Ctrip's stock jumped 89 percent on its first day, the biggest IPO pop the market had seen in three years. That was December 2003, when most investors still flinched at the word internet. The Shanghai company sold hotel rooms and plane tickets to a new class of Chinese business travelers. Most of its bookings came through a giant call center, with the website growing beside it. Wall Street saw a bet on China's middle class taking to the road.

Four Founders and a Call Center

James Liang, Neil Shen, Min Fan and Qi Ji started Ctrip in Shanghai in 1999. Liang had worked at Oracle, and Shen was an investment banker. China had no easy way to compare and reserve hotels across cities. Ctrip signed up hotels, bought rooms at a discount, and earned a commission on each booking. Travelers could book through the website, but many preferred to call, so Ctrip built a large phone operation to answer them.

From CTRP to TCOM

Ctrip priced its American depositary shares at $18 in December 2003, above its $14 to $16 range, and listed on Nasdaq as CTRP. The shares opened at $24 and closed the first day at $33.94. Ctrip grew into China's largest online travel agency and bought Skyscanner in 2016. In 2019 it renamed itself Trip.com Group and changed its ticker to TCOM. It added a Hong Kong listing in 2021 and still trades on Nasdaq.

Cover: Yang Pu Moving His Family, Unknown (Yuan dynasty). Art Institute of Chicago, public domain. Chosen for a family on a long journey (Chinese travel).