Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

<ul>
<li>Trip.com paid out US$770M in fines, illegal profits, and deposits to resolve investigation</li>
<li>The penalty is equivalent to ~9% of 2025 Net Revenue -- larger than Alibaba's 2021 case (4%)</li>
<li>In this insight we look at <em>why</em> the company engaged in anti-competitive practices</li>
</ul>


Trip.com paid out US$770M in fines, illegal profits, and deposits to resolve investigation
The penalty is equivalent to ~9% of 2025 Net Revenue -- larger than Alibaba's 2021 case (4%)
In this insight we look at why the company engaged in anti-competitive practices


Trip.com Pays US$770M in Fines, Illegal Profits, Deposits To Resolve Investigation into Abuses

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/space-exploration-technologies-corp-spacex" target="_blank" data-smartkarma-citation="entities:33284:1" rel="noopener">SpaceX (SPCX US)</a> manage to stay above its IPO price, which should help the overall market</li>
<li>There were a few lockup expiry linked placements in the past week.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, SpaceX (SPCX US) manage to stay above its IPO price, which should help the overall market
There were a few lockup expiry linked placements in the past week.


Aequitas ECM Weekly (15 June 2026) - SpaceX, GO, Lingyi, Nexchip, SG Micro, Semi-Tech, BIWIN, ICICI

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Shanghai Jin Jiang International Hotels / Equity Capital Markets

Shanghai Jin Jiang International Hotels (SJJ HK)

<ul>
<li>In 25Q1, Jin Jiang did not show a turning point in performance.There's uncertainty about whether 2025 performance target can be achieved due to low efficiency of membership system/weak overseas business.</li>
<li>The growth of the core mid-to-low end economic market is weak.The transition to the high-end market or international expansion is difficult to shoulder the banner of growth in short term.</li>
<li>Valuation of Jin Jiang could be lower than Atour and H World Group, who have found new development paths and growth points.A relatively conservative valuation range is P/E of 15-18x.</li>
</ul>


In 25Q1, Jin Jiang did not show a turning point in performance.There's uncertainty about whether 2025 performance target can be achieved due to low efficiency of membership system/weak overseas business.
The growth of the core mid-to-low end economic market is weak.The transition to the high-end market or international expansion is difficult to shoulder the banner of growth in short term.
Valuation of Jin Jiang could be lower than Atour and H World Group, who have found new development paths and growth points.A relatively conservative valuation range is P/E of 15-18x.


Pre-IPO Shanghai Jin Jiang International Hotels - The Pain Points and the Outlook

Price Gauge
52-week Range	0.00 - 0.00
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Shanghai Jin Jiang International Hotels (SJJ HK)

Trip.com Pays US$770M in Fines, Illegal Profits, Deposits To Resolve Investigation into Abuses

Last week Trip.com announced the resolution of an investigation into anti-competitive practices in China's domestic hotel segment. This is the...

Tracking Traffic

Aequitas ECM Weekly (15 June 2026) - SpaceX, GO, Lingyi, Nexchip, SG Micro, Semi-Tech, BIWIN, ICICI

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Pre-IPO Shanghai Jin Jiang International Hotels - The Pain Points and the Outlook

Jinjiang's 25Q1 performance raise doubts about meeting 2025 targets due to weak membership system inefficiency/overseas business.Valuation may be...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Trip.com Pays US$770M in Fines, Illegal Profits, Deposits To Resolve Investigation into Abuses

Last week Trip.com announced the resolution of an investigation into anti-competitive practices in China's domestic hotel segment. This is the...

Tracking Traffic

Aequitas ECM Weekly (15 June 2026) - SpaceX, GO, Lingyi, Nexchip, SG Micro, Semi-Tech, BIWIN, ICICI

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Pre-IPO Shanghai Jin Jiang International Hotels - The Pain Points and the Outlook

​Jinjiang's 25Q1 performance raise doubts about meeting 2025 targets due to weak membership system inefficiency/overseas business.Valuation may be...

Xinyao (Criss) Wang

Jinjiang's 25Q1 performance raise doubts about meeting 2025 targets due to weak membership system inefficiency/overseas business.Valuation may be...