US EditionPublished • loading... • Updated
Shares of Trip.com Tumble in Hong Kong After Antitrust Probe
The State Administration for Market Regulation probes Trip.com for alleged coercive contracts and commission hikes amid a broader crackdown on unfair competition in China.
- On Jan 14, the State Administration for Market Regulation opened an antitrust investigation into Trip.com Group under China's Anti‑Monopoly Law, and Trip.com confirmed it received the formal notice Tuesday.
- Amid a broader tech crackdown, a Yunnan homestay industry association alleged coercive clauses, commission hikes and blocked internet traffic by online travel agencies such as Trip.com, starting an anti‑monopoly campaign that prompted the regulator's review.
- Trip.com Group shares plunged nearly 22% in Hong Kong and were down 16.11% at $63.49 in premarket trading following the probe news, despite a 16% revenue surge and brands like Ctrip and Skyscanner.
- Trip.com responded that it will `actively cooperate`, engage with regulators and fully implement regulatory requirements while its operations continue normally under China's Anti‑Monopoly Law, which allows fines from 1 per cent to 10 per cent of prior‑year sales.
- Analysts note that regulatory inquiries of major online platforms have become routine in China, with SAMR previously fining Alibaba 18 billion yuan in 2021.
Insights by Ground AI
21 Articles
21 Articles
Channel News AsiaReposted by 
The Straits Times
The Straits TimesChina probes largest online travel agency Trip.com over suspected monopoly
Trip.com is suspected of abusing its dominant market position, said China's State Administration for Market Regulation without elaborating on the allegations.
·Singapore
Read Full ArticleCoverage Details
Total News Sources21
Leaning Left1Leaning Right3Center6Last UpdatedBias Distribution60% Center
Bias Distribution
- 60% of the sources are Center
60% Center
C 60%
R 30%
Factuality
To view factuality data please Upgrade to Premium
