SHANGHAI, May 21 /PRNewswire-Asia/ -- Home Inns & Hotels Management Inc. (Nasdaq: HMIN) announced today that it has completed the issuance and sale of $50 million in equity, or 7,514,503 ordinary shares, to Ctrip.com International, Ltd. ("Ctrip") through a private placement. This transaction was completed on the terms originally announced on May 7, 2009.
The purchase of the additional shares by Ctrip in this transaction causes Mr. James Jianzhang Liang, who is a director of Ctrip, to no longer satisfy the "independence" requirements applicable to the audit committee, and he tendered his resignation from the audit committee effective at closing.
About Home Inns
Home Inns is a leading economy hotel chain in China based on the number of hotels and hotel rooms, as well as the geographic coverage of the hotel chain. Since Home Inns commenced operations in 2002, it has become one of the best-known economy hotel brands in China. Home Inns offers a consistent product and high-quality services to primarily serve the fast growing population of value-conscious individual business and leisure travelers who demand clean, comfortable and convenient lodging. Home Inns' ADSs, each of which represents two ordinary shares, are currently trading on the NASDAQ Global Market under the symbol "HMIN." For more information about Home Inns, please visit http://english.homeinns.com .
For investor and media inquiries, please contact:
Ethan Ruan
Home Inns & Hotels Management Inc.
Tel: +86-21-3401-9898 x2004
Email: zjruan@homeinns.com
FD Beijing
Peter Schmidt
Tel: +86-10-8591-1953
Email: peter.schmidt@fd.com
