3 6 Ke·2026-01-15 07:11Core 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].