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Yes Tripis highly regulated by China 

Trip Crashes On Probe: Would Regulatory Shock Continue?
Trip.com Group plunged 17% yesterday after China’s market regulator launched a formal investigation. The sharp move has raised concerns over regulatory risk just as travel demand was stabilizing. Internationally, Trip.com operates mainly through Trip.com, its flagship overseas brand offering flights, hotels, rail, and vacation packages across Asia and Europe. With sentiment shaken, investors are debating whether the sell-off reflects fundamental risk—or an emotional overreaction to regulatory headlines. After a 20%+ drop, does regulatory risk justify further downside for Trip.com?
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