[Zhenzhuo HK Stock Experts] According to the Anti-Monopoly Law of the People's Republic of China, Trip.com Group (09961.HK) has been placed under investigation

Hong Kong Stock Market Trends and Analysis

U.S. stocks were under repeated pressure last Friday, with tech stocks trending downward, dragging down overall market performance. All three major indices recorded modest declines at the close. The U.S. dollar remained stable, while the 10-year Treasury yield rose to 4.23%. Gold prices retreated from highs, while oil prices fluctuated positively. Hong Kong-listed depositary receipts generally fell, and the market is expected to open lower in early trading. Mainland Chinese stocks showed mixed performance last Friday, with the Shanghai Composite Index opening higher but closing down 0.3%. Trading volume in Shanghai and Shenzhen once again exceeded RMB 3 trillion. Hong Kong stocks continued to consolidate, with blue-chip stocks showing mixed performance. The index hovered around the 27,000-point level, opening higher but closing lower last Friday with a modest decline. Overall trading remained active, but external markets softened, and there were no new market focal points. The market is expected to fluctuate between 26,200 and 27,200 points.

Industry News

The State Administration for Market Regulation announced that, in accordance with the Anti-Monopoly Law of the People's Republic of China, it has initiated an investigation into $TRIP.COM-S(09961.HK) for suspected abuse of market dominance to engage in monopolistic practices. Trip.com responded that it will actively cooperate with the regulatory investigation, fully implement regulatory requirements, and work with industry stakeholders to build a sustainable market environment. Currently, all company operations are running normally, and it will continue to provide high-quality services to users and partners. Investment bank reports indicate that under China's Anti-Monopoly Law, if a company is found to have violated monopoly agreements or abused market dominance, it may be ordered to cease the relevant conduct, have illegal gains confiscated, and face fines of 1% to 10% of its previous year's sales revenue. If Trip.com is found guilty, based on estimates of its 2025 domestic and outbound business revenue, potential fines could range from RMB 490 million to RMB 4.9 billion, which may impact its domestic business margins. The investigation is expected to continue affecting market sentiment until its conclusion, with significant stock price volatility anticipated.

Harbor Family Office Business Development Director, Kwok Ka Yiu, CFA
Date: Saturday, January 17, 2026
(The author is a licensed person of the SFC and does not hold the above-mentioned shares.)