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China’s opens antitrust probe on Trip.com, shares plunge 22%

Trip.com shares plummeted nearly 22 percent in Hong Kong on Thursday following accusations by the State Administration for Market Regulation (SAMR) that the company abused its dominant market position. This represents the worst single-day drop for Asia’s largest online travel provider since its secondary listing in April 2021.

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According to CNBC, SAMR released a statement late Wednesday confirming the inquiry. Trip.com quickly responded, stating, “We will actively cooperate with the investigation,” and added that business operations continue to run as usual.

The probe arrives just as the tourism sector is poised for significant growth. Industry data shows that mainland travelers made 501 million domestic trips during the 2025 Chinese New Year, a 5.9 percent increase year-on-year, with tourism spending reaching 6.77 billion yuan.

This latest regulatory move recalls Beijing’s 2021 crackdown on the technology sector, most notably the record 18.2 billion yuan ($2.8 billion) fine levied against Alibaba for monopolistic practices. Trip.com is a significant target; it has solidified its status as a major global player with stakes in entities such as UK-based Skyscanner and India’s MakeMyTrip.

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Generalist media, focusing on the relationship between Portuguese-speaking countries and China.

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