HONG KONG, 24 May 2021: Trip.com Group, China’s largest online travel agency, reported higher-than-expected financial performance for the first quarter, and the strong results indicate a resilient recovery of China’s domestic tourism market, according to a China Daily report.
Compared with the first quarter of 2019 before the outbreak
of the COVID-19 pandemic, both domestic hotel and air ticketing reservations
have fully recovered since early March and achieved double-digit growth,
according to the company’s latest financial results reported last Wednesday.
In the first quarter, Trip.com achieved sales revenue of 4.1
billion yuan (USD628 million). During the period, its net profit reached 1.8
billion yuan, surging nearly 80% over
the previous quarter, and the company has remained profitable for three
Earlier this year, Covid-19 outbreaks impacted parts of China, and precautionary measures reduced travel during the Chinese Lunar New Year. However, China’s domestic travel rebounded quickly in March and showed even stronger momentum in April and May, Trip.com Group confirmed in its report to the stock exchange.
Trip.com made its secondary listing in Hong Kong on 19
April, 19 years after it debuted on the Nasdaq stock market in 2003. So far,
the Hong Kong-listed stock has maintained its share price of HKD304.8 (USD39.3)
above the offering price since its IPO.
Meanwhile, online travel platform Tongcheng-Elong said its
first-quarter revenue hit 1.61 billion yuan, up 60.6% on a yearly basis. Its
adjusted net profit in the period reached 300 million yuan, surging 279.5%
year-on-year, according to its quarterly earnings report released last Friday.
“This year marks the centenary of the founding of the
Communist Party of China, which will prompt tourism operators to promote
“red tourism and launch more tours for the domestic market.