PRNewswire-Asia -- Home Inns & Hotels Management Inc. announced today that it has entered into a definitive purchase agreement (the “Agreement”) to issue $50 million in equity, or 7,514,503 ordinary shares, to Ctrip.com International, Ltd. (“Ctrip”) through a private placement. The purchase price per ordinary share is set at $6.6538, or $13.3076 per American Depository Share (“ADS"; each ADS equals two ordinary shares), calculated as the average of the closing prices for the Company’s American depository shares on Nasdaq for each trading day within the 30 calendar days preceding the Agreement date, i.e., within the 30 calendar days from and including April 7, 2009 up to and including May 6, 2009.
