Trip.com Group-S (09961) opened sharply lower, down nearly 15%. As of the time of writing, the stock had fallen 14.98% to HKD 484.2, with a turnover of HKD 394 million. On the news front, recently, the State Administration for Market Regulation, based on preliminary reviews and in accordance with China's Anti-Monopoly Law, has initiated an investigation into Trip.com Group Limited concerning suspected abuse of market dominance to implement monopolistic practices. In response, Trip.com stated that the company will actively cooperate with the regulatory investigation, fully implement regulatory requirements, and work with industry participants to jointly build a sustainable market environment. Trip.com also emphasized that all of the company's current business operations are functioning normally, and it will continue to provide high-quality services to its vast user base and partners as always. According to a Bank of Communications International industry report, based on 2024 GMV calculations, the Trip.com group (including Trip.com and Qunar) holds nearly 70% of the GMV market share, with the main Trip.com brand alone accounting for 56%. Furthermore, according to Jimu News, Zhu Xue, a lawyer from Beijing Strategy (Nanjing) Law Firm, pointed out that Article 57 of China's Anti-Monopoly Law explicitly states that if a business operator abuses its market dominance, the anti-monopoly enforcement agency shall order it to cease the illegal activities, confiscate illegal gains, and impose a fine of between 1% and 10% of the previous year's sales revenue. Zhu Xue indicated that it is currently unclear which specific actions Trip.com is involved in. If Trip.com is ultimately found to have abused its market dominance, it will face administrative penalties such as fines and confiscation of illegal gains.