Document:

Business Loan Agreement

 Exhibit 4.8 
 Business Loan Agreement 
 This Loan Agreement (hereinafter referred to as this
“Agreement”) is hereby executed by and among the parties below on September 10, 2003 in Shanghai: 
  

	(1)	Party A: 

 Ctrip.com (Hong Kong)
Limited 
 Address: Unit 2001, The Centrium, 60 Wyndham Street, Central, Hong Kong. 

 

	(2)	Party B: Qi Ji 

 Chinese
identification card No.: [redacted] 
 Home address: [redacted] 

 

	(3)	Party C: Min Fan 

 Chinese
identification card No.: [redacted] 
 Home address: [redacted] 

 

	(4)	Party D: Jianzhang Liang 

 Home
address: [redacted] 
 Whereas: 
  

	1.	Party A is a company registered in Hong Kong, China, and Party A originally proposed to provide a total to RMB2 million loan to Party B, Party C and Party D, to be used
as capital contributions of Party B, Party C and Party D to Ctrip Computer Technology (Shanghai) Limited (hereinafter referred to as “Ctrip Commerce”). Due to foreign currency remittance restrictions in China, the parties then decided to
have Party A issue the aforementioned loan in the form of a consulting fee. On May 31, 2000, the parties executed the “Consulting Agreement” (hereinafter referred to as the “Consulting Agreement”), and on May 31, 2000,
Party A paid US$240,963.00 to Party B, Party C and Party D in the form of a consulting fee (equivalent to RMB2 million), and the parties understood that said consulting fee was essentially a loan from Party A to Party B, Party C and Party D.

  

	2.	Now Parties A, B, C and D mutually acknowledge that the aforementioned Consulting Agreement shall be invalid as of the date of its execution and shall not be binding on
the parties. The payment of RMB2 million from Party A to Party B, Party C and Party D on May 31, 2000 was a loan to Party B, Party C and Party D. Of this, Party A loaned RMB700,000 to Party B, Party A loaned RMB650,000 to Party C, and Party A
loaned RMB650,000 to Party D. 

  

	3.	In July 2000, Party B, Party C and Party D used the entire sum of the aforementioned RMB2 million to set up Ctrip Commerce. Party B holds 35% of the outstanding shares
in Ctrip Commerce, Party C holds 32.5% of the outstanding shares in Ctrip Commerce and Party D holds 32.5% of the outstanding shares in Ctrip Commerce. 

  
 1 

	4.	In March 2001, Party D transferred 16% of the shares held thereby in Ctrip Commerce to Party B. Upon completion of said share transfer, Party B held 51% of the
outstanding shares in Ctrip Commerce, and Party C held 49% of the outstanding shares in Ctrip Commerce. Concurrent with the share transfer, as consideration for the share transfer, the RMB650,000 loan from Party A to Party D was also taken over by
Party B and Party C, respectively, and of this, Party B took over RMB320,000 and Party C took over RMB330,000. 

  

	5.	Parties A, B, C and D mutually acknowledge that Party A lent a total of RMB1.02 million to Party B, to be used as Party B’s capital contribution toward 51% of the
equity interest in Ctrip Commerce. Party A lent a total of RMB980,000 to Party C, to be used as Party C’s capital contribution toward 49% of the equity interest in Ctrip Commerce. To further clarify the relationship of rights and obligations
with respect to the loan from Party A to Party B and Party C, the parties desired to execute this Loan Agreement, and use this Loan Agreement to replace all prior written or oral promises or agreements among the parties regarding the aforementioned
RMB1.02 million loan from Party A to Party B (the relationship of loan rights and obligations between Party A and Party C shall be covenanted by the separately executed loan agreement as of the even date herewith (“Party C’s Loan
Agreement”). 

 Now therefore, through mutual promise and agreement, the parties have reached the following agreement for
their mutual compliance: 
  

	1.	Loan 

  

	1.1	In accordance with the provisions of the terms and conditions of this Agreement, Party A agrees to provide an RMB 1.02 million loan to Party B. The term of the
loan shall be ten years from the date of execution of this Agreement, which may be extended upon consent of the parties. During the term of the loan or the extended term of the loan, Party B shall accelerate repayment of the loan as soon as one of
the following circumstances occurs: 

  

	 	(1)	Party B’s death, lack of capacity for civil conduct or limitation of capacity for civil conduct; 

 

	 	(2)	Party B no longer serves as director of Party A or Party A’s affiliate; 

 

	 	(3)	Party B engages in criminal conduct or is involved in criminal activities; 

 

	 	(4)	Any other party files a claim against Party B that exceeds RMB500,000; and 

 

	 	(5)	According to applicable Chinese laws, competent authorities begin to approve large numbers of transactions associated with value added Internet telecommunications
services that foreign businesses are permitted to invest in, and Party A exercises the exclusive option under the Exclusive Option Agreement described in Section 1.6 of this Agreement. 

 

	1.2	The parties acknowledge that Party A has issued and that Party B has received the entire aforementioned loan. 

  
 2 

	1.3	Party B agrees to accept the aforementioned loan provided by Party A, and hereby agrees and warranties to use the loan solely to provide funds capital for Ctrip
Commerce, so as to develop Ctrip Commerce’s business. Unless Party A’s prior written consent is obtained, Party B shall not use the aforementioned loan for any other purpose, nor can Party B transfer or mortgage the shares or other
interest he holds in Ctrip Commerce to any third party. 

  

	1.4	Party A and Party B hereby jointly agree and acknowledge that Party B’s method of repayment can only take the following form: Party B transfers in whole the shares
held by him in Ctrip Commerce to Party A or Party A’s designated person (legal or natural person). 

  

	1.5	Party A and Party B hereby jointly agree and acknowledge that any gains obtained by Party B through the transfer of the shares it holds in Ctrip Commerce shall be used
to repay the loan to Party A in accordance with this Agreement, and paid to Party A in its entirety in the manner designated by Party A and this Agreement shall be concurrently terminated. 

 

	1.6	Party A and Party B hereby jointly agree and acknowledge that to the extent permitted by applicable laws, Party A shall have the right but not the obligation to
purchase or designate other persons (legal or natural persons) to purchase Party B’s shares in Ctrip Commerce in part or in whole at any time, at a price agreed to by the parties. Party A and Party B shall execute an “Exclusive Option
Agreement” (hereinafter to referred to as the “Exclusive Option Agreement”) concurrently with the execution of this Agreement. According to said Agreement, to the extent permitted by Chinese laws, Party B shall irrevocably grant to
Party A an exclusive option to purchase all of the shares of Ctrip Commerce held by Party B. 

 Party B also
warranties to execute an irrevocable power of attorney, which authorizes a person designated by Party A to exercise all of his rights as a shareholder in Ctrip Commerce. 

 

	1.7	Interests on the Loan. When Party B transfers the shares he holds in Ctrip Commerce to Party A or Party A’s designated person, in the event that the transfer price
of such shares equals or is lower than the principal of the loan under this Agreement, the loan under this Agreement shall be deemed an interest-free loan. In the event, however, that the transfer price of such shares exceeds the principal of the
loan under this Agreement, the excess over the principal shall be deemed the interest of the loan under this Agreement paid by Party B to Party A. 

  

	2.	Representations and Warranties 

  

	2.1	Between the date of execution of this Agreement and prior to the termination of this Agreement, Party A hereby makes the following representations and warranties to
Party B: 

  

	 	(a)	Party A is a company set up and legally existing in accordance with Hong Kong laws; 

  
 3 

	 	(b)	Party A has the authority to execute and perform this Agreement. The execution and performance by Party A of this Agreement is consistent with Party A’s scope of
business and the provisions of Party A’s corporate bylaws and other organizational documents, and Party A has obtained all necessary and proper approvals and authorizations for the execution and performance of this Agreement;

  

	 	(c)	Party A’s execution and performance of this Agreement does not violate any laws and regulations or government approvals, authorizations, notices or other
government documents that are binding thereon or that affect Party A, nor does it violate any agreements that Party A has executed with any third party or any promises to any third party; and 

 

	 	(d)	This Agreement shall constitute Party A’s legitimate and valid obligations as soon as it is executed, and shall be enforceable against it.

  

	2.2	Between the date of execution of this Agreement and prior to the termination of this Agreement, Party B hereby makes the following representations and warranties:

  

	 	(a)	Ctrip Commerce is a limited liability company set up and legally existing in accordance with Chinese laws, and Party B is a legal holder of shares in Ctrip Commerce;

  

	 	(b)	Party B has the authority to execute and perform this Agreement. The execution and performance by Party B of this Agreement is consistent with Party B’s corporate
bylaws and other organizational documents, and Party B has obtained all necessary and proper approvals and authorizations for the execution and performance of this Agreement; 

 

	 	(c)	Party B’s execution and performance of this Agreement does not violate any laws and regulations or government approvals, authorizations, notices or other
government documents that are binding upon or affect Party B, nor does it violate any agreements that Party B has executed with any third party or any promises to any third party; 

 

	 	(d)	This Agreement shall constitute Party B’s legitimate and valid obligations as soon as it is executed, and shall be enforceable against Party B;

  

	 	(e)	Party B has paid capital contributions in full with respect to Party B’s shares in accordance with law, and has obtained a capital contribution verification report
regarding capital contributions paid in from a qualified accounting firm; 

  

	 	(f)	Except for the provisions of the “Share Pledge Agreement” (hereinafter referred to as the “Share Pledge Agreement”) executed by and between Party B
and Ctrip Computer Technology (Shanghai) Limited as of the date of execution of this Agreement, Party B has not placed any mortgage, pledge or any other security measures on Party B’s shares, has not extended any offer to any third party
regarding the transfer of Party B’s shares or executed any agreement with any third party regarding the transfer of Party B’s shares; 

  
 4 

	 	(g)	There are no disputes, litigation, arbitration, administrative proceedings or any other legal proceedings relating to Party B and / or Party B’s shares, nor are
there any potential disputes, litigation, arbitration, administrative proceedings or any other legal proceedings relating to Party B and / or Party B’s shares; and 

 

	 	(h)	Ctrip Commerce has completed all the government approvals, authorizations, licensing, registration and filling required for engaging in business within the scope of its
business license and for owning its assets. 

  

	3.	Party B’s Covenants 

  

	3.1	As a major shareholder in Ctrip Commerce, Party B promises that during the term of this Agreement, Party B shall cause Ctrip Commerce: 

 

	 	(a)	Without Party A’s prior written consent, Ctrip Commerce shall not supplement, change or amend its corporate bylaws in any manner, increase or decrease its
registered capital or change its share capital structure in any manner; 

  

	 	(b)	Maintain its corporate existence in accordance with good financial and business standards and practices by prudently and effectively operating its business and handling
its affairs; 

  

	 	(c)	Without Party A’s prior written consent, Party B shall not sell, transfer, mortgage or in dispose in other manner its legitimate or beneficial interest in any of
its assets, business or revenue at any time from the date of execution of this Agreement, or permit the encumbrance of any other security interest thereon; 

 

	 	(d)	Without Party A’s prior written consent, Party B shall not incur, inherit, guarantee or otherwise allow for the existence of any debt, except for (i) debt
incurred in the ordinary course of business instead of that incurred through any loans; and (ii) debt already disclosed to Party A for which Party A’s written consent has been obtained; 

 

	 	(e)	Always operate all business during the ordinary course of business, to maintain its asset value; 

 

	 	(f)	Without the prior written consent of Party A, Party B shall not execute any major contract, except for contracts in the ordinary course of business (for purpose of this
subsection, a contract whose value exceeds RMB50,000 shall be deemed a major contract); 

  

	 	(g)	Without the prior written consent of Party A, Party B shall not provide any person with any loan or credit; 

 

	 	(h)	Provide Party A with all of the information on Party B’s business operations and financial condition at Party A’s request; 

  
 5 

	 	(i)	Procure and maintain insurance from an insurance carrier acceptable to Party A, and the amount and types of coverage maintained shall be identical to the amount and
types of coverage usually maintained by companies that operate similar business and hold similar properties or assets in the same area where Party B is located; 

 

	 	(j)	Without the prior written consent of Party A, Party B shall not merge or be consolidated with any person, or acquire any person or make investments in any person;

  

	 	(k)	Immediately notify Party A of the occurrence or possible occurrence of any litigation, arbitration or administrative proceedings relating to Party B’s assets,
business and income; 

  

	 	(l)	To maintain the ownership by Party B of all of its assets, execute all necessary or appropriate documents, take all necessary or appropriate actions and file all
necessary or appropriate complaints or raise necessary and appropriate defense against all claims; 

  

	 	(m)	Without the prior written consent of Party A, Party B shall not in any manner distribute stock dividends to shareholders, provided that as soon as Party A makes a
request, Party B shall immediately distribute all distributable profits to the respective shareholders; 

  

	 	(n)	At the request of Party A, appoint any persons designated by Party A as directors of Ctrip Commerce; and 

 

	 	(o)	Strictly abide by the provisions of the Exclusive Option Agreement, and refrain from any action/omission sufficient to affect the effectiveness and enforceability of
the Exclusive Option Agreement. 

  

	3.2	Party B promises that during the term of this Agreement, he shall 

  

	 	(a)	Without the prior written consent of Party A, Party B shall not sell, transfer, mortgage or dispose of in any other manner the legal or beneficial interest in shares
held by Party B, or allow the encumbrance thereon of any security interest or permit the encumbrance of any other security interest thereon, except in accordance with the Share Pledge Agreement; 

 

	 	(b)	Cause the directors of Ctrip Commerce appointed by Party B not to approve the sale, transfer, mortgage or disposition in any other manner of any legal or beneficial
interest in shares held by Party B, or allow the encumbrance thereon of any security interest, except to Party A or Party A’s designated person; 

  

	 	(c)	Cause the directors of Ctrip Commerce appointed by Party B not to approve the merger or consolidation of Ctrip Commerce with any person, or its acquisition of or
investment in any person, without the prior written consent of Party A; 

  
 6 

	 	(d)	Immediately notify Party A of the occurrence or possible occurrence of any litigation, arbitration or administrative proceedings relating to Party B’s shares;

  

	 	(e)	To maintain his ownership of his shares in Ctrip Commerce, execute all necessary or appropriate documents, take all necessary or appropriate actions and file all
necessary or appropriate complaints or raise necessary and appropriate defense against all claims; 

  

	 	(f)	Without the prior written consent of Party A, Party B shall refrain from any action / omission that may have a major impact on the assets, business and liabilities of
Ctrip Commerce; 

  

	 	(g)	Appoint any designee of Party A as director of Ctrip Commerce, at the request of Party A; 

 

	 	(h)	To the extent permitted by Chinese law, at the request of Party A at any time, promptly and unconditionally transfer all of the shares held by Party B in Ctrip Commerce
to Party A or Party A’s designated representative at any time, and cause the other shareholder of Ctrip Commerce to waives his right of first refusal with respect to the share transfer described in this section; 

 

	 	(i)	To the extent permitted by Chinese law, at the request of Party A at any time, cause the other shareholder of Ctrip Commerce to promptly and unconditionally transfer
all of the shares held by him to Party A or Party A’s designated representative at any time, and Party B hereby waives his right of first refusal with respect to the share transfer described in this section; 

 

	 	(j)	In the event that Party A purchases Party B’s shares from Party B in accordance with the provisions of the Exclusive Option Agreement, Party B shall use such
purchase price obtained thereby to repay the loan to Party A first; and 

  

	 	(k)	Strictly abide by the provisions of this Agreement, the Share Pledge Agreement and the Exclusive Option Agreement, effectively perform his obligations under this
Agreement, the Share Pledge Agreement and the Exclusive Option Agreement, and refrain from any action / omission sufficient to affect the effectiveness and enforceability of this Agreement, the Share Pledge Agreement and the Exclusive Option
Agreement. 

  

	4.	Liability for Default 

 In the event that Party
B fails to perform the repayment obligations by the deadline set forth in this Agreement, Party B shall pay an overdue interest of 0.01% per day for the outstanding payment, until the day Party B repays all principal of the loan, overdue
interest and other amounts. 

  
 7 

	5.	Notices 

 Unless there are written notices
changing the addresses below, notices under this Agreement shall be sent to the following addresses via personal delivery, facsimile or registered mail. If a notice is sent via registered mail, the date of signature for receipt on return receipt of
the registered mail shall be the date of service; if a notice is sent via personal delivery or facsimile, it shall be deemed served on the date sent. If a notice is sent via facsimile, the original document shall be immediately sent to the following
addresses via registered mail or personal delivery after transmission. 
 To Party A: 
 Ctrip.com (Hong Kong) Limited 
 Room 2001, The Centrium, 60 Wyndham Street 

Central, Hong Kong 
 Facsimile:
(00852) 21690920 
 Phone: (00852) 21690911 
 Attn: Neil Shen 
 To Party B: Qi Ji 
 Address: [redacted] 
 Facsimile: [redacted] 

Phone: [redacted] 
 To Party C: Min Fan

 Address: [redacted] 
 Facsimile:
[redacted] 
 Phone: [redacted] 
 To
Party D: Jianzhang Liang 
 Address: [redacted] 
 Facsimile: [redacted] 
 Phone: [redacted] 

 

	6.	Duty to maintain confidentiality 

 The parties
acknowledge that any oral or written information exchanged among them with respect to this Agreement is confidential information. The parties shall maintain the confidentiality of all such information, and without obtaining the written consent of
other parties, they shall not disclose any relevant information to any third parties, except in the following circumstances: (a) such information is or will be in the public domain (provided that this is not the result of a public disclosure by
the receiving party); (b) information disclosed as required by applicable laws or rules or regulations of any stock exchange; or (c) information required to be disclosed by any party to its legal counsel or financial advisor regarding the
transaction contemplated hereunder, and such legal counsel or financial advisor are also required to be bound by confidentiality duties similar to the duties in this section. Disclosure of a secret by the staff members or agency hired by any party
shall be deemed disclosure of a secret by such a party, which shall be held liable for breach of this Agreement. This section shall survive the termination of this Agreement for any reason. 

  
 8 

	7.	Governing Law and Resolution of Disputes 

  

	7.1	The execution, effectiveness, construction, performance and termination of this Agreement and the resolution of disputes shall be governed by Chinese laws.

  

	7.2	In the event of any dispute with respect to the construction and performance of this Agreement, the parties shall first resolve same through friendly negotiations. Upon
failure by the parties to reach an agreement on the resolution of such a dispute within 30 days after either party submits a request to the other party to resolve same through negotiations, any party may submit the relevant dispute to the China
International Economics and Foreign Trade Arbitration Commission Shanghai Chapter for resolution by arbitration, in accordance with its arbitration rules effective then. The arbitration shall be performed in Shanghai, and the language used during
arbitration shall be Chinese. The arbitration ruling shall be final and binding on all parties. 

  

	7.3	Upon the occurrence of any disputes arising from the construction and performance of this Agreement or during the pendancy of arbitration of any dispute, except for the
matters under dispute, the parties to this Agreement shall continue to exercise their respective rights under this Agreement and perform their other respective obligations under this Agreement. 

 

	8.	Entire Agreement 

 The parties reaffirm that the
Consulting Agreement executed by the parties to this Agreement on May 31, 2000 is invalid, and shall not be binding on the parties to this Agreement. The funding relations that occurred among the parties with respect to the maters described in
this Agreement are fully defined in this Agreement and Party C’s Loan Agreement. 
 Except the written amendments, supplements or changes
done after the execution of this Agreement, this Agreement and Party C’s Loan Agreement shall constitute the entire agreement among the parties to this Agreement with respect to the construction of this Agreement and the matters set forth in
this Agreement, and shall supercede all prior oral discussions and written contracts reached among the parties with respect to the aforementioned matters. 
  

	9.	Miscellaneous 

  

	9.1	This Agreement shall take effect upon the date of execution thereof, and shall expire upon the date of performance by the parties of their obligations under this
Agreement. 

  

	9.2	This Agreement shall be in quadruplicate copies, with one copy for each of the parties. The copies shall have equal legal validity. 

  
 9 

	9.3	The parties to this Agreement all agree that Party A and Party B shall have the right to amend and supplement through written agreement any covenants herein that
involve the relationship of rights and obligations between Party A and Party B. Such amendments and supplements shall not require the consent of Party C and Party D, not shall notices be required to be sent to Party C and Party D or acknowledgement
required from Party C and Party D. Party C and Party D hereby acknowledge their waiver of all rights relating thereto. Such written amendment agreement and / or supplemental agreement executed by and between Party A and Party B are an integral part
of this Agreement, and shall have the same legal validity as this Agreement. 

  

	9.4	The invalidation of any provisions of this Agreement shall not affect the legal validity of the remaining provisions of this Agreement. 

 

	9.5	The attachments to this Agreement shall be an integral part of this Agreement and shall have the same legal validity as this Agreement. 

 

	
	Party A: Ctrip.com (Hong Kong) Limited
	Authorized representative: /s/ Authorized Signatory
	
	Party B:
	Signed: /s/ Qi Ji
	
	Party C:
	Signed: /s/ Min Fan
	
	Party D:
	Signed: /s/ Jianzhang Liang

  
 10 

 Schedule A 
 The following schedule sets forth all other similar agreements the registrant entered with each of its affiliated Chinese entities and the material differences between such other agreements and this
exhibit. 
  

																					
	 	 	 VIE
	 	 Executing Parties
	 	 Execution Date
	 	 Amount and Term of Loan
	 	 Status
	 	
Purpose of
Loan
(including use
restriction)
	 	 Payment
Restriction
	 	
Restriction imposed
by the Lender on
VIE Shareholders’
Power to Sell 
their
Shares
	 	
Borrower’s
Covenants on
the Shares
	 	
Termination
and Renewal
Clauses

		 	  
 Shanghai Ctrip Commerce Co., Ltd.
	 	  
 Party A (Lender): Ctrip.com (Hong Kong) Limited

Party B (Borrower): Qi Ji
 Party C (Borrower):
Min Fan
 Party D (Borrower): Jianzhang Liang
	 	  
 2003-9-10
	 	  
 Amount: RMB1.02 million, lent by Party A to
Party B
 Term: 10 years
	 	  
 A supplemental agreement was executed on May 15, 2008,
whereby Qi Ji is changed to Tao Yang
	 	  
 Identical among all agreements:
All used for shareholders’ contribution to the registered capital of the VIE.
	 	  
 Identical among all agreements:
The method of repayment can only take the following form: the Borrower transfers in whole the shares held by him in the VIE to the Lender or the Lender’s designated person (legal or natural person).
	 	  
 Identical among all agreements:
Party B shall irrevocably grant to Party A an exclusive option to purchase all of the shares of the VIE held by Party B.
	 	  
 Identical among all agreements:
See details in Section 3.2 of the Form Agreement
	 	  
 Identical among all agreements:
The agreement may be extended upon the consent of the Parties

	Form Agreement	 	  
 Shanghai Ctrip Commerce Co., Ltd.
	 	  
 Party A (Lender): Ctrip.com (Hong Kong) Limited

Party B (Borrower): Min Fan
 Party C (Borrower):
Qi Ji
 Party D (Borrower): Jianzhang Liang
	 	  
 2003-9-10
	 	  
 Amount: RMB980,000, lent by Party A to Party B

Term: 10 years
	 	  
 A supplemental agreement was executed on January 15, 2004,
whereby Party A grants to Party B an additional loan of RMB4.1 million. Another supplemental agreement was executed on October 11, 2006, whereby Party A additionally lends Party B RMB3.9 million, making the entire loan as RMB8.98 million in
total. Another Supplemental agreement was executed on May 15, 2008, whereby Qi Ji is changed to Tao Yang.
	 	 	 	 	 
		 	  
 Shenzhen Ctrip Travel Agency Co., Ltd.
	 	  
 Party A (Lender): Ctrip.com (Hong Kong) Limited

Party B (Borrower): Jianmin Zhu
	 	  
 2004-8-1
	 	  
 Amount: RMB150,000, lent by Party A to Party B

Repayment Deadline: February 5, 2014
	 	  
 A supplemental agreement was executed on April 24, 2006,
whereby Party A lends an additional RMB100,000 to Party B, making the entire loan as RMB250,000 in total.
	 	 	 	 	 

  
 11 

																					
	 	 	 VIE
	 	 Executing Parties
	 	 Execution Date
	 	 Amount and Term of Loan
	 	 Status
	 	
Purpose of
Loan
(including use
restriction)
	 	 Payment
Restriction
	 	
Restriction imposed
by the Lender on
VIE Shareholders’
Power to Sell 
their
Shares
	 	
Borrower’s
Covenants on
the Shares
	 	
Termination
and Renewal
Clauses

		 	  
 Shenzhen Ctrip Travel Agency Co., Ltd.
	 	  
 Party A (Lender): Ctrip.com (Hong Kong) Limited

Party B (Borrower): Min Fan
	 	  
 2004-2-6
	 	  
 Amount: RMB1.35 million, lent by Party A to
Party B
 Term: 10 years
	 	  
 A supplemental agreement was executed on April 24, 2006,
whereby Party A lends an additional RMB900,000 to Party B, making the entire loan as RMB2.25 million in total.
	 		 		 		 		 	
		 	  
 Shenzhen Ctrip Travel Agency Co., Ltd.
	 	  
 Party A (Lender): Ctrip.com (Hong Kong) Limited

Party B (Borrower): Min Fan
	 	  
 2004-2-6
	 	  
 Amount: RMB1.35 million, lent by Party A to
Party B
 Term: 10 years
	 		 		 		 		 		 	
	  
 Variation I
	 	  
 Beijing Ctrip International Travel Agency Co.,
Ltd.
	 	  
 Party A (Lender): Ctrip.com (Hong Kong) Limited

Party B (Borrower): Maohua Sun
	 	  
 5/16/2011
	 	  
 Amount: RMB1.6 million, lent by Party A to
Party B
 Expiry Date: May 15, 2021
	 		 	  
 No
Difference
	 	  
 No
Difference
	 	  
 No
Difference
	 	  
 Firstly, the following part of Section 3.2(h) of the
Form Agreement is not contained in this Agreement: “and cause the other shareholder of the VIE to waive his right of first refusal with respect to the share
	 	  
 No
Difference

	 	  
 Shanghai Huacheng Southwest Travel Agency Co.,
Ltd.
	 	  
 Party A (Lender): Ctrip Computer Technology (Shanghai) Co.,
Ltd.
 Party B (Borrower): Maohua Sun
	 	  
 5/16/2011
	 	  
 Amount: RMB250,000, lent by Party A to
Party B
 Expiry Date: May 15, 2021
	 		 	 	 	 	 

  
 12 

																					
	 	 	 VIE
	 	 Executing Parties
	 	 Execution Date
	 	 Amount and Term of Loan
	 	 Status
	 	
Purpose of
Loan
(including use
restriction)
	 	 Payment
Restriction
	 	
Restriction imposed
by the Lender on
VIE Shareholders’
Power to Sell 
their
Shares
	 	
Borrower’s
Covenants on
the Shares
	 	
Termination
and Renewal
Clauses

		 	Shanghai Ctrip Commerce Co., Ltd.	 	 Party A (Lender): Ctrip Computer Technology (Shanghai) Co., Ltd.
 Party B (Borrower): Maohua Sun
	 	5/16/2011	 	 Amount: RMB 1.02 million, lent by Party A to Party B
 Expiry Date: May 15, 2021
	 		 		 		 		 	transfer described in this section;” Secondly, Section 3.2(i) of the Form Agreement is not contained in this Agreement: “To the extent permitted by Chinese
law, at the request of Party A at any time, cause the other shareholder of the VIE to promptly and unconditionally transfer all of the shares held by him to Party A or Party A’s designated representative at any time, and Party B hereby waives
his right of first refusal with respect to the share transfer described in this section;”	 	
		 	  
 Shanghai Quanlv Network Technology Co., Ltd.
	 	  
 Party A (Lender): Ctrip Computer Technology (Shanghai) Co.,
Ltd.
 Party B (Borrower): Maohua Sun
	 	  
 5/16/2011
	 	  
 Amount: RMB500,000, lent by Party A to
Party B
 Expiry Date: May 15, 2021
	 		 	 	 	 	 
		 	  
 Nantong Tongcheng Information Technology Co.,
Ltd.
	 	  
 Party A (Lender): Ctrip Computer Technology (Shanghai) Co.,
Ltd.
 Party B (Borrower): Fengying Zhang
	 	  
 3/7/2007
	 	  
 Amount: RMB10 million, lent by Party A to
Party B
 Expiry Date: March 6, 2015
	 		 	 	 	 	 
		 	  
 Shanghai Ctrip Commerce Co., Ltd.
	 	  
 Party A (Lender): Ctrip Computer Technology (Shanghai) Co.,
Ltd.
 Party B (Borrower): Min Fan
	 	  
 2011-9-16
	 	  
 Amount: RMB17.96 million, lent by Party A to
Party B
 Expiry Date: September 16, 2021
	 		 	 	 	 	 
		 	  
 Shanghai Ctrip Commerce Co., Ltd.
	 	  
 Party A (Lender): Ctrip Computer Technology (Shanghai) Co.,
Ltd.
 Party B (Borrower): Maohua Sun
	 	  
 2011-9-16
	 	  
 Amount: RMB2.04 million, lent by Party A to
Party B
 Expiry Date: September 16, 2021
	 		 	 	 	 	 

  
 13 

																					
	 	 	 VIE
	 	 Executing Parties
	 	 Execution Date
	 	 Amount and Term of Loan
	 	 Status
	 	
Purpose of
Loan
(including use
restriction)
	 	 Payment
Restriction
	 	
Restriction imposed
by the Lender on
VIE Shareholders’
Power to Sell 
their
Shares
	 	
Borrower’s
Covenants on
the Shares
	 	
Termination
and Renewal
Clauses

		 	  
 Hainan Sweetome Hotel Management Co., Ltd.
	 	  
 Party A (Lender): Ctrip Computer Technology (Shanghai) Co.,
Ltd.
 Party B (Borrower): Maohua Sun
	 	  
 2011-8-2
	 	  
 Amount: RMB3.5 million, lent by Party A to
Party B
 Expiry Date: August 1, 2021
	 	  
 A supplemental agreement was executed in September, 2011 to
change the amount of the loan from RMB3.5 million to 2.75 million.
	 		 		 		 		 	
		 	  
 Tujia Online Information Technology (Beijing) Co.,
Ltd.
	 	  
 Party A (Lender): Ctrip Computer Technology (Shanghai) Co.,
Ltd.
 Party B (Borrower): Maohua Sun
	 	  
 2011-6-20
	 	  
 Amount: RMB1.4 million, lent by Party A to
Party B
 Expiry Date: June 19, 2021
	 	  
 A supplemental agreement was executed in September, 2011 to
change the amount of the loan from RMB1.4 million to 1.1 million.
	 	 	 	 	 
		 	  
 Hainan Sweetome Hotel Management Co., Ltd.
	 	  
 Party A (Lender): Ctrip Computer Technology (Shanghai) Co.,
Ltd.
 Party B (Borrower): Lei Chen
	 	  
 2011-8-2
	 	  
 Amount: RMB1.5 million, lent by Party A to
Party B
 Expiry Date: August 1, 2021
	 	  
 The Borrower assigned its shares in September, 2011, so the
agreement between Party A and Party B was terminated. A supplemental Agreement was executed on October 12, 2012 to change the Borrower to Jun Luo.
	 	 	 	 	 
		 	  
 Tujia Online Information Technology (Beijing) Co.,
Ltd.
	 	  
 Party A (Lender): Ctrip Computer Technology (Shanghai) Co.,
Ltd.
 Party B (Borrower): Xiaopan Wang
	 	  
 2011-6-20
	 	  
 Amount: RMB600,000, lent by Party A to
Party B
 Expiry Date: June 19, 2021
	 	  
 The Borrower assigned its shares in September, 2011, so the
agreement between Party A and Party B was terminated. A supplemental Agreement was executed on October 12, 2012 to change the Borrower to Jun Luo.
	 	 	 	 	 
		 	  
 Shanghai Quanlv Network Technology Co., Ltd.
	 	  
 Party A (Lender): Ctrip Computer Technology (Shanghai) Co.,
Ltd.
 Party B (Borrower): Min Fan
	 	  
 2010-10-18
	 	  
 Amount: RMB4.5 million, lent by Party A to
Party B
 Expiry Date: October 17, 2020
	 		 	 	 	 	 

  
 14 

																					
	 	 	 VIE
	 	 Executing Parties
	 	 Execution Date
	 	 Amount and Term of Loan
	 	 Status
	 	
Purpose of
Loan
(including use
restriction)
	 	 Payment
Restriction
	 	
Restriction imposed
by the Lender on
VIE Shareholders’
Power to Sell 
their
Shares
	 	
Borrower’s
Covenants on
the Shares
	 	
Termination
and Renewal
Clauses

	  
 Variation II
	 	  
 Guangzhou Ctrip Travel Agency Co., Ltd.
	 	  
 Party A (Lender): Ctrip.com (Hong Kong) Limited

Party B (Borrower): Min Fan
	 	  
 2003-9-10
	 	  
 Amount: RMB450,000, lent by Party A to
Party B
 Term: 10 years
	 	  
 A supplemental agreement was executed on March 1, 2004,
whereby Party A grants to Party B an additional loan of RMB1.35 million. Another supplemental agreement was executed on May 11, 2006, whereby Party A additionally lends Party B RMB900,000, making the entire loan as RMB2.7
million in total.
	 	  
 RMB50,000 of the loan will be used to repay the amounts owed to
Ctrip Computer, and RMB400,000 will be used to pay the share transfer price to Shanghai Ctrip Commerce Co., Ltd. in consideration for the transfer of 80% shares of Guangzhou Ctrip.
	 	  
 No Difference
	 	  
 No Difference
	 	  
 No Difference
	 	  
 No Difference

	  
 Variation III
	 	  
 Guangzhou Ctrip Travel Agency Co., Ltd.
	 	  
 Party A (Lender): Ctrip.com (Hong Kong) Limited

Party B (Borrower): Jianmin Zhu
	 	  
 2004-8-1
	 	  
 Amount: RMB200,000

Expiry Date: September 9, 2013
	 	  
 A supplemental agreement was executed on May 11, 2006,
whereby Party A additionally lends Party B RMB100,000, making the entire loan as RMB300,000 in total.
	 	  
 Loan amounts only used to pay the share
transfer price to the transferor of the shares of VIE.
	 	  
 No Difference
	 	  
 No Difference
	 	  
 No Difference
	 	  
 No Difference

	 	  
 Beijing Ctrip International Travel Agency Co.,
Ltd.
	 	  
 Party A (Lender): Ctrip.com (Hong Kong) Limited

Party B (Borrower): Min Fan
	 	  
 2003-9-10
	 	  
 Amount: RMB387,380, lent by Party A to
Party B
 Term: 10 years
	 	  
 Terminated by a supplemental agreement executed on
September 22, 2004
	 	 	 	 	 

  
 15 

																					
	 	 	 VIE
	 	 Executing Parties
	 	 Execution Date
	 	
Amount and
Term of Loan
	 	 Status
	 	
Purpose of
Loan
(including use
restriction)
	 	 Payment
Restriction
	 	
Restriction imposed
by the Lender on
VIE Shareholders’
Power to Sell 
their
Shares
	 	
Borrower’s
Covenants on
the Shares
	 	
Termination
and Renewal
Clauses

	  
 Variation IV
	 	  
 Shanghai Ctrip Charming International Travel Agency Co.,
Ltd.
	 	  
 Party A (Lender): Ctrip.com (Hong Kong) Limited

Party B (Borrower): Min Fan
	 	  
 2003-11-3
	 	  
 Amount: RMB4.29 million, lent by Party A to
Party B
 Expiry Date: September 26, 2013
	 	  
 A supplemental agreement was executed on May 26, 2006,
whereby Party A’s creditor’s rights were transferred to Ctrip Computer and additional loans were made to Party B by Ctrip Computer
	 	  
 RMB2.31 million will be used for capital increase of Ctrip
Charming; on August 25, 2003, RMB600,000 was used to pay the price to purchase the shares of Ctrip Charming; on September 26, 2003, RMB1.38 million was used to pay the price to purchase the shares of Ctrip Charming.
	 	  
 No Difference
	 	  
 No Difference
	 	  
 No Difference
	 	  
 No Difference

  
 16Exclusive Option Agreement

 Exhibit 4.9 
 Exclusive Option Agreement 
 This Exclusive Option Agreement (this “Agreement”)
is executed by and among the parties below as of September 10, 2003: 
  

	(1)	Party A: Ctrip.com (Hong Kong) Limited, a limited liability company set up and existing under the laws of Hong Kong, with its registered address at Ctrip.com (Hong
Kong) Limited, Unit 2001, The Centrium, 60 Wyndham Street, Central, Hong Kong; 

  

	(2)	Party B: Min Fan Chinese identification card No.:[redacted] Home address: [redacted]; and 

 

	(3)	Party C: Shanghai Ctrip Commerce Co., Ltd., a limited liability company established and existing under the PRC laws, and the registered address is No. 628,
Hongqiao Road, Shanghai. 

 In this Agreement, each of Party A, Party B and Party C shall be referred to as a “Party,”
and they shall be collectively referred to as the “Parties.” 
 Whereas: 

 

	(1)	Party B holds 49% of the shares in Party C. 

  

	(2)	Party B and Party A executed a loan agreement on September 10, 2003 (the “Loan Agreement”). 

 

	(3)	Party C has executed a series of agreements such as the “Consulting Services Agreement” with Ctrip Computer Technology (Shanghai) Limited, a wholly owned
foreign entity set up by Party A in China (“Ctrip Shanghai”). 

 Now therefore, upon mutual discussions and
negotiations, the Parties have reached the following agreements: 
  

	1.	Stock option and sale 

  

	1.1	Stock option grant 

 Party B
hereby irrevocably grants to Party A an irrevocable right to purchase, or designate one or more persons (each, a “Designee”) to purchase, the shares of Party C then held by Party B at any time in part or in whole at Party A’s sole and
absolute discretion to the extent permitted by Chinese laws and at the price described in Section 1.3 herein (such right being the “Stock Option”). Except for Party A and the Designee(s), no other person shall be entitled to the Stock
Option. Party C hereby agrees to the grant by Party B of the Stock Option to Party A. The term “person” as used herein shall refer to individuals, corporations, partnerships, partners, enterprises, trusts or non-corporate organizations.

  
 1 

	1.2	Steps for Exercise of Stock Option 

 Subject to the provisions of Chinese laws and regulations, Party A may exercise the Stock Option by issuing a written notice to Party B (the “Stock Option Notice”) and specifying the number of
shares to be purchased from Party B (the “Option Shares”). 
  

	1.3	Stock Option Price 

 Unless an
appraisal is required by Chinese laws applicable to the Stock Option exercised by Party A, the purchase price of the Option Shares (the “Stock Option Price”) shall equal the actual capital contributions paid in by Party B for the Option
Shares. 
  

	1.4	Transfer of Option Shares 

 For
each exercise of the Stock Option: 
  

	 	(a)	Party B shall cause to promptly convene a shareholders meeting, at which a resolution shall be adopted approving Party B’s transfer of Option Shares to Party A and
/ or the Designee(s); 

  

	 	(b)	Party B shall execute a share transfer contract with respect to each transfer with Party A and / or each Designee (whichever is applicable), in accordance with the
provisions of this Agreement and the Stock Option Notice regarding the Option Shares; 

  

	 	(c)	The relevant Parties shall execute all other necessary contracts, agreements or documents, obtain all necessary government licenses and permits and take all necessary
actions, to give valid ownership of the Option Shares to Party A and/or the Designee(s) unencumbered by any security interest and cause Party A and/or the Designee(s) to become the registered owner(s) of the Option Shares. For the purchase of this
section and this Agreement, “security interest” shall include security, mortgages, third party’s rights or interests, any stock options, acquisition right, right of first refusal, right to offset, ownership detention or other security
arrangements, etc. To clarify, security interest shall not include any security interest generated under this Agreement and Party B’s Share Pledge agreement. The “Party B’s Share Pledge Agreement” as used in this section and this
Agreement shall refer to the Share Pledge Agreement executed by and between Ctrip Shanghai and Party B as of the even date hereof, whereby Party B pledges all of his shares in Party C to Ctrip Shanghai, in order to guarantee Party C’s
performance of its obligations under the “Consulting Services Agreement” executed by and between Party C and Ctrip Shanghai. 

  

	1.5	Payment for the Stock Option Price 

 In view of the fact that Party A and Party B have agreed in the Loan Agreement that any proceeds obtained by Party B through the transfer of its shares in Party C shall be used as consideration for
repayment of the loan provided by Party A in accordance with the Loan Agreement, when Party A exercises the Stock Option, the Stock Option Price shall be deemed as consideration for repaying the loan owed by Party B to Party A, and accordingly,
Party A shall no longer be required to pay any separate Stock Option Price to Party B. 

  
 2 

	2.	Covenants regarding Stock Option 

  

	2.1	Covenants regarding Party C 

Party B and Party C hereby warrant the following: 
  

	 	(a)	Without the prior written consent of Party A or Ctrip Shanghai, they shall not in any manner supplement, change or amend the articles and by laws of Party C, increase
or decrease its registered capital, or change its structure of registered capital in any other manner; 

  

	 	(b)	Maintain Party C’s corporate existence in accordance with good financial and business standards and practices by prudently and effectively operating its business
and handling its affairs; 

  

	 	(c)	Without the prior written consent of Party A or Ctrip Shanghai, they shall not at any time following the date of execution hereof, sell, transfer, mortgage or dispose
of in any other manner any assets of Party C or legal or beneficial interest in the business or revenues of Party C, or allow the encumbrance thereon of any security interest; 

 

	 	(d)	Without the prior written consent of Party A or Ctrip Shanghai, they shall not incur, inherit, guarantee for or suffer the existence of any debt, except for
(i) debt incurred in the ordinary course of business instead of that incurred through any loans; and (ii) debt already disclosed to Party A for which Party A’s written consent has been obtained; 

 

	 	(e)	Always operate all of Party C’s businesses during the ordinary course of business, to maintain the asset value of Party C and refrain from any action / omission
sufficient to affect Party C’s operating status and asset value; 

  

	 	(f)	Without the prior written consent of Party A or Ctrip Shanghai, they shall not execute any major contract, except contracts in the ordinary course of business (for
purpose of this subsection, a contract whose value exceeds RMB1 million shall be deemed a major contract); 

  

	 	(g)	Without the prior written consent of Party A or Ctrip Shanghai, they shall not provide any person with any loan or credit; 

 

	 	(h)	Provide Party A with information on Party C’s business operations and financial condition at Party A’s request; 

 

	 	(i)	Procure and maintain insurance from an insurance carrier acceptable to Party A, and the amount and types of coverage maintained shall be identical to the amount and
types of coverage usually maintained by companies that operate similar business and hold similar properties or assets in the same area where Party C is located; 

  
 3 

	 	(j)	Without the prior written consent of Party A or Ctrip Shanghai, they shall not merge or be consolidated with any person, or acquire any person or make investments in
any person; 

  

	 	(k)	Immediately notify Party A of the occurrence or possible occurrence of any litigation, arbitration or administrative proceedings relating to Party C’s assets,
business and revenue; 

  

	 	(l)	To maintain the ownership by Party C of all of its assets, execute all necessary or appropriate documents, take all necessary or appropriate actions and file all
necessary or appropriate complaints or raise necessary and appropriate defenses against all claims; 

  

	 	(m)	Without the prior written consent of Party A or Ctrip Shanghai, they shall not in any manner distribute stock dividends to the shareholders, provided that as soon as
Party A makes a request, they shall immediately distribute all distributable profits to the respective shareholders; and 

  

	 	(n)	At the request of Party A or Ctrip Shanghai, appoint any persons designated by Ctrip Shanghai as directors of Party C. 

 

	2.2	Covenants regarding Party B 

Party B hereby warrants the following: 
  

	 	(a)	Without the prior written consent of Party A or Ctrip Shanghai, Party B shall not at any time following the date of execution hereof sell, transfer, mortgage or dispose
of in any other manner any legal or beneficial interest in the shares of Party C held by Party B, or allow the encumbrance thereon of any security interest, except for the pledge placed on these shares in accordance with Party B’s Share Pledge
Agreement; 

  

	 	(b)	Cause the directors of Party C appointed by Party B not to approve the sale, transfer, mortgage or disposition in any other manner any legal or beneficial interest in
the shares of Party C held by Party B, or allow the encumbrance thereon of any security interest, except for the pledge placed on these shares in accordance with Party B’s Share Pledge Agreement; 

 

	 	(c)	Cause the directors of Party C appointed by Party B not to approve the merger or consolidation with any person, or the acquisition of or investment in any person,
without the prior written consent of Party A or Ctrip Shanghai; 

  

	 	(d)	Immediately notify Party A of the occurrence or possible occurrence of any litigation, arbitration or administrative proceedings relating to the shares of Party C held
by Party B; 

  
 4 

	 	(e)	Cause the directors of Party C appointed by Party B to vote their approval of the transfer of the Option Shares as set forth in this Agreement;

  

	 	(f)	To maintain his ownership of Party C’s shares, execute all necessary or appropriate documents, take all necessary or appropriate actions and file all necessary or
appropriate complaints or raise necessary and appropriate defenses against all claims; 

  

	 	(g)	Appoint any Designee of Ctrip Shanghai as director of Party C, at the request of Party A or Ctrip Shanghai; 

 

	 	(h)	At the request of Party A at any time, promptly and unconditionally transfer its shares in Party C to Party A’s Designee(s) at any time, and waives its right of
first refusal to the share transfer by the other existing shareholder of Party C; and 

  

	 	(i)	Strictly abide by the provisions of this Agreement and other contracts jointly or separately executed by and among Party B, Party C and Party A, effectively perform the
obligations thereunder, and refrain from any action/omission sufficient to affect the effectiveness and enforceability thereof. 

  

	3.	Representations and Warranties by Party B and Party C 

 Party B and Party C hereby represent and warrant to Party A, as of the date of execution of this Agreement and each date of transfer of the Option Shares, that: 

 

	 	(a)	They have the authority to execute and deliver this Agreement and any share transfer contracts to which they are a party concerning the Option Shares to be transferred
thereunder (each, a “Transfer Contract”), and to perform their obligations under this Agreement and any Transfer Contracts. The execution of this Agreement and the Transfer Contracts to which they are a party shall constitute their legal,
valid and binding obligations and shall be enforceable against them in accordance with the provisions thereof; 

  

	 	(b)	The execution and delivery of this Agreement or any Transfer Contract and the obligations under this Agreement or any Transfer Contract shall not: (i) cause any
violation of any applicable Chinese laws; (ii) be inconsistent of their articles, bylaws or other organizational documents; (iii) cause the violation of any contracts or instruments to which they are a party or which are binding on them,
or constitute any breach under any contracts or instruments to which they are a party or which are binding on them; (iv) cause any violation of any condition for the grant and /or continued effectiveness of any licenses or permits issued to
either of them; or (v) cause the suspension or revocation of or imposition of additional conditions to any licenses or permits issued to either of them; 

 

	 	(c)	Party C has a good and merchantable title to all of its assets. Party C has not placed any security interest on the aforementioned assets; 

  
 5 

	 	(d)	Party C does not have any outstanding debt, except for (i) debt incurred in the ordinary course of business; and (ii) debt already disclosed to Party A for
which Party A’s written consent has been obtained. 

  

	 	(e)	Party C has complied with all Chinese laws and regulations applicable to asset acquisitions; 

 

	 	(f)	Currently, there are no pending or possible litigation, arbitration or administrative proceedings relating to the shares or assets of Party C; and

  

	 	(g)	Party B has a good and merchantable title to the shares of Party C he holds, and has not placed any security interest on such shares. 

 

	4.	Effective date 

 This Agreement shall take
effect upon the date of execution of this Agreement and remain effective for a term of 10 years, and may be renewed for an additional 10 years at Party A’s election. 

 

	5.	Applicable laws and resolution of disputes 

  

	5.1	Applicable laws 

 The execution,
effectiveness, construction and performance of this Agreement and the resolution of disputes hereunder shall be subject to the protection and jurisdiction of formally published and publicly available laws of China. Matters not covered by formally
published and publicly available laws of China shall be governed by international legal principles and practices. 
  

	5.2	Methods of resolution of disputes 

 In the event of any dispute with respect to the construction and performance of the provisions of this Agreement, the Parties shall negotiate in good faith to resolve same. Upon failure by the Parties to
reach an agreement on the resolution of such a dispute within 30 days after any Party submits a request to resolve same through negotiations, any Party may submit the relevant dispute to the China International Economics and Foreign Trade
Arbitration Commission Shanghai Chapter for resolution by arbitration, in accordance with its then-effective arbitration rules. The arbitration shall be performed in Shanghai, and the language used during arbitration shall be Chinese. The
arbitration ruling shall be final and binding on both Parties. 
  

	6.	Taxes and fees 

 Each Party shall pay any and
all transfer and registration tax, expenses and fees incurred thereby or levied thereon in accordance with Chinese laws in connection with the preparation and execution of this Agreement and the Transfer Contracts, as well as the consummation of the
transactions contemplated under this Agreement and the Transfer Contracts. 

  
 6 

	7.	Notices 

 The notices or other communications
required of any Party shall be in writing in Chinese or English, and shall be sent to the following addresses of other Parties or other designated addresses in notices from such a Party from time to time via personal delivery, letter or facsimile.
The date on which such a notice shall be deemed actually served shall be determined as follows: (a) if a notice is sent via personal delivery, it shall be deemed actually served on the date of such personal delivery; (b) if a notice is
sent via letter, on the tenth day (as indicated by the postmark) after the letter is sent via registered air mail, postage prepaid, or on the fourth day after the notice is given to an internationally recognized express mail carrier, it shall be
deemed actually served; and (c) if a notice is sent via facsimile, the time of receipt shown on the transmission acknowledge sheet of the document shall be deemed the time of actual service. 

To Party A: 
 Ctrip.com (Hong Kong) Limited

 Room 2001, The Centrium, 60 Wyndham Street 
 Central, Hong Kong 
 Facsimile: (00852) 21690920 

Phone: (00852) 21690911 
 Attn: Neil Shen

 To Party B: 
 Name: Min Fan

 Address: [redacted] 
 Facsimile:
[redacted] 
 Phone: [redacted] 
 To
Party C: 
 Name: Shanghai Ctrip Commerce Co., Ltd. 
 Address: No. 628 Hongqiao Road, Shanghai 
 Facsimile: (021) 54261600 

Phone: (021) 34064880 
  

	8.	The duty to maintain confidentiality 

 The
Parties acknowledge that any oral or written information exchanged among them with respect to this Agreement is confidential information. Each Party shall maintain the confidentiality of all such information, and without obtaining the written
consent of other Parties, it shall not disclose any relevant information to any third parties, except in the following circumstances: (a) such information is or will be in the public domain (provided that this is not the result of a public
disclosure by the receiving party); (b) information disclosed as required by applicable laws or rules or regulations of any stock exchange; or (c) information required to be disclosed by any Party to its legal counsel or financial advisor
regarding the transaction contemplated hereunder, and such legal counsel or financial advisor are also required to be bound by confidentiality duties similar to the duties in this section. Disclosure of a secret by the staff members or agency hired
by any Party shall be deemed disclosure of a secret by such a Party, which shall be held liable for breach of this Agreement. This section shall survive the termination of this Agreement for any reason. 

  
 7 

	9.	Further warranties 

 The Parties agree to
promptly execute documents that are reasonably required for the implementation of the provisions and purposes of this Agreement or that are conducive thereto, and take further actions that are reasonably required for the implementation of the
provisions and purposes of this Agreement or that are conducive thereto. 
  

	10.	Miscellaneous 

  

	10.1	Amendments, changes and supplements Any amendments, changes and supplements to this Agreement shall require the execution of a written agreement by all of the Parties.

  

	10.2	Compliance with laws and regulations Each of the Parties shall comply with all formally published and publicly available laws and regulations of China and ensure that
the operations of each of the Parties are in compliance with all formally published and publicly available laws and regulations of China. 

  

	10.3	Entire contract 

 Except the
written amendments, supplements or changes executed after the execution of this Agreement, this Agreement shall constitute the entire agreement reached by and among the Parties hereto with respect to the subject matter thereof, and shall supercede
all prior oral and written consultations, representations and contracts reached with respect to the subject matter of this Agreement. 
  

	10.4	Headings 

 The headings of this
Agreement are for convenience only, and shall not be used to interpret, explain or otherwise affect the meanings of the provisions of this Agreement. 
  

	10.5	Languages 

 This Agreement is in
writing in Chinese in triplicate copies. 
  

	10.6	Severability 

 In the event that
one or several of the provisions of this Agreement are ruled invalid, illegal or unenforceable in any aspect in accordance with any laws or regulations, the validity, legality or enforceability of the remaining provisions of this Agreement shall not
be affected or compromised in any aspect. The Parties shall strive in good faith to replace such invalid, illegal or unenforceable provisions with effective provisions, and the economic effect of such effective provisions shall be as close as
possible to the economic effect of those invalid, illegal or unenforceable provisions. 

  
 8 

	10.7	Successors 

 This Agreement
shall be binding on and shall inure to the interest of the respective successors of the Parties and the permitted assigns of such Parties. 
  

	10.8	Survival 

  

	 	(a)	Any obligations that occur or that are due as a result of this Agreement upon the expiration or early termination of this Agreement shall survive the expiration or
early termination thereof. 

  

	 	(b)	The provisions of Articles 5 and 7 and this Section 10.8 shall survive the termination of this Agreement. 

 

	10.9	Waivers 

 Any Party may waive
the terms and conditions of this Agreement, provided that such a waiver must be provided in writing and shall require the signatures of the Parties. No waiver by any Party in certain circumstances with respect to a breach by other Parties shall
operate as a waiver by such a Party with respect to any similar breach in other circumstances. 

  
 9 

 IN WITNESS WHTEREOF, the Parties have caused their respective duly authorized representatives to execute
this Agreement as of the date first above written. 
 Party A: Ctrip.com (Hong Kong) Limited 

Authorized representative: /s/ Nanpeng Shen 

Party B: 
 Signed: /s/ Min Fan 

Party C: Shanghai Ctrip Commerce Co., Ltd. 

Authorized representative: /s/ Min Fan 

  
 10 

 Schedule A 
 The following schedule sets forth all other similar agreements the registrant entered with each of its affiliated Chinese entities and the material differences between such other agreements and this
exhibit. 
  

																	
	 	 	 VIE
	 	 Executing Parties
	 	 Execution

Date
	 	 Status
	 	 Description of Exclusive

Option
	 	 Conditions for Exercise of

Exclusive Right
	 	
Term of Exclusive
Option Agreement
and Right of
Termination
	 	
Provisions
of
Restrictions
on Dividend
Distribution
and Receipt

	  
 Form Agreement
	 	  
 Tujia Online Information Technology (Beijing) Co.,
Ltd.
	 	  
 Party A: Ctrip Computer Technology (Shanghai) Co.,
Ltd.
 Party B: Jun Luo
 Party C: Tujia
Online Information Technology (Beijing) Co., Ltd.
	 	  
 10/12/2011
	 		 	  
 Identical among all agreements: Party B
hereby irrevocably grants to Party A an irrevocable right to purchase, or designate one or more persons (each, a “Designee”) to purchase, the shares of Party C then held by Party B at any time in part or in whole according to the exercise
steps at Party A’s sole and absolute discretion to the extent permitted by Chinese laws and at the price described in Section 1.3 herein (such right being the “Stock Option”). Except for Party A and the Designee(s), no other
person shall be entitled to the Stock Option.
	 	  
 Identical among all agreements: For each
exercise of the Stock Option:
 (a)

Party B shall cause Party C to promptly convene a shareholders meeting, at which a resolution shall be adopted approving Party B’s transfer of Option
Shares to Party A and / or the Designee(s);
 (b)
 Party B shall execute a share transfer contract with respect to each transfer with Party A and / or each Designee (whichever is applicable), in accordance with the provisions of this Agreement and the
Stock Option Notice regarding the Option Shares;
 (c)
 The relevant Parties shall execute all other necessary contracts, agreements or documents, obtain all necessary government licenses and
	 	  
 Identical among all agreements: This
agreement shall remain effective for a term of 10 years, and may be renewed for an additional 10 years at Party A’s election.
	 	  
 None

	 		 		 		 		 	 	 	 
	 	  
 Shanghai Quanlv Network Technology Co., Ltd.
	 	  
 Party A: Ctrip Computer Technology (Shanghai) Co.,
Ltd.
 Party B: Maohua Sun
 Party C:
Shanghai Quanlv Network Technology Co., Ltd.
	 	  
 5/16/2011
	 		 	 	 	 
	 		 		 		 		 	 	 	 

  
 11 

																	
	 	 	 VIE
	 	 Executing Parties
	 	 Execution

Date
	 	 Status
	 	 Description of Exclusive

Option
	 	 Conditions for Exercise of

Exclusive Right
	 	
Term of Exclusive
Option Agreement
and Right of
Termination
	 	
Provisions
of
Restrictions
on Dividend
Distribution
and Receipt

		 	Shanghai Quanlv Network Technology Co., Ltd.	 	 Party A: Ctrip Computer Technology (Shanghai) Co., Ltd.
 Party B: Min Fan
 Party C: Shanghai Quanlv Network Technology Co., Ltd.
	 	10/18/2010	 		 		 	permits and take all necessary actions, to give valid ownership of the Option Shares to Party A and/or the Designee(s) unencumbered by any security interest and cause
Party A and/or the Designee(s) to become the registered owner(s) of the Option Shares. For the purchase of this section and this Agreement, “security interest” shall include security, mortgages, third party’s rights or interests, any
stock options, acquisition right, right of first refusal, right to offset, ownership detention or other security arrangements, etc. To clarify, security interest shall not include any security interest generated under this Agreement and VIE Share
Pledge agreement. The “VIE Share Pledge Agreement” as used in this section and this Agreement shall refer to the Share Pledge Agreement executed by and between Party A and Party B as of the even date hereof, whereby Party B pledges all of
his shares in Party C to Party A, in order to guarantee Party C’s performance of its obligations under the “Consulting Services Agreement” executed by and between the shareholders and Party A.	 		 	
		 	  
 Beijing Ctrip International Travel Agency Co.,
Ltd.
	 	  
 Party A: Ctrip Computer Technology (Shanghai) Co.,
Ltd.
 Party B: Maohua Sun
 Party C:
Beijing Ctrip International Travel Agency Co., Ltd.
	 	  
 5/16/2011
	 		 	 	 	 
		 	  
 Shanghai Huacheng Southwest Travel Agency Co.,
Ltd.
	 	  
 Party A: Ctrip Computer Technology (Shanghai) Co.,
Ltd.
 Party B: Maohua Sun
 Party C:
Shanghai Huacheng Southwest Travel Agency Co., Ltd.
	 	  
 5/16/2011
	 		 	 	 	 
		 	  
 Shanghai Ctrip Commerce Co., Ltd.
	 	  
 Party A: Ctrip Computer Technology (Shanghai) Co.,
Ltd.
 Party B: Maohua Sun
 Party C:
Shanghai Ctrip Commerce Co., Ltd.
	 	  
 5/16/2011
	 	  
 A supplemental agreement was executed on September 16,
2011, whereby Party B increases its capital contribution to the VIE, but its shareholding proportion remains unchanged.
	 	 	 	 
		 	  
 Nantong Tongcheng Information Technology Co.,
Ltd.
	 	  
 Party A: Ctrip Computer Technology (Shanghai) Co.,
Ltd.
 Party B: Fengying Zhang
 Party C:
Nantong Tongcheng Information Technology Co., Ltd.
	 	  
 3/30/2007
	 		 	 	 	 

  
 12 

																	
	 	 	 VIE
	 	 Executing Parties
	 	 Execution

Date
	 	 Status
	 	 Description of Exclusive

Option
	 	 Conditions for Exercise of

Exclusive Right
	 	
Term of Exclusive
Option Agreement
and Right of
Termination
	 	
Provisions
of
Restrictions
on Dividend
Distribution
and Receipt

		 	Shanghai Ctrip Charming International Travel Agency Co., Ltd.	 	 Party A: Ctrip.com (Hong Kong) Limited
 Party B: Min Fan
 Party C: Shanghai Ctrip Charming International Travel Agency Co.,
Ltd.
	 	11/5/2003	 		 		 		 		 	
		 	Beijing Ctrip International Travel Agency Co., Ltd.	 	 Party A: Ctrip.com (Hong Kong) Limited
 Party B: Min Fan
 Party C: Beijing Ctrip International Travel Agency Co., Ltd.
	 	9/10/2003	 		 	 	 	 
		 	Shanghai Ctrip Commerce Co., Ltd.	 	 Party A: Ctrip.com (Hong Kong) Limited
 Party B: Min Fan
 Party C: Shanghai Ctrip Commerce Co., Ltd.
	 	9/10/2003	 	A supplemental agreement was executed on September 16, 2011, whereby Party B increases its capital contribution to the VIE, but its shareholding proportion remains
unchanged.	 	 	 	 

  
 13 

																	
	 	 	 VIE
	 	 Executing Parties
	 	 Execution

Date
	 	 Status
	 	 Description of Exclusive

Option
	 	 Conditions for Exercise of

Exclusive Right
	 	
Term of Exclusive
Option Agreement
and Right of
Termination
	 	
Provisions
of
Restrictions
on Dividend
Distribution
and Receipt

		 	Shenzhen Ctrip Travel Agency Co., Ltd.	 	 Party A: Ctrip.com (Hong Kong) Limited
 Party B: Jianmin Zhu
 Party C: Shenzhen Ctrip Travel Agency Co., Ltd.
	 	8/1/2004	 		 		 		 		 	
		 	Shenzhen Ctrip Travel Agency Co., Ltd.	 	 Party A: Ctrip.com (Hong Kong) Limited
 Party B: Min Fan
 Party C: Shenzhen Ctrip Travel Agency Co., Ltd.
	 	2/6/2004	 		 	 	 	 
		 	Guangzhou Ctrip Travel Agency Co., Ltd.	 	 Party A: Ctrip.com (Hong Kong) Limited
 Party B: Jianmin Zhu
 Party C: Guangzhou Ctrip Travel Agency Co., Ltd.
	 	8/1/2004	 		 	 	 	 
		 	Guangzhou Ctrip Travel Agency Co., Ltd.	 	 Party A: Ctrip.com (Hong Kong) Limited
 Party B: Min Fan
 Party C: Guangzhou Ctrip Travel Agency Co., Ltd.
	 	9/10/2003	 		 	 	 	 

  
 14 

																	
	 	 	 VIE
	 	 Executing Parties
	 	 Execution

Date
	 	 Status
	 	 Description of Exclusive

Option
	 	 Conditions for Exercise of

Exclusive Right
	 	
Term of Exclusive
Option Agreement
and Right of
Termination
	 	 Provisions
of
Restrictions
on Dividend
Distribution
and Receipt

	Variation I	 	  
 Hainan Sweetome Hotel Management Co., Ltd.
	 	  
 Party A: Ctrip Computer Technology (Shanghai) Co., Ltd.

Party B: Maohua Sun
 Party C: Hainan Sweetome
Hotel Management Co., Ltd.
	 	  
 8/2/2011
	 		 	No difference	 	No difference	 	  
 It is specified in the Form Agreement that the
agreement may be extended for 10 years upon its expiry at the election of Party A, but in this Agreement it is modified as “This agreement may be renewed automatically upon its expiry.
	 	No difference
	 	  
 Hainan Sweetome Hotel Management Co., Ltd.
	 	  
 Party A: Ctrip Computer Technology (Shanghai) Co., Ltd.

Party B: Jun Luo
 Party C: Hainan Sweetome Hotel
Management Co., Ltd.
	 	  
 10/12/2011
	 		 	 	 	 
	 	  
 Tujia Online Information Technology (Beijing) Co.,
Ltd.
	 	  
 Party A: Ctrip Computer Technology (Shanghai) Co., Ltd.

Party B: Maohua Sun
 Party C: Tujia Online
Information Technology (Beijing) Co., Ltd.
	 	  
 6/20/2011
	 		 	 	 	 

  
 15

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