Travel industry capital management company Par Capital Management has acquired 2.56 million of Qunar’s shares.
Qunar’s shareholder report submitted to the US Securities and Exchange Commission reveals that Par Capital Management purchased 2,561,416 ordinary class B shares, equivalent to 6.9% of Qunar’s total B shares, through PAR Investment Partners.
Unlike other foreign-listed Chinese companies that accord more voting right for class B shares than class A shares, Qunar’s class B shares have one voting right per share while its class A shares have three voting rights per share.
Par Capital Management purchased 2,561,416 ordinary class B shares, equivalent to 853,805 of Qunar’s American Depository Shares. At the closing price of US$26.98 per share last Friday, Par’s investment is worth US$23 million.
Par Capital Management was established in Boston USA in 1990 and specializes in investment in the travel industry. It currently manages US$2.5 billion in assets.(Translation by David)
