--- title: "Jefferies: TRIP.COM-S Antitrust Penalty Removes Share Price Overhang, Positive News" type: "News" locale: "en" url: "https://longbridge.com/en/news/293872319.md" description: "Jefferies views the RMB5.3 billion antitrust fine on Trip.com as positive news, removing share price uncertainty. Despite being higher than penalties for Alibaba and Meituan, the market anticipated the decision. The investigation revealed exclusive cooperation practices, leading to 19 rectification measures. Jefferies maintains a Buy rating with a HKD525 target price." datetime: "2026-07-27T02:49:25.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/293872319.md) - [en](https://longbridge.com/en/news/293872319.md) - [zh-HK](https://longbridge.com/zh-HK/news/293872319.md) generator: "portal-rs" --- # Jefferies: TRIP.COM-S Antitrust Penalty Removes Share Price Overhang, Positive News China's State Administration for Market Regulation imposed an administrative penalty on TRIP.COM-S (09961.HK) +15.600 (+4.553%) Short selling $283.98M; Ratio 21.520% for abusing its dominant market position and engaging in monopolistic practices, with a fine exceeding RMB5.3 billion. Jefferies said in a report that the fine was higher than the levels imposed on Alibaba and Meituan in 2021, but was not entirely unexpected by the market. The report said the market had already anticipated the penalty decision following earlier media reports last week. The fine accounted for 7.5% of domestic revenue, higher than Alibaba's 4% and Meituan's 3% in 2021. The fine was at the high end of the 1%-10% range. The decision removes pressure from uncertainty over the fine amount on the share price and is positive news. The investigation lasted for more than six months, compared with more than three months for Alibaba and around six months for Meituan at the time. The investigation identified issues including exclusive cooperation arrangements with "premium" hotel operators, which received more traffic and privileges. These hotels typically had higher ADR and better service quality, while "gold-tier" and other hotels were required to offer users the best prices. In addition, if ADR on other platforms was found to be lower, direct price adjustments would be made. The company will implement 19 rectification measures across five areas, including ending mandatory exclusive cooperation arrangements and protecting hotel partners' operating rights; ending unreasonable "lowest price" practices and protecting hotel operators' pricing rights; protecting hotel operators' rights and interests and improving the operating environment; protecting consumer rights and upgrading service standards; strengthening compliance management and establishing effective mechanisms. Jefferies gave TRIP.COM-S (09961.HK) +15.600 (+4.553%) Short selling $283.98M; Ratio 21.520% a TP of HKD525 and maintained a Buy rating. (ha/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-07-24 16:25.) ### Related Stocks - [TCOM.US](https://longbridge.com/en/quote/TCOM.US.md) - [09961.HK](https://longbridge.com/en/quote/09961.HK.md) - [JEF.US](https://longbridge.com/en/quote/JEF.US.md) - [BABA.US](https://longbridge.com/en/quote/BABA.US.md) - [09988.HK](https://longbridge.com/en/quote/09988.HK.md) - [03690.HK](https://longbridge.com/en/quote/03690.HK.md) - [HTGD.SG](https://longbridge.com/en/quote/HTGD.SG.md) - [89988.HK](https://longbridge.com/en/quote/89988.HK.md) - [HBBD.SG](https://longbridge.com/en/quote/HBBD.SG.md) - [83690.HK](https://longbridge.com/en/quote/83690.HK.md) - [MPNGY.US](https://longbridge.com/en/quote/MPNGY.US.md) - [HMTD.SG](https://longbridge.com/en/quote/HMTD.SG.md) ## Related News & Research - [Greenwoods Asset Management Hong Kong Ltd. Sells 2,592,281 Shares of Trip.com Group Limited Sponsored ADR $TCOM](https://longbridge.com/en/news/296640471.md) - [Trip.com hit with RMB 3.52 billion China antitrust fine over hotel exclusivity practices](https://longbridge.com/en/news/293856582.md) - [H World Stock Gets A Boost From New $2.5B Shareholder Return Plan](https://longbridge.com/en/news/296382208.md) - [Meliá Hotels opens Meliá Aurea Nha Trang resort in Vietnam](https://longbridge.com/en/news/296319844.md) - [China's Atour Q2 profit, revenue rise on widening manachised hotel network](https://longbridge.com/en/news/296471521.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**