????《財(cái)富》：貴公司與去哪兒有怎樣的淵源？

????林仁俊：我們是首批投資者，是2006年首輪融資的主投方。一兩年后，我們幫助促成了第二輪融資，并與他們合作進(jìn)行了2009年12月結(jié)束的第三輪融資。

????請(qǐng)闡釋一下此次百度投資的細(xì)節(jié)。

????百度將斥資3.06億美元收購去哪兒多數(shù)股股權(quán)，但去哪兒將保持獨(dú)立。除了投資，交易還涉及戰(zhàn)略性商業(yè)協(xié)議，在百度的眾多產(chǎn)品中使用去哪兒的服務(wù)。

????縱觀過去，去哪兒為百度提供旅游搜索結(jié)果已有數(shù)年。我們同時(shí)和谷歌(Google)也有合作。

????過去一些年顯然不乏潛在收購意向，但我們都拒絕了，因?yàn)槲覀兿嘈湃ツ膬河泻艽蟀l(fā)展空間，最好還是保持獨(dú)立。但經(jīng)過一些事后，我們逐步得出結(jié)論，與百度達(dá)成更具戰(zhàn)略性和財(cái)務(wù)性的合作關(guān)系，事實(shí)上能提升公司的實(shí)力，取得成功。

????Fortune: What is your firm's history with Qunar?

????Lim: We were the first investor, leading the Series A round in 2006. Then we helped put together the Series B round a year or two later, and worked with them on the Series C round that closed in December 2009.

????Ok, please explain the deal details.

????Baidu will invest $306 million for a majority share in the company, but Qunar gets to remain independent. In addition to the investment, there will be a strategic commercial agreement to use Qunar services on a number of Baidu offferings.

????For a historical standpoint, Qunar has provided travel search results to Baidu for several years. We were working with Google (GOOG) as well.

????Over the years, there's obviously been interest in a potential acquisition, but we said no because we believed Qunar would be much better as an independent company with a lot of upside. One thing led to another, however, and we eventually concluded that perhaps a more strategic and financial relationship with Baidu would actually enhance the company's ability to succeed.

????此項(xiàng)交易對(duì)去哪兒與谷歌目前的關(guān)系影響如何？

????我不知道。據(jù)我所知，在與百度談判的過程中從未明確討論這個(gè)問題。

????讓我們回到最開始的問題，當(dāng)初為何決定要達(dá)成這項(xiàng)交易？為何不與兩大搜索合作伙伴保持財(cái)務(wù)獨(dú)立？

????要知道，交易中沒有股東出售股票。去哪兒獲得了大量現(xiàn)金，金額甚至超過了很多公司的IPO募資規(guī)模。管理層保持不變，我也仍在董事會(huì)中。

????從宏觀層面看，旅游市場(chǎng)非常有意思。Expedia、Priceline (PCLN)，甚至攜程(Ctrip)等網(wǎng)站都主要采取線下旅行社模式，上網(wǎng)沒有對(duì)他們的業(yè)務(wù)經(jīng)營(yíng)方式產(chǎn)生根本性的改變。我認(rèn)為去哪兒有機(jī)會(huì)極大地改變中國(guó)人在網(wǎng)上搜索旅游信息以及消費(fèi)旅游的方式。與百度的合作將加大這種可能性。這增加了我們盡早取得更大成功的概率。

????去哪兒與你提到的上述公司有何不同？

????旅行社現(xiàn)有的線下業(yè)務(wù)模式基本上是代購機(jī)票或代訂酒店，并因此平均收取銷售額15%的傭金。

????網(wǎng)上旅游經(jīng)紀(jì)機(jī)構(gòu)的整合效應(yīng)和規(guī)模是分散的線下業(yè)務(wù)所不能企及的，但流程基本上大同小異。這讓一些航空公司和酒店意識(shí)到如果通過自有網(wǎng)站提供優(yōu)惠產(chǎn)品成本更低，速度更快，因?yàn)檫@樣可以避開中介費(fèi)用。但對(duì)于消費(fèi)者而言，分散的網(wǎng)站使得搜索最優(yōu)惠產(chǎn)品比較困難。

????去哪兒能讓用戶查看所有網(wǎng)站的所有產(chǎn)品，通過展示廣告和點(diǎn)擊收費(fèi)賺錢，不收取傭金。這有點(diǎn)像Kayak在美國(guó)的業(yè)務(wù)模式，但規(guī)模要大得多。例如，去哪兒目前承擔(dān)了中國(guó)所有機(jī)票預(yù)定量的30%左右。

????你提到去哪兒收到過收購要約。有沒有來自谷歌的？

????谷歌在中國(guó)尚未進(jìn)行任何收購。

????但它有沒有試圖收購去哪兒?

????如果谷歌嘗試過，可能并沒有太深入推進(jìn)，因?yàn)槲也⒉恢椤?/p>

????How will this deal affect Qunar's current relationship with Google?

????I do not know. It was never explicitly discussed during the Baidu negotiations, as far as I know.

????Let's go back to the decision to do a deal at all. Why not just stay financially independent of both your major search partners?

????Remember, there were no selling shareholders. The company got lots of cash, more than in most IPOs. Management stays in place, and I'm still on the board.

????At a macro level, travel is an extremely interesting space. Online companies like Expedia (EXPE), Priceline (PCLN) and even CTrip (CTRP) are primarily offline agency models that went online without fundamentally changing how they approach the business. I think Qunar has the opportunity to dramatically affect the dynamic of how online travel is researched and consumed in China, and partnering with Baidu in this way makes it more likely. It enhances our chances of becoming more successful faster.

????How does Qunar differ from those companies you mentioned?

????The existing offline business model for travel agency was basically to broker the sale or airline tickets or hotel reservations on behalf of the principals. In exchange, the travel agent would receive, on average, approximately 15% of the top-line.

????The online travel agencies consolidated and reached scale in a way that the dispersed offline businesses couldn't, but it was still basically the same process. This of course led to certain airline and hotel operators realizing it would be faster and cheaper to offer their best deals via their own websites, because they could avoid the broker fee. But, for consumers, this made it difficult to find the best deals.

????Qunar lets users look at all the deals on all of those individual sites, and makes money on display advertising and cost-per-click, instead of on commission. It's kind of like what Kayak is doing in the U.S., but on a much larger scale. For example, Qunar currently is responsible for around 30% of all airline tickets booked in China.

????You mentioned that Qunar had acquisition offers. Was one of them from Google?

????Google has not bought anything in China.

????But did it try to buy Qunar?

????If Google tried, it never got far enough that I was made aware of it.