Trip.com Shares Slide Over 20% as China Launches Antitrust Probe

By Faizal

15 Jan 2026

Trip.com Shares Slide Over 20% as China Launches Antitrust Probe

Shares of Trip.com Group plunged more than 20% in Hong Kong trading on Thursday after Chinese regulators opened an antitrust investigation into the online travel giant, triggering its steepest single-day decline since listing in the city.

Trip.com stock fell nearly 22%, making it the worst performer on the Hang Seng Index. The drop followed a 17% decline in the company’s US-listed shares overnight.

China’s State Administration for Market Regulation (SAMR) said late Wednesday it had launched an investigation into Trip.com over “suspected abuse of its dominant market position and monopolistic practices,” according to a statement released in Mandarin.

The sell-off has put Trip.com on track for its worst trading session in Hong Kong since its listing in April 2021.

Company Response and Regulatory Context

Trip.com said it would “actively cooperate” with the investigation and stressed that its business operations remain normal.

Trip.com is Asia’s largest online travel services provider by market capitalisation and one of the world’s biggest travel platforms. The group holds stakes in several international and regional travel firms, including UK-based flight comparison site Skyscanner and Indian travel company MakeMyTrip.

The probe draws comparisons with earlier high-profile antitrust actions in China’s technology sector. In 2021, regulators fined Alibaba a record 18.2 billion yuan ($2.8 billion) after concluding it had engaged in monopolistic conduct.

Tourism Outlook Remains Strong

The investigation comes as China’s tourism sector is expected to see strong growth this year. Travel technology firm China Trading Desk estimates that mainland Chinese travellers will make between 165 million and 175 million cross-border trips in 2026, up from around 155 million last year.

The upcoming Chinese New Year holiday, scheduled from February 5 to February 23, is expected to further boost travel demand. According to Dragon Trail International, around 501 million people travelled domestically during the holiday period in 2025, marking a 5.9% year-on-year increase, while tourism spending rose 7% to 6.77 billion yuan.

Despite the positive outlook for travel demand, investors reacted sharply to the regulatory risk, highlighting lingering concerns over policy uncertainty in China’s technology sector.

Written by

Faizal

Faizal is an experienced content creator and writer with a strong focus on business trends, economic developments, and emerging opportunities across the Gulf region. His work reflects a keen understanding of evolving markets, industry dynamics, and the factors shaping the region’s business landscape. With a research-driven approach, Faizal transforms complex market developments into clear, informative, and actionable insights for professionals, entrepreneurs, and business leaders. His content aims to provide valuable perspectives on key economic trends and developments influencing businesses across the Gulf.