Core Viewpoint - The State Administration for Market Regulation has initiated an antitrust investigation into Ctrip Group for suspected abuse of market dominance, particularly in its hotel business operations [1][6]. Group 1: Investigation Background - The investigation is based on prior checks and is in accordance with the Anti-Monopoly Law of the People's Republic of China [1]. - Ctrip holds a significant market share in the online travel industry, particularly in hotel bookings and flight ticketing [1]. - Complaints from numerous merchants indicate that Ctrip imposes unreasonable terms and conditions, leading to claims of market manipulation [2][3]. Group 2: Merchant Complaints - Merchants have reported difficulties in adjusting prices on Ctrip, with some stating that their pricing autonomy has been completely taken away [2]. - The "price adjustment assistant" feature has been a point of contention, with merchants struggling to disable it despite repeated attempts [2]. - Ctrip's "choose one from two" policy, which may force merchants into exclusive agreements, is also under scrutiny [2][3]. Group 3: Market Dynamics - Ctrip's market share in the hotel and travel market is projected to reach 56% by 2024, with its closest competitor holding only 13% [3]. - The company has expanded its operations to over 120,000 international hotels across more than 200 countries, as well as 750,000 hotels in over 600 cities in China [3]. - Merchants face high commission rates, with total commission costs potentially nearing 40% when including hidden fees [4]. Group 4: Financial Performance - Despite the challenges faced by merchants, Ctrip's financial performance has been strong, with a projected net profit of 17.2 billion yuan in 2024, a 72% increase year-on-year [4]. - Approximately 40% of Ctrip's revenue comes from hotel booking services [4]. Group 5: Regulatory Context - The investigation is part of a broader effort by the government to address "involutionary" competition, which is characterized by low-quality, low-price competition that undermines long-term business viability [6]. - The new Anti-Unfair Competition Law, effective from 2025, aims to regulate practices such as forced low-cost sales and manipulation of market rules [6]. Group 6: Potential Consequences - If found guilty of abusing its market position, Ctrip could face administrative fines and confiscation of illegal gains, with penalties ranging from 1% to 10% of the previous year's sales [7].

Core Viewpoint - The investigation by the State Administration for Market Regulation into Ctrip Group-S (09961) for monopolistic behavior has led to a 17% drop in Ctrip's ADR price, but the company continues normal operations [1] Group 1: Investigation Impact - The investigation may focus on exclusive cooperation rights and whether the platform pressures merchants using its advantages [1] - Ctrip is expected to maintain strong competitiveness due to its large transaction volume and long-term partnerships with hotels, even if it loses exclusive cooperation rights [1] Group 2: Financial Projections - Ctrip's adjusted operating profit margin is projected to be around 29% for 2025-2026, although support measures for merchants may pressure profit margins [1] - The relatively mild competition in the online travel market allows the company to potentially offset some impacts through improved operational efficiency [1]

Group 1 - The core point of the article is that the National Market Regulatory Administration has initiated an investigation into Ctrip Group-S (09961) for monopolistic behavior, leading to a 17% drop in Ctrip's ADR price in the US market [1][5]. - Citi estimates that antitrust actions in China may become more routine, with the investigation focusing on exclusive cooperation rights and whether the platform is pressuring merchants due to its advantages [1][5]. - Despite potential loss of exclusive cooperation rights, Ctrip is expected to maintain strong competitiveness due to its large transaction volume and long-term relationships with hotels [1][5]. Group 2 - Ctrip may need to provide more support to merchants, which could pressure profit margins in the short term [1][5]. - The adjusted operating profit margin for Ctrip is projected to be around 29% for the years 2025 to 2026, although merchant support measures may impact this margin [1][5]. - Given the relatively mild competition in the online travel market, the company is believed to be able to offset some of the impacts through further operational efficiency improvements [1][5].

Core Viewpoint - The article discusses the antitrust investigation against Ctrip Group, highlighting the implications of its market dominance and the impact on small and medium-sized enterprises (SMEs) in the tourism industry [2][19]. Group 1: Antitrust Investigation - The State Administration for Market Regulation announced an investigation into Ctrip for suspected monopolistic behavior, marking the first case against a Chinese internet company since the revision of the Antitrust Law in 2022 [2]. - Ctrip is accused of price discrimination, known as "big data killing familiarity," where prices are adjusted based on perceived consumer spending power [3][4]. - The focus of antitrust regulations is on the influence of platform companies on SMEs, particularly in the tourism sector [5][6]. Group 2: Impact on SMEs - Ctrip's policies, such as high commission rates and exclusive agreements, have been detrimental to small hotels and businesses, potentially affecting the livelihoods of numerous families [7][19]. - The investigation is a response to accumulated grievances from SMEs, which have been adversely affected by Ctrip's market practices [19]. Group 3: Comparison with Other Companies - The article contrasts Ctrip's situation with previous antitrust actions against Alibaba and Meituan, noting that the regulatory environment has shifted since 2022, prioritizing economic growth [9][10]. - Ctrip operates in the tourism sector, which has become increasingly significant in China's economy, contributing nearly 5% to GDP directly and over 10% when considering indirect effects [11][18]. Group 4: Economic Implications - The tourism industry is crucial for local economies, providing immediate cash flow through consumer spending, unlike other sectors that may require significant upfront investment [12][15]. - Ctrip's high gross margin of 81.68% and substantial commission rates (25% to 40%) on small businesses indicate a significant extraction of value from local economies [18][19]. Group 5: Future Outlook - The investigation may lead to Ctrip facing fines and requiring operational changes, such as lowering commission rates and opening data access for SMEs [19][20]. - Competitors may benefit in the short term from Ctrip's regulatory challenges, but Ctrip's established market position and customer loyalty are expected to remain strong in the long run [20][21].

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]

周一外盘普跌，欧洲股市普跌0.4%左右，美股也是继续下挫，道琼斯跌了0.1%，标普跌了0.5%，纳斯达克跌了1%，技术面也有点延续调整的迹象。1月 份美联储大概率是不会降息，议息会议的时间是1月27和28号，发布决议应该是北京时间的29号凌晨了。 这应该是利空的信号，但是市场应该已经有预期 了，当然这两天还有一个值得期待的就是川川何时公布美联储新主席的人选。 今早亚太市场也是涨跌互现，日本跌了0.1%，韩国涨了0.5%，澳洲涨了0.2%。韩国股市是持续创历史新高，去年4月以来到这两天底部起来涨了110% 了，主要应该还是因为半导体他们的三星以及海力士，在这一波涨价潮里，应该是受益太多，而且最近他们的大头领在中日美三国之间游刃有余。港股恒 生指数今天一度有所冲高0.7%，但目前已经逐渐的回落，跌了0.3%。恒生科技指数跌了1.9%，昨夜中概股也跌了0.9%。 目前a股的情况是低开震荡下行，上海市场大小盘都是泥沙俱下，没有分化。深圳市场则是出现了分化，小票领跌，大票跟跌。昨天市场出现了，好些个 权重股压盘，，不过今天开盘并没有出现这种情况，也就是说他们只是威慑多头，并没有形成实际的砸盘力量。我看昨天招商银行被65 ...

以下文章来源于伯乐在线 ，作者伯小乐 伯乐在线 . 携程净利率是 32%，排第七位。其他互联网大厂没进前十，腾讯拼夕夕网易分别是 29.4%、28.5%、28.2% 手握流量王牌，携程对商家的掌控堪称"生杀予夺"。云南民宿老板吐槽，基础佣金 12%-15%，叠加推广费后 实际成本超 30%，还被强制"二选一"，不独家就遭流量屏蔽。郑州、贵州监管部门早就约谈过它的强制调价问 题，但始终没拦住其垄断套路。 2025 年 11 月，云南民宿协会干脆公开征集 OTA 平台不正当竞争的证据，直指携程等个别平台，为后续反垄 断调查埋下伏笔。 截至 15 日早晨，微博科技热搜 Top50 话题中 12 个和携程相关。 "天下苦携程久矣！" 这句话频繁出现在网易跟帖和公号文章标题中。还有网友点评说" 在携程帝国前面，其他 互联网大厂都是弟弟 "。这话可不是随口吹的， 携程的"底气"来自 碾压级的市场垄断 ，它是实打实的行业霸 主 。 2024 年它的酒旅 GMV 市占率高达 56%，加上控股的同程旅行，"携程系"直接霸占近 70% 的市场。美团和飞 猪分别是 13% 和 8%，这种一家独大的格局，在互联网垂直赛道里少见。 更 ...

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]