Trip.com Reshapes Its Board as China Antitrust Case Deepens

Trip.com Group said co-founders Min Fan and Qi Ji have stepped down from its board of directors, while Fan also left his role as president. Trip.com also named two new independent directors, May Yihong Wu and Iris Yang Xiao.

China’s antitrust investigation is adding pressure

The board changes come weeks after China’s State Administration for Market Regulation opened a formal antitrust investigation into Trip.com on January 14, 2026.

The regulator said the case involves suspected abuse of a dominant market position under China’s Anti-Monopoly Law, but it did not publicly detail the exact conduct under review.

Trip.com said at the time that it was cooperating and that business operations remained normal.

The company is becoming less founder-led

The departure of Fan and Qi Ji reduces founder representation at the board level, although co-founder James Liang remains executive chairman.

That suggests Trip.com is moving further toward a more conventional governance structure, with more emphasis on professional management and independent oversight.

Based on the company’s disclosure, the shift was presented as part of ongoing corporate development rather than as an emergency move tied directly to the probe.

Trip.com’s scale in travel

Trip.com is one of the most important travel distribution groups in China, with brands including Trip.com, Ctrip, Qunar, and Skyscanner.

Because of that scale, any antitrust action could matter not only for the company itself, but also for hotels, airlines, and other travel suppliers that depend on large platforms for distribution.

Strong financial results give Trip.com some room to respond

Trip.com is entering this period from a position of financial strength.

The company reported fourth-quarter 2025 revenue of RMB 15.4 billion ($2.23 billion), up 21 percent year over year, while full-year revenue reached RMB 62.4 billion ($9.04 billion), up 17 percent.

Still, the legal risk remains meaningful, since China’s Anti-Monopoly Law allows fines of 1 percent to 10 percent of the previous year’s sales if violations are confirmed.

For now, however, the confirmed developments are the board reshuffle and the active investigation, not any formal penalty.

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