Trip.com Group Shakes Up Leadership with Founding Co-Founders Stepping Down Amidst China’s Antitrust Investigation and Strong Revenue Growth: What This Means for China’s Digital Travel Landscape in 2026

Trip.com Group is undergoing a significant transformation as two of its founding co-founders, Min Fan and Qi Ji, have stepped down from leadership roles, marking a pivotal moment in the company’s journey. This move comes at a critical time as China’s antitrust investigation into Trip.com has intensified, with regulators scrutinising the company’s market dominance. Despite these challenges, Trip.com Group continues to report strong revenue growth, reflecting its resilience in a competitive digital travel landscape. This leadership shakeup, amidst such regulatory pressures, signals the company’s shift towards a new phase of governance, led increasingly by professional managers.

As China’s digital travel landscape evolves, this change raises questions about how Trip.com will adapt to meet the demands of both the market and regulators. The company’s ability to navigate this complex environment will have far-reaching implications for the future of the industry in 2026 and beyond.

Founders Farewell: A Turning Point For Trip.com’s Corporate Story

Trip.com Group confirmed on 26 February 2026 that Min Fan and Qi Ji, both key architects of the company since its founding in 1999, have resigned from the board of directors, with Mr Fan also stepping down as company president.

Mr Fan had been responsible for shaping the company’s internal operations and oversaw its transformation into a global travel booking platform. Over the years, he held a series of senior roles, including Executive Vice President, Chief Operating Officer and Chief Executive Officer—positions from which he helped build standardised service systems and expand Trip.com’s hotel, air ticket and vacation business offerings that powered the company’s emergence as China’s largest online travel agency.

Mr Ji’s role came earlier in the company’s growth. He co‑led Trip.com with fellow co‑founder James Liang in the early 2000s, before moving into hotel entrepreneurship and founding hospitality brands that became significant players in China’s hotel industry. Despite his external ventures, Mr Ji had long maintained strategic ties with the company and served on its board for many years.

Their departures represent more than an executive reshuffle: they signal a generational handover at the forefront of one of the world’s most dynamic travel enterprises, as veteran founders relinquish control in favour of professional leadership structures.

Strategic Governance Update and New Independent Directors

Alongside the founders’ departure, Trip.com Group announced several changes designed to strengthen governance and board expertise in a rapidly shifting market environment. These include the appointments of May Yihong Wu and Iris Yang Xiao as independent directors, as well as the inclusion of Gabriel Li on the board’s compensation committee.

The addition of Ms Wu and Ms Xiao brings fresh perspectives grounded in cross‑border governance, finance and compliance—critical areas as Trip.com seeks to balance global growth with internal reforms and regulatory alignment.

Industry observers have noted that this board refresh, occurring at the same time as the antitrust investigation, underscores a desire within the company to project stability, deepen compliance oversight, and support strategic evolution under CEO Jane Sun—the seasoned executive who succeeded James Liang as chief executive in 2016.

Antitrust Investigation by China’s SAMR: A Regulatory Headwind

The leadership changes come amid intensified regulatory scrutiny from the State Administration for Market Regulation, which confirmed in mid‑January 2026 that it had formally launched an antitrust investigation into Trip.com Group under China’s Anti‑Monopoly Law.

The SAMR’s review centres on whether Trip.com has engaged in practices that unduly leverage its dominant market position, particularly in hotel and ticketing services, potentially constraining competition or disadvantaging rival platforms.

Although the regulator has not published the specific measures under investigation, analysts point to areas such as algorithm‑driven pricing mechanisms and preferential contracting arrangements with service providers, which could fall under scrutiny if they are deemed to limit open competition.

Industry reaction was swift when news of the probe first broke in January: Trip.com’s share price plunged sharply on both the Hong Kong and NASDAQ exchanges, reflecting investor concern over regulatory fallout.

Despite the regulatory pressure, Trip.com has maintained that it is fully cooperating with authorities and that its core business operations remain unaffected as the review continues.

Financial Performance and Market Context

While governance shifts and regulatory scrutiny dominate headlines, Trip.com Group’s underlying financial performance remains robust.

In its fourth quarter of 2025, the company reported a 21% year‑on‑year increase in revenue, driven by strong growth across core categories including accommodation bookings, transportation ticketing and tour packages. Its annual results for 2025 showed a 17% overall rise in net revenue compared with the prior year and a substantial increase in net profit, reflecting demand momentum as global travel continues its post‑pandemic recovery.

This performance underscores the resilience of digital travel demand in key markets, but it also occurs against a backdrop of intensifying competition from content‑based platforms and integrated ecosystem players that are redefining how customers find and book travel services.

Professionalising Leadership as Founders Exit

The departure of founding figures from active governance roles marks a strategic pivot for Trip.com Group, emphasising professional management and governance diversification over legacy leadership. Industry analysts describe this as a necessary evolution, particularly as the company expands internationally and navigates increasingly complex regulatory environments at home and abroad.

CEO Jane Sun, who has led Trip.com through a period of sustained globalisation and profitability improvement, now takes the helm of a company in transition—charged with steering not only commercial growth but also compliance and innovation priorities that define the future of travel tech.

Looking Ahead: Challenges and Opportunities

With the departure of two founding stalwarts and a regulatory prism over its current operations, Trip.com Group stands at a crossroads.

On one hand, the company’s performance metrics and strategic board appointments indicate operational strength and ambition to lead global travel services into new markets and technological frontiers. On the other, the outcome of the antitrust investigation and broader competitive pressures from emerging travel platforms will shape how the company adapts its governance, partners and product offerings in a crowded digital economy.

What is certain, however, is that the legacy of Trip.com’s founders will be remembered as foundational in building one of the world’s largest travel ecosystems—a legacy now giving way to the next chapter of professionalised leadership and adaptive resilience in a fast‑transforming industry.

Source: China Travel News

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