Ctrip denies Tencent takeover

Domestic online travel service provider Ctrip Wednesday denied media reports saying that Tencent is seeking an equity investment in Ctrip, according to a statement sent to the Global Times.

Earlier media reports said that Tencent, the country's leading comprehensive Internet service provider, was eyeing a stake of more than 51 percent in Ctrip, aiming to further commercialize its WeChat smartphone app. The market value of Ctrip is around $4.13 billion at present.