JP-TRIP@EC2607A

Ctrip Under Investigation for Suspected Anti-monopoly Law Violations

Capital Group Reduced Holdings in Trip.com Group

Ctrip Group Predicts Earnings Per Share of 4.65 Yuan in 2025 Earnings Report

Citi Issues Positive Report on Trip.com and Tongcheng Tour

Ctrip.com Group Under Investigation For Possible Anti-monopoly Violations

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

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TCOM

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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 Trip.com securities may be eligible for compensation through a class action lawsuit. The investigation follows a significant stock drop after news of an antitrust probe by Chinese regulators. Interested investors can contact the firm for more information on joining the class action.

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20:17 ETTCOM Investor News: Rosen Law Firm Encourages Trip.com Group Limited Investors to Inquire About Securities Class Action Investigation - TCOM

Trip.com Group Ltd is expected to report earnings of CNY4.65 per share and a 16.6% increase in quarterly revenue to CNY14.864 billion for the period ending December 31, 2025. The average analyst rating is "buy," with a median 12-month price target of $87.00, representing a 64.4% increase from the last closing price of $52.93. Previous quarterly performances have consistently beaten estimates, indicating strong financial health.

Reuters

Trip.com Group Ltd expected to post earnings of CNY4.65 a share - Earnings Preview

Trip.com Group is under investigation by China's market regulator for potential antitrust violations, leading to shareholder lawsuits. This scrutiny may impact the company's governance and risk profile, despite a strong demand for digital travel in Asia. The company plans to announce a US$0.30 per share dividend and a US$400 million buyback, indicating financial flexibility. However, the antitrust probe introduces regulatory risks that investors should consider. Fair value estimates for the stock range from US$86.91 to US$124.36, reflecting differing market perspectives amid the ongoing legal challenges.

Simplywall

How Antitrust Probe And Shareholder Lawsuits At Trip.com Group (TCOM) Have Changed Its Investment Story

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Citi maintains a "Buy" rating for Trip.com and TONGCHENGTRAVEL, expecting domestic demand to improve during the Spring Festival holiday. According to data from the Ministry of Transport, the inter-regional flow of people from February 15 to 21 reached 2.08 billion, a year-on-year increase of 9.3%. Passenger volumes for railways, civil aviation, highways, and waterways increased by 9.9%, 7.8%, 9.2%, and 29.5%, respectively. Citi believes that the concentrated demand for returning home before the long holiday and the rebound in passenger volume indicate a positive trend in domestic travel demand. The target price for Trip.com in the US stock market is $82, while the target price for TONGCHENGTRAVEL is HKD 28

AASTOCKS

TONGCHENGTRAVEL

Citigroup maintains "Buy" rating on Trip.com and TONGCHENGTRAVEL, expects domestic demand to improve in the new spring

BABX

KBAB

The Hang Seng Index has recently pulled back, currently at H$26,413, reflecting trends in global indices. This week, key stocks to watch include Trip.com, which is set to release its financial results after a significant drop in stock price, falling 33% from its peak this year and becoming the worst performer on the index. Other notable companies include Alibaba, Baidu, and HSBC.

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Top Hang Seng Index stocks to watch this week: Alibaba, Baidu, Trip, HSBC

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On February 20th, after the Hong Kong stock market opened, the stock prices of the large model companies KNOWLEDGE ATLAS and MINIMAX both surged significantly, reaching new highs since their listing. As of the time of publication, KNOWLEDGE ATLAS's stock price rose by 36% to HKD 691, while MINIMAX's stock price increased by 12% to HKD 957. Both large model companies have surpassed a market capitalization of HKD 300 billion, overtaking the market values of TRIP.COM, Kuaishou, and JD.com, and approaching the market capitalizations of POP MART (HKD 327.3 billion) and Baidu (HKD 350 billion). (First Financial)

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KNOWLEDGE ATLAS

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KNOWLEDGE ATLAS and MINIMAX's market capitalization surpasses HKD 300 billion, exceeding Kuaishou and TRIP.COM

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The upcoming week in Hong Kong will feature several corporate earnings releases. Notable companies include HSBC Holdings PLC, Baidu Inc, Hong Kong Exchanges and Clearing Ltd, Galaxy Entertainment Group Ltd, CLP Holdings Ltd, Sun Hung Kai Properties Ltd, Trip.com Group Ltd, Xinyi Glass Holdings Ltd, and Xinyi Solar Holdings Ltd. Earnings will be released at various times, with some before market opens and others after market close. EPS estimates can be accessed through Workspace.

- The article outlines the upcoming corporate earnings releases for various companies listed in Hong Kong.  
- Key earnings announcements include HSBC, Baidu, Hong Kong Exchanges and Clearing Ltd, and Galaxy Entertainment, scheduled between February 25 and February 27, 2026.  
- The diary specifies that times are indicated as AMC, BMO, DBH, or NTS, and mentions that EPS estimate figures can be accessed through Workspace.

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Galaxy Entertainment Group

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HSBC HOLDINGS

Hong Kong Exchanges and Clearing (HKEX)

HSBC Holdings plc ADRhedged

Hong Kong corporate earnings week ahead

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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%

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NASDAQ Golden Dragon China Index

Daqo Energy

PONY-W

Tencent Music

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TME-SW

Kingsoft Cloud

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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

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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)

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

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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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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

Ctrip

Conference Minutes

The following are the minutes of the FY25Q3 earnings call for $Trip.com(TCOM.US) organized by Dolphin Research. For an interpretation of the earnings report, please refer to &#34;Trip.com: Awaiting the Release of Overseas Profits.&#34; I. Review of Core Financial Information II. Detailed Content of the Earnings Call 2.1 Key Information from Executive Statements 1. Strong Market Demand: The global tourism industry is booming, with travel enthusiasm surging. Travel demand is skyrocketing, primarily driven by the robust vitality of domestic tourism in China and the steady recovery of outbound travel. Travelers are actively exploring new destinations, seeking authentic and in-depth cultural experiences...

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Planet Labs

Reliance

Ameriprise Financial

Cambria Tail Risk

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Expedia

Rise Oil & Gas, Inc.

Ctrip (Minutes): Marketing expenses will continue to rise in the peak season of 4Q

Financial Analysis

After the US stock market closed on November 18, $Trip.com(TCOM.US) announced its financial results for the third quarter of fiscal year 2025. The performance remained stable, with both revenue and profit slightly better than expected. Specifically: 1. Overall performance remained stable: In general, Trip.com Group's net revenue for this quarter was approximately RMB 18.3 billion (excluding business tax), representing a year-on-year increase of 15.4%. The growth rate slightly slowed down compared to the previous quarter but was still slightly higher than the market expectation of 14.5%, indicating stable growth. In terms of profit, the adjusted operating profit, after adding back stock-based compensation, was RMB 6.2 billion, a year-on-year increase of 13%, slightly higher than the company's guidance of RMB 5.8-5.9 billion...

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JD-SW

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Ctrip: Awaiting the Release of Overseas Profits

Trip.com 3Q25 Quick Interpretation: Overall, Trip.com's performance this quarter remains generally stable and better than market expectations. In terms of trends, growth remains steady, but due to relatively high expenses, profit growth still slightly lags behind revenue growth. Specifically: 1. Growth: Total revenue increased by 15.4% year-on-year to 18.34 billion, with a slight deceleration quarter-on-quarter, but still slightly better than expected. In detail, the hotel business, which accounts for the largest proportion, saw a quarter-on-quarter slowdown of about 3 percentage points, partially offset by a slight acceleration in the ticketing business. More meaningful sub-segment growth details need to be observed in the conference call discussions. 2. Gross Profit: Mainly due to the higher proportion of overseas business, which has a lower gross margin, the overall gross margin this quarter still contracted by about 0.7 percentage points year-on-year, resulting in a 14.5% year-on-year increase in gross profit, slightly lower than the revenue growth rate, but still better than Bloomberg's consensus expectations. 3. Expenses and Profit: Similarly, mainly due to the investment in overseas business, expenses this quarter also maintained relatively high growth (+16.7% yoy), exceeding the growth rates of revenue and gross profit. The main driver was a nearly 24% increase in marketing expenses. As a result, with a slight narrowing of the gross margin and expansion of expenses, adjusted operating profit grew by 13% year-on-year this quarter, still in a period of profit margin contraction. However, the trend shows that the extent of profit margin contraction has narrowed compared to the previous two quarters and is better than the company's previous guidance. $Trip.com(TCOM.US) $TRIP.COM-S(09961.HK)

The following are the minutes of the FY25 Q2 earnings call for $Trip.com(TCOM.US). For an interpretation of the earnings report, please refer to &#34;Unafraid of JD.com's Entry, Ctrip Remains a Top Performer.&#34; 1. Review of Key Financial Information: Capital Expenditure: The company is committed to continuous investment in innovation, particularly in technology fields such as artificial intelligence (AI), and provides digital tools and marketing support for small and medium-sized enterprises. A $100 million tourism innovation fund has been launched to support business innovation. Sales and marketing expenses have increased, primarily to support international business expansion plans...

Trip (Minutes): Announced a $5 billion open-ended buyback plan

On August 28th, after the U.S. stock market closed, $Trip.com(TCOM.US) released its financial report for the second quarter of fiscal year 2025. This quarter again demonstrated a solid and stable performance, with revenue maintaining a stable high growth rate, slightly exceeding expectations, and profit performance being even more impressive. Specifically: 1. In terms of large numbers, Trip.com Group achieved a net revenue of 14.8 billion yuan (excluding business tax) this quarter, representing a year-on-year increase of 16%. The quarter-on-quarter growth rate did not slow down compared to the previous quarter and was slightly above market expectations. In terms of profit, the adjusted operating profit, after adding back stock-based compensation, was 4.67 billion yuan, a year-on-year increase of 10.4%...

Unfazed by JD.com's entry to disrupt the market, Trip.com remains an excellent performer.

Trip.com 2Q25 Quick Interpretation: Trip.com delivered another solid and stable performance this quarter. Overall revenue maintained a stable high growth rate, slightly exceeding expectations, while actual expenses were lower than expected, resulting in a more impressive profit performance.1. Total revenue increased by 16.2% year-on-year, consistent with the previous quarter, with no deceleration. Hotel and advertising revenues maintained high growth, and ticketing revenue also rebounded from the bottom.2. Gross margin met expectations, rebounding to 81% quarter-on-quarter, but still narrowing by 0.9 percentage points year-on-year (due to the structurally higher proportion of lower-margin overseas business). Gross profit increased by 15% year-on-year, also slightly exceeding expectations.3. While growth performance was slightly better than expected, actual marketing expenses accounted for 22.4% of revenue this quarter, lower than the company's guidance of 24%. Meanwhile, administrative expenses only increased by 1.9% year-on-year (benefiting from a reduction in SBC).Excellent expense control resulted in adjusted operating profit reaching 4.67 billion, a year-on-year increase of 10%.The issue of profit growth significantly lagging behind revenue growth due to significant expansion in expenses in the previous two quarters showed a marked improvement this quarter (although it still lagged behind revenue growth). $Trip.com(TCOM.US)$TRIP.COM-S(09961.HK)

JP-TRIP@EC2607A(24495.HK)

20:17 ETTCOM Investor News: Rosen Law Firm Encourages Trip.com Group Limited Investors to Inquire About Securities Class Action Investigation - TCOM

Trip.com Group Ltd expected to post earnings of CNY4.65 a share - Earnings Preview

How Antitrust Probe And Shareholder Lawsuits At Trip.com Group (TCOM) Have Changed Its Investment Story

Citigroup maintains "Buy" rating on Trip.com and TONGCHENGTRAVEL, expects domestic demand to improve in the new spring

Top Hang Seng Index stocks to watch this week: Alibaba, Baidu, Trip, HSBC