China hits Trip.com with $765M penalty

BEIJING — China’s market regulator said Saturday it had fined and confiscated 5.18 billion yuan ($765 million) from the country’s largest online travel provider Trip.com Group for violating monopoly laws.

Beijing has previously taken tough regulatory action on major internet companies over monopoly charges, notably launching an aggressive crackdown on tech and e-commerce giant Alibaba in late 2020.