Electronic business (e-business) is evolving from its technological tool towards a strategic role, supporting new business strategies. Prior studies explained e-business value creation from net-enabled organizational capabilities perspective, and delivered many insights at firm level with individual-level analysis of capability. In this paper, we posit that competitive advantages under e-business environment will be dependent upon the deployment of multiple types of net-enabled organizational capabilities and their appropriate portfolios. Further, we use Wade and Hulland (2004)’s capabilities taxonomies and multiple cases-based data in Chinese travel and hospitality industry to understand the effect of appropriate portfolios of net-enabled organizational capabilities on competitive advantages.