Trip.com is the largest online travel agent in China and is positioned to benefit from the country's rising demand for higher-margin outbound travel as passport penetration is only 12% in China. The company generated about 79% of sales from accommodation reservations and transportation ticketing in 2024. The rest of revenue comes from package tours and corporate travel. Before the pandemic in 2019, the company generated 25% of revenue from international travel, which is important to its margin expansion. Most of sales come from its domestic platform, but the company is expanding its overseas business. The competes in a crowded OTA industry in China, including Meituan, Alibaba-backed Fliggy, Tongcheng, and Qunar. The company was founded in 1999 and listed on the Nasdaq in December 2003.

Institution	Shares	Value	Change
Arga Investment Management	6,527,204	$260M	INCREASED
Robeco Institutional Asset Management B.V	2,761,910	$110M	INCREASED
Temasek Holdings (Private)	2,239,671	$89M	UNCHANGED
Russell Investments Group, Ltd	1,993,391	$79M	INCREASED
BlackRock	1,683,789	$67M	DECREASED

Trip.com Group Limited American Depositary Shares (TCOM) Ownership & Trading Activity

Top Institutional Holders