July 29 news,$TRIP.COM-S (09961.HK)$The stock price rose nearly 4% during trading hours, reaching HK$362.6, with a trading volume of HK$392 million.
On the news front, JPMorgan published a research report stating that the market may be inclined to interpret Trip.Com Group-S's weaker performance in the second half of the year as structural damage caused by antitrust rectification. The bank believes this weakness is primarily cyclical, noting that regulatory changes have altered the company’s monetization model rather than impairing its profitability. JPMorgan added that the antitrust fine represents a known, quantifiable, and largely one-off impact, and that the effects of its business model transition are temporary.
Daiwa Capital Markets, on the other hand, believes the penalty officially concludes the antitrust investigation, eliminating the core regulatory uncertainty surrounding the company. Although compliance adjustments and related operational changes may temporarily disrupt its domestic business—leading to a slowdown in year-over-year revenue growth to between 3% and 8% in Q2 2026—the overall impact on core profitability is relatively limited, given that overseas operations continue to sustain high growth exceeding 30%.