China's Hainan Airlines Tourism Group and Lede Technology, a subsidiary of NetEase, have formally signed a cooperation agreement in Hangzhou to establish a new online travel company.

Financial terms of the arrangement were not immediately available.

HNA and NetEase had previously signed a strategic cooperation framework agreement in December 2014. Based on the framework agreement, the two would implement cooperation in Internet tourism and Internet finance services. The establishment of the new joint venture shows that the two parties are optimistic about the rapid development of the Chinese Internet tourism market and it is a realization of their strategic cooperation framework agreement.

The joint venture will focus on Internet tourism product development, including user-oriented traveling tips, travel routes, and exclusive travel services for all product lines. At the same time, the JV will explore big data analysis and online payment sectors.

Lede Technology will use the advantages of its Internet technologies and applications to provide technical and marketing support to the new company; while HNA Tourism Group will use its tourism operating experience to aid the related innovative products of the JV.