Market Overview

Netease Unit Enters Pact With HNA Group In Joint Venture


NetEase, Inc. (NASDAQ: NTES), one of China's leading Internet and online game services providers, today announced that its wholly-owned subsidiary Lede Technology Co., Ltd, ("Lede Technology") has signed a partnership agreement with HNA Group to form a joint venture company ("Joint Venture"), in order to establish an all-new Internet travel company.

In December 2014, the two companies had signed a strategic framework cooperation agreement to become partners in the sectors of Internet travel and travel finance. For the new Joint Venture just announced, Lede Technology will leverage its strong experience and knowledge of Internet technologies to provide the Joint Venture with technical and marketing support, while HNA Group will utilize its operational expertise in the tourism and travel finance sectors to take charge of the Joint Venture's new products and initiatives.

NetEase Vice President and Lede Technology CEO Fang Rui stated, "Internet technologies are rapidly altering and improving the traditional tourism industry. Consumers will be the greatest beneficiaries of this change. Although the development of the online travel industry is already advanced, the service quality, transparency of information, protection of consumer rights, and user experience within the online travel industry could be greatly improved. This Joint Venture will put customers first and foremost and use the strengths of both companies to provide the most efficient and enjoyable travel experience for users."

Posted-In: News M&A Press Releases


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