Qunar Cayman Islands Limited (QUNR)

Qunar Cayman Islands Limited operated Qunar.com, one of China's largest online travel platforms. The site began as a travel search engine that let users compare prices for flights, hotels and vacation packages across many sellers. Over time Qunar added direct booking and a marketplace model where airlines, hotels and agents could sell through its platform. It also built popular mobile apps that brought in a large share of its traffic.

Qunar was founded in Beijing in 2005, and Chinese search giant Baidu became its controlling shareholder in 2011. The company completed its U.S. initial public offering on Nasdaq in November 2013, selling American depositary shares under the symbol QUNR. Each ADS represented three Class B ordinary shares. The listing gave Qunar capital to compete in a crowded market.

Competition with Ctrip and other rivals led to heavy spending on subsidies and marketing, and Qunar posted large losses. In October 2015 Baidu swapped most of its Qunar stake for shares of Ctrip, making Ctrip Qunar's largest shareholder. The deal effectively ended the price war between the two companies. Qunar's management team was reshuffled in the following months.

In June 2016 Qunar received a going-private proposal, and in October 2016 it agreed to be acquired by Ocean Management Holdings, an investment vehicle linked to 7 Days Group co-founder Zheng Nanyan. ADS holders were offered $30.39 in cash, about a 15 percent premium to the price before the proposal, valuing Qunar at roughly $4.4 billion. The deal closed in late February 2017, and Nasdaq suspended the ADSs before the open on March 1, 2017. Qunar continues to operate as a private company within the Trip.com group's orbit.