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November 14, 2011 7:00 PM ET
Guangfu Cui – CEO
Mike Doyle – CFO
James Lee – CLSA
Eddie Leung – Merrill Lynch
Ming Zhao – SIG
Fawne Jiang – Brean Murray
Mu Zhi Li – Mizuho Securities
Alicia Yap – Barclays Capital
Wendy Huang – RBS
Catherine Leung – Goldman Sachs
Thank you. We will now begin the question-and-answer session. (Operator Instructions) Our first question comes from James Lee, company from CLSA. You may go ahead and begin.
James Lee – CLSA
Thanks for taking my questions. I was wondering how long do you guys plan to keep to keep on the coupon promotions going since I guess having a lot of success in that?
And also secondly, is there any way you can give us more color on success of the program? Are you seeing more success by certain geography, certain hotel segments, and I was just curious how you guys are doing into the repeating customer using a coupon? In other words, when the first time someone use the coupon, do they come back and use the coupon again? Thanks so much.
Thank you. This is Guangfu. I’ll take you question, and Mike if you want to add later. The primary motivation behind our coupon program is to provide customers value by saving their money and introducing them to our market leading network of 23,000 domestic hotels, and continually enhance hotel booking websites. So this is where they kind of plan to encourage customer booking online. If they book online, then they save us in terms of call center operation costs. So, we want to incent customer’s direct behavior. So, this is a primary kind of motivation power to launch the program.