Trip.com Group, Ltd. is a Chinese online travel agency (OTA) mainly offering booking services for accommodation, transportation tickets and car rentals, packaged tours, and corporate travel solutions. Backed by the rapid ascendency of the Chinese middle class, Trip.com Group developed into a leading OTA in China and one of the largest travel agencies worldwide. Since 2020, the
and Trip.com Group is no exception. However, revenues have rebounded somewhat in the third quarter of 2020 and surged in early 2023.
Development of Trip.com Group
The company was founded in 1999 and listed on the NASDAQ in 2003 under its former name Ctrip.com International, Ltd. The company successfully gained market share in its home market by providing advanced one-stop direct online booking services. Trip.com obtained a 45 percent share in Qunar in 2015, the second largest OTA in China, and a major share in Toncheng-Elong, thus further
consolidating its market dominance in China. To foster international expansion, Trip.com acquired Skyscanner in 2016, made a major investment in the Indian travel agency MakeMyTrip in 2019, and agreed on a strategic partnership with TripAdvisor. However, approximately 87.5 percent of its
revenues were still generated from Greater China in 2019, which rose to over 90 percent in 2020 and 2021. Faced with growing U.S.-Chinese economic tensions and regulatory pressure, Trip.com Group got a secondary listing on the Hong Kong Stock Exchange in April 2021.
COVID-19 and business outlook
The coronavirus pandemic had a devastating effect on the company’s operations. Annual net revenues slumped by 49 percent in 2020, leading to a net loss of around 3.3 billion yuan, after a profit of nearly seven billion yuan in 2019. As
outbound Chinese and international travel were most severely affected by the pandemic, the company concentrated on
Chinese domestic travel and tried to push sales in China by innovating services and products. Financial results turned positive in the third quarter of 2020, however, as the struggle with regional pandemic outbreaks and new virus mutations persisted, the company again reported a loss for about a year from the second quarter of 2021. The
net income reached the pre-pandemic level as late as in the last quarter of 2022. As of early 2024, Trip.com was reporting great financial results, all-time high Hong Kong-listed shares, and global expansion plans.
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