China’s largest online travel agency, Trip.com, was fined Rmb5.18 bn ($770 m) by the State Administration for Market Regulation (SAMR) after a six‑month antitrust probe found the company abused its dominance. The fine, announced in late July, was less severe than many investors expected but exposed the scale of Trip.com’s grip on a market that grew from Rmb1 tn of global bookings in 2025.

Trip.com accounted for more than half the market for online hotel bookings in each of the five years to 2025, while its mainland‑China revenue trebled during that period. Global revenues rose 17 % to Rmb62.5 bn last year, with the bulk coming from domestic travel. Analyst Kai Wang of Morningstar called the platform “interwoven in the fabric of Chinese culture,” noting its commission model relies on small hotel fees that can be far more lucrative than domestic flight commissions.

SAMR said Trip.com’s pricing power left hotel operators “virtually no room for negotiation,” and that the company could influence and even control platform‑hotel prices. The regulator ordered the firm to cease attaching unreasonable trading conditions or restricting hotels from other platforms.

Trip.com declined an interview but issued a statement acknowledging the findings and pledging to implement the required adjustments in line with the regulator’s guidance.