Trip.com Hit with $770 Million Antitrust Fine by China Amid Summer Travel Peak
Just as Chinese travelers were flocking to hotels and boarding flights for their summer holidays—many booked through Trip.com, China’s largest online travel agency—the company was dealt a severe blow.
China’s State Administration for Market Regulation (SAMR) imposed a massive penalty of 5.18 billion yuan, equivalent to approximately $770 million, on the company, which is dual-listed in the U.S. and Hong Kong. The fine follows a six-month antitrust investigation that concluded the platform had abused its dominant market position.
The penalty, officially announced by the Chinese regulatory authority in late July, was somewhat less severe than many investors had anticipated. Nevertheless, it laid bare the sheer scale of the company’s influence over China's colossal travel sector, having processed global online bookings that exceeded one trillion yuan in 2025.
Over Half of the Hotel Booking Market
Trip.com captured more than half of China’s online hotel booking market in each of the five years leading up to the end of 2025. During this period, SAMR noted that the company's domestic revenues had tripled, according to a report by the Financial Times.
Furthermore, Trip.com’s global revenues—which are primarily driven by the Chinese market—surged by 17% to reach 62.5 billion yuan last year.