News Summary

• China's State Administration for Market Regulation (SAMR) has fined Trip.com Group RMB 5.2 billion ($770 million) The penalty comprises RMB 1.66 billion in confiscated illegal gains, a RMB 3.52 billion fine (equal to 7.5% of 2025 Mainland China revenue), and an RMB 122 million refund of compulsorily withheld hotel security deposits.
• The case reflects Beijing's broader campaign against "involution," or self-defeating platform competition that squeezes smaller merchants.