BEIJING, Jan 15, 2026, 00:26 (GMT+8)
- China’s antitrust authority has launched an investigation into Trip.com over alleged market power abuse
- Trip.com confirmed it will cooperate and maintain normal operations
- Shares of Trip.com fell in Hong Kong following the disclosure
China’s market watchdog launched an antitrust probe into Trip.com Group, the country’s largest online travel agency, amid allegations of monopolistic practices. Shares of the Hong Kong-listed company dropped 6.5%, closing at HK$569.50. 1
This move is significant as it pulls a major consumer-facing platform back under China’s strict anti-monopoly scrutiny, just as officials ramp up rhetoric on “unfair competition” in the internet sector. For investors, it revives a familiar anxiety: once a formal investigation kicks off, regulators can swiftly shift from issuing warnings to handing down fines.
The State Administration for Market Regulation (SAMR) said Trip.com is suspected of abusing its dominant market position—using its power to skew terms in its favor—but didn’t detail the specific allegations. Under China’s Anti-Monopoly Law, companies caught violating the rules can face fines ranging from 1% to 10% of their previous year’s revenue. 2
Trip.com announced it has been notified of an investigation by SAMR and promised to “actively cooperate” with the authorities. The company stressed that “its business operations remain normal” but offered no additional information. 3
Bloomberg says the investigation is unfolding just weeks ahead of China’s Spring Festival holidays, a key travel season. 4
Regulatory probes into online platforms are now routine, said Li Chengdong, founder and chief analyst at Beijing-based e-commerce consultancy Dolphin, in an interview with the South China Morning Post. He described it as a sign that “antitrust enforcement could become normalised.” The report also highlighted that last week the State Council announced a market competition inquiry targeting food delivery platforms, though it didn’t specify which ones. 5
In December, a homestay industry association in Yunnan province reported complaints from its members targeting online travel agencies. The group is gathering evidence for potential action, accusing platforms of coercive contract terms, sudden commission increases — the fees taken from each booking — and restricting online traffic.
Trip.com is benefiting from a surge in travel demand. Its latest financial report showed third-quarter net revenue climbed 16% year over year, with accommodation reservation revenue up 18% compared to the same quarter in 2024.
The Trip.com case unfolds amid a policy environment still shaped by the last major crackdown on platforms. Back in 2021, China’s regulators slapped Alibaba with a record 18 billion yuan ($2.58 billion) fine following an antitrust probe that found the company had abused its dominant position. More recently, officials have voiced concerns over what they describe as excessive price competition, warning it damages businesses and fuels deflationary pressures.
Trip.com operates a wide-ranging online travel platform, selling hotel bookings, transport tickets, and travel packages. The company also provides services tailored to corporate travel. 6
But SAMR’s notice offered no specifics on what conduct was under scrutiny, no timeline, and no hint at the investigation’s scope. The worst-case scenario: a formal ruling and a fine connected to last year’s sales. Even if that doesn’t happen, a drawn-out probe could stall partnerships as hotels and smaller operators prepare for stricter checks on commissions and contract terms.
