On September 17, TRIP.COM-S fell 3.03% in regular trading, trading at 313.2 HKD/share, with turnover of 188 million HKD. The stock reversed gains from the prior session, when it had staged a late recovery to close up 3.86% following earnings release, as market concerns over the long-term impact of antitrust remediation measures continued to weigh on sentiment.

On September 16, TRIP.COM-S reported Q2 net operating revenue of 15.663 billion RMB, up 6% year-over-year. However, a one-time charge of approximately 5.18 billion RMB stemming from an antitrust penalty imposed by the State Administration for Market Regulation resulted in a net loss of 2.445 billion RMB, swinging from a net profit of 4.88 billion RMB in the year-ago period. Excluding the penalty, quarterly net profit stood at approximately 2.7 billion RMB. Adjusted operating profit of 4.37 billion RMB and adjusted net income of 4.8 billion RMB both exceeded market consensus, with multiple brokerages including Morgan Stanley and Furey maintaining bullish ratings. International platform revenue surged over 50% year-over-year, while inbound tourism revenue sustained high double-digit growth, remaining a core bright spot.

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