Tokyo, Japan (June 24, 2004) --- A team of Asia-based Morrison & Foerster attorneys represented Rakuten, Inc., the leading Japanese Internet portal, in connection with its US$110,000,000 investment in Ctrip.com International, Ltd., China's largest travel consolidator.

Ctrip, which was established in March 2000, is listed on Nasdaq and incorporated in the Cayman Islands. With its operational headquarters in Shanghai, the company offers hotel and flight booking services largely in China via the Internet and call centers.

Rakuten became the largest shareholder in Ctrip, with a 20.43% stake, after acquiring the shares from existing shareholders on June 21st.

Morrison & Foerster's Asia-based transaction team led by Tokyo Managing Partner Ken Siegel included Michael Mies and Jason Tomita of the firm's Tokyo office, Chuck Comey of the Shanghai office, and Scott Jalowayski of the Hong Kong office.

Ken Siegel commented, "We were pleased to assist Rakuten in this high-profile and fast-paced transaction. The deal is indicative of both the rapid growth in demand for travel services in China, and increasing investment flows from Japan to China. Our strong Asia regional network - combining our resources as the largest foreign firm in Japan and our expanding China platform - enabled us to complete the transaction on a very short timetable."