JP-TRIP@EC2603B

Spring Festival Passenger Flow Growth, Citibank Maintains Buy Ratings for Ctrip and Tongcheng

TRIP.COM-S to Release FY2025 Q4 Earnings on February 26, 2026 Pre-Market (BJT), Forecast Revenue HKD 16.82 B, EPS HKD 4.5628

Financial Regulatory Bureau et al. Urge Six Travel Platforms to Standardize Lending Practices

Ctrip and Gaode Taxi Investigated and Interviewed by Regulators

Capital Group Reduces Position in Ctrip by HKD 1.494 Billion

Citibank Maintains Buy Rating on Ctrip and Tongcheng, Sees Limited AI Impact on Tourism in the Near Term

Ctrip Predicts Significant Increase in Travel Bookings During the 2026 Spring Festival

Ctrip Aims to Expand Influence in Asia-Pacific

BOA Securities Forecasts Q4 Earnings for Ctrip and Adjusts Target Price

Analysts Raise Trip.com Group's Target Price to $90

Chinese authorities launch anti-monopoly investigation into Ctrip

Ctrip's Aggressive Discount Strategy Leads to Hotel Price Decline and Anti-Monopoly Investigation in China

SAMR Investigates Ctrip for Suspected Monopoly Behavior

Ctrip Under Chinese Government Antitrust Investigation

Morningstar Maintains Trip.com's Fair Value, Analyzes Risks and Advantages

Hong Kong stocks showed a volatile trend this morning

Ctrip's Price Differentiation for Flights and Hotels Sparks User Complaints

SAMR launches anti-monopoly investigation into Ctrip

UBS Report Sees Steady Growth in Ctrip's Business Lines in 2026

Ctrip Announces Entry into the Global High-End Tourism Market

STARCOIN GROUP

IDT INT'L

GUANZE MEDICAL

BOER POWER

AE LOGISTICS

SUNWAH KINGSWAY

WINTO GROUP

CU VENTURE INV

WISDOMCOME GP

SUPER STRONG

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FLYU

JETS

AWAY

TCOM

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Citi released a report stating that passenger volume during the first 17 days of the Spring Festival travel season increased by 4% year-on-year, with railways, civil aviation, highways, and waterways growing by 2.8%, 5.2%, 4%, and 18.4%, respectively. The first four days before the Spring Festival holiday showed strong performance, with an overall growth of 6.8%. Citi maintains a "Buy" rating for Trip.com and TONGCHENGTRAVEL, with target prices of $82 and HKD 28, respectively. Trip.com will announce its earnings on February 25

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TRIP.COM-S

MicroSectors™ Travel 3X Leveraged ETNs

Us Global Jets

ETFMG Travel Tech ETF

Trip.com

TONGCHENGTRAVEL

Citi: Passenger volume during the first 17 days of the Spring Festival travel season increased by 4% year-on-year, maintaining a "Buy" rating on Trip.com

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688303

The NASDAQ Golden Dragon China Index initially closed down 0.1%. Among popular Chinese concept stocks, Tencent Music initially closed down 3.2%, Daqo Energy fell 2.6%, Kingsoft Cloud and PONY-W both fell over 2%, GDS dropped 1.9%, while Huazhu rose 2.9% and Trip.com increased by 3%

Wallstreetcn

NASDAQ Golden Dragon China Index

Daqo Energy

PONY-W

Tencent Music

GDS-SW

TME-SW

Kingsoft Cloud

iShares MSCI China

Roundhill China Dragons ETF

Invesco Golden Dragon China

The National Financial Regulatory Administration recently interviewed six travel platforms, including Trip.com and Amap, requiring them to standardize their marketing practices for lending services with financial institutions, prohibit misleading advertising, clearly disclose loan information, and improve service quality to protect consumer rights

The Monetary Authority of Macao summoned six travel platforms including Trip.com and Amap, requiring them to standardize their marketing practices

During the Spring Festival period, more and more families are choosing to "celebrate the New Year in reverse," that is, bringing their parents to big cities for the New Year instead of returning to their hometowns. Data from online travel platforms shows that during the Spring Festival holiday in 2026, the number of flight bookings to cities such as Beijing, Shanghai, Chengdu, and Guangzhou has significantly increased, especially the number of travelers aged 60 and above, which has grown by 1.6 times compared to the same period in 2025

AIR CHINA

CHINA EAST AIR

Air China

CHINA SOUTH AIR

Air ticket bookings have doubled, and "reverse New Year" has become a new choice for family reunions during the Spring Festival

The Financial Regulatory Administration and the Market Supervision Administration conducted interviews with six travel platforms, including TONGCHENGTRAVEL, Amap, Fliggy, Ctrip, Airline Travel Alliance, and Qunar, pointing out issues in their lending businesses. They require companies to standardize marketing practices, avoid misleading promotions, clearly disclose loan information, remind consumers to borrow rationally, improve customer complaint handling, enhance service quality, and protect consumer rights

Stheadline

The China Banking and Insurance Regulatory Commission interviewed six travel platforms including Trip.com and Gaode regarding issues in their lending businesses

The Financial Regulatory Administration, in conjunction with the State Administration for Market Regulation and the People's Bank of China, held discussions with six travel platform companies (TONGCHENGTRAVEL, Amap, Ctrip, Fliggy, TravelSky, and Qunar) to require them to standardize the marketing practices of their lending businesses, prohibit misleading advertising, clearly disclose loan information, remind consumers to borrow rationally, improve customer complaint handling, enhance service quality, and protect consumer rights

- The financial regulatory authorities conducted discussions with six travel platform companies regarding their collaboration with financial institutions for loan services.  
- They emphasized the need for these companies to standardize marketing practices, avoid misleading promotions, and ensure clear disclosure of loan information to borrowers.  
- Additionally, the companies are urged to improve customer service and effectively handle consumer disputes to protect consumer rights.

The Financial Regulatory Administration, in conjunction with the State Administration for Market Regulation and the People's Bank of China, interviewed six travel platform companies

HTGD

Rosen Law Firm is investigating potential securities claims for shareholders of Trip.com Group Limited (NASDAQ: TCOM) due to allegations of misleading business information. Investors who purchased TCOM securities may be eligible for compensation through a class action lawsuit. Following a report of an antitrust probe by Chinese regulators, TCOM's stock fell 17% on January 14, 2026. Interested investors can contact the firm for more information on joining the class action.

MorningStar

Trip.com HK SDR 50to1

TCOM Investor News: Rosen Law Firm Encourages Trip.com Group Limited Investors to Inquire About Securities Class Action Investigation - TCOM

09888

The NASDAQ Golden Dragon China Index initially closed down 2.9%. Among popular Chinese concept stocks, Tencent Music initially closed down 10%, Trip.com fell 6%, KE dropped 5.8%, Bilibili, Baidu, CSI Solar, and YUM China fell over 4%, Alibaba dropped 3.4%, Atour rose 1.2%, and Century Internet rose 3.7%

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Global X E-commerce ETF

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Guotai MSCI China A ESG General ETF

YUM China

Baidu

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YUM CHINA

BEKE-W

CSI Solar

Alibaba

KraneShares 2x Long BABA Daily ETF

Yinhua MSCI China A ETF

BABA-W

Bilibili

Direxion FTSE China Bull 3X

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KNOWLEDGE ATLAS(02513) rose 28.68%, with a trading turnover 2.6 Billion HKD, and a year-to-date rose 246%. GIGADEVICE(03986) rose 20.95%, with a trading turnover 1.1 Billion HKD, and a year-to-date rose 121%. BUD APAC(01876) fell 5.21%, with a trading turnover 245.6 Million HKD, and a year-to-date rose 3.2%. LENOVO GROUP(00992) fell 4.56%, with a trading turnover 2.3 Billion HKD, and a year-to-date fell 2.8%.

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TRIP

Trip.com Group and Tripadvisor China co-host the 2026 Global Influencers' China Travel Campaign, celebrating Chinese New Year. The initiative invites global influencers to explore seven cities—Wuhan, Changsha, Sanya, Changzhi, Huangshan, Zigong, and Yibin—showcasing festive scenery, traditions, and flavors. Launched on January 23 in Zigong, the campaign promotes cultural exchange through social media challenges, encouraging participants to capture the essence of the holiday. Each city offers unique experiences, from historical sites to culinary delights, inviting the world to join in the celebration of this cherished festival.

Newsfile Corp.

Tripadvisor

Global Influencers Unite in the Spirit of the Chinese New Year, Co-hosted by Trip.com Group and Tripadvisor China

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The Hong Kong stock market was under pressure in the morning session, with the Hang Seng Index down 242 points, closing at 27,023 points. The National Index fell by 89 points, and the Hang Seng Tech Index dropped by 92 points. Technology stocks generally declined, with Trip.com, Meituan, and NetEase experiencing significant losses. SenseTime rose 5.2% against the trend. Market expectations for a Federal Reserve rate cut have cooled, leading to a slight decline of 66 points in the Dow Jones Industrial Average

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Meituan

WuXi AppTec

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"Hong Kong Stocks" Hang Seng Index fell 242 points in the half-day, with technology investment stocks leading the decline, while domestic property and WuXi AppTec stocks performed well

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The Beijing Municipal Administration for Market Regulation has conducted interviews with 12 major online ticket platforms, including Ctrip and JD.com, to address irregularities in online train ticket sales. Regulators have mandated these platforms to stop misleading promotions and ensure clear pricing, while also cracking down on illegal practices like fraudulent ticket grabbing to protect consumer rights.

- The Beijing Municipal Administration for Market Regulation held interviews with 12 major online ticket-selling platforms to discuss irregularities in online train ticket sales.  
- Regulators mandated the prohibition of misleading promotions and the removal of products suspected of false advertising, while emphasizing price transparency.  
- Authorities plan to enhance enforcement against illegal practices and promote standardization to protect consumers' rights in the ticketing industry.

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China tightens oversight of online ticket platforms, targets paid priority purchase claims

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JP Morgan released a report reiterating the bullish trade on Chinese consumption during the Lunar New Year period, expecting the Chinese yuan to appreciate by 1.1% against the US dollar by 2026. The report listed a recommended list of Chinese consumption concept stocks ahead of the Lunar New Year, including Tencent, LAOPU GOLD, MGM CHINA, TAL Education, TRIP.COM, HAI TIAN, Moutai, MENGNIU DAIRY, and WLY, all rated as overweight with varying target prices

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TENCENT

JP Morgan lists recommended Chinese consumer concept stocks for the Lunar New Year (Table)

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Total asset size ranks among the top 50% of account holders
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Taking the chance to accumulate a good counter on weakness. Looking to scale in further.$Trip.com HK SDR 50to1(HTGD.SG)

TRIP ADR US+

Expensive counter to trade. Wait for it to drop more 😁

2026 Resolution-Trade like professional . Do not FOMO. Keep more cash.

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$Trip.com(TCOM.US) $TRIP.COM-S(09961.HK) Here's what happened: Trip.com is under investigation by China's State Administration for Market Regulation over potential monopoly practices. The company has stated that it will cooperate fully with regulators, comply with all requirements, and maintain normal business operations. In terms of market share, the Trip.com Group (including Qunar) holds close to 70% of the GMV in China’s online travel market, with its main platform alone accounting for 56%. Competitors such as Tongcheng, Meituan, Fliggy, and Douyin hold market shares of 15%, 13%, 8%, and 3%, respectively. It is important to note that while holding a dominant market position is not illegal, abusing such a position violates antitrust regulations. Industry-wide scrutiny is intensifying: tourism and homestay associations in regions like Yunnan and Huangshan have launched anti-monopoly initiatives, and authorities have summoned multiple online travel platforms—including Trip.com—for discussions. Market sentiment may remain cautious as the situation evolves. However, the most significant regulatory risks appear to have been largely factored into current valuations.

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Alibaba HK SDR 5to1

Today’s Key News Recap

0114 | Dolphin Research Focus: 🐬 Macro/Industry 1) The China Chamber of Commerce to the EU said talks on the EU's anti-subsidy probe into Chinese EVs have made solid progress, with the EU set to replace countervailing duties with price undertakings. Eligible Chinese auto exporters can apply for assessment to obtain tariff exemptions, and the framework follows WTO rules and the non-discrimination principle, giving exporters clearer visibility for shipments to Europe. This helps defuse the China‑EU auto trade dispute, benefits major exporters such as BYD and SAIC, and supports value‑chain and supply‑chain stability.2) With CSRC approval, the Shanghai, Shenzhen and Beijing exchanges issued a notice to adjust the margin requirement for margin financing. The notice adjusts the margin requirement ratio...

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Alphabet

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SAIC Motor

Roblox

BYD HK SDR 10to1

US 'easing' on H200 chips hits a wall; TCOM tumbles late on antitrust probe | Daily News Recap

1118 | Dolphin Research Focus: 🐬 Macro 1. Today, both Hong Kong and A-shares collectively declined as the market's expectation for a December rate cut by the Federal Reserve continued to decrease. According to CME's &#34;FedWatch&#34;, the probability of a 25 basis point rate cut by the Federal Reserve in December has dropped to 42.9%, previously exceeding 70%. Federal Reserve Governor Waller also stated that if the job market rebounds, the necessity for an insurance rate cut will diminish. Additionally, the sell-off pressure on tech stocks and the Japanese bond market faced a sell-off wave due to concerns that the Kishida government will implement a large-scale fiscal expansion plan. Under multiple factors, global markets collectively declined...

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Global Markets Hit by 'Cold Wave'; Google AI Advances in Travel Services Track | Today's Important News Recap

JP-TRIP@EC2603B(22260.HK)

Citi: Passenger volume during the first 17 days of the Spring Festival travel season increased by 4% year-on-year, maintaining a "Buy" rating on Trip.com

The NASDAQ Golden Dragon China Index initially closed down 0.1%. Among popular Chinese concept stocks, Tencent Music initially closed down 3.2%, Daqo Energy fell 2.6%, Kingsoft Cloud and PONY-W both fell over 2%, GDS dropped 1.9%, while Huazhu rose 2.9% and Trip.com increased by 3%

The Monetary Authority of Macao summoned six travel platforms including Trip.com and Amap, requiring them to standardize their marketing practices

Air ticket bookings have doubled, and "reverse New Year" has become a new choice for family reunions during the Spring Festival

The China Banking and Insurance Regulatory Commission interviewed six travel platforms including Trip.com and Gaode regarding issues in their lending businesses