Stock Market Game Of China's Qunar Is Over; Company Settles Acquisition To Private Company

The stock market game of Qunar is officially over as it was removed from NASDAQ after becoming a privately held company. China's very first travel search engine was used by many to compare hotel and flight prices. As a matter of fact, Qunar even became one of China's top travel media sites back in 2008, according to their official website. Qunar previously held a $30.41 stock price value in the previous month.

However, the company's stock market game was put to an end when they were acquired by Ocean Management Holdings Limited. According to StreetInsider, about 98.86 percent of Qunar's shareholders have voted unanimously in favor of the acquisition. This resulted in Qunar becoming a privately held company, thus ending its stock market game. Starting this month, Qunar was officially removed from the stock market list in NASDAQ.

Qunar's merger agreement was already being worked on back in 2016. According to Ecns, Qunar announced a potential merger proposal last year, as they aimed to close the deal by the first half of 2017.

With Qunar's stock market game finished, it now joins other Chinese travel sites like eLong, which are now privately owned. Qunar had a long list of accolades over the years, including reaching an astonishing 26 million visitors on their site. The China-based travel site entered the stock market game while being backed by some of the prominent names in Silicon Valley. Qunar has an estimated enterprise value of $4.44 billion.

While the top Chinese travel site significantly benefited from its stock market game, there were certainly some downs in the previous year. In 2016, there were 9 local airlines in China who severed ties with Qunar. This was due to these airlines receiving multiple complaints from passengers. Affected passengers have encountered multiple problems and were even charged extra after using Qunar's service for booking flights.