JD-SW (09618.HK)  +0.900 (+0.722%)    Short selling $683.61M; Ratio 30.043%   (JD.US)      recently entered the hotel and travel market, with a key challenge being the establishment of a supply chain, according to Goldman Sachs' research report.

Although the Group proposed that hotel merchants participating in the PLUS membership program can enjoy up to three years of zero commission, specific conditions and details have not been disclosed.

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The broker suggested that, theoretically, the most effective way for JD-SW to establish a supply chain is to contact large chain hotel groups. However, some hotel groups like HWORLD-S (01179.HK)  +0.300 (+1.163%)    Short selling $12.97M; Ratio 29.697%   and Atour Lifestyle Holdings(ATAT.US)      reiterated their priority to serve their members after communicating with Goldman Sachs, and will maintain the contribution ratio of online intermediary platforms at no more than 20-25%.

The hotel room choices on JD-SW's platform have decreased compared to a week ago, as TRIP.COM-S (09961.HK)  +1.800 (+0.405%)    Short selling $259.43M; Ratio 15.844%   (TCOM.US)      and TONGCHENGTRAVEL (00780.HK)  -0.570 (-2.815%)    Short selling $119.75M; Ratio 21.097%   no longer share hotel inventory with JD-SW, similar to the situation when Douyin entered the market a few years ago, the report noted.

Goldman Sachs kept rating at Buy for TRIP.COM-S, with target prices of $608/ US$78 for its H-shares/ US stock respectively. The broker also kept rating at Buy for TONGCHENGTRAVEL, with a target price of $28.7, believing that TONGCHENGTRAVEL will be less affected by JD-SW's competition, as JD-SW is clearly targeting TRIP.COM-S' high-value user base.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-06-20 16:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)

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