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
Capital Group	43,380,624	$1.7B	INCREASED
Morgan Stanley	12,875,346	$513M	DECREASED
Sanders Capital	10,560,564	$421M	DECREASED
Davis Selected Advisers	8,761,371	$349M	INCREASED
Arga Investment Management	6,527,204	$260M	INCREASED

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

Top Institutional Holders