On August 20, TRIP.COM-S rose 3.35% at open, trading at 364.2 HKD/share, with turnover of approximately 29.77 million HKD. The stock continues its recovery trajectory following the resolution of a major regulatory overhang.

On July 25, China's State Administration for Market Regulation imposed a total penalty of RMB 5.179 billion on Trip.com Group for abusing its dominant market position, including RMB 1.658 billion in confiscated illegal gains and a RMB 3.521 billion fine. The company subsequently announced 19 rectification measures including ending exclusive cooperation arrangements and mandatory lowest-price requirements. Multiple brokerages have maintained positive outlooks — DBS Vickers raised its target price to 508 HKD with a Buy rating, JPMorgan noted the rectification does not impair the company's profitability, and China Merchants Securities maintained a Strong Buy, viewing the penalty as eliminating long-standing uncertainty. Analysts broadly expect the valuation discount to narrow as regulatory risk has been fully released.

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