Ctrip.com losing more market share to eLong, says Citigroup

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Citigroup said eLong's (LONG) Q3 results show the company's hotel booking volume grew at 70% and revenue increased 24%, topping Ctrip.com's 40% volume and 11% revenue growth in the quarter. Citi believes Ctrip is losing market share to eLong and that eLong will not stop its coupon program. The firm reiterates a Sell rating on shares of Ctrip.com.

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