Company: TCOM
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001193125-25-078429
Chunk: 75

Company: Trip.com Group Ltd
Filing Date: 2025-04-11
Form: 20-F
Item: Item 3
Chunk 75
---
 experienced and may continue to experience significant volatility, resulting from, among other things, underperformance and deteriorating financial results, negative news or perceptions about inadequate corporate governance practices, and fraudulent behaviors of such companies. 
 Consequently, the trading performance of our listed securities may be adversely and materially affected, regardless of our actual operation performance. 
 In addition to market and industry factors, the prices and trading volume for listed securities may be highly volatile for factors specific to our operation, including the followings: 
 

•   outbreak of contagious diseases or similar adverse public health developments, extreme unexpected bad weather, or severe natural disasters and their impacts on the travel industry;
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

•   actual or anticipated fluctuations in our quarterly operating results and variations in our results of operations that are not in line with market or research analyst expectations or changes in financial estimates by securities research analysts;
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

•   conditions in the internet or travel industries;
----------------------------------------------------

•   announcements of studies and reports relating to the quality of our product and service offerings or those of our competitors;
----------------------------------------------------------------------------------------------------------------------------------

•   changes in major business terms between our ecosystem partners and us;
--------------------------------------------------------------------------

•   announcements made by us or our competitors of new features or functionalities or other product and service offerings, investments, acquisitions, strategic relationships, joint ventures, or capital commitments;
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

•   press and other reports, whether or not true, about our business, our directors, senior management, or other key employees, including negative reports published by short sellers, regardless of their veracity or materiality to us;
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

•   litigation and regulatory allegations or proceedings that involve us and our directors;
-------------------------------------------------------------------------------------------

•   additions to or departures of our management;
-------------------------------------------------

•   political or market instability or disruptions, and actual or perceived social unrest in the markets where we operate;
--------------------------------------------------------------------------------------------------------------------------

•   fluctuations of exchange rates among the Renminbi, the Hong Kong dollar, and the U.S. dollar;
-------------------------------------------------------------------------------------------------

•   sales or perceived potential sales or other dispositions of existing or additional shares and/or ADSs or other equity or equity-linked securities;
------------------------------------------------------------------------------------------------------------------------------------------------------

•   any actual or alleged illegal acts of our directors, senior management, or other key employees;
---------------------------------------------------------------------------------------------------

•   any share repurchase program;
---------------------------------
 
45 

 
•   regulatory developments affecting us or our industry, users, licensors and other ecosystem partners; and
------------------------------------------------------------------------------------------------------------

•   market and volume fluctuations in the stock market in general.
------------------------------------------------------------------
 In addition, the stock