From Startup to Dual-Listed Giant: Trip.com Group's Hong Kong Debut Marks New Era

On April 19, 2021, Trip.com Group took a historic step by debuting on the Hong Kong Stock Exchange under ticker 9961.HK, becoming the first global travel services company to achieve dual-listing status on both Hong Kong and NASDAQ (TCOM). The milestone was celebrated with a ceremony at the company’s Shanghai headquarters, where co-founder James Liang and CEO Jane Sun joined employees, partners, and media to commemorate the achievement.

A 22-Year Journey Condensed into One Milestone

The significance of this moment extends far beyond a single trading day. When Trip.com Group launched in 1999, it operated from a modest 40-square-meter office with just a handful of staff members and 784 registered users on its initial platform. Two decades later, the company now commands hundreds of millions of users across multiple travel service platforms and employs tens of thousands of people globally.

This expansion reflects not just corporate growth, but Trip.com Group’s pivotal role in shaping China’s internet and travel service industries. The company has progressively built its international footprint, evolving from a regional player into one of the world’s most recognized travel service providers.

Strategic Positioning Through Dual-Listing

Jane Sun, the company’s CEO, emphasized the strategic importance of the Hong Kong listing: “By being dual-listed in the US and Hong Kong, we are able to have a truly global offering that better reflects our international presence and outlook.” This geographic and market diversification strengthens Trip.com Group’s ability to serve its expanding global customer base while maintaining strong connections to Asian markets.

The dual-listing structure enables Trip.com Group to access capital markets more flexibly and reinforces its position as a truly international player in travel services. The company operates through a portfolio that includes Trip.com, Ctrip, Skyscanner, and Qunar—platforms that collectively serve travelers and partners worldwide.

Capital Deployment and Future Growth

Trip.com Group plans to deploy the proceeds from the Hong Kong listing toward several key initiatives. The company intends to expand its one-stop travel ecosystem, enhance user experience across platforms, and invest in technology infrastructure to maintain competitive advantage. Additional capital will support general corporate purposes and working capital requirements.

These investments align with Trip.com Group’s broader vision of building integrated travel solutions that address post-pandemic traveler expectations. The company has already demonstrated this commitment through initiatives like its Travel On program, which launched in June 2020 to support partners and enable travel innovation during uncertain times.

Industry Leadership in the Post-Pandemic Era

Trip.com Group has positioned itself at the forefront of safe travel advocacy. The company collaborated with the World Travel & Tourism Council to introduce the Safe Travels protocol and published a comprehensive COVID-19 International Traveller’s Guide. More recently, partnerships with the Common Project Foundation and World Economic Forum reflect the company’s commitment to enabling secure cross-border movement.

The company’s newly launched travel marketing strategy represents another evolution in its platform capabilities, enabling suppliers to expand their presence and helping Trip.com Group deliver comprehensive travel solutions to an increasingly sophisticated user base.

Reflecting on the Journey

At the listing ceremony, James Liang reflected on the company’s evolution: “22 years ago, we began in a 40m2 office with only a handful of employees. Today, we have tens of thousands of employees worldwide.” He highlighted the symbolic importance of having the company’s earliest users and most dedicated travelers strike the opening gong—a gesture that acknowledged the community that built Trip.com Group into what it is today.

The Hong Kong Stock Exchange listing represents validation of Trip.com Group’s business model, market position, and vision for the future of global travel services. As the company enters this new chapter, its dual-listing status reflects not just financial achievement, but a transformation from startup to industry cornerstone.