Qunar Receives Majority of Minority Shareholder Consent to Employee Share Exchange Program

Qunar Cayman Islands Limited QUNR 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 See full press release