Citigroup: The antitrust investigation into Trip.com may have a short-term impact on sentiment, but it is unlikely to change the company's industry position

China has stated that it is investigating Ctrip Group Co., Ltd. for suspected monopolistic behavior. Citigroup noted that the investigation may affect market sentiment towards the company before it concludes, but it is unlikely to change Ctrip's industry position. Although specific details have not yet been disclosed, it is suspected that this may be related to previous investigations by local market supervision administrations regarding Ctrip's intervention in the pricing of certain hotel suppliers. According to the bank's estimates of Ctrip's domestic and overseas revenue for 2025, if Ctrip is found to be in violation of the law, the fine could range from 1% to 10% of last year's revenue, potentially facing fines of approximately RMB 490 million to RMB 4.9 billion