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Trip.com Group Ltd ADR TCOM

Company report, trip.com earnings: fair value up 14% after margin expansion revisions, but growth momentum slowing.

We raise our fair value estimate by 14% to USD 50 (HKD 400) per share from USD 44 (HKD 352) after Trip.com reported first-quarter revenue and operating margin that were 3% and 520 basis points better than our expectations, respectively. Our valuation change reflects margin expansion revisions in our estimates of 100-200 basis points for the next five years. These come after the company guided to a 31% operating margin in the second quarter of 2024, which was also 300 basis points better than our previous forecast, due to operating leverage that appears to be recurring as Trip.com sees greater transaction volume. However, Trip.com guided to 11%-16% revenue growth year on year for the second quarter of 2024, less than our previous estimate of 24%, and we believe it reflects slowing travel momentum. While the midteens guidance still represents robust growth, we believe outsize pent-up demand is normalizing and the company will seek other growth drivers now. We lower our revenue growth forecast to 15% from 20% for the remainder of 2024.

Price vs Fair Value

Bulls say, bears say.

The number of Chinese passport holders is only about 10%-15% of the population, which should provide Trip.com with secular demand given the low saturation.
International expansion may fall flat given greater competition beyond China's borders and could pressure margins as it prioritizes growth.

Trip.com Group to Hold Annual General Meeting on June 18, 2024

Trip.com group limited reports unaudited first quarter of 2024 financial results, trip.com group limited to report first quarter of 2024 financial results on may 20, 2024 u.s. time, trip.com group filed 2023 annual report on form 20-f, trip.com on track for highest close since june 2018 — data talk, trip.com up nearly 8%, on pace for largest percent increase since november 2022 — data talk, trip.com shares rise as china travel demand fuels earnings beat, trip.com 3q revenue surges, trading information, key statistics, company profile, competitors.

  • Booking Holdings Inc BKNG
  • Tripadvisor Inc TRIP
  • Meituan Class B 03690
  • Tongcheng Travel Holdings Ltd 00780

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Trip.com Group Ltd

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  • 9961:HKG Stock Exchange of Hong Kong Limited
  • 9961:HKG.HZ Stock Exchange of Hong Kong Limited
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  • Price (USD) 51.74
  • Today's Change 0.23 / 0.45%
  • Shares traded 20.00
  • 1 Year change +50.32%
  • Beta 0.4405

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Chinese tech group joins the battle on falling birth rate

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Neil Shen goes it alone in China after Sequoia split

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trip.com china stock

  • Trip.com Group to Hold Annual General Meeting on June 18, 2024 May 28 2024
  • Trip.com Group Limited Reports Unaudited First Quarter of 2024 Financial Results May 20 2024
  • Trip.com Group Limited to Report First Quarter of 2024 Financial Results on May 20, 2024 U.S. Time May 07 2024
  • Trip.com Group Filed 2023 Annual Report on Form 20-F Apr 30 2024
  • TCOM:NSQ price moved over +1.01% to 51.90 May 30 2024

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trip.com china stock

Best China Stocks: Tesla Rival Leads Five Stocks Near Buy Points

C hina stocks are rebounding again, amid signs that the economy is picking up. Tesla rival BYD, e-commerce giant PDD Holdings, Trip.com, specialty retailer Miniso and messaging and gaming giant Tencent are five stocks to watch.

Please watch the video at Investors.com - Tesla Is Struggling. Here's What Elon Musk Is Betting On For Future Growth.

Investors should pay attention to many other Chinese stocks, including e-commerce titan Alibaba, JD.com, search giant Baidu and gaming giant NetEase. Don't forget EV makers Li Auto, Nio and XPeng.

Investors wary of buying an individual Chinese stock could choose ETFs such as KraneShares CSI China Internet ETF, iShares China Large-Cap ETF and Xtrackers Harvest CSI 300 China A-Shares ETF.

Top Chinese Stocks To Buy Or Watch

Trip.comTCOMLeisure-Travel Booking94BYDBYDDFAuto Manufacturersn.a.MinisoMNSORetail-Discount & Variety91TencentTCEHYInternet-Contentn.a.PDD HoldingsPDDRetail-Internet99

Trip.com is a China-based online travel site operator. It's benefitted from a travel boom after China's long Covid restrictions were lifted in late 2022.

Q1 2024 earnings jumped 86% vs. a year earlier, with revenue up 23%. Those represented slowdowns amid tougher year-over-year comparisons get tougher, and they'll continue to get tougher in 2024.

TRIP stock broke out past a cup base in late February on Q4 2023 earnings, then gapped out of a flat base, base-on-base pattern in early April. Shares hit a six-year high of 58 on May 20, and have pulled back to the 50-day and 10-week lines. A strong move off those levels, perhaps clearing the 21-day line, would offer an early entry.

Elon Musk Touts FSD Amid Tesla EV Woes; BYD Margins Boom

The world's leading EV maker, producing fully battery electric vehicles (BEVs) and plug-in hybrids (PHEV). It's also one of the world's largest battery makers. BYD has been fighting for the BEV-only crown with Tesla and will likely regain that title this quarter.

Its EVs range from $10,000 to $150,000 across a wide range of vehicles. While the vast majority of its business is in China, overseas sales are booming, with improved logistics and upcoming plants in Thailand, Brazil and elsewhere set to kick them even higher.

BYD unveiled a new, more efficient hybrid system on May 28. Two low-priced sedans using the new system, the Qin L and Seal 06, get 2,100 kilometers (1,305) in combined range, with some real-world tests reach 2,500 kilometers.

It has begun deliveries of those two sedans as well as the Sea Lion 07 crossover, a Tesla Model Y rival.

Several more models are due this year.

Q1 net income rose 10% in local currency with revenue up 4%, both slightly missing. But gross margins hit a record, even with big price cuts to spur demand.

BYD sold 331,817 EVs in May, up 5.9% vs. April's 313,245 and 38.1% vs. a year earlier. That's still below December's record 341,043. Excluding 1,329 commercial EVs, it sold a record 184,093 plug-in hybrids (PHEVs) and 146,395 fully battery electric vehicles (BEVs).

BYD stock slumped from early August to the end of January, but has since bounced back.

Shares are back above the 200-day and 50-day lines, working on a short consolidation that is on track to be a flat base in a few days. Investors could view the recent action as a messy handle to a consolidation going back to last November. Either way the buy point is 29.72, with BYD almost there.

Shares are up modestly in 2024, a rare EV stock that's in positive territory. Tesla, Nio, Li Auto and XPeng are all down solidly or sharply.

Miniso Stock

Miniso operates more than 5,500 lifestyle retail stores geared toward young women. While the majority of locations are in China, more than 2,000 are overseas, including a number in the U.S.

Miniso is profitable, with Q1 EPS up 23% and revenue 20%. Wall Street expects a 51% earnings gain in fiscal 2024 ending in June followed by a 21% gain in fiscal 2025.

Miniso stock is working on a 47% deep cup-with-handle base, with a 25.50 buy point. Shares are bouncing off the 50-day and 200-day lines. A move above the May 30 high of 24.07 would offer an early entry.

Tencent Stock

Tencent is a massive messaging and gaming giant. Its WeChat super app is the envy of the world. The pandemic and government crackdowns on video games took their toll on profits in 2022, but Tencent earnings rebounded in 2023.

Tencent reported better-than-expected Q1 earnings on May 14. In dollar terms, EPS growth has accelerated for six straight quarters, to 51% in Q1 2024.

Tencent stock has rebounded strongly since early March, building the right side of a 16-month, 38%-deep cup-with-handle base. The buy point is 50.89.

Tencent is Hong Kong listed and trades over the counter in the U.S., so its U.S. stock chart shows lots of mini gap-ups and downs.

PDD Holdings

PDD Holdings is the parent of Chinese e-commerce giant Pinduoduo and international site Temu, which has been a big hit in the U.S. Pinduoduo and Temu both are lower priced and use gamification measures to drive engagement and sales.

PDD earnings and sales growth have accelerated for a few quarters, with Q4 EPS up 102% and revenue up 117%. Growth rates should slow amid tougher comparisons.

Q1 2024 earnings shot up 185% and revenue 119%. It was the third straight quarter of accelerating earnings growth and the fifth consecutive quarter of faster sales growth.

PDD stock has broken out of cup-with-handle base with a 142.32 buy point. Shares have fallen back within the buy zone.

Please follow Ed Carson on Threads at @edcarson1971 and X/Twitter at @IBD_ECarson.

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Ctrip.com International Stock Nyse

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Jane Sun, CEO of Trip.com:  €200,000 luxury stays sold out in seconds

Jane Sun, CEO of Trip.com: €200,000 luxury stays sold out in seconds

January 18, 2024 at 03:57 pm EST

Sector Travel Agents

  • Stock Market

NYSE glitch sparks volatility in Berkshire Hathaway and dozens of stocks

Trading in at least 60 stocks is halted due to volatility as Berkshire Hathaway shares plunge 99.97%.

Trader Frank Masiello talks on his phone on Wall St. outside the New York Stock Exchange

A glitch at the New York Stock Exchange (NYSE) has triggered enormous swings in the shares of Berkshire Hathaway and Barrick Gold and led to trading halts in dozens of other companies before the bourse fixed the problem.

Trading in at least 60 stocks listed on the NYSE were halted on Monday due to volatility and some stocks showed unusual outsized movements.

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The NYSE, owned by Intercontinental Exchange, said by late Monday morning that it had resolved a reported technical issue and the impacted stocks had resumed trading.

Berkshire Hathaway and Barrick Gold shares were shown to be down 99.97 percent and 98.54 percent, respectively, due to the technical issue before those trades were corrected.

Berkshire Hathaway, the company run by famed investor Warren Buffett, saw its A-class shares plunge to $185.10 from Friday’s closing price of $627,400 before its trading was halted. After the shares later resumed trading, they immediately recovered all those losses and shot towards $700,000.

The exchange did not give a full list of stocks affected, but trading of Berkshire Hathaway’s A-class shares was  halted at 9:50am (13:50 GMT) just before the NYSE first said it was investigating a technical issue.

The NYSE said the problem was related to Limit Up-Limit Down bands meant to prevent extraordinary market volatility and extreme price movements in individual stock by preventing trades outside specific price ranges that are updated throughout the trading day.

The price band for each security is set at a percentage level above and below its average price in the preceding five minutes.

The bands were developed as part of the response by financial regulators and exchanges to the “flash crash” of 2010, which wiped out nearly $1 trillion in market capitalization in a few minutes.

Technical issues on exchanges can hit markets, impact traders’ confidence and attract scrutiny from regulators.

“I don’t think the overall market is reacting,” said Art Hogan, chief market strategist at B Riley Financial.

The NYSE did not immediately respond to a request by the Reuters news agency for comment.

News Releases

Trip.com group limited reports unaudited fourth quarter and full year of 2022 financial results.

SHANGHAI , March 6, 2023 /PRNewswire/ -- Trip.com Group Limited (Nasdaq: TCOM ; HKEX: 9961) (" Trip.com Group " or the "Company"), a leading one-stop travel service provider of accommodation reservation, transportation ticketing, packaged tours and corporate travel management, today announced its unaudited financial results for the fourth quarter and full year of 2022.

Key Highlights for the Fourth Quarter and Full Year of 2022

  • The domestic business in China remained resilient and the international business continued to show strong recovery momentum. -  Outbound air-ticket bookings and hotel bookings increased by over 200% and 140% year over year in the fourth quarter, respectively. -  Overall air-ticket bookings on the Company's global platforms grew by 80% year over year in the fourth quarter.

James Liang , Executive Chairman. "During the fourth quarter, the European and the U.S. markets made further progress towards normalcy while the Asia market was quickly picking up the pace. We have seen rapid growth for China's outbound travel since the beginning of 2023, showing a strong pent-up demand for outbound travel. We are excited about the opportunities ahead and are well-prepared to capture demands across our major markets."

Jane Sun , Chief Executive Officer. "Going forward, we will continue to focus on expanding our product coverage in scope and depth, and further improving our customer service quality in the global markets. Based on the solid foundation we have built over the past three years, we are confident that our company can grow at a faster pace across global markets as we continue to leverage our operational improvements."

Fourth Quarter and Full Year of 2022 Financial Results and Business Updates

The Company's domestic business was negatively impacted by the COVID-19 pandemic in the fourth quarter of 2022. Meanwhile, the Company's international business maintained its growth momentum as countries continued to open up and return to normalcy.

For the fourth quarter of 2022, Trip.com Group reported net revenue of RMB5.0 billion ( US$729 million ), representing a 7% increase from the same period in 2021. Net revenue for the fourth quarter of 2022 decreased by 27% from the previous quarter primarily due to the surges of COVID-19 infections in certain regions of China and the seasonality in winter.

For the full year of 2022, net revenue was RMB20.0 billion ( US$2.9 billion ), which remained flat comparing to that for 2021.

Accommodation reservation revenue for the fourth quarter of 2022 was RMB1.7 billion ( US$245 million ), representing a 12% decrease from the same period in 2021 and a 42% decrease from the previous quarter, primarily due to the surges of COVID-19 infections in certain regions of China .

For the full year of 2022, accommodation reservation revenue was RMB7.4 billion ( US$1.1 billion ), representing a 9% decrease from 2021. The accommodation reservation revenue accounted for 37% of the total revenue in 2022 and 41% of the total revenue in 2021.

Transportation ticketing revenue for the fourth quarter of 2022 was RMB2.2 billion ( US$320 million ), representing a 45% increase from the same period in 2021 primarily due to the strong recovery of overseas market. Transportation ticketing revenue for the fourth quarter decreased by 16% from the previous quarter primarily due to the surges of COVID-19 infections in certain regions of China and the seasonality in winter.

For the full year of 2022, transportation ticketing revenue was RMB8.3 billion ( US$1.2 billion ), representing a 20% increase from 2021. The transportation ticketing revenue accounted for 41% of the total revenue in 2022 and 34% of the total revenue in 2021.

Packaged-tour revenue for the fourth quarter of 2022 was RMB164 million (US$24 million), representing a 7% decrease from the same period in 2021 and a 58% decrease from the previous quarter, primarily due to the surges of COVID-19 infections in certain regions of China .

For the full year of 2022, packaged-tour revenue was RMB797 million ( US$116 million ), representing a 28% decrease from 2021. The packaged-tour revenue accounted for 4% of the total revenue in 2022 and 6% of the total revenue in 2021.

Corporate travel revenue for the fourth quarter of 2022 was RMB277 million ( US$40 million ), representing a 25% decrease from the same period in 2021 and a 25% decrease from the previous quarter, primarily due to the surges of COVID-19 infections in certain regions of China .

For the full year of 2022, corporate travel revenue was RMB1.1 billion ( US$157 million ), representing a 20% decrease from 2021. The corporate travel revenue accounted for 5% of the total revenue in 2022 and 7% of the total revenue in 2021.

Cost of revenue for the fourth quarter of 2022 increased by 7% to RMB1.2 billion ( US$174 million ) from the same period in 2021 and decreased by 6% from the previous quarter. Cost of revenue as a percentage of net revenue was 24% for the fourth quarter of 2022.

For the full year of 2022, cost of revenue was relatively stable at RMB4.5 billion ( US$654 million ) comparing to that for 2021, which accounted for 23% of net revenue.

Product development expenses for the fourth quarter of 2022 decreased by 6% to RMB2 .1 billion ( US$305 million ) from the same period in 2021 and decreased by 16% from the previous quarter, primarily due to a decrease in product development personnel related expenses. Product development expenses as a percentage of net revenue was 42% for the fourth quarter of 2022.

For the full year of 2022, product development expenses decreased by 7% to RMB8.3 billion ( US$1.2 billion ) from 2021, which accounted for 42% of net revenue.

Sales and marketing expenses for the fourth quarter of 2022 decreased by 12% to RMB1.1 billion ( US$166 million ) from the same period in 2021 and decreased by 20% from the previous quarter, primarily due to a decrease in expenses relating to sales and marketing promotion activities. Sales and marketing expenses as a percentage of net revenue was 23% for the fourth quarter of 2022.

For the full year of 2022, sales and marketing expenses decreased by 14% to RMB4.3 billion ( US$616 million ) from 2021, which accounted for 21% of net revenue.

General and administrative expenses for the fourth quarter of 2022 increased by 11% to RMB816 million (US$118 million) from the same period in 2021 primarily due to an increase in allowance for credit losses and decreased by 3% from the previous quarter. General and administrative expenses as a percentage of net revenue was 16% for the fourth quarter of 2022.

For the full year of 2022, general and administrative expenses decreased by 3% to RMB2.8 billion ( US$413 million ) from 2021, which accounted for 14% of net revenue.

Income tax expense for the fourth quarter of 2022 was RMB246 million ( US$36 million ), compared to RMB37 million for the same period in 2021 and RMB277 million for the previous quarter. The change in Trip.com Group's effective tax rate was primarily due to the combined impacts of changes in respective profitability of its subsidiaries with different tax rates, certain non-taxable income or loss resulting from the fair value changes in equity securities investments and exchangeable senior notes, and changes in valuation allowance provided for deferred tax assets.

For the full year of 2022, income tax expense was RMB682 million ( US$99 million ), compared to RMB270 million in 2021.

Net income for the fourth quarter of 2022 was RMB2.1 billion ( US$301 million ), compared to net loss of RMB883 million for the same period in 2021 and net income of RMB245 million for the previous quarter. Adjusted EBITDA for the fourth quarter of 2022 was RMB286 million (US$41 million), compared to RMB54 million for the same period in 2021 and RMB1.4 billion for the previous quarter. Adjusted EBITDA margin was 6% for the fourth quarter of 2022, compared to 1% for the same period in 2021 and 21% for the previous quarter.

For the full year of 2022, net income was RMB1.4 billion ( US$201 million ), compared to net loss of RMB645 million in 2021.

Net income attributable to Trip.com Group's shareholders for the fourth quarter of 2022 was RMB2.1 billion ( US$298 million ), compared to net loss attributable to Trip.com Group's shareholders of RMB834 million for the same period in 2021 and net income attributable to Trip.com Group's shareholders of RMB266 million for the previous quarter. Excluding share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes recorded in other income/(expense) and their tax effects, non-GAAP net income attributable to Trip.com Group's shareholders for the fourth quarter of 2022 was RMB498 million ( US$71 million ), compared to non-GAAP net income attributable to Trip.com Group's shareholders of RMB309 million for the same period in 2021 and non-GAAP net income attributable to Trip.com Group's shareholders of RMB1.0 billion for the previous quarter.

For the full year of 2022, net income attributable to Trip.com Group's shareholders was RMB1.4 billion ( US$206 million ), compared to net loss attributable to Trip.com Group's shareholders of RMB550 million in 2021. Excluding share-based compensation charges and fair value changes of equity securities investments and exchangeable senior notes, non-GAAP net income attributable to Trip.com Group's shareholders was RMB1.3 billion ( US$189 million ) in 2022, compared to non-GAAP net income attributable to Trip.com Group's shareholders of RMB1.4 billion in 2021.

Diluted earnings per ordinary share and per ADS was RMB3 .12 ( US$0.45 ) for the fourth quarter of 2022. Excluding share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes and their tax effects, non-GAAP diluted earnings per ordinary share and per ADS was RMB0 .76 ( US$0.11 ) for the fourth quarter of 2022. Each ADS currently represents one ordinary share of the Company.

For the full year of 2022, diluted earnings per share and per ADS was RMB2.14 ( US$0.31 ). Excluding share-based compensation charges and fair value changes of equity securities investments and exchangeable senior notes, non-GAAP diluted earnings per share and per ADS was RMB1.97 ( US$0.29 ).

As of December 31, 2022 , the balance of cash and cash equivalents, restricted cash, short-term investment, held to maturity time deposit and financial products was RMB59.6 billion ( US$8.6 billion ).

Conference Call

Trip.com Group's management team will host a conference call at 7:00 PM EST on March 6, 2023 (or 8:00 AM CST on March 7, 2023 ) following this announcement.

The conference call will be available live on Webcast and for replay at: https://investors.trip.com . The call will be archived for twelve months on our website.

All participants must pre-register to join this conference call using the Participant Registration link below: https://register.vevent.com/register/BI79594cfcc5c549ce8496fb769efffb42 .

Upon registration, each participant will receive details for this conference call, including dial-in numbers and a unique access PIN. To join the conference, please dial the number provided, enter your PIN, and you will join the conference instantly.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "may," "will," "expect," "anticipate," "future," "intend," "plan," "believe," "estimate," "is/are likely to," "confident" or other similar statements. Among other things, quotations from management in this press release, as well as Trip.com Group's strategic and operational plans, contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, severe or prolonged downturn in the global or Chinese economy, general declines or disruptions in the travel industry, the impact of COVID-19 pandemic to Trip.com Group's business operations, volatility in the trading price of Trip.com Group's ADSs or shares, Trip.com Group's reliance on its relationships and contractual arrangements with travel suppliers and strategic alliances, failure to compete against new and existing competitors, failure to successfully manage current growth and potential future growth, risks associated with any strategic investments or acquisitions, seasonality in the travel industry in the relevant jurisdictions where Trip.com Group operates, failure to successfully develop Trip.com Group's existing or future business lines, damage to or failure of Trip.com Group's infrastructure and technology, loss of services of Trip.com Group's key executives, adverse changes in economic and political policies of the PRC government, inflation in China , risks and uncertainties associated with PRC laws and regulations with respect to the ownership structure of the variable interest entities and the contractual arrangements among Trip.com Group , the variable interest entities and their shareholders, and other risks outlined in Trip.com Group's filings with the U.S. Securities and Exchange Commission or the Stock Exchange of Hong Kong Limited . All information provided in this press release and in the attachments is as of the date of the issuance, and Trip.com Group does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

About Non-GAAP Financial Measures

To supplement Trip.com Group's unaudited condensed consolidated financial statements presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), Trip.com Group uses non-GAAP financial information related to adjusted net income attributable to Trip.com Group Limited , adjusted EBITDA, adjusted EBITDA margin and adjusted diluted earnings per ordinary share and per ADS, each of which is adjusted from the most comparable GAAP result to exclude the share-based compensation charges that are not tax deductible, fair value changes of equity securities investments and exchangeable senior notes, net of tax, and other applicable items. Trip.com Group's management believes the non-GAAP financial measures facilitate better understanding of operating results from quarter to quarter and provide management with a better capability to plan and forecast future periods.

Non-GAAP information is not prepared in accordance with GAAP, does not have a standardized meaning under GAAP, and may be different from non-GAAP methods of accounting and reporting used by other companies. The presentation of this additional information should not be considered a substitute for GAAP results. A limitation of using non-GAAP financial measures is that non-GAAP measures exclude share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes and their tax effects that have been and will continue to be significant recurring expenses in Trip.com Group's business for the foreseeable future.

Reconciliations of Trip.com Group's non-GAAP financial data to the most comparable GAAP data included in the consolidated statement of operations are included at the end of this press release.

About Trip.com Group Limited

Trip.com Group Limited (Nasdaq: TCOM ; HKEX: 9961) is a leading global one-stop travel platform, integrating a comprehensive suite of travel products and services and differentiated travel content. It is the go-to destination for travelers in China , and increasingly for travelers around the world, to explore travel, get inspired, make informed and cost-effective travel bookings, enjoy hassle-free on-the-go support, and share travel experience. Founded in 1999 and listed on Nasdaq in 2003 and HKEX in 2021, the Company currently operates under a portfolio of brands, including Ctrip, Qunar, Trip.com and Skyscanner, with the mission "to pursue the perfect trip for a better world."

For further information, please contact:

Investor Relations Trip.com Group Limited Tel: +86 (21) 3406-4880 X 12229 Email: [email protected]

Cision

SOURCE Trip.com Group Limited

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