On September 24, TRIP.COM-S fell 3.09% in regular trading, trading at HK$313.4/share, with turnover of HK$333 million. The decline comes as the company continues to digest the fallout from its Q2 earnings report and intensifying regulatory scrutiny across the online travel agency sector.

TRIP.COM-S recently disclosed Q2 results showing net revenue of RMB 15.7 billion, up 6% year-over-year, but a net loss of approximately RMB 24.5 billion driven by a one-time RMB 51.8 billion antitrust penalty. Excluding the penalty, net profit was RMB 2.7 billion, with adjusted net profit of RMB 4.8 billion slightly beating expectations. JPMorgan subsequently cut its target price from HK$560 to HK$490, citing domestic hotel monetization rate adjustments extending into Q4 and early next year, with larger-than-expected magnitude. Meanwhile, Beijing regulators launched investigations into peers including Meituan, Fliggy, Tongcheng, and Tujia, signaling a broader industry crackdown on platform pricing practices and exclusive cooperation models.

Within the Hotels, Resorts & Cruise Lines sector, peers also traded lower: Tongcheng Travel fell 2.56%, Hworld-S dropped 2.54%, and Travelsky Tech declined 0.85%.

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