JD-SW (09618.HK)  +1.700 (+1.362%)    Short selling $572.26M; Ratio 33.784%   announced the "Hotel PLUS Membership Program," offering participating hotels up to three years of zero commission, BOCOMI released a research report saying. The broker believed that this move is JD-SW's further expansion into local lifestyle scenarios following a peak order volume of over 25 million recorded by its food delivery business on 1 June.

Considering JD-SW's hotel and travel merchant expansion progress and traffic conversion effectiveness, BOCOMI believed that, from the perspective of customer group overlap, it may have a greater impact on Trip.com. In terms of local consumption scenarios, it may have a more significant impact on MEITUAN-W (03690.HK)  +1.100 (+0.837%)    Short selling $1.58B; Ratio 20.793%   and TONGCHENGTRAVEL (00780.HK)  +0.800 (+4.061%)    Short selling $64.55M; Ratio 17.068%   .

Related NewsBOCI Expects 2025 Southbound Net Inflow to Be RMB1.2T, Recommends BABA/ MEITUAN/ CHINA MOBILE/ TENCENT/ SMIC/ LI AUTO
However, the supply chain barriers of TRIP.COM-S (09961.HK)  +8.000 (+1.795%)    Short selling $215.15M; Ratio 17.290%   and the advantages of MEITUAN-W and TONGCHENGTRAVEL in lower-tier markets are difficult to shake in the short term.

BOCOMI believed that JD-SW will face greater challenges in shaking the OTA competitive landscape in the short term, as the hotel and travel business involves lower frequency consumption, more complex connection system and customer service capability construction compared to its food delivery business.

However, the high degree of overlap between JD-SW's food delivery customer base and hotel & travel consumers, if effectively linked with the PLUS membership system to form a closed ecosystem, may offer development opportunities.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-06-23 16:25.)

Related NewsHSBC Research: TRIP.COM-S (TCOM.US) Sale of MakeMyTrip Stake Could Enhance Shareholder Return Capability