Trip.com shares plunge as China opens antitrust probe

Hong Kong‑listed shares of Trip.com Group, one of Asia’s largest online travel agencies, plunged sharply on Thursday after Chinese regulators opened an antitrust investigation, rattling investor sentiment and raising potential risk considerations for travel insurers.

The State Administration for Market Regulation (SAMR) said on 14 January it had launched a formal probe into Trip.com for suspected abuse of its dominant market position under China’s Anti‑Monopoly Law, following preliminary reviews. Trip.com, which also operates Ctrip, Qunar and Skyscanner and is listed in Hong Kong and on the Nasdaq, said it was “actively cooperating… and would fully implement regulatory requirements.”

In early Hong Kong trade, the company’s shares tumbled as much as 21.7% to HK$446 (US$57), the lowest since June 2025, before trimming losses to around 18%. 

Analysts warn the probe could weigh on sentiment while underway, though it may not alter Trip.com’s long‑term industry standing. Under China’s law, firms found guilty of anti-monopoly infringements could face fines of 1–10% of prior‑year revenues, potentially up to ¥4.9 billion (US$700 million) for Trip.com based on 2025 estimates, according to Reuters.

For travel insurers, the investigation underscores regulatory risk in online travel agency distribution channels that could affect booking platforms’ pricing, network stability, and ancillary services, especially around peak seasons such as Lunar New Year when demand spikes sharply.

Angel Wang, Head of Distribution at AXA Global Healthcare China, recently spoke to ITIJ about how China’s medical insurance sector was adapting to meet growing healthcare expectations.