by SHEN Xiaoge
China's market regulator has opened an antitrust investigation into Ctrip Group, the country's largest online travel platform, over suspected abuse of market dominance.
On Jan 14, the State Administration for Market Regulation said it had formally launched the probe under China's Anti-Monopoly Law following earlier reviews. Such investigations typically involve months-long regulatory scrutiny and do not imply a final ruling.
Ctrip's Hong Kong-listed shares (09961.HK) fell sharply after the announcement, sliding 6.49% to HK$569.5 by the close.
The company later confirmed the investigation in a statement, saying it had received official notice from the regulator and would actively cooperate with the inquiry. Ctrip said its operations remain normal and that it would work with regulators and industry partners to promote a sustainable and fair market environment.
Regulatory scrutiny of Ctrip has intensified over the past year. Since 2025, the company has faced repeated regulatory interventions by local market watchdogs over its platform conduct.
In August, the Guizhou provincial market regulator called in several travel platforms, including Ctrip, and warned against exclusive dealing and pricing interference. This was followed in September by enforcement action in Zhengzhou after hotel complaints, with regulators ordering the company to rectify the practices.
Industry groups have also pushed back. In December 2025, the Yunnan Tourism Homestay Industry Association said it would file collective complaints with national and provincial regulators, accusing some online travel agencies, including Ctrip, of imposing unfair trading conditions such as exclusive arrangements, unilateral commission hikes and traffic restrictions. The association said it reserves the right to pursue antitrust litigation.
Regulatory oversight is set to tighten further. On Dec 20, the National Development and Reform Commission, the market regulator and the Cyberspace Administration of China jointly issued new platform pricing rules barring operators from placing unreasonable restrictions or conditions on merchants' pricing. The rules will take effect on April 10, 2026.
Ctrip was founded in 1999 and listed on Nasdaq in December 2003 and later added a Hong Kong listing in 2021. According to Bank of Communications International, the company accounted for about 56% of China's hotel and travel gross merchandise value in 2024, underscoring its dominant position in the domestic market.
The company reported revenue of 18.3 billion yuan in the third quarter of 2025, up 16% year on year, while net profit attributable to shareholders rose to 19.9 billion yuan, helped by a low base a year earlier.