GJ-TRIP@EC2608A

UNI HEALTH

QUANTGROUP

NANFANG COMM

KINTOR PHARMA-B

ILUVATAR COREX

ZIJING INTL FIN

PUTIAN COMM

AE LOGISTICS

JST GROUP

XL2CSOPHYNIX

AWAY

TCOM

FLYU

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. Following a report of an antitrust investigation by Chinese regulators, Trip.com shares fell 17%. The firm, known for its success in securities class actions, encourages investors to seek qualified legal counsel.

prnewswire

ETFMG Travel Tech ETF

Trip.com

MicroSectors™ Travel 3X Leveraged ETNs

19:40 ETRosen Law Firm Encourages Trip.com Group Limited Investors to Inquire About Securities Class Action Investigation - TCOM

09868

01810

BABA

09618

02618

09961

03690

BABX

The NASDAQ Golden Dragon China Index preliminarily rose by 0.7%, with a cumulative decline of about 4.2% this week. Among popular Chinese concept stocks, GDS rose by 7.5%, JD rose by 6.1%, XPeng, Trip.com, NetEase, and Kingsoft Cloud rose by up to 5.9%, Xiaomi rose by 3%, Meituan and Tencent rose by over 2%, and Alibaba rose by 0.4%. Canadian Solar fell by 3.7%, and Pony.ai fell by 8.5%. In terms of ETFs, KWEB rose by 1.3%, and CQQQ rose by 0.1%

Wallstreetcn

XPENG-W

XIAOMI-W

Alibaba

NASDAQ Golden Dragon China Index

JD-SW

TENCENT

JD LOGISTICS

TRIP.COM-S

GDS-SW

XPeng

MEITUAN

Tencent

KINGSOFT CLOUD

KraneShares 2x Long BABA Daily ETF

BABA 2x Long Daily ETF - GraniteShares

KraneShares 2x Long JD Daily ETF

Invesco China Tech

NTES-S

00175

01801

02714

06869

01913

02600

03993

01378

JD-SW(09618) rose 9.95%, with a trading turnover 5.1 Billion HKD, and a year-to-date fell 4.5%. GEELY AUTO(00175) rose 7.92%, with a trading turnover 1.2 Billion HKD, and a year-to-date fell 8.6%. YOFC(06869) fell 7.79%, with a trading turnover 3.9 Billion HKD, and a year-to-date rose 167.9%. PRADA(01913) fell 5.76%, with a trading turnover 206.3 Million HKD, and a year-to-date fell 9.2%.

- The Hang Seng Index increased by 1.72%, with a year-to-date gain of 0.5%, while the Hang Seng Tech Index rose by 3.15%, but has declined by 10.3% this year.  
- JD.com saw a notable increase of 9.95% with a trading volume of 5.06 billion HKD, yet it remains down 4.5% year-to-date, while Geely Automobile rose by 7.92% with a trading volume of 1.21 billion HKD, down 8.6% in 2026.  
- In contrast, Longxing Optical Fiber Cable fell by 7.79% despite a trading volume of 3.87 billion HKD, maintaining a significant year-to-date gain of 167.9%, whereas Prada dropped by 5.76% with a trading volume of 210 million HKD, marking a 9.2% decline this year.

Top Gainers & Losers

GEELY AUTO

INNOVENT BIO

MUYUAN

YOFC

PRADA

CHALCO

CMOC

CHINAHONGQIAO

Top 5 HK Stock Gainers/Losers (>100B) (3.6)

STECH

562700

02837

159128

159740

03033

03067

513130

516110

36Kr learned that the Hang Seng Index opened up 0.15%, and the Hang Seng TECH Index rose 0.47%; the software services, automotive, and food sectors led the gains, with JD Health and Trip.com Group rising over 3%, and NetEase, Reshaping Energy, and Zhenjiu Lidu rising over 1%; the non-ferrous metals, media, and semiconductor sectors saw the largest declines, with CGN Mining falling over 3%, and Tencent Music and Zhaoyi Innovation dropping over 1%

36Kr

Hang Seng TECH Index

ChinaAMC CSI Auto Components Thematic ETF

GX HS TECH

Tianhong CNI HK Connect Technology ETF

Dacheng Hang Seng Technology ETF(QDII)

CSOP HS TECH

ISHARESHSTECH

Huatai-PB CSOP Hang Seng Technology ETF(QDII)

Guotai CSI 800 Automobile and Parts ETF

The Hang Seng Index opened up 0.15%, and the Hang Seng TECH Index rose 0.47%

JETS

The Airport Authority stated that due to the conflict between the United States/Israel and Iran, at least 11 flights were canceled at Hong Kong International Airport today, and temporarily 2 flights are canceled for tomorrow. Passengers need to check with the airlines for details. Meanwhile, Wing On Travel reported that 22 group members and 1 tour leader stranded in Dubai have boarded their flight back to Hong Kong, expected to arrive at 9 PM tonight. The group was originally scheduled to return on March 1 and has been stranded for five days, with no other passengers currently stranded in Dubai

AASTOCKS

Us Global Jets

The Airport Authority: At least 11 flights canceled today. Wing On Travel: More than 20 people stranded in Dubai have boarded flights back to Hong Kong

The 2026 government work report supports the promotion of spring and autumn vacations for primary and secondary schools, leading to a surge in travel bookings in many regions. Data shows that as of March 4, the number of flight bookings from Chengdu has increased by 1.5 times year-on-year and by 28% compared to last week. Chengdu has become the fastest-growing departure city on the Qunar platform

The 2026 government work report supports the promotion of spring and autumn breaks in primary and secondary schools, leading to a surge in travel bookings in many regions

Trip.com Group showcased its leadership in travel technology and AI at ITB Berlin, highlighting a 400% increase in AI-assisted bookings through its TripGenie assistant. The company emphasized the importance of digital integration in travel, with 60% of interactions now related to booking decisions. Key discussions included the role of predictive AI in travel commerce and the evolution of value capture in travel. Trip.com Group also received recognition as an ITB Innovator 2026 for its Trip.Planner solution, which streamlines itinerary planning. The event underscored the company's commitment to innovation and collaboration in the travel industry.

11:05 ETTrip.com Group Reinforces AI Innovation and European Collaboration at ITB Berlin

Guohai Securities analyst maintained a Buy rating on Trip.com Group Ltd. yesterday and set a price target of HK$568.00.Claim 50% Off TipRanks PremiumUnlock hedge fund-level data and powerful investing tools for smarter, sharper decisions Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential In a report released yesterday, CGS International also maintained a Buy rating on the stock with a HK$541.00 price target.

Tip Ranks

Guohai Securities Sticks to Its Buy Rating for Trip.com Group Ltd. (9961)

Morgan Stanley released a research report, stating that Trip.com Group's profitability is stable and its outlook is positive. Although it takes a cautious approach to the monetization of transportation services, it expects revenue growth of 12% to 17% in the first quarter of 2026. It has raised its revenue forecasts for this year and next year by 1%, but lowered its earnings per share estimate by 3% to 4%. The target price has been reduced from $87 to $75, with a rating of "Overweight."

Morgan Stanley slightly raises Trip.com Group's revenue forecast for this year and next year, target price lowered to $75

688223

02026

The Nasdaq Golden Dragon China Index initially fell by 3.3%. Among popular Chinese concept stocks, Kingsoft Cloud dropped by 8.3%, Jinko Solar fell by 8%, PONY-W decreased by 7.5%, XPeng declined by 6.7%, Xiaomi fell by 5.2%, Alibaba dropped by 4.9%, BYD Company Limited decreased by 4.3%, Baidu fell by 3.9%, and New Oriental EDU & Tech dropped by 3.8%. NetEase and Trip.com-S rose slightly by up to 0.4%

Jinko Solar

PONY-W

BYD COMPANY

BIDU-SW

Xiaomi Corporation

New Oriental EDU & Tech

Jinkosolar

Baidu

BYD Company Limited

Invesco Golden Dragon China

Krne Csi China Internet

NetEase

BEDZ

According to data from Qunar Travel, due to the Lantern Festival in March and the warming weather, hotel bookings around several scenic spots have surged. Hotel bookings around Lushan have increased fivefold within a week, while those in Jiujiang have risen 2.6 times. Hotel bookings around free-entry scenic spots in Ma'anshan, Anhui, and Jiaozuo, Henan, have increased by more than three times and two times, respectively

Invesco Leisure & ENT ETF

AdvisorShares Hotel ETF

Qunar Travel: The "Free Ticket Effect" Drives a Surge of Over 2 Times in Hotel Bookings Around Multiple Scenic Areas

CMB International released a report stating that Trip.com Group's Q4 2025 performance exceeded expectations, with total revenue of RMB 15.4 billion, a year-on-year increase of 20.8%. The non-GAAP operating income was RMB 3.2 billion, both higher than market expectations. Despite facing adverse factors, Trip.com’s competitive advantage in the domestic market remains solid, and international expansion is also progressing. CMB International maintains a "Buy" rating on Trip.com, with a target price of $83

CITIC International: Trip.com’s quarterly results fully exceed expectations, maintaining a "Buy" rating

Ctrip

Conference Minutes

Below is Dolphin Research's transcript summary of $Trip.com(TCOM.US) FY25 Q4 earnings call. For our earnings take, please see 'Trip.com: After the regulatory crackdown, can it stay lean and premium?'I. Review of core financial metrics. II. Detailed call notes.2.1 Management's key messages. 1) Three priority areas for investment.Inbound travel is viewed as a structural growth engine for the platform and destination economies. CSR initiatives: long-term value creation requires ongoing reinvestment in the ecosystem...

Tripadvisor

TRIP ADR US+

Trip.com HK SDR 50to1

Alphabet - C

Alphabet

Direxion Daily Googl Bear 1x Shares

Direxion Daily GOOGL Bull 2X Shares

TCOM (Trans): No update on regulatory issues

Financial Analysis

In the early hours on Feb 26 in U.S. after-hours, under a regulatory overhang, $Trip.com(TCOM.US) released FY2025 Q4 results. Overall, the print was decent, with revenue growth beating prior guidance and re-accelerating.However, opex increased across the board, rising faster than revenue and dragging GAAP OP below expectations. Details follow:1) Strong, accelerating revenue growth. On revenue, total net revenue rose 21% YoY, marking a YTD high and a clear acceleration vs. last quarter. Growth across business lines was broadly ahead of prior guidance...

JD-SWR

JD HK SDR 10to1

JD.com

ByteDance

TCOM: After the regulatory crackdown, can it remain a lean, high-quality play?

---

TCOM 4Q25 First Take: Results were solid, with both strengths and weaknesses. The highlight is revenue growth beating prior guidance across the board, with a clear acceleration. A minor weakness is expenses ramped meaningfully, especially marketing, pushing GAAP OP below expectations. Given limited disclosure in the release and the market's focus on recent regulatory issues and potential impact, please refer to the upcoming Trans for more detail. Quarter details: Key points below. 1) Total revenue rose nearly 21% YoY, a clear step-up from 15% last quarter and well ahead of guidance and Street. By biz. line, growth picked up across segments. Outperformance came mainly from package tours and Ads &amp; Other, two smaller lines that surprised on the upside. 2) Alongside strong topline, total opex growth accelerated to 23% YoY despite a tough base, outpacing revenue. The main driver was marketing spend, up 30%+.With JD and Fliggy stepping up, while unlikely to dent TCOM's share, they likely raised traffic acquisition pressure, resulting in GAAP OP coming in ~4% below expectations. More detail will be in the upcoming Trans.

Loadedmind

A17U

Current rate of return reached top 50% of users
Calculated based on  your Longbridge (Singapore) A/C

Rate Of Return

Taking the chance to accumulate a good counter on weakness. Looking to scale in further.$Trip.com HK SDR 50to1(HTGD.SG)

HTGD

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

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

Fattycat

BABA Return Rate

BABA Diamond Holder

$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.

BABA-W

BABA-WR

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...

Science Applications

BOYD Gaming

BYD Company

BYD COMPANY-R

NVIDIA

Taiwan Semiconductor

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...

Luckin Coffee

BOSS ZHIPIN-W

KUAISHOU-W

LEAPMOTOR

XIAOMI-WR

Kanzhun

KUAISHOU-WR

BIDU-SWR

Xiaomi HK SDR 2to1

Baidu HK SDR 10to1

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

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...

Direxion Auspice Broad COM

Planet Labs

Reliance

Ameriprise Financial

Cambria Tail Risk

ING Groep

Expedia

Rise Oil & Gas, Inc.

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

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...

MakeMyTrip

YieldMax BABA Option Income Strategy ETF

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)

GJ-TRIP@EC2608A(26715.HK)

19:40 ETRosen Law Firm Encourages Trip.com Group Limited Investors to Inquire About Securities Class Action Investigation - TCOM

Top 5 HK Stock Gainers/Losers (>100B) (3.6)

The Hang Seng Index opened up 0.15%, and the Hang Seng TECH Index rose 0.47%

The Airport Authority: At least 11 flights canceled today. Wing On Travel: More than 20 people stranded in Dubai have boarded flights back to Hong Kong