Group 1 - The core point of the article is the resignation of key executives at Ctrip, including President Fan Min and Director Ji Qi, amid an ongoing antitrust investigation by the State Administration for Market Regulation [1][2] - Fan Min has been with Ctrip since its inception in 1999, serving in various leadership roles, including Executive Vice President and Chief Operating Officer, and has been the President since 2013 [1] - Ji Qi, a co-founder of Ctrip, has held multiple positions, including CEO and Independent Director, and has been the Executive Chairman of the Board since August 2009 [1] Group 2 - Ctrip is currently under investigation for alleged monopolistic behavior, as announced by the State Administration for Market Regulation on January 14 [1] - The latest financial report indicates that Ctrip's net profit for the year 2025 is projected to be 33.294 billion yuan, a significant increase of approximately 95% compared to 17.067 billion yuan in 2024 [2]

据上海交通大学（简称"上海交大"）微信公众号消息，当日上午，上海交大建校130周年之际，"全季人文发展基金"捐赠签约暨季琦校董聘任仪式在该校 闵行校区文博楼会议中心举行。上海交大党委书记杨振斌，校长、中国科学院院士丁奎岭，党委副书记胡薇薇，党委常委、副校长管海兵，校务委员会专 职副主任张安胜，党委常委、宣传部部长于朝阳，校长助理、党政办主任杨明以及相关职能部门和院系负责人出席仪式。 图源：上海交通大学微信公众号 2月26日，华住集团创始人季琦向其母校上海交通大学捐资1亿元人民币，设立"全季人文发展基金"，支持学校各项事业发展。 图源：上海交通大学微信公众号 上证报记者从华住集团获悉，该基金将重点支持学校人文领域的系列活动与项目，为百年校园厚植人文底蕴，给更多具备科技硬核底色的交大学子注入温 暖的人文情怀，在科技与人文的交融中获得全面成长。 "在交大求学的七年是我人生中最重要的一段经历。交大给我的不仅是专业知识，还有人文素养的训练，以及一帮志同道合的挚友们。"季琦在致辞时回忆 起求学岁月。他是上海交大工程力学系1989届本科校友、机械工程系1992届硕士校友。 谈到人工智能呼啸而来的时代，季琦说："在AI时代， ...

Financial Performance - In Q4 2025, Ctrip Group reported a net operating revenue of 15.4 billion yuan, a year-on-year increase of 21%, driven by resilient travel demand, with a net profit of 4.3 billion yuan. However, there was a quarter-on-quarter decline of 16% due to seasonal factors [1]. - For the full year 2025, Ctrip Group's net operating revenue reached 62.4 billion yuan, up 17% year-on-year, with a net profit of 33.4 billion yuan, compared to 17.2 billion yuan in 2024. The increase was primarily attributed to investment gains of 19.9 billion yuan (2.8 billion USD) included in other income/expenses, compared to 1.1 billion yuan in 2024 [1]. Board Changes - Ctrip announced significant board changes effective February 25, 2026, with Fan Min resigning as a director and president, and Qi Ji resigning as a director. Wu Yihong and Xiao Yang were appointed as new independent directors [3][4]. - Fan Min co-founded Ctrip in 1999 and has held various executive roles, including COO and president since 2013. Qi Ji is a co-founder and has served as CEO and independent director [4]. Stock Performance - As of 15:47, Ctrip's Hong Kong stock fell over 3%, trading at 401.2 HKD per share, with a market capitalization of 286.3 billion HKD, reflecting a cumulative decline of over 27% year-to-date. In contrast, its US stock rose over 1% in pre-market trading [6].

公开资料显示，范敏1999年参与创建携程网并任执行副总裁，2000年起担任执行副总裁、首席运营官， 2013年任携程董事会副主席兼总裁。 转自：长安街知事 2月26日，携程集团公告2025年第四季度及全年未经审计的财务业绩，同时公布公司董事会变动情况。 携程公告显示，范敏已辞任公司董事兼总裁职务，季琦已辞任公司董事职务。同时，公司宣布任命吴亦 泓及萧杨为新任独立董事。 此外，携程在公告中表示，2026年1月收到国家市场监管总局的调查通知，获悉其根据《中华人民共和 国反垄断法》启动调查。目前调查仍在进行中，公司正全力配合国家市场监管总局。公司将继续就合规 事宜与监管部门保持积极沟通。公司目前无法预计调查的状态和结果，并会在调查结束后提供进一步更 新。公司的业务运营维持正常。 今年1月14日，国家市场监督管理总局网站通报称，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。 携程随后表示，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。 季琦是携程旅行网的联合创始人，曾 ...

Core Viewpoint - Ctrip Group announced a series of board changes effective from February 25, 2026, including the resignation of key executives and the appointment of new independent directors [1][5]. Group 1: Executive Changes - Fan Min has resigned from the position of director and president of the company [2][6]. - Ji Qi has also resigned from the position of director [2][6]. - The company has appointed Wu Yihong and Xiao Yang as new independent directors [3][7]. Group 2: Background of Key Figures - Ctrip was co-founded in 1999 by Liang Jianzhang, Shen Nanpeng, Fan Min, and Ji Qi, with Ji Qi playing a crucial role in team building and business model exploration during the early stages [4][8]. - Ji Qi graduated from Shanghai Jiao Tong University with a bachelor's degree in engineering mechanics and a master's degree in mechanical engineering, later leaving Ctrip in 2002 to pursue new entrepreneurial projects [4][8]. - Fan Min holds a master's degree in management from Shanghai Jiao Tong University and has held various senior positions at Ctrip from 2000 to 2013, including CEO [4][8].

Core Viewpoint - The article discusses the ongoing investigation into Ctrip Group for alleged monopolistic practices, including raising commission rates and imposing unfair trading conditions on small businesses in the tourism sector [2][5][11]. Group 1: Allegations Against Ctrip - Ctrip has been accused of abusing its market dominance, with complaints from members of the Yunnan Province Tourism Homestay Industry Association about rising commission rates from 8%-10% to 12%-18% [2][5]. - The association reported that some homestays face total costs, including hidden promotional fees, reaching nearly 40%, leading to a dilemma of either cooperating with Ctrip and incurring losses or not cooperating and having no customers [2][5]. - Legal experts suggest that if Ctrip is found guilty, it may have to change its entire profit model, which could significantly impact its operations [3][11]. Group 2: Impact on Small Businesses - Small businesses, such as homestays, heavily rely on Ctrip for customer orders, with some reporting that over 90% of their bookings come from the platform [4][5]. - Business owners have described the pressure to comply with Ctrip's demands, including paying for advertising and participating in promotional schemes to maintain visibility on the platform [4][7]. - The hidden costs associated with Ctrip's services can lead to a situation where businesses are left with minimal profit margins, as evidenced by specific examples where platforms take significant cuts from the total booking fees [8][9]. Group 3: Market Position and Financials - Ctrip holds a dominant market share in the domestic tourism sector, with a reported 56% of the total transaction volume in 2024 [6]. - The company's operational profit for Q3 2025 was reported at 5.574 billion yuan, with a profit margin of 30%, although some profits were attributed to the disposal of certain investments [6][10]. - Ctrip's financial dealings extend beyond its platform, as it also collects substantial commissions from hotel groups, indicating a broader influence in the tourism industry [6][10]. Group 4: Regulatory and Legal Considerations - The investigation into Ctrip is based on the Anti-Monopoly Law, which could lead to penalties including fines and the requirement to cease illegal practices [10][11]. - Experts highlight that the focus should not only be on potential fines but also on how Ctrip may need to alter its business practices to comply with legal standards [10][11]. - The allegations against Ctrip include unfair pricing practices and imposing unreasonable trading conditions on small merchants, which could lead to significant changes in the online travel agency landscape [11].

Core Viewpoint - The article discusses the increasing complaints against Ctrip for monopolistic practices in the online travel platform industry, highlighting the rising commission rates and the financial strain on small accommodation providers [1][3][4]. Group 1: Ctrip's Market Practices - Ctrip has raised its commission rates from 8%-10% to 12%-18%, leading to a situation where the total costs for some accommodations, including hidden fees, can reach up to 40% [1][7]. - The National Market Supervision Administration has initiated an investigation into Ctrip for suspected monopolistic behavior, which may require the company to alter its current profit model [2][12]. - Ctrip's practices include "choose one from two" policies and unreasonable restrictions on pricing, which have been previously flagged by market supervision authorities [2][5]. Group 2: Impact on Small Accommodation Providers - Small accommodation providers, like the one operated by Chen Lei, report that over 90% of their bookings come from Ctrip, creating a dependency that forces them to comply with the platform's demands [3][4]. - Providers often face pressure to pay for promotional services to improve their visibility on the platform, with some reporting that up to 25% of their annual revenue goes to Ctrip in commissions [4][9]. - The lack of formal contracts for "special badge" merchants leads to a de facto "choose one from two" situation, where merchants must choose between Ctrip and other platforms to maintain their status [5][11]. Group 3: Financial Performance and Market Position - Ctrip holds a significant market share in the domestic travel industry, with a reported 56% of the total transaction volume in 2024 [8]. - In Q3 2025, Ctrip reported an operating profit of 5.574 billion yuan, with an operating profit margin of 30%, although some profits were attributed to the disposal of certain investments [8][12]. - The company is also involved in the hotel sector, holding a 7.2% stake in Huazhu Group, which pays substantial commissions to Ctrip for booking services [8]. Group 4: Legal and Regulatory Implications - Legal experts suggest that Ctrip may face significant penalties under the Anti-Monopoly Law, with potential fines ranging from 5.33 billion to over 65 billion yuan based on its revenue [11][12]. - The focus of the investigation may lead to changes in Ctrip's operational practices, particularly regarding its commission structure and treatment of small merchants [12][13]. - The article emphasizes the importance of monitoring how Ctrip will adapt its business model in response to regulatory scrutiny, rather than solely focusing on potential fines [12][13].

Core Viewpoint - The State Administration for Market Regulation (SAMR) has initiated an antitrust investigation into Ctrip Group for allegedly abusing its dominant market position, marking a significant regulatory action in the online travel agency sector [1][2][6]. Group 1: Antitrust Investigation - Ctrip has confirmed that SAMR has entered its headquarters for an antitrust investigation, which is seen as a response to ongoing media reports about its pricing practices [2][4]. - The investigation aligns with SAMR's broader initiative to strengthen antitrust enforcement and combat "involutionary competition" in 2026 [2][4][5]. - This marks the first formal antitrust investigation against a major platform company since previous cases involving Alibaba and Meituan, indicating a sustained focus on the platform economy [6][12]. Group 2: Allegations Against Ctrip - Allegations against Ctrip include the use of a "pricing assistant" tool that allegedly undermines hotel operators' autonomy in setting prices, leading to complaints from numerous merchants [7][10]. - Ctrip is also accused of imposing "choose one from two" clauses, pressuring merchants to avoid listing on competing platforms while maintaining high commission rates [7][10]. - The complaints against Ctrip have surged, with over 160,000 complaints recorded on consumer platforms, highlighting widespread dissatisfaction with its practices [7][10]. Group 3: Market Context and Impact - Despite the complaints and regulatory scrutiny, Ctrip has reported strong financial performance, with a net profit of 17.2 billion yuan in 2024, a 72% increase year-on-year [10][11]. - In contrast, the broader hotel industry is facing significant challenges, with major hotel chains reporting declines in revenue per available room [10][11]. - Ctrip's gross profit margin exceeds 80%, raising concerns about its market dominance and the sustainability of its competitive practices [11][12]. Group 4: Regulatory Framework - The new Anti-Unfair Competition Law, effective in 2025, will regulate practices such as forced low-cost sales and data manipulation, providing a legal framework for the ongoing investigation [4][5]. - Previous regulatory actions against Ctrip in other jurisdictions, such as Hong Kong and South Korea, have set precedents for addressing similar competitive behaviors [12]. - The potential outcomes of the investigation could lead to significant penalties for Ctrip, including fines based on its annual sales [11][12].

Core Viewpoint - The Chinese market regulator has initiated an investigation into Ctrip Group for alleged monopolistic practices, leading to a significant drop in its stock prices [1][2]. Group 1: Investigation and Regulatory Actions - The State Administration for Market Regulation (SAMR) has formally opened an investigation into Ctrip Group for suspected abuse of market dominance under the Anti-Monopoly Law of the People's Republic of China [1]. - Ctrip has stated it will cooperate with the investigation and continue to operate its business normally while providing quality services to users and partners [2]. - Local government departments have previously conducted discussions with Ctrip regarding potential issues such as "choose one from two" practices and price manipulation [3]. Group 2: Allegations and Market Impact - The Yunnan Provincial Tourism Homestay Industry Association has reported complaints from members about Ctrip's practices, including unfair commission increases and unfair trading conditions that harm merchants' rights [2]. - Ctrip holds a 56% market share in gross merchandise volume (GMV) for 2024, indicating a dominant position in the industry, alongside its controlling stake in Tongcheng Travel, which has a 15% share [4]. - Allegations include the use of hidden barriers through a tiered merchant system that imposes unreasonable conditions on hotel partners, leading to significant operational challenges for smaller businesses [3][4].

Core Viewpoint - The State Administration for Market Regulation has initiated an investigation into Ctrip Group for suspected monopolistic behavior, following complaints from the Yunnan Provincial Tourism Homestay Industry Association regarding unfair competition practices [2][3]. Group 1: Investigation and Response - The investigation is based on allegations of Ctrip abusing its market dominance, including practices such as "choose one from two" clauses, arbitrary commission increases, and unfair trading conditions [3][4]. - Ctrip has stated it will cooperate with the regulatory authorities and continue to provide quality services to users and partners [2]. Group 2: Complaints and Evidence Collection - The Yunnan Homestay Association has received multiple complaints from its members about Ctrip's practices, which they believe harm the rights of homestay operators and disrupt fair market competition [3][4]. - The association has decided to collect evidence of unfair competition and monopolistic behavior from its members, including contract terms and communication records [4]. Group 3: Broader Industry Context - The association's president indicated that similar issues exist across the OTA industry, particularly among leading platforms, and that the investigation will encompass all relevant OTA platforms [6]. - Previous regulatory actions have been taken against Ctrip and other platforms for similar issues, including price manipulation and contract violations [6]. Group 4: Market Impact - Following the announcement of the investigation, Ctrip's stock price fell by 6.49%, closing at 569.5 HKD per share [7].