Document:

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                                                                    EXHIBIT 10.8
                                                                     TRANSLATION

                                 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:
         Chinese identification card No.:________________
         Home address: Rm. ___, No. ___, Xuhui District, Shanghai

(3)      Party C:
         Chinese identification card No.:
         Home address: Rm. ___, No. ___, Hongkou District, Shanghai

(4)      Party D:
         Home address: Building ___, Block ____, Hongcao Road, Shanghai

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.

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%

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                                                                    EXHIBIT 10.8
                                                                     TRANSLATION

         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.

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

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                                                                    EXHIBIT 10.8
                                                                     TRANSLATION

         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;

         (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;

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                                                                    EXHIBIT 10.8
                                                                     TRANSLATION

         (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;

         (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.

<PAGE>

                                                                    EXHIBIT 10.8
                                                                     TRANSLATION

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;

         (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;

<PAGE>

                                                                    EXHIBIT 10.8
                                                                     TRANSLATION

         (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;

         (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;

<PAGE>
                                                                    EXHIBIT 10.8
                                                                     TRANSLATION

         (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.

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:

Address: Rm. ____, No. ____, Alley ____, Xuhui District, Shanghai
Facsimile:
Phone:

To Party C:
Address: Rm. ____, No. ____, Alley ____, Shanghai
Facsimile:
Phone:

To Party D:
Address: Building ___, Block ___, Shanghai
Facsimile:
Phone:

<PAGE>

                                                                    EXHIBIT 10.8
                                                                     TRANSLATION

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.

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.

<PAGE>

                                                                    EXHIBIT 10.8
                                                                     TRANSLATION

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.

9.3      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 supplementary 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: ________________

Party B:
Signed: ____________________

Party C:
Signed: ____________________

Party D:
Signed: ____________________<PAGE>

                                                                    EXHIBIT 10.9
                                                                     TRANSLATION

                           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: A shareholder of Party C
              Chinese identification card No.:________________
              Home address: Rm. ___, No. ___, Xuhui District, Shanghai; and

         (3)  Party C: An affiliated Chinese entity of Party A.

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 80% 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.

1.2      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").

<PAGE>

                                                                    EXHIBIT 10.9
                                                                     TRANSLATION

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.       Covenants regarding Stock Option

2.1      Covenants regarding Party C

Party B and Party C hereby warrant the following:

<PAGE>

                                                                    EXHIBIT 10.9
                                                                     TRANSLATION

(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
         bylaws 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;

(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

<PAGE>
                                                                    EXHIBIT 10.9
                                                                     TRANSLATION

         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;

(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:

<PAGE>
                                                                    EXHIBIT 10.9
                                                                     TRANSLATION

         (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;

         (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

<PAGE>

                                                                    EXHIBIT 10.9
                                                                     TRANSLATION

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.

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

<PAGE>

                                                                    EXHIBIT 10.9
                                                                     TRANSLATION

To Party B:

Name:
Address:
Facsimile:
Phone:

To Party C:

Name:
Address:
Facsimile:
Phone:

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.

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

<PAGE>

                                                                    EXHIBIT 10.9
                                                                     TRANSLATION

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.

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.

IN WITNESS WHTEREOF, the Parties have caused their respective duly authorized
representatives to execute this Agreement as of the date first above written.

<PAGE>

                                                                    EXHIBIT 10.9
                                                                     TRANSLATION

Party A: Ctrip.com (Hong Kong) Limited
Authorized representative: ________________

Party B:
Signed: ____________________

Party C:  An Affiliated Chinese Entity of Party A
Authorized representative: ________________

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