Trip.com Stock Tumbles as It Faces China Antitrust Probe

By Jiahui Huang

Trip.com's stock fell sharply in Hong Kong after China's top market regulator said it is investigating the online travel giant for possible antitrust violations.

Shares of the online travel agency, one of China's largest, slumped 20% on Thursday to 456.80 Hong Kong dollars, equivalent to US$58.58, on track for a record percentage drop. The company's American depositary receipts dropped 17% overnight in the U.S.

China's State Administration for Market Regulation on Wednesday said it had begun a probe into Trip.com following initial investigations. The regulator alleged that the online travel agency abused its dominant market position and engaged in monopolistic practices.

The company later said it received a notice of investigation from the regulator and will actively cooperate with the probe. Its operations remain normal, Trip.com said.

Analysts at Nomura said the investigation could have been prompted by hoteliers' concerns about Trip.com's interference in pricing and, in some instances, its insistence on maintaining the lowest hotel-room prices compared with those offered on other travel platforms.

Under the law, entities that abuse their dominant position are subject to a fine of 1% to 10% of their revenue in the previous year, Citi analysts said in a research note. That implies a potential fine of 490 million yuan to 4.9 billion yuan, equivalent to about $70 million to $700 million, for Trip.com, according to Citi's calculations.

Nomura said the probe is unlikely to undermine Trip.com's dominant position in the Chinese market fundamentally. However, it could weaken the company's hold over hotels, particularly independent ones that often rely on online travel agencies for customer traffic, it wrote in a note.

Write to Jiahui Huang at jiahui.huang@wsj.com

(END) Dow Jones Newswires

January 14, 2026 23:03 ET (04:03 GMT)