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<Research>Citi Maintains Buy on Trip.com (TCOM.US), TONGCHENGTRAVEL (00780.HK), Expects to Counter JD Competition by Controlling Supply Chain
JD-SW (09618.HK)(JD.US) recently announced that hotel merchants who participated in the JD Hotel Plus Member Program could enjoy up to three years of zero commission, Citi Research...
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<Research>Citi Maintains Buy on Trip.com (TCOM.US), TONGCHENGTRAVEL (00780.HK), Expects to Counter JD Competition by Controlling Supply Chain
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JD-SW (09618.HK)  -0.100 (-0.080%)    Short selling $163.85M; Ratio 23.037%   (JD.US)      recently announced that hotel merchants who participated in the JD Hotel Plus Member Program could enjoy up to three years of zero commission, Citi Research's report mentioned.

The broker anticipated some short-term uncertainties in the industry landscape, noting that it is not difficult for new market entrants to provide hotel supplies. However, typical hotels tend to offer rooms to online travel agencies (OTAs) that can bring a large and stable customer base, especially in popular tourist destinations during peak seasons.

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While it is relatively easy to acquire users through subsidies, retaining them is more challenging as it requires stable product supply and customer service capabilities. Citi considered that existing OTAs can counter JD by implementing stricter supply chain controls.

The broker maintained a Buy rating on TRIP.COM-S (09961.HK)  -1.200 (-0.270%)    Short selling $78.12M; Ratio 10.784%   (TCOM.US)      with a target price of USD78 for US stocks. It also maintained a Buy rating on TONGCHENGTRAVEL (00780.HK)  -0.790 (-3.901%)    Short selling $48.35M; Ratio 20.506%   with a target price of HKD26.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-06-20 12:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)

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