Trip.com Group Limited's stock experienced a significant 5.12% decline in pre-market trading. The sharp drop reflects mounting investor concerns triggered by several concurrent negative developments.

The company announced the resignation of two co-founders from key leadership positions. Fan Min stepped down from his roles as director and president, while Ji Qi resigned from his position as a director. Such departures of founding members often create uncertainty regarding the company's future strategic direction and leadership stability.

Further dampening sentiment, the company disclosed that China's State Administration for Market Regulation (SAMR) has initiated an investigation into the company pursuant to the PRC Anti-monopoly Law. This regulatory probe into potential monopolistic practices represents a material risk that has negatively impacted investor confidence. Additionally, brokerages Benchmark and Mizuho both cut their target prices for Trip.com shares, contributing to the bearish outlook.