China Launches Antitrust Investigation Against Travel Behemoth, Trip.com
China’s State Administration for Market Regulation has initiated a formal antitrust investigation into Trip.com Group, the nation’s leading online travel agency. The probe is centered around allegations of monopolistic practices and misuse of its dominant market position.
The announcement of the investigation in mid-January 2026 sent tremors through the financial markets. Trip.com’s shares listed on the Hong Kong stock exchange plummeted nearly 20% in a single day. This marked the company’s worst trading day since its listing in 2021. The company, which operates major brands such as Ctrip, Qunar, Trip.com, and UK-based Skyscanner, holds over 56% of China’s accommodation and travel market as per industry estimates.
The investigation is a result of complaints lodged by hotel operators and tourism associations. They allege that Trip.com leveraged its market dominance to unilaterally hike commissions, impose unfair trading conditions, and implement restrictive “choose one from two” clauses. These clauses compel businesses to collaborate exclusively with the platform. Under China’s Anti-Monopoly Law, companies found guilty of market dominance abuse can face penalties ranging from 1% to 10% of their annual revenue.
The probe is timed critically as Chinese tourism is projected to witness a surge in 2026. Travel experts estimate 165 to 175 million cross-border trips by mainland Chinese travelers this year. Trip.com has stated that it will “actively cooperate” with the investigation, while asserting that business operations continue as usual.
Source: CNBC