China Fines Trip.com RMB5.179 Billion in First ‘Three-in-One’ Antitrust Case

The Trip. com Group monopoly case marks several firsts in platform-economy antitrust enforcement: the first case involving a new type of monopolistic conduct, and the first “three-in-one” penalty—an order to cease illegal activities, confiscation of illegal gains, and a fine. The fine ratio reached 7.5%, exceeding the 4% imposed on Alibaba and 3% on Meituan. The total penalty and confiscation amounted to RMB5.179 billion, with illegal gains confiscated for the first time. The case involved Trip. com leveraging its traffic to coerce merchants into deceptive “pick-one-of-two” exclusivity demands, intensifying industry-wide “involution” by enforcing the lowest-price guarantee on its platform, and using technological tools to interfere with merchants’ independent business decisions.

According to National Bureau of Statistics data, China’s GDP grew 4.3% year-on-year in the second quarter of 2026, down 0.7 percentage points from the 5.0% expansion in the first quarter. In the first half, retail sales of goods rose just 1.1%, while retail sales of services grew 5.3%. Within services, tourism-related consulting, leasing and other services retail sales rose 11.3%, and sports, culture and leisure services retail sales climbed 10.4%. Service consumption has become a bright spot in domestic demand and a key engine for stable growth. As a crucial link between service consumption and the culture-tourism market, online travel platforms’ market conduct has a bearing on the overall economy.

In the first three quarters of 2025, Trip. com reported net revenue of approximately RMB47 billion and net profit attributable to shareholders of about RMB29 billion. Over the same period, the combined net profit of A-share listed companies in the travel industry was around RMB19 billion. com deployed technical tools such as a “price adjustment assistant” to intervene in merchant pricing, forcing hotels to maintain the lowest prices on its platform. Following the penalty from the State Administration for Market Regulation, Trip. com announced 19 rectification measures, including removing “pick-one-of-two” restrictions on merchants and restoring fair competition among platforms. The case is viewed as a landmark action against “involution-style” competition, and its outcome will shape future competition rules in the platform economy.