Trip.com Group Limited is a multinational travel agency headquartered in Shanghai, China. It is the largest online travel agency in China and one of the largest travel service providers in the world.[3]
 | |
| Formerly | Ctrip.com International, Ltd. |
|---|---|
| Company type | Public |
| Industry | Travel agency |
| Founded | June 1999 |
| Headquarters | Shanghai, China |
Area served | Worldwide |
Key people | |
| Revenue |  US$6.3 billion (2023)[1] |
| US$1.4 billion (2023) | |
| Total assets |  US$30.865 billion (2023) |
Number of employees | 45,000 |
| Subsidiaries | |
| Website | group |
| Footnotes / references [2] | |
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.[2] It operates websites in approximately 40 languages and 200 countries.[2] The company is ranked 820th on the Forbes Global 2000.[4]
History
editThe company was founded by James Liang, Neil Shen, Min Fan, and Qi Ji in June 1999.[5][6]
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.[6]
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.[7][8] The investment was increased by $250 million in May 2015.[9]
In November 2016, the company acquired Skyscanner for £1.4 billion.[10][11] That same month, Jane Sun became the CEO of Ctrip.[12] She had joined the company in 2005.[13]
On November 1, 2017, Ctrip acquired Trip.com, rebranding it as its global brand website.[14]
In February 2018, Ctrip launched TrainPal, an online ticketing platform[15] featuring split ticketing,[16] in the United Kingdom.[17] Accredited by the National Rail of the UK,[18] TrainPal mainly provides services for the UK, and other European countries.[19]
In September 2019, Ctrip completed a share exchange with Naspers and became the single largest shareholder of MakeMyTrip.[20][21]
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".[22]
In June 2020, Trip.com joined China Eastern to launch new airline in Hainan as plans to make the island a free trade hub promise greater air traffic.[23]
On April 19, 2021, Trip.com Group was listed on the Hong Kong Stock Exchange.[24]
Remote work
editThe company is a proponent of scientific management.[25] 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.[26]
References
edit- ^ "Trip.com Group Limited Reports Unaudited Fourth Quarter and Full Year of 2023 Financial Results". 2024-08-27.
- ^ a b c "Trip.com Group Limited 2023 Form 20-F Annual Report". U.S. Securities and Exchange Commission. April 29, 2024.
- ^ "Where The Big Four Online Travel Agencies — Expedia, TripAdvisor, Ctrip, & Priceline — Are Placing Their Bets". CB Insights Research. November 9, 2017.
- ^ "Trip.com Group - Company Overview & News". Forbes.
- ^ Flannery, Russell (March 29, 2010). "Ctrip's Remarkable Journey: China travel boom fuels hotel chain IPO". Forbes.
- ^ a b Beltran, Luisa (December 9, 2003). "Ctrip.com IPO soars in first day". MarketWatch.
- ^ Surane, Jennifer; Cao, Jing (August 6, 2014). "Priceline Investing $500 Million in Ctrip Travel Agency". Bloomberg News.
- ^ Gu, Wei (August 7, 2014). "Priceline to Invest $500 Million in Ctrip". The Wall Street Journal.
- ^ Ajmera, Ankit (26 May 2015). "Priceline to invest additional $250 million in China's Ctrip.com". Reuters.
- ^ "Ctrip Announces Agreement to Acquire Skyscanner" (Press release). Skyscanner. November 23, 2016.
- ^ Russell, Jon (23 November 2016). "China's Ctrip is buying flight search company SkyScanner for $1.74 billion". TechCrunch.
- ^ "Ctrip Announces Ms. Jane Jie Sun as New CEO and Director" (Press release). PR Newswire. November 16, 2016.
- ^ "Jane Jie Sun". Forbes.
- ^ Tan, Kenneth (May 5, 2018). "Ctrip launches new global brand Trip.com, removes all references to the site being China-owned". Gothamist.
- ^ "Trade war puts Chinese tourists off US". Bangkok Post. May 13, 2019.
- ^ "Cheap train tickets: how to save money on rail fares with split ticketing and other tips". Inews.co.uk. July 3, 2019.
- ^ "Split-city ticketing: the trick that can make your train travel cheaper". Rail Professional. November 28, 2019.
- ^ "Payment Methods Report 2019 - European Payments Council" (PDF). European Payments Council. 28 June 2019.
- ^ Deng, Iris (May 15, 2019). "Trade war is putting Chinese tourists off US, with many opting for 'more welcoming' nations". South China Morning Post.
- ^ "Completion of Naspers share exchange transaction with Ctrip" (Press release). Naspers. September 5, 2019.
- ^ "Ctrip Announces Share Exchange Transaction with Naspers" (Press release). PR Newswire. April 26, 2019.
- ^ Schaal, Dennis (October 25, 2019). "Ctrip Name Change to Trip.com Group Is Now Official". Skift.
- ^ Lee, Georgina (14 June 2020). "China Eastern to launch new airline in Hainan with partners including Trip.com unit, as plans to make the island a free trade hub promise greater air traffic". South China Morning Post.
- ^ Yu, Sophie; Murdoch, Scott (April 19, 2021). "Trip.com Group shares gain 4.5% in Hong Kong debut". Reuters.
- ^ Garvin, David (January 1, 2012). "Ctrip: Scientifically Managing Travel Services". Harvard Business School.
- ^ Bloom, Nicholas; Liang, James; Roberts, John; Ying, Jenny (February 2013). "Does working from home work? Evidence from a Chinese experiment". National Bureau of Economic Research.
External links
edit
- Business data for Trip.com Group Limited: