Core Viewpoint - The State Administration for Market Regulation has initiated an investigation into Ctrip Group for suspected monopolistic behavior, specifically the abuse of market dominance under the Anti-Monopoly Law of the People's Republic of China [2][6]. Group 1: Investigation Details - Ctrip has been formally investigated for potential monopolistic practices, which could result in fines ranging from 1% to 10% of its previous year's sales if found guilty [6]. - Following the announcement of the investigation, Ctrip's stock on the Hong Kong market fell by 6.49%, closing at 569.5 HKD per share [6]. - Ctrip has faced multiple inquiries from local market regulators since 2025, including issues related to "forced choices" and price fraud [6][8]. Group 2: Compliance Issues - Ctrip holds over 50% market share in the OTA industry but has been criticized for its compliance issues [8]. - The company has been named in reports for illegally collecting and using personal information, with Ctrip Financial being specifically mentioned [9]. - Ctrip's "fast ticket grabbing" service during the 2025 Spring Festival raised concerns of civil fraud, as it misrepresented its relationship with the official ticketing platform [10]. Group 3: Legal and Ethical Concerns - Ctrip has been involved in a notable case of "big data price discrimination," where a customer was charged double the hotel price compared to the front desk rate, leading to a court ruling in favor of the customer [12][14]. - This case has been recognized as a significant example of legal issues surrounding data practices in China [15][16]. - Despite ongoing criticisms and calls for algorithm transparency, Ctrip has not shown signs of acknowledging its compliance failures [18][20].

| 64.94 | | | | | --- | --- | --- | --- | | 59.54 | | | | | | 2025/11 | 12 | 202 | 消息面上，央视今日报道，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。 对此携程发布官方回应，称"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。 1月14日，携程美股开盘大跌18％。 ...

Core Viewpoint - The National Market Supervision Administration has initiated an investigation into Ctrip Group for suspected monopolistic behavior, particularly regarding its market dominance and practices such as "choose one" and automatic price adjustments [2][3]. Group 1: Investigation and Complaints - The investigation was prompted by complaints from local regulatory bodies and businesses regarding Ctrip's alleged monopolistic practices [2]. - The Yunnan Province Tourism Homestay Industry Association publicly announced its decision to investigate Ctrip and other online travel agencies (OTAs) for unfair competition practices, including "choose one" clauses and unilateral commission increases [2][3]. - The association has received multiple complaints from its members about Ctrip's practices, which they believe violate market rules and antitrust requirements [3]. Group 2: Evidence and Industry Impact - The Yunnan Province Tourism Homestay Industry Association has been collecting evidence of Ctrip's alleged monopolistic behavior, with nearly 7,000 member hotels and homestays as of January 2026 [4]. - Complaints from businesses indicate that Ctrip's practices may hinder smaller platforms and innovative services from gaining market access, as Ctrip controls over 60% of online traffic for certain hospitality businesses [5]. - Ctrip has made adjustments to its display rules in response to regulatory scrutiny, removing visual distinctions between "gold" and "special" merchant listings [5]. Group 3: Pricing Practices - Ctrip's business managers reportedly inform "gold" and "special" merchants that they must not sell on other platforms, with a pricing strategy that requires Ctrip to offer the lowest price compared to competitors [6]. - The company employs a dynamic pricing algorithm that automatically adjusts merchant prices based on competitor pricing, a practice referred to as "price locking" [6]. Group 4: Market Share and Dominance - According to estimates, Ctrip holds a 56% market share in the core travel market as of the end of 2024, and when including its strategic investment in Tongcheng Travel, the "Ctrip system" commands nearly 70% of the domestic OTA market [7]. - This market dominance significantly exceeds that of competitors such as Meituan (approximately 13%), Fliggy (about 8%), and Douyin (around 3%) [7].

Domestic News - The Shanghai and Shenzhen Stock Exchanges have adjusted the financing margin ratio, increasing the minimum financing margin ratio from 80% to 100% to help reduce leverage levels and protect investors' rights [1] - The China Association of Automobile Manufacturers forecasts that new energy vehicle sales in 2026 are expected to reach 19 million units, representing a year-on-year growth of 15.2% [1] - The domestic price of gold jewelry has surpassed 1435 CNY per gram, with various brands reporting price increases [2] International News - NASA plans to implement the "Artemis 2" manned lunar flight mission no earlier than February 6, marking the first crewed mission for the new generation lunar rocket [4] - The Bank of Japan will hold a market operations meeting on February 26, 2026, to discuss recent market developments and liquidity [4] - The Bank of Indonesia is intervening in the foreign exchange market due to concerns over the country's fiscal situation, which has led to the Indonesian rupiah nearing historical lows [4] Economic Data and Market Overview - In 2025, China's foreign trade is projected to reach 45.47 trillion CNY, growing by 3.8%, with exports at 26.99 trillion CNY (up 6.1%) and imports at 18.48 trillion CNY (up 0.5%) [2] - The inflation rate in Argentina for 2025 is reported at 31.5%, a decrease of 86.3 percentage points compared to 2024, marking the lowest level in eight years [5]

2026年1月14日，国家市场监督管理总局正式发布公告，依据《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。 这一消息引发资本市场剧烈震荡，携程集团港股（09961.HK）尾盘直线跳水，截至收盘跌幅达6.49%， 报569.5港元/股。 多地监管预警与行业积弊 市场监管总局的立案决定并非突袭。2025年以来，携程已多次因违规经营被地方监管部门约谈： 2025年8月，贵州省市场监管局集中约谈携程等5家涉旅平台，直指其"二选一"、干预商家定价、订单生 效后毁约加价等行为，并要求立即开展自查自纠。 2025年9月，郑州市市场监管局就携程通过"调价助手"功能强制修改酒店价格、阻碍功能取消等问题进 行行政约谈，并下达《责令改正通知书》。经核查，该平台存在"边整改边违规"现象。 2025年12月，云南省旅游民宿行业协会发起反垄断维权行动，公开征集携程"霸王条款"、单方面涨佣、 流量屏蔽等证据，一周内收到近千条商家投诉，成为推动国家层面立案的关键力量。 郑州市市场监管局此前已认定，携程此举违反《电子商务法》第三十五条及《网络反不正当竞争暂行规 定》第二十四条。 从"二选一"到流量霸权 除定价权争 ...

Core Viewpoint - The article discusses the investigation into Ctrip Group for alleged monopolistic practices, including requiring merchants to choose between platforms and automatic price adjustments, as reported by the National Market Supervision Administration [3][4]. Group 1: Investigation and Complaints - The National Market Supervision Administration has initiated an investigation into Ctrip for suspected abuse of market dominance under the Anti-Monopoly Law [3]. - Complaints from local regulatory bodies and businesses have highlighted Ctrip's alleged practices of requiring merchants to choose one platform ("二选一") and automatic price adjustments [2][4]. - The Yunnan Province Tourism Homestay Industry Association has documented complaints from its members regarding Ctrip's monopolistic behavior, including unfair trading conditions and price manipulation [4][5]. Group 2: Market Position and Impact - Ctrip's market share in the core travel market reached 56% by the end of 2024, and when including its strategic investment in Tongcheng Travel, the "Ctrip system" holds nearly 70% of the domestic OTA market [8]. - The association has noted that Ctrip's practices may hinder smaller and innovative platforms from gaining market access, as over 60% of online traffic for certain merchants is captured by Ctrip [6][7]. - Ctrip has made adjustments to its display rules in response to regulatory scrutiny, removing visual distinctions between different merchant categories on its platform [6].

周三，携程网(TCOM.US)盘前大跌逾16%，报63.40美元。消息面上，近日，国家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。携程方面表示，"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。" ...

智通财经APP获悉，周三，携程网(TCOM.US)盘前大跌逾16%，报63.40美元。消息面上，近日，国家市 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。携程方面表示，"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。" ...

1月14日，国家市场监督管理总局通报，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。 对此，携程集团表示，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。 ...

二级市场方面，截至港股收盘，携程集团跌6.49%，报569.5港元/股。 第一财经资讯2026-01-14 17:34:10 1月14日，国家市场监督管理总局网站消息显示，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(以下简称：携程集团)涉嫌滥用市场支配地位实施垄断行为立 案调查。 随后，"携程黑板报"发布公告称，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。 美股方面，携程盘前持续走低，截至发稿，跌超9%。 | G | 携程集团 | | | | --- | --- | --- | --- | | TCOM.O | | | | | 75.680 ■ 234.9万 股本 7.14亿 市盈＂ 12.3 | | | 万得 盘口 | | -3.280 -4.15% 换 0.33% 市值 540亿 市净" | | 2.28 | | | 盘前 68.800 -6.880 -9.09% | | ...