Kerr Neilson, Platinum Asset Management Disclose New Position In Qunar Cayman Islands Ltd (QUNR)

Kerr Neilson, the founder and manager of Platinum Asset Management, is bullish on Qunar Cayman Islands Ltd (NASDAQ:QUNR). According to a recent filing with the Securities and Exchange Commission, the billionaire investor has initiated a new position for his fund through the acquisition of 1.57 million shares, which represent 12.3% of the company’s common stock.

Qunar Cayman Islands

Qunar Cayman Islands Ltd (NASDAQ:QUNR) operates an online travel platform for clients in the People’s Republic of China. The company has a market cap of $3.28 billion and does not pay a dividend. The company reported revenues of $41.5 million, a 74.2% year-over-year increase, and a loss of $0.18 per share for the fourth quarter of 2013. Analysts estimate revenues of $50.66 million and a loss of $0.13 per share for the first quarter of this year.

According to a recent report from Bloomberg, Qunar is engaged in merger talks with Ctrip.com International, Ltd. (ADR)(NASDAQ:CTRP), although talks are at an initial stage and there is no certainty of a deal. Both parties are exploring a wider range of options, from a partnership to a full-blown merger.

Qunar Cayman Islands Ltd (NASDAQ:QUNR) is 55% owned by Baidu Inc (ADR) (NASDAQ:BIDU) who has acquired the majority stake in 2011 for approximately $306 million. The company went public in November 2013, in an IPO priced at $15.00 with 11.1 million shares being offered.

During the fourth quarter of 2013, Neilson has adjusted most of his fund’s top equity position, one of them being Baidu Inc (ADR)(NASDAQ:BIDU). Platinum has decreased its holding of the stock by 23% to 1.96 million shares valued at $348 million. Neilson has increased his fund’s stake in Intel Corporation (NASDAQ:INTC), taking it to a little over 13 million shares reportedly worth $338 million. He has also upped Platinum’s stake in Carnival Corporation (NYSE:CCL) by 19% to 6.11 million shares valued at $245 million.

Disclosure: none.

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