China Probes Trip.com in Widening Anti-Monopoly Campaign

SINGAPORE – January 14, 2026 – Trip.com Group, a titan of Asia’s online travel market, today confirmed it is the latest target of China's sweeping regulatory crackdown, announcing it has received a notice of investigation from the State Administration for Market Regulations (SAMR).

The probe, initiated under the People's Republic of China's Anti-Monopoly Law, sent shockwaves through the market. The company’s Hong Kong-listed shares plunged over 20% in intraday trading, marking their worst single-day drop on record and wiping out billions in market value. The U.S.-listed stock also saw a significant decline.

In a brief statement, the Shanghai-based company, which operates a portfolio of globally recognized brands including Ctrip, Qunar, and Skyscanner, said it “will actively cooperate with the investigation.” It also assured investors that its “business operations remain normal.” The terse announcement, however, belies the gravity of the situation, which places the travel behemoth squarely in the crosshairs of a multi-year government campaign to rein in the power of its dominant technology firms.

Beijing's Regulatory Dragnet Catches a Travel Titan

The investigation into Trip.com Group is not an isolated incident but the continuation of a concerted effort by Beijing to dismantle monopolistic structures and curb what it has termed the “disorderly expansion of capital” within its sprawling digital economy. Since late 2020, SAMR has launched high-profile investigations that have humbled some of the nation's most powerful corporations.

Most notably, e-commerce giant Alibaba Group was hit with a record 18.23 billion yuan ($2.8 billion) fine in April 2021 for abusing its market dominance by forcing merchants into exclusivity agreements—a practice known as “choose one from two.” Similarly, food delivery leader Meituan was fined 3.44 billion yuan ($533.5 million) in October 2021 for similar anti-competitive conduct. These precedents suggest that SAMR is prepared to levy substantial penalties and impose significant behavioral changes on companies found to be in violation of the law.

This broad regulatory push aims to foster a more equitable competitive environment, creating space for smaller and medium-sized enterprises to thrive. For Trip.com Group, which has long been the undisputed leader in China’s online travel agency (OTA) market, this scrutiny was perhaps inevitable.

A Giant Under Scrutiny

Trip.com Group's dominance in China is formidable. Through its primary brand Ctrip, the company commanded an estimated 56% of the country's OTA market in 2024. When including its other brand, Qunar, its control over online travel bookings is even more pronounced. This market power has not gone unnoticed or unchallenged.

The formal SAMR investigation follows a series of recent complaints and regional regulatory actions. In December 2025, a homestay industry association in Yunnan province publicly announced it was gathering evidence to support an antitrust action against Trip.com and other platforms. The association accused the travel giant of leveraging its dominant position to impose “coercive clauses,” “arbitrary commission hikes,” and forcing merchants to “choose one platform over others,” effectively shutting out competitors.

These allegations echoed earlier incidents. In 2025, regulators in Guizhou and Zhengzhou had separately summoned Trip.com representatives to address concerns over alleged exclusive dealing and the use of automated price-adjustment tools that were deemed “unreasonable.” The pattern of complaints suggests that SAMR’s investigation will likely focus on whether the company used its market power to unfairly disadvantage partners and rivals.

Billions in Fines and a Reshuffled Market

The potential fallout for Trip.com Group is significant. Analysts at Citi were quick to estimate a potential fine of up to 4.9 billion yuan (S$905 million), calculated as a percentage of the company’s estimated 2025 revenue. The Anti-Monopoly Law permits penalties of between 1% and 10% of a company's annual domestic sales.

Beyond financial penalties, regulators could demand profound structural and behavioral changes. Some analysts have speculated that SAMR may require Trip.com Group to divest or reduce its holdings in competitors, such as its more than 20% stake in Tongcheng Travel, China’s second-largest OTA. Such a move would fundamentally alter the competitive dynamics of the industry.

The probe could inadvertently create a major opening for rivals. Competitors like Alibaba's Fliggy, Meituan’s travel division, and recent entrant JD.com are already aggressively competing for market share in China’s resurgent post-pandemic tourism market. A constrained Trip.com Group could accelerate their growth. Furthermore, emerging social commerce platforms like Douyin and Xiaohongshu, which are increasingly integrating travel services, could also capitalize on any disruption.

For consumers and smaller businesses, the investigation could ultimately lead to a more level playing field, potentially resulting in lower commissions for hotels and more competitive pricing for travelers. Analysts at Huatai Securities previously warned that an anti-monopoly probe could pressure Trip.com's profit growth for several years and intensify industry competition.

The Teeth of the Anti-Monopoly Law

Fueling the regulator's confidence is a significantly strengthened legal framework. China amended its Anti-Monopoly Law (AML) in 2022, introducing provisions specifically designed to tackle the unique challenges of the platform economy. The updated law explicitly prohibits dominant platforms from using data, algorithms, technology, or platform rules to create barriers to entry or impose unreasonable restrictions on competitors.

This gives SAMR a clear mandate to investigate practices like the “technical interference” and “blocking internet traffic” that have been alleged against Trip.com. The law also introduced personal liability, meaning executives found directly responsible for orchestrating monopolistic agreements could face fines of up to RMB 1 million.

As Trip.com Group prepares to cooperate with regulators, the entire technology and travel sector will be watching closely. The outcome of this investigation will not only determine the future of one of Asia's most successful internet companies but will also serve as a powerful new signal of Beijing's unwavering resolve to reshape its digital landscape.