$去哪儿网(QUNR)$ 关于qunr的股价，14年Q1的CC上有这么一段话：
CC Zhuang - Co-Founder and CEO
Well, the IPO price is only used to calculate the number of shares under this stock warrant. So once the number is fixed, it is fixed. I think if I remember correctly, based on that $15 per ADR, we issued about close to $15 million ADR under the stock warrant to Baidu. So that number has been fixed.
Then we need to use the stock price of every quarter-end to come up with the fair value of the stock warrant. And of course, every quarter-end, the stock price [indiscernible] so the fair value of the stock warrant will also change and any difference -- any fair value change will be absorbed into the online marketing expenses.
Yilu Zhao - Chief Strategy Officer
And on the Zhixin front, let me add one more thing, which should be obvious to everybody, the higher the quarter-end share price for Qunar, the higher the fair value change.