携程集团涉嫌垄断被立案调查，行业监管风暴再起

Core Viewpoint - The National Market Supervision Administration has initiated an antitrust investigation against Ctrip Group for alleged abuse of market dominance, causing significant market volatility and a 6.49% drop in its stock price [2][6]. Regulatory Warnings and Industry Issues - The investigation is not unexpected, as Ctrip has faced multiple regulatory warnings since 2025 for various violations, including coercive practices and price manipulation [3]. - In August 2025, Ctrip was among five travel platforms criticized for practices like "choose one" agreements and price interference, leading to demands for self-correction [3]. - In December 2025, a consumer rights initiative in Yunnan collected nearly a thousand complaints against Ctrip, which contributed to the national-level investigation [3]. Pricing Power Disputes - A key focus of the investigation is Ctrip's alleged use of a "pricing assistant" tool that forces merchants to lower hotel prices without consent, violating e-commerce laws [4]. - Ctrip claims that price adjustments are necessary to prevent customer loss and maintain competitive pricing, but legal experts argue this undermines merchants' profit margins [4]. Flow Control and Market Dominance - Ctrip is accused of implementing various monopolistic practices, including exclusive "choose one" agreements that restrict merchants from listing products on other platforms [5]. - Some merchants reportedly face commission rates as high as 30%, with total costs nearing 40% when including hidden fees [5]. - The investigation highlights how these practices have inflated costs for the Yunnan hospitality industry and disrupted fair competition [5]. Market Reaction and Future Implications - Following the announcement of the investigation, Ctrip's stock experienced a sharp decline, with a drop of over 9% at one point [6]. - Despite previous "buy" ratings from analysts, regulatory risks are now seen as a potential threat to Ctrip's valuation [6]. - The investigation is expected to influence industry standards, moving from a focus on "traffic dominance" to "service competition," with the outcome potentially reshaping the online travel sector [6].