Japan's Rakuten Inc. expects to make 45.57 billion yen ($385 million) from the sale of its stake in Ctrip.com , China's top online travel agent.

Rakuten, an online shopping mall operator, plans to sell its 20.3 percent stake in Ctrip for $487.3 million or $36.7 a share, as it focuses on its own online business in China, Rakuten said on Friday.

The price represents a 6 percent discount on Nasdaq-listed Ctrip's latest close of $39. Shares in the Shanghai-based Ctrip were trading down 0.77 percent at $38.70 in after-hours trading.

"Since Ctrip did not generate any direct synergies with Rakuten's business, we view this sell-off positively," wrote Merrill Lynch analyst Yasumasa Goda in a note to investors.

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