Shares of Ctrip.com (CTRP) surged almost 5% in Wednesday morning trading after the company shot down rumors that it was in discussions to be acquired.
Chatter recently surfaced on Chinese social media websites indicating that Ctrip had entered into discussions with an unnamed China-based Internet company, which was looking to take a controlling stake in the travel service provider.
Ctrip allows users to obtain hotel and flight information on its website to assist with travel planning for trips to China. The company was established in 1999.
In a statement, Ctrip said it was “not currently in discussion was any third party” on a possible acquisition.