Company: TCOM
Filing Date: 2025-01-06
Form Type: CORRESP
Source: 0001193125-25-001781
Chunk: 3

Company: Trip.com Group Ltd
Filing Date: 2025-01-06
Form: CORRESP
Chunk 3
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 convertible for trade- and service-related foreign exchange transactions, but not for direct investment, loan or investment in securities outside China
unless prior approval of SAFE is obtained. For example, foreign exchange transactions under
our subsidiaries’ capital account, including principal payments in respect of foreign currency-denominated obligations, remain subject to the approval of SAFE. These regulations could affect our ability
to obtain foreign exchange for capital expenditures. We cannot that the PRC regulatory the foreign exchange
sufficient foreign currencies to satisfy our foreign currency demands, we may not be able to pay dividends in foreign
currencies to our shareholders, including our ADS holders. As a result, the funds in our PRC subsidiaries or the VIEs in China may not be available to fund operations or for other use outside of China due to limitations on the ability of our holding company, our subsidiaries, or the VIEs on currency conversion.

[…]

Uncertainties with respect to the PRC legal system could adversely affect us.

We conduct our business primarily through our
wholly-owned subsidiaries incorporated in China. Our PRC subsidiaries are generally subject to laws and regulations applicable to foreign investment in China and, in particular, laws applicable to wholly foreign-owned enterprises. In addition, we
depend on several VIEs in China to honor their service agreements with us. Almost all of these agreements are governed by PRC law and disputes arising out of these agreements are expected to be decided by arbitration in China.

Division of Corporation Finance

Office of Trade & Services

Securities and Exchange
Commission

January 6, 2025

Page
6

The PRC legal system is based on written statutes, and prior court decisions
may be cited for reference but have limited precedential value. The PRC laws and regulations have significantly enhanced the protections afforded to various forms of foreign investments in China for the past decades. However, many laws, regulations, and rules

For example, China enacted its amended Company Law, which into effect on
July 1, 2024. The changes are considerable in many respects and will have profound implications for companies incorporated in China, such as the five-year capital contribution timeframe for shareholders of limited liability companies to make
their capital contributions in full. In response to these changes, we may need to devote significant efforts and resources to adapt and conform our PRC corporate practices to the new regulatory regime. Moreover, because these laws, regulations, and
standards are subject to interpretations, their application in practice may evolve over time as new guidance becomes available.