Core Viewpoint - The State Administration for Market Regulation has initiated an investigation into Ctrip Group for suspected monopolistic behavior, specifically regarding the misuse of market dominance under the Anti-Monopoly Law of the People's Republic of China [1][3]. Group 1: Investigation Details - The investigation is based on prior checks and allegations that Ctrip's "Price Adjustment Assistant" disrupts market pricing and hotel operations [1][3]. - Hotel operators in Zhengzhou have complained that Ctrip unilaterally modifies the prices of hotel rooms listed on its platform, requiring merchants to use the "Price Adjustment Assistant" tool, which automatically adjusts prices based on competitor pricing [1][3]. - Ctrip's customer service acknowledged that if competitor prices are lower, the system would automatically adjust Ctrip's prices to maintain contractual consistency [1][3]. Group 2: Company Response - Ctrip has announced its intention to cooperate fully with the regulatory investigation and to implement regulatory requirements while continuing to provide quality services to users and partners [3][4]. - The company stated that all its business operations are currently running normally [4]. Group 3: Legal Implications - Legal experts indicate that if Ctrip is found to have abused its market dominance, it may face administrative penalties, emphasizing that technical or algorithmic settings cannot be used as a defense [2][4].

Core Viewpoint - The article highlights the issue of price discrimination in the travel industry, particularly focusing on Trip.com Group (携程), which utilizes algorithms to set prices based on individual user profiles rather than market demand, leading to significant profit margins and potential legal risks [2][5][12]. Financial Performance - Trip.com Group reported a net revenue of 53.3 billion RMB and a net profit of 17.2 billion RMB for 2024, resulting in a net profit margin of approximately 32% [2][11]. - In comparison, domestic competitor Tongcheng Travel reported a revenue of approximately 17.34 billion RMB with an adjusted net profit of about 2.79 billion RMB, yielding a net profit margin of 16.1% [3][11]. - Internationally, Booking Holdings generated approximately 23.739 billion USD in revenue with a net profit of about 5.882 billion USD, resulting in a net profit margin of around 24.8%, while Expedia reported 13.691 billion USD in revenue and a net profit of 1.234 billion USD, with a net profit margin of 9% [3][11]. Market Position - Trip.com Group holds a dominant market share in the hotel and travel sector, with a GMV (Gross Merchandise Volume) exceeding 1.2 trillion RMB, representing a market share of 56%, compared to 15% for Tongcheng and 13% for Meituan [6][15]. - The concentration of market power allows Trip.com to operate with less competitive pressure, leading to practices that may exploit consumer trust [6][15]. Pricing Strategy - The pricing model employed by Trip.com is characterized as "big data killing familiarity," where prices are tailored based on user data, leading to potential unfair pricing practices [4][13]. - The article emphasizes that the core issue is not the high prices themselves but the lack of transparency and fairness in how prices are determined, which can be seen as an invisible tax on consumers [4][12]. Regulatory Environment - Recent signals from regulatory bodies indicate concerns over algorithmic pricing, price fraud, and abuse of market dominance by travel platforms, with Trip.com specifically being called out for unreasonable restrictions on pricing [5][14]. - The article suggests that if investigations confirm the use of algorithms for unfair pricing, penalties should be substantial, including the confiscation of illegal profits and significant fines [7][16]. Consumer Trust - The article discusses how consumer trust is being monetized, with a significant percentage of users reporting experiences of unfair pricing, yet many choose not to pursue legal action due to the difficulty of proving such cases [6][15]. - The erosion of trust could lead to long-term consequences for platforms like Trip.com, as consumers may eventually withdraw their loyalty if they feel exploited [8][17].

Group 1 - The company, Trip.com Group, is currently under investigation by China's top business regulator for antitrust issues [1] - This probe indicates increased scrutiny on the online travel industry in China, which may impact competitive practices [1] - The outcome of this investigation could have significant implications for Trip.com Group's operations and market position [1] Group 2 - The antitrust investigation reflects a broader trend of regulatory actions aimed at major tech companies in China [1] - The company may face potential fines or operational restrictions depending on the findings of the investigation [1] - This situation highlights the challenges and risks associated with regulatory compliance in the rapidly evolving online travel sector [1]

Core Viewpoint - The Chinese market regulator has initiated an investigation into Ctrip Group for alleged monopolistic practices, leading to a significant drop in its stock prices [1][2]. Group 1: Investigation and Regulatory Actions - The State Administration for Market Regulation (SAMR) has formally opened an investigation into Ctrip Group for suspected abuse of market dominance under the Anti-Monopoly Law of the People's Republic of China [1]. - Ctrip has stated it will cooperate with the investigation and continue to operate its business normally while providing quality services to users and partners [2]. - Local government departments have previously conducted discussions with Ctrip regarding potential issues such as "choose one from two" practices and price manipulation [3]. Group 2: Allegations and Market Impact - The Yunnan Provincial Tourism Homestay Industry Association has reported complaints from members about Ctrip's practices, including unfair commission increases and unfair trading conditions that harm merchants' rights [2]. - Ctrip holds a 56% market share in gross merchandise volume (GMV) for 2024, indicating a dominant position in the industry, alongside its controlling stake in Tongcheng Travel, which has a 15% share [4]. - Allegations include the use of hidden barriers through a tiered merchant system that imposes unreasonable conditions on hotel partners, leading to significant operational challenges for smaller businesses [3][4].

（文章来源：中国经营报） 《中国经营报》记者注意到，1月14日17:01，携程黑板报公开表示，近日，携程接到国家市场监督管理 总局通知，依法对携程涉嫌垄断行为进行立案调查。公司将积极配合监管部门调查，全面落实监管要 求，与行业各方携手共建可持续发展的市场环境。目前，公司各项业务均正常运行，将一如既往地为广 大用户和合作伙伴提供优质的服务。 近日，国家市场监督管理总局根据前期核查，依据《中华人民共和国反垄断法》，对携程集团有限公司 涉嫌滥用市场支配地位实施垄断行为立案调查。 ...

1月14日消息，近日，市场监管总局根据前期核查，依据《中华人民共和国反垄断法》，对携程集团有 限公司涉嫌滥用市场支配地位实施垄断行为立案调查。 责编：梁秋燕 校对：王朝全 综合自人民财讯 携程回应称，近日，携程接到国家市场监管总局通知，依法对携程涉嫌垄断行为进行立案调查。公司将 积极配合监管部门调查，全面落实监管要求，与行业各方携手共建可持续发展的市场环境。目前，公司 各项业务均正常运行，将一如既往地为广大用户和合作伙伴提供优质的服务。 港股携程集团（09961）今日尾盘下挫，收盘跌逾6%。 ...

携程集团-S(09961.HK)公告，本公司收到国家市场监督管理总局（「市监总局」）发出的调查通知书。 根据该通知书，市监总局已根据中华人民共和国反垄断法开始对本公司进行调查。本公司将积极配合有 关调查。目前本公司业务一切正常。 来源：视频滚动新闻 ...

Core Viewpoint - Ctrip Group is under investigation by the State Administration for Market Regulation for alleged monopolistic practices, which has led to a significant drop in its stock price [1][3]. Group 1: Investigation and Regulatory Actions - The State Administration for Market Regulation has initiated an investigation into Ctrip Group for suspected abuse of market dominance under the Anti-Monopoly Law of the People's Republic of China [1]. - Ctrip has acknowledged the investigation and stated it will cooperate with regulatory authorities while ensuring normal business operations [2]. - Ctrip has faced multiple regulatory inquiries in the past, including a meeting in August 2025 with the Guizhou Provincial Market Regulation Bureau, which highlighted various violations such as price manipulation and unfair competition practices [3][4]. Group 2: Allegations and Violations - Ctrip has been accused of using technical means to interfere with merchant pricing and engaging in practices like "choose one from two" and price fraud [3][4]. - In September 2025, the Zhengzhou Market Regulation Bureau found Ctrip in violation of the E-commerce Law and issued a corrective notice due to unreasonable restrictions on transaction prices [4]. - Reports indicate that Ctrip has been involved in practices that undermine fair competition, such as unauthorized price adjustments through a tool called "Price Adjustment Assistant" [4][5]. Group 3: Financial Performance - Ctrip achieved record revenue in 2025, with a total revenue of 47.011 billion yuan, representing a year-on-year increase of 15.93%, and a net profit of 29.013 billion yuan, up 94.59% [5]. - In Q3 2025, Ctrip reported revenue of 18.338 billion yuan, a 15.53% increase year-on-year, and a net profit of 19.890 billion yuan, reflecting a 194.01% growth [5]. Group 4: Future Outlook - Several financial institutions have released optimistic forecasts for Ctrip's performance in 2026, citing recovery in domestic business and strong growth in outbound tourism [6]. - Citic Securities has initiated a "buy" rating for Ctrip with a target price of 660 HKD, anticipating continued growth in the domestic hotel business amid a stabilizing competitive landscape [6].

1月14日，国家市场监督管理总局宣布，根据前期核查，依据《中华人民共和国反垄断法》，对携程集团有限公司（下称"携程集团"）涉嫌滥用市场支配地 位实施垄断行为立案调查。此消息迅速引发市场反应，携程集团当日股价大幅下跌。 三季报显示，携程集团前三季度净营业收入达183亿元，同比上升16%；净利润为199亿元，同比增长192.6%。其中国际业务表现尤为亮眼，入境旅游预订同 比增长超过100%，出境酒店和机票预订已全面超越2019年疫情前同期140%水平。 在业务高速扩张的同时，携程集团面临的消费者投诉也居高不下。据相关平台数据，2025年全年针对携程集团的投诉量近2万件，"大数据杀熟"等问题成为 消费者投诉焦点。此次市场监管总局的立案调查，将重点关注携程集团是否滥用其市场支配地位实施垄断行为，这无疑对携程集团的经营模式提出了重大挑 战。 截至14日港股收盘，携程集团（09961.HK）收报569.5港元/股，跌幅达6.49%，市值为3722亿港元。有趣的是，就在前一日（1月13日），携程集团股价刚刚 触及港股上市以来的新高，最高报613港元/股。 此次立案调查并非携程集团首次面临监管关注。2025年9月，郑州市市场 ...

Group 1 - Major stock index futures are experiencing declines, with Dow futures down 0.16%, S&P 500 futures down 0.18%, and Nasdaq futures down 0.22% [1] - Ctrip's stock dropped over 10% following an announcement that the State Administration for Market Regulation is investigating the company for alleged monopolistic practices under the Anti-Monopoly Law of the People's Republic of China [1] - Tesla will stop selling the one-time purchase version of its Full Self-Driving (FSD) capability starting February 14, transitioning to a subscription-only model for this feature [1] - Citigroup analysts have raised their gold price target to $5,000 per ounce over the next three months, although a pullback is expected after reaching this high [1] - Silver prices have surpassed $90 per ounce, marking a historic high and pushing its total market value above $5 trillion, making it the second-largest asset globally, surpassing Nvidia [1] Group 2 - Google announced the launch of the open-source medical AI model MedGemma 1.5, aimed at enhancing medical imaging support [2] - The U.S. government has approved Nvidia to export its H200 AI chips to China, which is expected to restart shipments to Chinese customers [2] - Intel's stock rose over 4% after former President Trump revealed in an interview that Apple has invested in Intel, although this has not been confirmed by either company [2] - Rivian's stock fell over 3% after the company announced a recall of 19,641 units of its R1T pickup and R1S SUV due to potential safety risks related to incorrect maintenance procedures [2]