反垄断调查敲门携程“舒适圈”到头

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携程因涉嫌滥用市场支配地位，以及透过投资布局掌控中国庞大线上旅游市场逾六成市占率，正接受监管调查Key takeaways:▶在最新反垄断调查下，携程或被迫终止排他性合作安排，甚至出售其在同业的持股▶是次调查为市场监管机构近期针对互联网滥用市场支配地位的最新行动为何拖到现在才出手？听到监管机构对线上旅游龙头携程集团有限公司（TCOM.US; 9961.HK）因涉嫌滥用市场支配地位展开调查，我们的...

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9961.HK）因涉嫌滥用市场支配地位展开调查，我们的...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2026011617514197a21768&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0054237671.USD","symbol_name":"FIDELITY ASIAN SPECIAL SITUATIONS \"A\" INC","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2026011617514197a21768&s=b","article_id":"2603589964","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2026011617514197a21768&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2603589964","pubTimestamp":1768557030,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"市场监督管理总局周三宣布对携程展开调查，表示将就其是否涉嫌滥用市场支配地位进行审视。此外，美团及腾讯亦先后遭遇类似调查，最终被罚款并被要求整改。那一波反垄断调查早在两至三年前便已告一段落，因此携程为何能一路“漏网”至今，多少令人费解，尤其考虑到它其实是最早涉入相关行为的公司之一。对于官方调查，携程方面回应称，将“积极配合”。股价急挫调查消息公布后，携程股价应声下挫。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"LU0054237671.USD":"FIDELITY ASIAN SPECIAL SITUATIONS \"A\" INC","LU1917777945.USD":"安联专题基金Cl AT Acc","IE00B031HY20.USD":"FSSA CHINA GROWTH \"I\" (USD) INC","LU0181495838.USD":"施罗德新兴亚洲A Acc","LU0594300179.USD":"FIDELITY CHINA CONSUMER \"A\" (USD) ACC","HK0000306701.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) INC","LU1880383440.USD":"AMUNDI FUNDS CHINA EQUITY \"A2\" (USD) INC","09961":"携程集团-S","LU1719994722.HKD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (HKD) ACC","LU0531971595.HKD":"HSBC GIF CHINESE EQUITY \"AD\" (HKD) INC","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","BK1587":"次新股","LU1282649810.SGD":"Allianz Asian Multi Income Plus Cl AMg DIS H2-SGD","LU2106854487.HKD":"ALLIANZ THEMATICA \"AMG\" (HKD) INC","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","LU1102505929.USD":"FIDELITY SUSTAINABLE EMERGING MARKETS EQUITY  \"A\" (USD) ACC","LU0540923850.HKD":"ALLIANZ HONG KONG EQUITY \"A\" (HKD) INC","LU1808992512.USD":"AB ALL CHINA EQUITY PORTFOLIO \"A\" (USD) ACC","LU3063872942.SGD":"FULLERTON LUX FUNDS ASIA EQUITIES \"I\" (SGD) ACC","BK1604":"节假日概念","LU0251143458.SGD":"Fidelity Emerging Markets A-SGD","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","LU1974910355.USD":"Allianz Thematica Cl AMg DIS USD","LU0516422952.EUR":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"I\" (EUR) ACC","LU0509642566.USD":"SCHRODER ISF GLOBAL EMERGING MARKET OPPORTUNITIES \"A\" (USD) INC AV","HK0000320264.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) ACC","LU2348773727.SGD":"Aberdeen Standard SICAV I - Asian Sustainable Development Equity A Acc SGD-H","LU0269904917.USD":"SCHRODER ISF GLOBAL EMERGING MARKET OPPORTUNITIES \"A\" (USD) ACC","LU2424517915.HKD":"abrdn SICAV I -  ASIAN SDG EQUITY \"A\" (HKD) ACC","LU1328277881.USD":"MANULIFE GF DRAGON GROWTH FUND \"AA\" (USD) INC","HK0000306685.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) INC","LU0823426480.USD":"法巴中国股票经典Dis","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","LU2242644610.SGD":"Fidelity China Innovation A-ACC-SGD","LU2449936058.SGD":"SUSTAINABLE ASIA EQUITY \"AA\" (SGD) ACC","LU0828237510.HKD":"SCHRODER ISF BIC (BRAZ IN CH)\"A\" (HKD) ACC","LU0823397285.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\" (USD) INC","TCOM":"携程网","LU0737861699.HKD":"FIDELITY CHINA FOCUS \"A \" (HKD) ACC","LU1956131251.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\"MD (USD) INC","LU0329678170.USD":"FIDELITY EMERGING ASIA \"A\" (USD) INC","LU0314109678.HKD":"MANULIFE GF DRAGON GROWTH \"AA\" (HKD) INC","LU1224709979.USD":"FIDELITY CHINA FOCUS \"A\" (USD) ACC","LU0456846285.SGD":"JPMorgan Funds - Greater China A (acc) SGD","LU0455707207.USD":"FIDELITY FUNDS  CHINA INNOVATION \"A\" (USD) INC","LU0370786039.SGD":"Fidelity Greater China A-SGD","LU0516422366.SGD":"Fullerton Lux Funds - Asia Focus Equities A Acc SGD","LU0261950470.USD":"FIDELITY EMERGING MARKETS \"A\" ACC","LU0594300419.USD":"富达中国消费基金A","SG9999002463.SGD":"LionGlobal China Growth SGD","LU0650527681.SGD":"Fidelity China Consumer A-SGD"},"translate_title":"Antitrust investigation knocks on Ctrip's \"comfort zone\" comes to an end","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"TCOM":0.9,"09961":1.5},"content_text":"携程因涉嫌滥用市场支配地位，以及透过投资布局掌控中国庞大线上旅游市场逾六成市占率，正接受监管调查Key takeaways:▶在最新反垄断调查下，携程或被迫终止排他性合作安排，甚至出售其在同业的持股▶是次调查为市场监管机构近期针对互联网滥用市场支配地位的最新行动为何拖到现在才出手？听到监管机构对线上旅游龙头携程集团有限公司（TCOM.US; 9961.HK）因涉嫌滥用市场支配地位展开调查，我们的第一反应就是：早该如此。我们关注携程已久，最早可追溯至2003年其在纳斯达克上市，成为中国最早一批赴美挂牌的企业之一。当年携程已是行业领先者，上市后头十年看起来仍在相对公平的竞争环境中角力。但大约十年前起，携程开始透过一连串更具进攻性的投资与并购迅速扩张，实际上把控了逾半市场。之所以能做到这一步，一方面源于自身规模，另一方面也因当时缺乏来自其他互联网巨头的正面竞争，其他巨头更热衷于电商、网游等更赚钱的战场。这家公司如今已成为中国线上旅游市场的重量级霸主。尽管线上旅游的蛋糕不及电商与网游那么巨大，规模仍相当可观。凭藉这种体量与影响力，携程得以抵御美团（3690.HK）与阿里巴巴（BABA.US; 9988.HK）在旅游领域发起的挑战，相较携程及其关联公司网络，这两家巨头在这个战场仍显得像小角色。市场监督管理总局周三宣布对携程展开调查，表示将就其是否涉嫌滥用市场支配地位进行审视。据熟悉情况人士向财新透露，调查焦点锁定在携程的酒店预订业务，该板块在第三季度约占公司收入的44%。住宿预订是携程两大主要收入来源之一，另一项是交通票务预订，主要涵盖机票与火车票。监管选择从酒店预订切入，而非票务业务，其实并不意外。虽然华住集团（HTHT.US; 1179.HK）、锦江酒店（600754.SH）等少数大型集团在市场中具一定分量，但中国酒店业整体仍高度分散，主体是成千上万的区域性酒店与地方企业。这意味着，众多中小酒店在客源上高度依赖线上导流，使携程在与其谈判合作条件时握有更强议价权。财新引述消息称，携程经常要求酒店签署排他或限制性协议，并利用自身影响力提前锁定大量房源库存，令竞争对手在供给端处于不利位置。携程并非唯一曾从事这类垄断行为的企业，但却是少数直到现在才被市场监管机构盯上的公司之一。早在2021年，阿里巴巴就因电商领域的反竞争行为被处以创纪录的28亿美元罚款。此外，美团及腾讯亦先后遭遇类似调查，最终被罚款并被要求整改。那一波反垄断调查早在两至三年前便已告一段落，因此携程为何能一路“漏网”至今，多少令人费解，尤其考虑到它其实是最早涉入相关行为的公司之一。对于官方调查，携程方面回应称，将“积极配合”。股价急挫调查消息公布后，携程股价应声下挫。过去四个交易日累计下跌22%，市值蒸发约90亿美元。尽管如此，若投资者在2003年携程IPO时便已入场，即使经历此次急跌，整体回报仍相当可观。以最新收市价61.30美元计算，该股仍较经拆股调整后的IPO价格1.125美元累升约54倍。根据Modor Intelligence的报告，中国线上旅游代理市场去年规模约为1,050亿美元，未来五年料将以约15%的年复合增长率持续扩张。携程直接掌控其中约三分之一的市场。不过，由于携程在多家主要竞争对手中持有股份，其实际影响力远高于此；相关投资多集中于2015至2017年间的一波密集收购。其中包括2015年收购当时主要竞争对手去哪儿网48%股权，该公司当时由百度支持。其他重要投资还包括入股美国上市的途牛（TOUR.US），以及于2015年从美国旅游巨头Expedia（EXPE.US）手中收购昔日对手艺龙37.6%的股权。此后，携程又促成艺龙与由腾讯支持的同程合并。合并后的同程（0780.HK）在香港上市，根据港交所披露的股权资料，携程目前仍持有其27%股权。综合上述持股与投资安排，携程实际上掌控了中国线上旅游市场逾60%的份额。其余主要势力仅剩美团，市占约20%，以及阿里巴巴旗下飞猪，约占10%。如此高度集中的市场结构，赋予携程极大的话语权，也助其在中国旅游业在疫后复苏过程中，交出行业内最亮眼的成长表现之一。第三季度，携程收入按年增长16%至183亿元，净利润则由上年同期的68亿元大幅跃升至约199亿元，差不多翻了两番。在此业绩带动下，携程在股价下挫前的市盈率一度达到约20倍，属于同业中的较高水平，惟近期回落至约16.5倍，已低于同程目前约18.7倍的估值。那么，携程接下来会面临什么？我们预期，市场监管机构几乎肯定会裁定携程存在反竞争行为，并处以金额不菲的罚款，规模或达10亿美元甚至更高。不过，这类罚款对公司财务冲击有限，因为截至去年9月底，携程手持现金等价物约150亿美元。真正值得关注的，是携程可能被要求采取哪些整改措施。如果携程被迫出售部分投资，尤其是同程与去哪儿的持股，并不令人意外。此外，携程几乎可以确定将被要求终止与大量合作酒店之间的排他性安排。对投资者而言，这些措施的影响远大于罚款本身，因为它们可能动摇携程长期稳坐的市场地位，并为中国线上旅游市场带来更具竞争性的格局。About UsBamboo Works 咏竹坊 专注于报道中概股新闻。用高质量的中英文内容帮助中国企业讲好中国股事，触达全球投资者。我们的报道也通过全球各大财经平台进行分发。日均触达200,000人次的全球投资者。如需咨询，请联系 info@thebambooworks.comBamboo Works is a premium business content provider with a strong focus on overseas listed Chinese companies. 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反垄断调查敲门 携程“舒适圈”到头

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反垄断调查敲门携程“舒适圈”到头