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November 8, 2004 Stock Pick: eLong, Inc. (LONG)

Stock Price: $21.10

eLong, Inc. is a Chinese online travel agency whose name means "electronic dragon". The company was founded in 1999 and uses web-based distribution technologies to offer travel-related services including corporate travel services and vacation packages.

LONG had its IPO over a week ago. LONG came public at $13.50 a share and gapped to $22 its first day before closing at $14.40. LONG has now retraced its gap and is ready to break its high of $22.

In the long term, eLong has the chance of becoming the Travelzoo of China. They now have over $62 million to expand.

U.S. media entrepreneur Barry Diller bought a 30 percent stake in the company for $60 million in August 2004 through his IAC/InteractiveActive Corp. If he continues to hold his stake, expect LONG to keep trending upwards.

The member who submitted LONG to us compared it to CTRP, another Chinese online travel agency that is up over 100% since its IPO last December.

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