Trip.com Group

Under its Ctrip, Trip.com and Skyscanner brands, Trip.com Group operates the largest online travel business in China and a growing one abroad. Customers book flights, hotels, train tickets and package tours through its apps, and the group takes a cut of each transaction. Founded in 1999 as Ctrip and based in Shanghai, it consolidated the Chinese market over two decades and bought the UK flight-search site Skyscanner to push overseas. The business is a direct play on Chinese travel demand, which collapsed during pandemic border closures and then rebounded hard as domestic and outbound trips resumed. Higher-margin outbound international travel, where Chinese tourists spend heavily, is the segment investors most want to see recover fully. Because it is asset-light, taking commissions rather than owning planes or hotels, the group throws off strong cash flow when bookings are healthy and scales down quickly when they are not.

On MyRWA, TCOM trades tokenized across 2 on-chain venues - see the listings below.