• Chinese tourism is growing at twice the rate of GDP and within the industry, Ctrip is gaining significant market share.
• Still, that unstoppable cannonball has kept hitting an unmovable wall.
• Because of intense competition and heavy investments, profits have been meager.
• But increasing returns, network effects and industry consolidation are about to change this, we think.

Source: Ctrip: The Unstoppable Cannonball Finally Hitting Through The Unbreakable Wall? | Seeking Alpha