市场监管总局立案调查携程 在线旅游平台反垄断监管持续深化

Core Viewpoint - Ctrip Group is under investigation by the State Administration for Market Regulation for alleged abuse of market dominance, marking a new phase of regulatory scrutiny in the online travel agency (OTA) sector [1][4]. Group 1: Investigation Details - The investigation is based on preliminary findings and focuses on Ctrip's alleged monopolistic practices [1][4]. - This is not the first time Ctrip has faced regulatory scrutiny; it has been previously questioned by local market regulators regarding similar issues [1][4]. - Specific concerns include the "choose one from two" practice and the use of technology to interfere with merchant pricing [1][4][8]. Group 2: Allegations of Monopolistic Behavior - Allegations against Ctrip include requiring certain merchants to delist their products from other OTA platforms [3][9]. - Ctrip is accused of using a dynamic algorithm system called "Price Adjustment Assistant" to monitor and adjust merchant prices in real-time to maintain the lowest prices online [3][9]. - Ctrip holds a leading position in the Chinese OTA market, with a market share of 56% in the core hotel and travel market as of the end of 2024 [3][9]. Group 3: Market Reaction and Financial Performance - Following the announcement of the investigation, Ctrip's stock price fell at the end of trading on January 14, coinciding with a strong recovery phase in the online travel industry [3][10]. - Ctrip reported a year-on-year increase in net operating revenue for Q3 2025, with strong performance in international business [10]. Group 4: Regulatory Trends and Future Implications - The investigation reflects a broader trend of increasing regulatory constraints on platform companies, aimed at ensuring fair operational practices [4][11]. - New regulations are set to protect the pricing autonomy of operators and standardize platform rule-making, addressing the "soft power" of platform operators [10][11]. - The outcome of the investigation and its subsequent impact on the industry remain to be seen, as the regulatory environment continues to evolve [5][11].