Core Viewpoint - The National Market Supervision Administration has officially launched an investigation into Ctrip Group for suspected abuse of market dominance under the Anti-Monopoly Law, while Ctrip has stated it will cooperate with regulatory authorities to maintain fair market order [2] Group 1: Ctrip Group - Ctrip Group is under investigation for alleged abuse of market dominance, which may impact its operations and market position [2] - Ctrip has committed to cooperating with regulatory authorities to ensure a fair market environment [2] Group 2: Chasing Technology - Chasing Technology has announced the establishment of a ticket and hotel tourism division, launching products that directly compete with Ctrip [2] - The founder and CEO of Chasing Technology, Yu Hao, emphasized the goal of "breaking the monopoly to make the market more vibrant" [2] - Chasing Technology, originally focused on smart cleaning devices, has expanded into personal care, consumer electronics, and automotive sectors [2] - Yu Hao has articulated a long-term vision for the company to create the "first trillion-dollar enterprise ecosystem in human history," asserting that this vision is serious and will be elaborated in future writings [2]

Core Viewpoint - Ctrip Group's stock price experienced significant volatility following the announcement of an antitrust investigation by the State Administration for Market Regulation, leading to a drop of over 20% in intraday trading [1] Group 1: Company Overview - Ctrip Group, established in 1999 and listed on NASDAQ in 2003, completed a secondary listing on the Hong Kong Stock Exchange in 2021, operating multiple brands including Ctrip, Qunar, Trip.com, and Skyscanner across various sectors such as accommodation booking, transportation ticketing, travel vacations, and business travel management [1] Group 2: Market Position - As a leading player in the online travel agency (OTA) market, Ctrip has established a dominant position through years of ecosystem building and strategic investments, resulting in a market share of approximately 70% when including its strategic investment in Tongcheng Travel [2] - Ctrip's market share in the core hotel and travel market is projected to reach 56% by the end of 2024, significantly surpassing competitors like Meituan (around 13%), Fliggy (about 8%), and Douyin (approximately 3%) [2] Group 3: Financial Performance - Ctrip's financial performance has shown robust growth, with projected revenues of 20.039 billion yuan, 44.51 billion yuan, and 53.294 billion yuan for the years 2022, 2023, and 2024 respectively, reflecting year-on-year growth rates of 0.13%, 122.2%, and 19.78% [2] - The net profit attributable to shareholders is expected to reach 1.403 billion yuan, 9.918 billion yuan, and 17.067 billion yuan for the same years, with substantial growth rates of 355.09%, 606.91%, and 72.08% [2] - In 2025, Ctrip's revenue for the first three quarters was reported at 47.011 billion yuan, a year-on-year increase of 15.94%, while the net profit attributable to shareholders was 29.013 billion yuan, reflecting a growth of 94.59% [2]

Core Viewpoint - Trip.com Group Limited (TCOM) is under investigation by China's State Administration for Market Regulation for potential monopolistic behavior, which has led to a significant drop in its stock price by 17% on January 14, 2026 [1][2]. Group 1: Company Investigation - Wohl & Fruchter LLP is investigating whether TCOM has violated federal securities laws in light of the ongoing investigation by Chinese authorities [1]. - The investigation pertains to potential violations of the Anti-Monopoly Law of the People's Republic of China [1]. Group 2: Stock Market Reaction - Following the announcement of the investigation, TCOM's stock price experienced a decline of 17% during trading on January 14, 2026 [2].

Group 1 - The Hang Seng Index fell by 0.1%, while the Hang Seng Tech Index decreased by 0.55% [1] - Trip.com Group experienced a significant drop of nearly 15% due to an investigation initiated by the market regulatory authority [1] - Tongcheng Travel and Xpeng Motors both saw declines of over 2% [1] - JD Health recorded an increase of nearly 3% [1]

Group 1 - The article emphasizes the importance of using authoritative and professional analyst reports for stock trading, highlighting their role in identifying potential investment opportunities [1][2] - It mentions that the reports are timely and comprehensive, which aids investors in making informed decisions [1][2] Group 2 - The source of the article is identified as a collaboration with a media partner, indicating a broader dissemination of information [1][2] - The article includes a disclaimer stating that the content is for reference only and does not constitute investment advice, which is a standard practice in financial reporting [1][2][3]

Core Viewpoint - Shares of Trip.com Group experienced a significant decline following the announcement of an antitrust investigation by China's top market regulator into the online travel services provider [1] Group 1: Company Impact - The investigation has triggered a sharp drop in the company's stock price, indicating investor concern over potential regulatory repercussions [1] - The antitrust scrutiny may lead to increased operational challenges for Trip.com Group, affecting its market position and competitive dynamics [1] Group 2: Industry Context - The move by the Chinese regulator reflects a broader trend of increased scrutiny on technology and service companies within the online travel industry [1] - This investigation could set a precedent for future regulatory actions against other companies in the online travel sector, potentially reshaping the competitive landscape [1]

Market Overview - The Hang Seng Index fell by 0.55%, down 149 points, closing at 26,850 points, while the Hang Seng Tech Index dropped by 1.83% [1] - The trading volume in the Hong Kong stock market reached HKD 163.9 billion in the morning session [1] Company Highlights - Jiexin International Resources (03858) rose over 5%, reaching a new high as black tungsten ore prices surpassed 500,000 yuan, prompting several tungsten companies to raise long-term contract prices [1] - Likin Resources (02245) increased by over 10% due to disruptions in Indonesian nickel ore quotas, while Zhongwei New Materials (02579) gained over 9% [1] - China Rare Earth Holdings (03788) experienced significant volatility, rising by 8% after announcing the termination of its spin-off listing plan and plans to rename itself "Rare Earth Gold" [1] - Ocean Park Hong Kong (02255) surged over 10%, with visitor numbers on the first day of the New Year holiday increasing by 60% year-on-year [1] - Zhipu (02513) rose over 4% after announcing a collaboration with Huawei to open-source a new generation image generation model [1] - China Heartland Fertilizer (01866) increased by over 4%, anticipating a potential global urea supply shortage, and has been actively repurchasing shares [1] - Woan Robotics (06600) gained over 7% following the release of its humanoid intelligent robot, Onero [1] - Jiantao Laminates (01888) saw a nearly 6% increase after announcing a price hike, which is expected to become a trend in the copper-clad laminate industry [1] - Qiu Tai Technology (01478) declined over 7% as Citigroup reported that the company's net profit last year fell below expectations [1] Other Notable Movements - Kanglong Chemical (03759) dropped over 5% after announcing a placement of shares at an 8.5% discount, aiming to raise nearly HKD 1.32 billion [2] - Trip.com Group (09961) plummeted over 19% due to an investigation by the State Administration for Market Regulation for alleged monopoly practices, while Same City Travel (00780) fell over 11% [2]

大和发布研报称，对携程集团-S(09961)评级"买入"，中国国家市监总局昨日(14日)就涉嫌垄断行为，对 携程展开调查，携程回应指正在配合调查，并指出业务营运正常。消息公布后，携程今日低开 14.98%，早段曾跌超过两成，最低见484.2元。 大和表示，短期内，监管不确定性可能对投资者情绪产生负面影响，但该阶段常在监管措施明朗后，带 来入场机会。该行中长期对携程持建设性看法，因其国际扩张、入境旅游复苏趋势及国内酒店库存周期 支撑该行对携程正面看法。 该行表示，市监总局调查重点可能集中在排他性协议、流量分配机制及佣金相关争议。由于中国国内旅 游市场竞争激烈，酒店及交通运输领域有多家业者参与。携程虽为国内交易总额最大的线上旅游平台， 但美团(03690)与阿里(09988)旗下飞猪的竞争模式，持续影响市场份额动态与定价策略。 ...

Core Viewpoint - Daiwa has issued a "Buy" rating for Trip.com Group Ltd (09961) despite an ongoing investigation by China's State Administration for Market Regulation (SAMR) regarding alleged monopolistic practices [1] Group 1: Investigation Details - The SAMR's investigation focuses on potential issues related to exclusive agreements, traffic distribution mechanisms, and commission disputes [1] - Following the announcement of the investigation, Trip.com experienced a significant drop in stock price, opening down 14.98% and reaching a low of 484.2 HKD, with early trading showing a decline of over 20% [1] Group 2: Market Competition - The domestic travel market in China is highly competitive, with multiple players in the hotel and transportation sectors [1] - Although Trip.com is the largest online travel platform in terms of total transaction volume, competition from Meituan (03690) and Alibaba's Fliggy (09988) continues to impact market share dynamics and pricing strategies [1] Group 3: Long-term Outlook - Daiwa maintains a constructive long-term view on Trip.com due to factors such as international expansion, the recovery trend in inbound tourism, and the domestic hotel inventory cycle [1] - The short-term regulatory uncertainty may negatively affect investor sentiment, but historically, such periods often present entry opportunities once regulatory measures become clearer [1]

Core Viewpoint - The article discusses the evolving perception of internet platforms, particularly in relation to their pricing strategies and market dominance, highlighting a shift in regulatory focus from consumer harm to supplier exploitation [1][2]. Industry Analysis - The hotel sector's RevPAR is under pressure, while the airline sector has recently emerged from four years of cumulative losses; in contrast, leading OTAs have seen their net profit margins exceed 30% [2]. - The significant disparity in profit distribution along the industry chain suggests a recalibration of the delicate balance described in the "two-sided market" theory [2]. Theoretical Framework - The concept of "natural monopoly" is introduced, emphasizing that internet industries exhibit characteristics of natural monopolies due to their subadditivity, where fixed costs are high but marginal costs are low [3]. - The article references Peter Thiel's assertion that the goal of companies is to achieve monopoly status, which is essential for recovering initial investments through pricing power [3]. Pricing Strategies - Internet platforms utilize a pricing strategy that differs from traditional markets, often charging sellers above marginal costs while providing subsidies to buyers, exemplified by credit card companies like Visa [5][6]. - The pricing model in two-sided markets is influenced by the externalities generated by users on both sides, leading to asymmetric pricing strategies [5][6]. Market Dynamics - The initial phase of internet platforms (0-1 stage) involves attracting users through free services, necessitating significant upfront investment often supported by venture capital [7]. - As platforms mature (1-N stage), they leverage their market position to implement pricing strategies that exceed marginal costs, thereby internalizing market resources and reducing information usage costs [7]. Regulatory Considerations - The article suggests that the natural monopoly characteristics of internet platforms necessitate regulatory frameworks that differ from traditional approaches, advocating for public ownership or regulatory oversight in managing these monopolies [9].