NetEase and HNA Group Establish Internet Travel Company
May 22, 2015, 08:00 ET
BEIJING, May 22, 2015 /PRNewswire/ -- 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."
About NetEase, Inc.
NetEase, Inc. (NASDAQ: NTES) is a leading Internet technology company in China. Dedicated to providing online services centered around content, community, communication and commerce, NetEase develops and operates some of China's most successful online PC and mobile games, advertising services, e-mail services and e-commerce platforms. In partnership with Blizzard Entertainment, NetEase also operates some of the most popular international online games in China. For more information, please visit: http://ir.netease.com/.
Forward Looking Statements
This press release contains statements of a forward-looking nature. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. The accuracy of these statements may be impacted by a number of business risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including: risks related to the ability of Lede Technology to effectively operate and market the newly announced Joint Venture; the risk that changes in Chinese government regulation of the Internet travel market and the market for NetEase's e-commerce services may limit future growth of the Joint Venture or NetEase's revenues or cause revenues to decline; competition in the online advertising business and the risk that investments by NetEase in its content and services may not increase the appeal of the NetEase websites among Internet users or result in increased advertising revenues; the risk that NetEase may not be able to continuously develop new and creative online services, including its ability to maintain and enhance the popularity of its e-mail, mobile and e-commerce services and develop attractive mobile games; the risk that NetEase will not be able to control its expenses in future periods; competition in NetEase's existing and potential markets; governmental uncertainties (including possible changes in the effective tax rates applicable to NetEase and its subsidiaries and affiliates and the ability of NetEase to receive and maintain approvals of the preferential tax treatments and general competition and price pressures in the marketplace); the risk that fluctuations in the value of the Renminbi with respect to other currencies could adversely affect NetEase's business and financial results; and other risks outlined in NetEase's filings with the Securities and Exchange Commission. NetEase does not undertake any obligation to update this forward-looking information, except as required under the applicable law.
Contact for Media and Investors:
Cassia Curran
NetEase, Inc.
[email protected]
Tel: (+86) 571-8985-2076
Brandi Piacente
Investor Relations
[email protected]
Tel: (+1) 212-481-2050
SOURCE NetEase, Inc.