China has fined online travel giant Trip.com Group 5.18 billion yuan (about $765 million) for violating the country`s anti-monopoly law, marking one of the biggest regulatory penalties imposed on a major internet platform in recent years.
The State Administration for Market Regulation (SAMR) announced on Saturday that the company had abused its dominant position in the online travel market by engaging in anti-competitive practices.
According to the regulator, Trip.com earned 1.66 billion yuan through illegal practices, an amount that has now been confiscated. It was also fined an additional 3.52 billion yuan, bringing the total financial penalty to 5.18 billion yuan.
SAMR said its investigation found that Trip.com required some hotels to enter exclusive agreements, preventing them from offering services on rival booking platforms.
The company was also accused of forcing certain hotel operators to stop doing business with competitors.
The regulator said such practices restricted market competition, harmed hotels and consumers, and undermined the healthy development of the online travel industry.
The investigation was launched in January after authorities suspected the company of abusing its dominant market position in breach of China`s Anti-Monopoly Law.
Trip.com, which provides hotel, flight and train booking services in China and overseas, said it accepted the regulator`s decision.
In a statement posted on WeChat, the company said it would treat the penalty as an opportunity to improve its business practices and pledged to abandon what it described as "inefficient, cut-throat competition."
China has stepped up anti-monopoly enforcement against major technology companies in recent years.
The campaign began in late 2020 with a high-profile crackdown on e-commerce giant Alibaba and has since expanded to several leading internet platforms.
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