Trip.com dominates China's online hotel market with 48% share and strong domestic travel growth.

Trip.com controls about 48% of China's online hotel booking market, benefiting from strong domestic travel demand which accounts for over 80% of its revenue. The company saw international online travel agency bookings grow by around 60% in 2025, outpacing overall growth. With $6.7 billion in net cash and a $5 billion share repurchase program underway, Trip.com trades at under 12 times earnings with expected mid-to-high single-digit EPS growth, offering an attractive investment despite manageable AI and regulatory risks. Recent share price declines followed an antitrust investigation but long-term fundamentals remain strong.