Ctrip.com International, Ltd. (Ctrip) is a travel service provider for hotel accommodations, airline tickets and packaged tours in China. The Company also sells packaged tours that include transportation and accommodations, as well as guided tours in some instances. Ctrip targets its services primarily at business and leisure travelers in China who do not travel in groups. It acts as agent in substantially all of its transactions and does not take inventory risks with respect to the hotel rooms and airline tickets booked through the Company. The Company derives its hotel reservation, air-ticketing and packaged-tour revenues mainly through commissions from its travel suppliers, primarily based on the transaction value of the rooms, airline tickets and packaged-tour products, respectively, booked through its services.