarter of 2015.

“We are proud of what we have achieved in 2015 as total revenues grew 137.4% year-on-year with significant progress across our business lines,” said Zhenyu Chen, chief executive officer of Qunar. “We believe our team’s work in 2015 has laid a solid foundation for Qunar to achieve balanced and sustainable long term growth in 2016 and beyond.”

BEIJING, Jan. 04, 2016 (GLOBE NEWSWIRE) -- Qunar Cayman Islands Limited (NASDAQ:QUNR) ("Qunar" or the "Company"), China�s leading mobile and online travel platform, today announced changes to its management and board of directors (the �Board�), which are effective as of January 4, 2016. Mr. Zhenyu Chen, Qunar�s Executive Vice President and Head of Mobile Business Group, has been appointed as Qunar�s chief executive officer.  Mr. Qiang Zhang, Qunar�s Executive Vice President and Head of Destination Services Business Group, will assume the role of its chief operating officer.  Mr. Xiaolu Zhu, Qunar�s Senior Director of Strategy and Investor Relations, has been appointed as Qunar's chief financial officer.  Qunar's co-founder Mr. Chenchao �CC� Zhuang will no longer serve as Qunar�s director and chief executive officer, and Ms. Yilu Zhao will no longer serve as its chief financial officer.

Mr. Zhuang and Ms. Zhao will serve as Qunar�s senior advisors until the end of the first quarter of 2016 and play significant roles in supporting the cooperation between Ctrip.com International, Ltd. (�Ctrip�) and Qunar.

In addition, Qunar announced changes to its Board.  The new Board will consist of five members, namely James Liang, Chairman of the Board and Chief Executive Officer of Ctrip, Mr. Zhenyu Chen, Qunar's new chief executive officer, and three independent directors, Mr. Jimmy Lai, Mr. Jianmin Zhu and Ms. Ying Shi.

�I am immensely grateful to many people who have collectively created and grown Qunar into the success it is today,� said Mr. Zhuang.  �I want to thank our employees for giving Qunar their passion, drive and ingenuity.  I want to thank our shareholders, in both private and public markets, for their strong conviction in us. I want to thank our board of directors, some of whom have accompanied us from the beginning, for guiding us throughout our journey of innovation.  I wish the very best for the cooperation between Ctrip and Qunar, and believe that the potential for the two companies will be tremendous.�

�Yilu and I will continue to be deeply involved in the innovation and technology space. It�s incredibly exciting, and we are very much looking forward to the future.� Mr. Zhuang added.

�We are very proud of what the team has achieved in the last few years,� commented Mr. Zhenyu Chen. �We will continue our strategy and, together with Ctrip, we will build a more robust travel eco-system in China and bring long term synergies and value to our shareholders.�

�On behalf of the board, we thank CC and the team for their dedication and tremendous contribution to Qunar,� said Mr. James Liang. �I am confident that Zhenyu will lead the Qunar team to further extend its market leadership and am looking forward to the great opportunity in the dynamic and fast growing travel industry in China.�

Mr. Zhenyu Chen joined Qunar in March 2010 as Vice President for products and mobile development. He became Executive Vice President of Qunar and Head of the Mobile Business Group in November 2014. Zhenyu is responsible for the development of Qunar�s mobile application and the growth of the mobile business, which contributed over 73% of Qunar�s total revenue in the third quarter of 2015. Prior to joining Qunar, Zhenyu was CTO and Co-Founder of Zhuaxia.com from December 2005 to June 2009. Zhenyu also worked at Baidu, Inc. from January 2001 to November 2005 first as an engineer, and was later promoted to senior manager of the search department. Mr. Chen received his bachelor�s degree in computer software from Wuhan University of Hydraulic and Electrical Engineering in 1999.

Mr. Qiang Zhang joined Qunar in January 2014 as Vice President and the Head of the then newly founded Destination Services Business Unit. He became Executive Vice President of Qunar and Head of the Destination Services Business Group in September 2015. Under the leadership of Mr. Zhang, Qunar established a powerful direct sales team, covering over 300,000 hotels within a few quarters and built one of the most comprehensive accommodation networks in the industry. He also helped to develop the mobile business of Qunar. Mr. Zhang previously worked at Alibaba Group and Meituan.com, and as general manager of Southern region of Meituan prior to joining Qunar. He was named the national sales champion of Alibaba for multiple years. As the general manager of the Southern region of Meituan, Qiang was responsible for managing a 1,200 people sales team that was the sales champion in the region. Qiang received his bachelor�s degree in computer science from the Air Force Engineering University.

Mr. Xiaolu Zhu joined Qunar in November 2014 and served as Senior Director of Strategy and Investor Relations. His responsibilities covered strategy and business analysis, investor relations, capital markets activities and international investment. Prior to joining Qunar, Xiaolu was VP of Finance at Lashou Group Inc. and in charge of all financial, investor relations and legal related matters. Before that, Xiaolu worked at Goldman Sachs where he helped with multiple IPOs and M&A transactions of Chinese Internet and technology companies.  Xiaolu received his L.L.B. from Peking University and J.D. from Duke University.

Mr. Jimmy Lai will join Qunar�s Board as an independent director and will serve as the Chairman of the audit committee. Mr. Lai has served as the chief financial officer of China Online Education Group since June 2015 and is also an independent director of Sky-mobi Limited, a Nasdaq-listed company. Prior to joining China Online Education Group, Mr. Lai served as the chief financial officer of Chukong Technologies Corp., a leading mobile entertainment platform company in China. Prior to that, Mr. Lai served as the chief financial officer of Gamewave Corporation, a leading webgame company in China from 2011 to 2013. Prior to that, Mr. Lai served as the chief financial officer of Daqo New Energy Corp., an NYSE-listed company and a leading polysilicon manufacturer based in China from 2009 to 2011. Mr. Lai received his MBA in accounting from the University of Texas at Dallas and his bachelor�s degree in statistics from the National Cheng Kung University in Taiwan. Mr. Lai is a certified public accountant licensed in the State of Texas.

Mr. Jianmin Zhu will join Qunar�s Board as an independent director. He currently serves as chief executive officer of FanXiang Investment Management. He founded the company in 2014. He is also one of the co-founders of Infecon Information Technology and worked as its advisor from 2012 to 2013. Mr. Zhu is well-respected for his expertise in investment and information technology. Prior to starting his own business, Mr. Zhu worked with Ctrip as a vice president before 2011. Prior to that, Mr. Zhu worked with Compaq as senior adviser and with RPTI International as chief technology officer. Mr. Zhu holds a bachelor�s degree from Shanghai JiaoTong University.

Ms. Ying Shi will join Qunar�s Board as an independent director. She is the founder and executive of Shiva Yoga Media since 2008. Prior to that, Ms. Shi worked extensively in the travel industry in China. Ms. Shi is well respected for her experience in the health care, therapy and travel industry. Ms. Shi holds a bachelor�s degree from Shandong University.

BEIJING, Dec. 15, 2015 (GLOBE NEWSWIRE) -- Qunar Cayman Islands Limited (NASDAQ:QUNR) ("Qunar" or the "Company"), China�s leading mobile and online travel platform, today announced that, following the employee share exchange program first announced on October 26, 2015, Ctrip.com International, Ltd. (�Ctrip�) issued Ctrip American depositary shares on December 10, 2015 to certain special purpose vehicles holding these shares solely for the benefit of Qunar employees.  Subsequently, the share exchange program became effective starting on December 14, 2015 and Qunar employees participating in the exchange program have begun to receive Ctrip ADSs.

BEIJING, Dec. 09, 2015 (GLOBE NEWSWIRE) -- 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.�

• Total revenues for the third quarter of 2015 were RMB1,325.1 million (US$208.5 million), an increase of 164.4% year-on-year.
• Net loss per ordinary share�diluted was RMB (1.87) vs. last years same quarter of RMB (1.59)

"Q3 was another strong quarter for Qunar, with year-on-year revenue growth reaching 164% and year-on-year gross profit growth reaching 128%, the sixth consecutive quarter of over 100% revenue growth. The business fundamentals and growth momentum of Qunar continued to be very strong,� said Chenchao (CC) Zhuang, chief executive officer and co-founder of Qunar.

"With mobile revenues up 381% year-on-year and hotel volume up 120% year-on-year in Q3, we are proud of the capabilities of our team to execute on our strategy and to deliver on our key initiatives quarter after quarter,� said Yilu Zhao, chief financial officer of Qunar. �We also experienced substantial margin improvement due to robust gross profit growth and disciplined expenditures."

"On October 26^th, Baidu, Inc., the then largest shareholder of the Company transferred the majority of their ownership interest in the Company to Ctrip.com International, Ltd. With Ctrip becoming our largest shareholder, the two teams are currently exploring ways through which we can effectively cooperate to further strengthen our fundamental capabilities and create greater value for travelers, suppliers and shareholders,"added Mr. Zhuang.

Business Outlook

For the fourth quarter of 2015, Qunar expects year-on-year revenue growth in the estimated range of 105% to 125% and year-on-year growth of gross profit in the estimated range of 85% to 105%. These forecasts reflect Qunar's current and preliminary view based on current market and operating conditions, which is subject to change, and such change may be material.

BEIJING, Oct. 26, 2015 (GLOBE NEWSWIRE) -- Qunar Cayman Islands Limited (NASDAQ:QUNR) ("Qunar" or the "Company"), China�s leading mobile and online travel platform, today announced the sale by Baidu, Inc. (NASDAQ:BIDU) (�Baidu�), the largest shareholder of the Company, of 178,702,519 Class A ordinary shares and 11,450,000 Class B ordinary shares of its ownership interest in the Company to Ctrip.com International, Ltd. (NASDAQ:CTRP) (�Ctrip�).  The exchange ratio is 1 Qunar ADS to 0.725 Ctrip ADSs.  After the completion of the transaction, Ctrip will own 190,152,519 Class B ordinary shares of Qunar.

Qunar also announced today the changes to its Board composition following the sale of Baidu�s ownership interest. Mr. James Jianzhang Liang, Ms. Jane Jie Sun, Ms. Maria Maohua Sun and Mr. Xing Xiong have been appointed to the Board of Qunar. Ms. Helen He, Mr. Liang Zeng, Mr. Yuming He and Mr. Fang Wei have stepped down from the Board. These changes became effective on October 26, 2015.

In addition, Qunar employees would have the choice to exchange their Qunar ADSs into Ctrip ADSs at a ratio of 1 Qunar ADS to 0.725 Ctrip ADSs. Qunar management voluntarily undertakes that this exchange program will become effective only upon receiving consent from existing Qunar shareholders representing the majority of all the outstanding fully diluted shares of Qunar, including convertible bonds on an as converted basis, that are not owned by Baidu, Ctrip, or Qunar management as of October 23, 2015.

�China travel is an industry with great potential. As the technology leading player in the industry, Qunar has become China�s fourth largest e-commerce company with tremendous growth momentum,� said CC Zhuang, CEO and co-founder of Qunar. �We are very proud of our team, and appreciate the support from our global shareholder base. We will continue to align management interests with those of our shareholders.�

Mr. James Jianzhang Liang currently serves on the Boards of Ctrip (chairman of the Board since August 2003), Home Inns Group (NASDAQ:HMIN), Tuniu (NASDAQ:TOUR), and eHi (NASDAQ:EHIC), and serves as an independent director of Jiayuan.com International Ltd. (NASDAQ:DATE). Mr. Liang is one of the co-founders of Ctrip, and has served as its chief executive officer from 2000 to January 2006 and resumed the role of chief executive officer since from March 2013. Prior to founding Ctrip, Mr. Liang held a number of technical and managerial positions with Oracle Corporation from 1991 to 1999 in the United States and China, including the head of the ERP consulting division of Oracle China from 1997 to 1999. Mr. Liang received his Ph.D. degree from Stanford University and his Master's and Bachelor's degrees from Georgia Institute of Technology. He also attended an undergraduate program at Fudan University.

Ms. Jane Jie Sun currently serves as Ctrip's co-president and chief operating officer. Prior to that, she served as its chief financial officer between 2005 and 2012. Ms. Sun is well-respected for her expertise in operating and managing the on line travel business, financial operations, mergers and acquisitions, and investor relationship. She was the chief financial officer of Ctrip between 2005 and 2012 and won the Best CFO Award by Institutional Investor and Best CFO Award by CFO World during that period. Prior to joining Ctrip, Ms. Sun worked as the head of the SEC and External Reporting Division of Applied Materials, Inc. since 1997. Prior to that, Ms. Sun worked with KPMG LLP as an audit manager in Silicon Valley, California for five years. Ms. Sun is a member of American Institute of Certified Public Accountants and a member of State of California Certified Public Accountant. Ms. Sun received her Bachelor's Degree from the Business School of University of Florida with High Honors. Ms. Sun also attended Peking University Law School and obtained her LLM degree.

Ms. Maria Maohua Sun has served as executive vice president of Ctrip since January 2015, and is currently also CEO of its Accommodation Reservation Business. Prior to that, Ms. Sun served as senior vice president of Ctrip since December 2009. Ms. Sun joined Ctrip in 2000 and has held a number of managerial positions since then. During that period, she was recognized as a Distinguished Leader of the Best Contract Center in China. Ms. Sun holds a Bachelor's degree from Shanghai Jiao Tong University.

Mr. Xing Xiong has served as the senior vice president of Ctrip and CEO of Air Ticketing Business Unit since April 2014. Prior to that, he served as vice president of technology. He joined Ctrip in April 2013. Prior to Ctrip, he worked for Expedia from 2002 to 2013, latest as Principal Architect. Prior to that, he worked for Microsoft and lnktomi in various technical roles. Mr. Xiong holds a Master's degree from Northeastern University in Computer Science in 1999 and a Bachelor's degree in Computer Science from Peking University in 1997.

BEIJING, Sept. 25, 2015 (GLOBE NEWSWIRE) -- Qunar Cayman Islands Limited (NASDAQ:QUNR) ("Qunar" or the "Company"), China's leading mobile and online travel platform, today announced a partnership with Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT), one of the leading hotel and leisure companies in the world with more than 1,200 properties globally and 150 hotels in China.

Under the new partnership, Qunar's travel user base, one of the largest in the world, will get instant and direct access to Starwood's global hotel inventory through Qunar's mobile and PC transaction platform.

"Starwood operates some of the most prestigious high-end hotel brands in the world and we are delighted to have Starwood as our partner," said Chenchao (CC) Zhuang, Chief Executive Officer and co-founder of Qunar. "With Starwood's global hotel inventory and strong presence in China, we will be able to offer our growing base of high-end users an even more comprehensive hotel product portfolio with competitive pricing. We believe this partnership will further catalyze the strong growth momentum of our high-end hotel business."

"We are excited to be working with Qunar, the fastest-growing mobile and online travel platform in Asia and we are confident Qunar's robust distribution and marketing capabilities will attract more Chinese travelers to Starwood properties," said Julie Atkinson, Senior Vice President, Global Digital for Starwood Hotels & Resorts. "As Chinese outbound travel demand continues to grow, we believe that together with Qunar, we will be able to bring the distinct lifestyle of Starwood hotels to more Chinese guests."

BEIJING, Sept. 10, 2015 (GLOBE NEWSWIRE) -- 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.

BEIJING, Sept. 7, 2015 (GLOBE NEWSWIRE) -- Qunar Cayman Islands Limited (NASDAQ:QUNR) ("Qunar" or the "Company"), China's leading mobile and online travel platform, today announced an organizational realignment designed to establish, elevate and empower three key business groups in support of the Company's strong growth trajectory. The realignment reflects Qunar's commitment to building strong business groups and supporting a corporate culture that is agile, innovative and entrepreneurial.

The Company has created a new Travel SaaS Platform group that will be led by Mr. David Yongqiang Wu, who has been named Executive Vice President of the Company and CEO of the newly established group. Qunar offers open platform services and SaaS systems to travel service providers in China, focusing in the near term on supporting our hotel partners, and plans to further expand its offerings to all online and offline players in the market through this business group. Mr. Wu was previously Qunar's CTO, and in his new role, he will continue to oversee Qunar's technology and product development and will continue to carry out the Company's strategy of becoming the technology backbone for the entire travel industry in China.

The Company also announced today the elevation of the Hotels Business Unit into the Luxury and Overseas Hotels group which will be headed by Ms. Denise Xiaomei Peng, who has been named Executive Vice President of the Company and CEO of the group. Luxury hotels with a rating of 4 stars or above contributed a significant portion of Qunar's total hotel volume in Q2 2015, now up to around 5 million room nights, more than tripling the volume for the same period last year. Ms. Peng was previously Qunar's COO, in her new role, she will oversee the Company's continued effort in further expanding and deepening relationships with luxury hotels and hotel groups, further driving Qunar's share gain in the high-end market, and the expansion into international markets.

Additionally, Mr. Qiang Zhang, formerly a Vice President responsible for the Company's product sourcing efforts, has been named Executive Vice President of the Company and CEO of the Travel Destinations group. This group will continue to spearhead Qunar's efforts in further penetrating the mass market hotel sector and expanding Qunar's market leadership in this sector. Since joining Qunar in January 2014, Mr. Zhang has overseen the rapid expansion of Qunar's hotel direct coverage network, which reached around 280,000 hotels by the end of Q2 2015, up from around 80,000 at the beginning of 2014. The hotel direct segment contributed 79% of Qunar's 17.8 million total hotel room nights stayed in Q2 2015, and has been a major driver behind the Company's 145% year on year hotel volume growth.

Mr. Wu, Ms. Peng and Mr. Zhang will report directly to Chenchao (CC) Zhuang, Chief Executive Officer and co-founder of Qunar.

"The creation of and commitment to these business units, headed by proven leaders, will better position the company to more nimbly and effectively maximize opportunities in our key, high-growth verticals," said Mr. Zhuang. "This new organizational structure better supports our strategic priorities and enhances our capabilities by placing more authority in the individual business units. We look forward to David, Denise, and Qiang's continued contributions in their new roles and are confident they will bring our travel business to new heights."

Qunar also announced today the transition of Mr. Sam Hanhui Sun, President of the Company to a non-executive senior advisor role.

"We want to give our heart-felt thank you to Sam for his tremendous contributions to Qunar over the last 5 years," said Mr. Zhuang. "We look forward to his continued support of Qunar in his new role as a non-executive senior advisor."

• Total revenues for the second quarter of 2015 were RMB881.0 million (US$142.1 million), an increase of 120.0% year-on-year.
• Basic and diluted net loss per ADS for the second quarter of 2015 was RMB6.66 (US$1.08).

"Qunar's year-on-year revenue growth reached 120% in Q2, the fifth consecutive quarter of over 100% growth. Momentum continued to be very strong across business lines," said Chenchao (CC) Zhuang, chief executive officer and co-founder of Qunar. "The solid results reflect the ongoing progress of our key initiatives, most notably in the areas of growing our mobile user base and expanding our hotel direct business, with mobile revenues up 322% year-on-year and hotel volume up 145% year-on-year in Q2."

"We are proud of the strong returns generated from our investment in mobile and in building our hotel supply chain, and are particularly encouraged by the results of the offline campaign we started in Q2," said Yilu Zhao, chief financial officer of Qunar. "Our Q2 results exceeded previous guidance for both revenue and operating margin. We will continue to execute on our ROI-driven growth strategy and look forward to further fortifying Qunar's position as the leading mobile and online travel platform in China."

Business Outlook

For the third quarter of 2015, Qunar expects year-on-year revenue growth in the estimated range of 140% to 145% and year-on-year growth of gross profit in the estimated range of 105% to 110%. These forecasts reflect Qunar's current and preliminary view based on current market and operating conditions, which is subject to change, and such change may be material

BEIJING, July 1, 2015 (GLOBE NEWSWIRE) -- Qunar Cayman Islands Limited (NASDAQ:QUNR) ("Qunar" or the "Company"), today announced that it has received the final judgment (the "Final Judgment") from the Beijing High People's Court (the "Court") with respect to the contract dispute relating to an Inventory Distribution Agreement for hotels with eLong, Inc., which was previously described in the Company's annual report on Form 20-F for the fiscal year of 2014. The Company does not believe that the Final Judgment will have any material impact on its future business, results of operations or financial condition.

In the Final Judgment, the Court upheld the prior judgment of the Beijing No. 1 Intermediate People's Court from January 1, 2015 that (i) our subsidiary, Beijing Qunar Software Technology Co., Ltd. ("Beijing Qunar") shall credit to the advertisement account opened at Beijing Qunar by eLongNet Information Technology (Beijing) Co., Ltd. ("eLongNet"), a subsidiary of eLong, Inc., the amount of RMB52,335,369 (approximately US$8.5 million) corresponding to the period up to September 30, 2014; and RMB36,450,000 (approximately US$6.0 million) for the period from October 1, 2014 through June 30, 2015; (ii) eLongNet shall pay Beijing Qunar a commission of RMB8,127,400 (approximately US$1.3 million) due under the Inventory Distribution Agreement; and (iii) the Inventory Distribution Agreement shall continue to be performed by both parties. The Court also ordered Beijing Qunar to pay eLongNet RMB227,599 (US$37 thousand) in legal fees, and apportioned court fees between the parties.

In the three months ended December 31, 2014, the Company has already recorded in its financial results a one-time loss provision relating to this lawsuit. The Company does not believe that the Final Judgment will have any material impact on its future business, results of operations or financial condition. The Company continues to expand its hotel direct segment, which is the substantial majority of the Company's hotel business, and the Final Judgment will not impact the Company's ability to continue to grow this important segment.

BEIJING, June 5, 2015 (GLOBE NEWSWIRE) -- Qunar Cayman Islands Limited (Nasdaq:QUNR) ("Qunar" or the "Company"), China's leading mobile and online travel platform, today announced the pricing of its public offering of 6,526,316 American Depositary Shares (the "ADSs") at a price of US$47.50 per ADS. Each ADS represents three Class B ordinary shares of the Company. The Company has granted to the underwriters a 30-day option to purchase up to an additional 315,790 ADSs.

The Company intends to use a majority of the net proceeds for general corporate purposes, including the acquisition of new users. The Company also may use a portion of the net proceeds to acquire complementary businesses, products, services or technologies. However, the Company has not yet entered into any agreements or commitments for any specific acquisitions at this time.

BEIJING, June 1, 2015 (GLOBE NEWSWIRE) -- Qunar Cayman Islands Limited (Nasdaq:QUNR) ("Qunar" or the "Company"), China's leading mobile and online travel platform, today announced the commencement of a registered public offering of its American Depositary Shares (the "ADSs"), each representing three Class B ordinary shares, par value US$0.001 per share (the "Ordinary Shares"), by the Company.

The Company is offering an aggregate of 8,000,000 ADSs, representing 24,000,000 Ordinary Shares, subject to market conditions. The Company intends to grant to the underwriters a 30-day option to purchase up to an aggregate of 1,200,000 additional ADSs. The Company intends to use a majority of the net proceeds for general corporate purposes, including the acquisition of new users. The Company also may use a portion of the net proceeds to acquire complementary businesses, products, services or technologies. However, the Company has not yet entered into any agreements or commitments for any specific acquisitions at this time.

BEIJING and HONG KONG, June 1, 2015 (GLOBE NEWSWIRE) -- Qunar (Nasdaq:QUNR) and Silver Lake, the global leader in technology investing, today announced that Silver Lake has led a strategic investment round totaling $500 million in the company in the form of 2% Senior Unsecured Convertible Notes with an initial conversion price of $55 per ADS. Silver Lake has made a $330 million investment, while another investor contributed $170 million. Qunar will use the capital to continue to expand its mobile presence, grow business lines and further enhance technology capabilities.

"Silver Lake's technology-enabled travel industry expertise and strong track record in value creation make it the ideal partner for Qunar as we move into our next phase of growth," said Chenchao Zhuang, CEO of Qunar. "The capital will help the company fuel its rapid expansion and pursue a leadership position in China's travel industry across all segments."

"Qunar is a nimble, fast-growing leader in mobile and online travel bookings, with a technology-driven operating model that gives it a competitive advantage," said Silver Lake Managing Director Zheng Wang. "Chinese consumers are spending more money on travel and are increasingly using mobile devices to book their travel related activities. We believe the company is well-positioned to address these secular trends, and under the leadership of Qunar's strong senior management team, continue to deliver outstanding growth for the company."

• Total revenues for the first quarter of 2015 were RMB671.1million (US$108.3 million), an increase of 100.0% year-on-year.
• Net loss attributable to Qunar's shareholders for the first quarter of 2015 was RMB701.2 million (US$113.1 million), compared to RMB183.6 million in the corresponding period of 2014 and RMB675.5 million in the fourth quarter of 2014.

"Qunar's momentum for revenue growth and market share expansion across business lines remained robust in Q1 2015 as our quarterly GMV expanded to over RMB30 billion for the first time," said Chenchao (CC) Zhuang, chief executive officer and co-founder of Qunar.

"We are one of the largest e-commerce companies in China and among the fastest growing, and this is the fourth consecutive quarter that our year-on-year revenue grew 100% or above," Mr. Zhuang added. "Once again, mobile continued to be the key driver and now contributed 59.4% of our total revenues, thanks to our large and loyal mobile user base."

"We will continue to capitalize the offline to mobile tailwind in the travel industry and to drive Qunar's long-term growth with an aggressive and deliberate investment approach," said Yilu Zhao, Chief Financial Officer of Qunar.

Business Outlook

For the second quarter of 2015, Qunar expects year-on-year revenue growth in the estimated range of 105% to 110% and non-GAAP operating margin to be in the range of negative 90% to 100%, in comparison to negative 43.4% in the first quarter of 2015. The significant quarter-on-quarter increase in operating expenses is primarily due to stepped up discretionary expenditures to acquire new mobile users through offline channels, and to a lesser extent, increase in per person headcount expenses based on a relatively stable staff size. 

Such offline marketing activities are expected to continue for the remainder of 2015 as the Company continues to increase rapidly its mobile user base. Corresponding revenue growth is expected to be meaningfully less than the increase in marketing expenses in 2015, resulting in a decrease in non-GAAP operating margins. The trend in year-on-year revenue growth and the non-GAAP operating margin for the second quarter of 2015 are expected to continue for the fiscal year 2015. Qunar continues to expect to turn profitable on a quarterly non-GAAP EBIT basis, by the end 2016. These forecasts reflect Qunar's current and preliminary view based on current market and operating conditions, which is subject to change, and such change may be material.

BEIJING, April 29, 2015 (GLOBE NEWSWIRE) -- Qunar Cayman Islands Limited (Nasdaq:QUNR) ("Qunar" or the "Company"), China's leading mobile and online travel platform, today announced that its board of directors has appointed Ms. Yilu Zhao, previously Chief Strategy Officer of the Company, to Chief Financial Officer of the Company, and Mr. Sam Hanhui Sun, previously Chief Financial Officer of the Company, to President of the Company, effective May 1, 2015.

Ms. Yilu Zhao joined Qunar as Chief Strategy Officer in March 2014 and has led various functions of the Company, including strategy planning, strategy implementation and investor relations. Prior to joining Qunar, Ms. Zhao was an Executive Director at the Investment Banking Division of Goldman Sachs, where she developed key client relationships and led the execution of many important transactions. Previously, Ms. Zhao was an award winning reporter with The New York Times based in its U.S. headquarters. She received her B.A. from Yale University and J.D. from Harvard Law School.   

Mr. Sam Hanhui Sun joined Qunar as Chief Financial Officer in January 2010 and led the Company's successful IPO on the NASDAQ Global Market in November 2013. Prior to joining Qunar, he had been Chief Financial Officer of KongZhong Corporation, a NASDAQ-listed company, from 2007 to 2009. Mr. Sun has also held various management positions in Microsoft, Maersk, SouFun.com and KPMG. He received a bachelor's degree in business administration from Beijing Institute of Technology. Mr. Sun is a Certified Public Accountant in China.

"We thank Sam and Yilu for their tremendous contribution to Qunar," said Chenchao (CC) Zhuang, Chief Executive Officer and co-founder of Qunar. "We look forward to bringing Qunar to its next level of success with the continued dedication and endeavor of our senior management team."

Qunar also announced today that the Company filed its annual report on Form 20F for the fiscal year ended December 31, 2014 with the Securities and Exchange Commission on April 29, 2015. The annual report can be accessed on the Company's investor relations website at http://ir.qunar.com.

The Company will provide a hard copy of its annual report containing its audited consolidated financial statements, free of charge, to its shareholders and ADS holders upon request. Requests should be directed to Investor Relations, 17th Floor of Viva Plaza, Building 18, Yard 29, Suzhou Street, Haidian District, Beijing, 100080, People's Republic of China.

Fourth Quarter 2014 Financial Results

• Total revenues for the fourth quarter of 2014 were RMB519.8 million (US$83.8 million), an increase of 107.1% year-on-year.
• Net loss per ordinary share�diluted RMB (1.59) vs. last years same quarter of RMB(0.37).

"We finished a remarkable 2014, our first year as a public company, with the third consecutive quarter of over 100% year-on-year revenue growth," said Chenchao (CC) Zhuang, chief executive officer and co-founder of Qunar. "We achieved robust revenue growth in the fourth quarter across all our business lines, driven by strong volume gains in both TEFT and TEHR, and healthy quarter-on-quarter increases in revenue per ticket and revenue per room night.

"Mobile continued to be the key driver of our business," Mr. Zhuang added. "In Q4, for the first time mobile contributed about half of our total revenues and accounted for 46% of TEFT, and 70% of TEHR. We will continue our strategy to further grow our mobile user base as well as increase our user frequency."

"We are pleased with the return on our investments in technology and product sourcing throughout 2014," said Sam Sun, chief financial officer of Qunar. "Direct sales accounted for 66% of our total hotel volume for the quarter. We will continue to execute on our plan and to drive Qunar's long-term growth with an aggressive and deliberate investment approach."

Business Outlook

For the first quarter of 2015, the Company expects year-on-year revenue growth in the range of 85% to 90%. This forecast reflects Qunar's current and preliminary view, which is subject to change.

BEIJING, Jan. 29, 2015 (GLOBE NEWSWIRE) -- Qunar Cayman Islands Limited (Nasdaq:QUNR) ("Qunar" or the "Company"), China's leading online and mobile travel platform, today announced that it has formed an alliance with 22 of the world's premium high-end hotel groups. The hotel groups, which include Wyndham, Club Med, Banyan Tree, Howard Johnson, and Millennium, will open their global inventories to the Qunar platform.

With over 540,000 hotels globally covered by Qunar's search platform and over 223,000 hotels within its direct hotel network, Qunar has become the second largest hotel platform in China in terms of room nights stayed in the third quarter of 2014 with direct hotel sales contributing the majority of the volume.

"We are delighted to have the opportunity to further deepen our cooperation with these top-class hotel groups, whose appeal to our core user base has made them increasingly prominent on the Qunar platform," said Chenchao (CC) Zhuang, chief executive officer and co-founder of Qunar. "Qunar's goal is to become the number one player in China's travel industry across all segments, and this strategic alliance is a significant step in strengthening our hotel direct business and our position in the high-end hotel market, where we are making rapid headway."

Qunar will work closely with the hotel groups to develop a diverse range of products, including pay-upon-arrival, prepay, group buy, and flight + hotel packages, as well as integrated marketing campaigns. The company will also provide consumer intelligence to help hotels increase occupancy rates with better yield management. Qunar will offer its unrivaled data-analysis capabilities to help the hotel groups grow and deepen their membership bases and help to promote those hotels' loyalty programs to more Qunar users.

Qunar's newly launched "flight + hotel" offering bundles hotel recommendations with matching flight bookings. As the No.1 flight-ticketing platform in China in terms of ticketing volume, Qunar uses big data to recommend a minimum of three hotels based on users' flight route, booking history, and preferences for each of the flight ticket bookings. Under the new partnership, the 22 hotel groups will benefit from this cross-sale effort.

"As competition among high-end hotels increases, direct exposure to guests on online platforms is more important than ever," Mr. Zhuang added. "Qunar offers these brands the highest user volumes of any platform, and our ability to collate data from a wide range of users--from flights to hotels and destination services--gives hotels unparalleled insight into their target markets."

Leo Liu, President & Managing Director of Wyndham Hotel Group, added, "China and Chinese travelers are a crucial market for us, and Qunar's position as a market leader in hotel bookings makes them a natural partner for us. This partnership will significantly improve our ability to connect with our target guests. We look forward to cooperating closely with Qunar both in China and overseas."

• Total revenues for the third quarter of 2014 were RMB501.1 million (US$81.6 million), an increase of 107.8% year-on-year.
• Net loss per ADS�diluted US$(0.78) vs. last years same quarter loss of US$(0.08).

"Momentum for revenue growth remained robust in the third quarter," said Chenchao (CC) Zhuang, chief executive officer and co-founder of Qunar. "Our focus on execution led to revenue growth of 108% year-on-year from a very strong base a year ago, driven by volume gains and healthy increases in both revenue per ticket and revenue per room night.

"I'm particularly encouraged by the progress we have made in our hotel direct business," Mr. Zhuang added. "Thanks to the rapid expansion of our directly-signed hotel network and continued development of technology infrastructure, direct sales contributed 51% of our total hotel volume for the quarter. Mobile continued to be a key driver of our growth, accounting for 40% of total revenue, 55% of TEHR, and 43% of TEFT."

"Our focused investments in technology and product sourcing continued to drive solid results," said Sam Sun, chief financial officer of Qunar. "In these areas and across all our business lines, we are committed to an aggressive but disciplined investment approach to drive long-term growth."

Business Outlook

For the fourth quarter of 2014, the Company expects year-on-year revenue growth in the range of 90% to 95%. This forecast reflects Qunar's current and preliminary view, which is subject to change.

Second Quarter 2014 Financial Results

• Total revenues for the second quarter of 2014 were RMB400.4 million (US$64.5 million), an increase of 127.3% year-on-year, the highest revenue growth rate in ten quarters.
• Loss per share for ordinary shares：Basic and Diluted RMB(1.20) vs last years comparable RMB(0.14)

"We witnessed another strong quarter of accelerating revenue growth and impressive volume growth across our business units, driven by market share gains and pricing leverage. Returns on our investments have been coming in earlier and quicker than we had expected," said Chenchao (CC) Zhuang, chief executive officer and co-founder of Qunar. "Flight revenue per ticket grew 46% year-on-year, a testament to our growing market position and to the superior value proposition Qunar brings to travel service providers.

"We remain focused on providing consumers with the most comprehensive product offerings and best deals in the industry," Mr. Zhuang added. "In the second quarter alone, we signed over 72,000 hotels, taking our direct sales network to over 165,000 hotels. We also consolidated our position as the platform of choice for mobile users. Tour package GMV maintained its rapid momentum, expanding by more than five times year-on-year."

"We are pleased to see our investments in technology and product sourcing continue to drive strong growth right across the business," said Sam Sun, chief financial officer of Qunar. "Given the positive results of our investment up to this point, we will continue our investment to ensure we capture the enormous market opportunities ahead."

Business Outlook

For the third quarter of 2014, the Company expects year-on-year revenue growth in the range of 90% to 95%. This forecast reflects Qunar's current and preliminary view, which is subject to change.

First Quarter of 2014 Financial Results

• Total revenues for the first quarter of 2014 were RMB335.5 million (US$54.0 million), an increase of 83.6% year-on-year, surpassing the Company's revenue guidance of a 65-70% year-on-year increase.
•  Net income (loss) per ordinary share�basic and diluted was RMB(0.54) vs. the same quarter last year of RMB0.08

"We witnessed accelerating revenue growth and continued to rapidly gain greater market share across all our business segments in the first quarter," said Chenchao (CC) Zhuang, chief executive officer and co-founder of Qunar. "We are proud to see our mobile business continue on its rapid growth trajectory. Primarily driven by organic traffic, mobile accounted for 47.7% of our hotel volume and 32.4% of our flight volume in the first quarter, a reflection of the strength of the Qunar brand and our product offerings.

"We are excited that our newer business lines, such as tour packages and attraction tickets, have also been seeing very strong growth," Mr. Zhuang continued. "We will continue to cement our position as China's leading end-to-end travel commerce ecosystem by maintaining our focus on technological innovations and sourcing the best and broadest range of products."

"We are pleased with the returns we are seeing on Qunar's investments in product sourcing and technology," said Sam Sun, chief financial officer of Qunar. "Through the rest of the year, we will continue to invest decisively to ensure we are able to capture the huge market opportunities ahead."

Business Outlook

For the second quarter of 2014, the Company expects year-on-year revenue growth in the range of 90% to 95%. This forecast reflects Qunar's current and preliminary view, which is subject to change.

Fourth Quarter 2013 Financial Results

• Total revenues for the fourth quarter of 2013 were RMB251.0 million (US$41.5 million), an increase of 74.2% from the corresponding period in 2012.
• Basic and diluted net loss per ADS for the fourth quarter of 2013 was RMB1.11 (US$0.18) vs RMB0 0.20 ($0.03).

"I am pleased to report that we saw accelerating revenue growth in the fourth quarter, which capped a strong 2013," said Chenchao (CC) Zhuang, chief executive officer and co-founder of Qunar. "In 2013, we saw significant year-on-year flight and hotel volume growth, with Total Estimated Flight Ticket¹ volume and Total Estimated Hotel Room nights² growing 108% and 117%, respectively."

"Our relentless commitment to creating value for our users has allowed us to consistently achieve industry-leading growth. Looking to the year ahead, we will keep this focus by maintaining our price leadership, expanding our product offerings, enhancing service quality and introducing innovative features in all our key segments, such as flights, hotels, vacation packages, and destination services, on any device at any time. We expect even stronger growth in the year to come."

"In addition to encouraging top-line growth in the fourth quarter, we saw strong growth in mobile queries, which accounted for 76% and 36% of total hotel searches and flight searches respectively, on peak days in the fourth quarter of 2013," said Sam Sun, chief financial officer of Qunar. "The new credit facility with Baidu announced today gives us further liquidity to support our long-term investments, and is a testament to Baidu's firm commitment to Qunar. In 2014 we will further intensify our investments in product development and our product sourcing network to capture exciting growth opportunities and extend Qunar's leadership in China's online travel industry."

Business Outlook

For the first quarter of 2014, the Company expects year-on-year revenue growth in the range of 65% to 70%. This forecast reflects Qunar's current and preliminary view, which is subject to change.

Third Quarter 2013 Financial Results

• Total revenues for the third quarter of 2013 were RMB241.1million (US$39.4 million), an increase of 57.5% year-on-year.
• Basic and diluted net loss per ADS for the third quarter of 2013 was RMB0.48 or US$0.08 vs. last years loss of RMB0.09 or US$0.01.

"We delivered solid top-line growth in the third quarter as user numbers and GMV, Gross Merchandise Volume, continued to show impressive growth," said Chenchao (CC) Zhuang, chief executive officer and co-founder of Qunar. "Following our successful IPO on the Nasdaq, we'll continue to grow our GMV and will remain focused on delivering the best travel-search user experience across PC and mobile to enhance our franchise value and build upon our market-leading position."

"With more and more users making travel searches on the go, our market-leading mobile platform grew very strongly, already accounting for 53% of hotel search queries and 33% of hotel pay-for-performance revenue in the third quarter," said Sam Sun, chief financial officer of Qunar."We will continue to invest aggressively in product development to capitalize on the huge opportunities ahead."

Business Outlook

For the fourth quarter of 2013, the Company expects year-on-year revenue growth in the range of 60% to 65%. This forecast reflects Qunar's current and preliminary view, which is subject to change.