The securities class action against Trip.com Group, De Wilde v. Trip.com Group Limited, was filed on March 11, 2026, in the U.S. District Court for the Eastern District of New York and voluntarily dismissed on May 27, 2026, after no investor stepped forward to serve as lead plaintiff. The suit accused the Nasdaq-listed Chinese online travel company (ticker TCOM) of concealing regulatory risks tied to its dominant position in China’s hotel booking market, risks that surfaced publicly when China’s antitrust regulator opened a formal probe in January 2026 and sent the stock down roughly 19% in two sessions.
What Triggered the Case
On January 14, 2026, Bloomberg reported that China’s State Administration for Market Regulation (SAMR) had launched a formal antitrust investigation into Trip.com over alleged abuse of its market position under the country’s Anti-Monopoly Law. SAMR investigators were stationed at the company’s Shanghai headquarters, where staff were reportedly required to surrender electronic devices.1Substack (Theoria137). The Antitrust Investigation Into Trip.com
The probe zeroed in on the hotel booking business, where Trip.com held roughly 56% of China’s online travel agency market by gross merchandise value according to BOCOM International, with effective share approaching 70% once its stake in competitor Tongcheng was included. Regulators scrutinized exclusive dealing arrangements, price-parity clauses forcing hotels to offer their lowest rates on Trip.com, and a tiered commission structure that rewarded exclusivity.2China Daily. SAMR Launches Antitrust Probe Into Trip.com Group
The market reaction was sharp. Trip.com’s American Depositary Shares fell $12.90 (about 17%) on January 14, 2026, closing at $62.78, then dropped another $1.48 the next day. The two-session slide erased more than $8 billion in market capitalization and became the trigger for the fraud suit that followed.3GlobeNewsWire. TCOM Shareholder Update – Trip.com Facing Securities Class Action
What Investors Alleged
The Rosen Law Firm filed the complaint on behalf of purchasers of Trip.com securities between April 30, 2024, and January 13, 2026. It named the company along with CEO Jane Jie Sun and CFO Cindy Xiaofan Wang, who had signed Sarbanes-Oxley certifications for the company’s 2023 and 2024 annual reports.4Kahn Swick & Foti. Trip.com Complaint
The core allegation was that Trip.com framed antitrust enforcement as a remote, hypothetical possibility in its public filings while concealing that regulators had already been actively engaging with the company. According to the complaint, the Guizhou Provincial Administration for Market Regulation met with Trip.com in August 2025 about exclusive dealing and technical interference with pricing, the Zhengzhou market regulator summoned the company in September 2025, and in November 2025 the Yunnan Provincial Tourism Homestay Industry Association issued a rights-protection statement raising similar accusations.5Levi & Korsinsky. Trip.com Group Limited Class Action Lawsuit
Investors also focused on Trip.com’s AI-powered “Pricing Assistant.” The complaint alleged the company promoted the tool as a strategic asset while hiding its anticompetitive effects: it scanned competitor pricing and adjusted hotel rates on the platform, sometimes without merchant consent, and hotels that did not comply reportedly faced reduced visibility or delisting. Hotel operators described the tool as “one-sided coercion” and said it would reactivate itself even after they tried to disable it.6BRICS Competition Centre. Trip.com to Shut Down AI Price Adjustment Assistant
Why the Case Ended
The court set May 11, 2026, as the deadline for investors to seek appointment as lead plaintiff.7PR Newswire. Trip.com Group Limited Class Action Lawsuit – Investors Face May 11 Deadline Nobody was appointed. The day after the deadline passed, the original plaintiff filed a notice of voluntary dismissal. The order was signed on May 26, 2026, and the case was terminated on May 27, 2026.8CourtListener. De Wilde v. Trip.com Group Limited The suit closed before reaching any substantive stage. No settlement was reached and no ruling was issued on the merits.
What Trip.com Did in Response
On February 25, 2026, co-founders Min Fan and Qi Ji resigned from the board, with Fan also stepping down as company president. Trip.com described the departures as a “generational shift” toward professional management rather than a reaction to the antitrust probe.9Travel and Tour World. Trip.com Group Shakes Up Leadership With Founding Co-Founders Stepping Down
On March 10, 2026, the company shut down the AI Pricing Assistant entirely, saying the move would curb “irrational price competition” and restore pricing autonomy for hotel partners. It became the first major Chinese online travel platform to discontinue that kind of automated pricing system.6BRICS Competition Centre. Trip.com to Shut Down AI Price Adjustment Assistant
What Is Still Open
The dismissal ended the U.S. securities case, not the Chinese antitrust investigation that produced it. Trip.com has acknowledged receiving the SAMR notice and said it would “actively cooperate with the investigation” while continuing normal operations.10Trip.com Investors. Announcement – Trip.com Group As of mid-2026, no fines, penalties, or remedial orders had been publicly announced.11Skift. Trip.com Faces Antitrust Investigation as China Tightens Platform Rules
The potential exposure is not small. Under Chinese anti-monopoly law, confirmed abuse of a dominant market position can be fined at between 1% and 10% of prior-year revenue. Trip.com reported roughly 53.3 billion yuan (about $7.65 billion) in revenue for 2024.2China Daily. SAMR Launches Antitrust Probe Into Trip.com Group Analysts have discussed outcomes ranging from a one-time fine of 3–4% of revenue to structural remedies such as forced divestiture of Trip.com’s stakes in Qunar and Tongcheng.1Substack (Theoria137). The Antitrust Investigation Into Trip.com