Antitrust Investigation Targets Asia’s Leading Travel Platform, Trip.com
China’s State Administration for Market Regulation has initiated a formal antitrust investigation into Trip.com Group, the nation’s premier online travel agency. The probe is based on allegations of monopolistic practices and abuse of market dominance. This news sent shockwaves through the travel industry, causing Trip.com’s Hong Kong-listed shares to plummet nearly 20% on January 15, 2026. This marked the stock’s worst performance since its 2021 listing.
Operating brands such as Ctrip, Qunar, and Skyscanner, Trip.com holds an estimated 56% market share of China’s hotel and travel market’s gross merchandise volume in 2024, as per Bocom International Holdings. The timing of the investigation is significant, coming just weeks before China’s Spring Festival holidays, a period when millions of travelers are predicted to use the platform for bookings.
The regulatory probe was instigated following complaints from the Yunnan Provincial Tourism Homestay Industry Association. The association accused Trip.com of implementing “choose one from two” clauses, unilaterally hiking commissions, and enforcing unfair trading conditions. Under China’s Anti-Monopoly Law, companies found guilty of abusing a dominant market position may face fines ranging from 1% to 10% of their annual revenue. Given that Trip.com reported approximately $7.65 billion in revenue for 2024, potential penalties could amount to several billion yuan.
This investigation is the first major antitrust probe into a platform operator since similar investigations into Alibaba (which resulted in a $2.8 billion fine in 2021) and Meituan. Trip.com has declared that it will “actively cooperate with the investigation”, while reassuring that business operations will continue as usual across its global network of 1.2 million hotels.
Source: CNBC