Trip.com Group rose in Hong Kong and US overnight trading. The rebound follows the finalization of China's antitrust penalty, which appears to have removed a major regulatory overhang that had weighed on shares in prior weeks.

On July 25, China's State Administration for Market Regulation imposed a total fine of 5.179 billion yuan on Trip.com Group for abusing its dominant market position, comprising 1.658 billion yuan in confiscated illegal gains and a 3.521 billion yuan penalty. The fine ratio of 7.5% exceeded those levied on Alibaba (4%) and Meituan (3%). The company was also ordered to refund 122 million yuan in forcibly withheld hotel operator deposits. Trip.com stated it fully accepts the decision and announced 19 rectification measures, including ending exclusive cooperation arrangements and unreasonable lowest-price requirements, while pledging to abandon involution-style competition.

The stock had previously fallen over 12% in late June amid mounting regulatory concerns. Analysts at J.P. Morgan had noted that the regulatory action targets business conduct rather than structural profitability, recommending accumulation on weakness as the long-term competitive landscape remains unchanged.

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