Feb. 8, 2010 (China Knowledge) - Ctrip.com<CTRP>, a leading online travel agent in China, said that its wholly-owned subsidiary C-Travel International Ltd has signed an agreement with Hong Kong-based Wing On Travel (Holdings) Ltd<1189> to acquire the latter's tourism business, sources reported.

Ctrip said in statement that it will acquire 90% of the Hong Kong firm's tourism business for HK$684 million.

Sun Jie, Ctrip's chief financial officer, said that the deal is expected to be completed in the first half of this year.

Wing On Travel saw widened loss of HK$115 million in the first half of 2009, compared with HK$80.44 million it recorded in the same period of 2008. Operating turnover dropped 17.4% year on year to HK$880 million, according to the firm's interim financial report.

Ctrip announced that its revenues in the fourth quarter of last year jumped 43% year on year to RMB 603 million, and its full-year revenue rose 34% from 2008 to RMB 2.1 billion, as China Knowledge reported earlier.