Trip.com Group
{{short description|Chinese online travel service conglomerate}}
{{For|the namesake travel agency|Trip.com}}
{{Infobox company
| name = Trip.com Group Limited
| logo = Trip.com Group logo.svg
| image =
| image_caption = Headquarters in Shanghai
| former_name = {{nowrap|Ctrip.com International, Ltd.}}
| type = Public
| traded_as = {{ubl|class=nowrap|{{NASDAQ|TCOM}}|{{SEHK|9961}}}}
| industry = Travel agency
| foundation = {{start date and age|1999|06}}
| location = {{ubl|Principal executive offices: Singapore|Administrative offices: Shanghai, China}}
| area_served = Worldwide
| key_people = {{ indented plainlist |
}}
| revenue = {{increase}} {{US$|link=yes}}6.3 billion (2023){{Cite web|url=https://investors.trip.com/news-releases/news-release-details/tripcom-group-limited-reports-unaudited-fourth-quarter-and-3 | title=Trip.com Group Limited Reports Unaudited Fourth Quarter and Full Year of 2023 Financial Results | date=2024-08-27}}
| net_income = {{increase}} {{US$}}1.4 billion (2023)
| assets = {{decrease}} {{US$}}30.865 billion (2023)
| num_employees = 36,000
| subsid = {{ubl|Ctrip|Qunar|Trip.com|Skyscanner|MakeMyTrip|Travix|TrainPal|}}
| homepage = {{ofurl}}
| footnotes = {{cite web | url=https://www.sec.gov/ix?doc=/Archives/edgar/data/0001269238/000119312524122196/d630811d20f.htm | title=Trip.com Group Limited 2023 Form 20-F Annual Report | publisher=U.S. Securities and Exchange Commission | date=April 29, 2024}}
}}
{{Infobox Chinese
| s = 携程集团
| t = 攜程集團
| l = carry journey group
| p = Xiéchéng Jítuán
| y = Kwàihchìhng Jaahptyùhn
| order = st
| altname =
}}
Trip.com Group Limited is a multinational travel agency headquartered in Shanghai, China. It is the largest online travel service provider in the world.{{Cite news |date=November 9, 2017 |title=Where The Big Four Online Travel Agencies — Expedia, TripAdvisor, Ctrip, & Priceline — Are Placing Their Bets |url=https://www.cbinsights.com/research/expedia-priceline-tripadvisor-ctrip-investments/ |work=CB Insights Research}}
Founded in 1999, the company owns and operates several travel fare aggregators and travel fare metasearch engines, including namesake and flagship Trip.com, Skyscanner, Ctrip, Qunar, Travix, and MakeMyTrip. It operates websites in approximately 40 languages and 200 countries. The company is ranked 820th on the Forbes Global 2000.{{Cite web |title=Trip.com Group - Company Overview & News |url=https://www.forbes.com/companies/trip-group/ |website=Forbes}}
History
The company was founded as Ctrip.com by James Liang, Neil Shen, Min Fan, and Qi Ji in June 1999.{{cite news | first=Luisa | last=Beltran | url=https://www.marketwatch.com/story/ctripcom-soars-in-first-day-of-trade | title=Ctrip.com IPO soars in first day | work=MarketWatch | date=December 9, 2003}}
The company was listed on the NASDAQ in 2003 through a variable interest entity (VIE) based in the Cayman Islands in a Merrill Lynch-led offering, raising US$75 million from the sale of 4.2 million American depositary receipts at $18 each. It appreciated 86% to close at $33.94 per ADR in its first day of trading. The stock traded at a peak of $37.35 on its first day of trading, making it the first company since the November 2000 IPO of Transmeta to double its price in the first day of trading.
On August 6, 2014, Priceline.com, announced that it will invest $500 million in the company to broaden the companies’ options in China, and the companies, which had a commercial partnership since 2012, increased their cross-promotion of each company's hotel inventory and other travel services.{{cite news | url=https://www.bloomberg.com/news/articles/2014-08-06/priceline-investing-500-million-in-ctrip-travel-agency | title=Priceline Investing $500 Million in Ctrip Travel Agency | first1=Jennifer | last1=Surane | first2=Jing | last2=Cao | work=Bloomberg News | date=August 6, 2014}}{{Cite news | url=https://www.wsj.com/articles/priceline-to-invest-500-million-in-ctrip-1407402695 | title=Priceline to Invest $500 Million in Ctrip | first=Wei | last=Gu | work=The Wall Street Journal | date=August 7, 2014 | url-access=subscription}} The investment was increased by $250 million in May 2015.{{cite news | first=Ankit | last=Ajmera | url=https://www.reuters.com/article/us-ctrip-com-intl-equity-priceline-group/priceline-to-invest-additional-250-million-in-chinas-ctrip-com-idUSKBN0OB0YQ20150526 | title=Priceline to invest additional $250 million in China's Ctrip.com | work=Reuters | date=26 May 2015}}
In November 2016, the company acquired Skyscanner for £1.4 billion.{{cite press release | url=https://www.skyscanner.net/company-news/ctrip-announces-agreement-to-acquire-skyscanner | title=Ctrip Announces Agreement to Acquire Skyscanner | publisher=Skyscanner | date=November 23, 2016}}{{cite news | first=Jon | last=Russell | url=https://techcrunch.com/2016/11/23/ctrip-skyscanner/ | title=China's Ctrip is buying flight search company SkyScanner for $1.74 billion | work=TechCrunch | date=23 November 2016}} That same month, Jane Sun became the CEO of Ctrip which she had joined in 2005.{{cite web | url=https://www.forbes.com/profile/jane-jie-sun/ | title=Jane Jie Sun | work=Forbes}}
On November 1, 2017, Ctrip acquired Trip.com, rebranding it as its global brand website.{{cite news | url=https://skift.com/2017/11/19/ctrip-relaunches-trip-com-as-its-english-language-travel-agency-brand/ | title=Ctrip Relaunches Trip.com as Its English Language Travel Agency Brand | first=Sean | last=O'Neill | work=Skift | date=19 November 2017}}{{Cite news | url=https://shanghaiist.com/2017/11/28/ctrip-global-rebrand/ | title=Ctrip launches new global brand Trip.com, removes all references to the site being China-owned | last=Tan | first=Kenneth | work=Gothamist | date=May 5, 2018}}
In February 2018, Ctrip launched TrainPal, an online ticketing platform{{cite news|url=https://www.bangkokpost.com/business/1678348/trade-war-puts-chinese-tourists-off-us|title=Trade war puts Chinese tourists off US|work=Bangkok Post|date=May 13, 2019}} featuring split ticketing,{{cite web| url=https://inews.co.uk/inews-lifestyle/cheap-train-tickets-rail-fares-save-money-split-ticketing-499315 |title=Cheap train tickets: how to save money on rail fares with split ticketing and other tips |work=Inews.co.uk |date=July 3, 2019}} in the United Kingdom.{{cite web|url=https://www.railprofessional.com/magazine/dec-2019/interview-amy-wei | title=Split-city ticketing: the trick that can make your train travel cheaper| work=Rail Professional| date=November 28, 2019}} Accredited by the National Rail of the UK,{{cite web |url=https://www.europeanpaymentscouncil.eu/sites/default/files/inline-files/Payment%20Methods%20Report%202019%20-%20Innovations%20in%20the%20Way%20We%20Pay.pdf|title=Payment Methods Report 2019 - European Payments Council|work=European Payments Council|date=28 June 2019}} TrainPal mainly provides services for the UK, and other European countries.{{cite news | url=https://www.scmp.com/tech/big-tech/article/3010145/ctrip-ceo-says-trade-war-putting-chinese-tourists-us-many-opting-more |title=Trade war is putting Chinese tourists off US, with many opting for 'more welcoming' nations | first=Iris | last=Deng | work=South China Morning Post |date=May 15, 2019}}
In September 2019, Ctrip completed a share exchange with Naspers and became the single largest shareholder of MakeMyTrip.{{cite press release | url=https://www.naspers.com/news/completion-of-naspers-share-exchange-transaction-w | title=Completion of Naspers share exchange transaction with Ctrip | publisher=Naspers | date=September 5, 2019}}
On October 25, 2019, at its 2019 annual general meeting of shareholders, it was approved to change the Company name from "Ctrip.com International, Ltd." to "Trip.com Group Limited".{{Cite news | url=https://skift.com/2019/10/25/ctrip-name-change-to-trip-com-group-is-now-official/ | title=Ctrip Name Change to Trip.com Group Is Now Official | first=Dennis | last=Schaal | work=Skift | date=October 25, 2019 }}
On April 19, 2021, Trip.com Group was listed on the Hong Kong Stock Exchange.{{Cite news | url=https://www.reuters.com/article/us-trip-com-listing-idUSKBN2C603P | first1=Sophie | last1=Yu | first2=Scott | last2=Murdoch | title=Trip.com Group shares gain 4.5% in Hong Kong debut | work=Reuters | date=April 19, 2021}}
On August 16, 2024, Ctrip Asia Live Broadcast Center was unveiled in Thailand.{{Cite web |title=Trip.com Group Unveils Asia Live Streaming Centre in Bangkok to Showcase Thailand's Tourism Offerings |url=https://www.aap.com.au/aapreleases/cision20240816ae85541/ |access-date=2024-10-28 |website=Australian Associated Press |language=en}}
Remote work
The company is a proponent of scientific management.{{cite web | first=David | last=Garvin | url=https://www.hbs.edu/faculty/Pages/item.aspx?num=41337 | title=Ctrip: Scientifically Managing Travel Services | publisher=Harvard Business School | date=January 1, 2012}} After a 2012 randomized control trial using 242 employees and sponsored by professors at Stanford University and Peking University found that employees randomly assigned to remote work for 9 months increased their output by 13.5% versus the office-based control group, and their turnover rates fell by almost 50%, the company allowed remote work company-wide.{{Cite journal | last1=Bloom | first1=Nicholas | last2=Liang | first2=James | last3=Roberts | first3=John | last4=Ying | first4=Jenny | url=https://www.nber.org/papers/w18871 | title=Does working from home work? Evidence from a Chinese experiment | journal=National Bureau of Economic Research | series=Working Paper Series | date=February 2013| location=Cambridge, MA | doi=10.3386/w18871 }}
References
{{Reflist}}
External links
{{commons category}}
- [https://us.trip.com/ Trip.com USA site]
{{Finance links
| name = Trip.com Group Limited
| symbol = TCOM
| sec_cik = TCOM
| bloomberg = TCOM:US
| yahoo = TCOM
| google = TCOM
}}
{{Ctrip}}
{{Travel ticket search engines}}
{{Hang Seng Index}}
Category:2003 initial public offerings
Category:Chinese companies established in 1999
Category:Companies based in Shanghai
Category:Companies listed on the Nasdaq
Category:Hospitality companies established in 1999
Category:Internet properties established in 1999
Category:Online companies of China
Category:Online travel agencies