Tag Archives: TRA

Tencent Launches Immersive Digital Experience of Newest World Heritage Site with Gametech

The Beijing Central Axis is now ready for digital visitors from around the world

SHENZHEN, China, July 27, 2024 /PRNewswire/ — Tencent (0700.HK) today launched the largest virtual urban historical landscape created to date called Microcosm, an immersive experience that brings Beijing’s Central Axis to life online. The project launch coincides with the addition of the Central Axis to the World Heritage List by the United Nations Educational, Scientific and Cultural Organization (UNESCO).

Microcosm, which can be accessed via the Digital Central Axis Weixin Mini Program (云上中轴), offers users an immersive guided tour of the landmark that they can enjoy at their own pace. Guided by avatars, anyone with a smartphone can explore the 3D virtual replica of the heritage site in the Chinese capital in breathtaking detail. Users can explore the Digital Central Axis throughout its history, even areas and scenes that may have been damaged or are no longer visible in real life.

The Mini Program also provides a platform for the Digital Watchman project, an innovative crowdsourced conservation initiative launched in December 2023. By simply scanning QR codes, taking photos and uploading inspection reports through the Mini Program, locals and visitors can become citizen stewards, logging signs of deterioration or damage. Citizen conservation reports make it easier to maintain a large heritage site like the Central Axis.

“Through our digital capabilities and gametech, and with our partners, we are exploring a creative path to bring cultural heritage to life in the digital era. The Digital Central Axis Project exemplifies how digital innovation can be used not only to conserve, but also to revitalize these important cultural monuments,” said Zhan Shu, Head of Digital Culture Lab, Tencent’s Sustainable Social Value Organization.

The Axis is well known inside China but may be less familiar in other parts of the world. It stretches approximately 7.8 kilometers from north to south in the capital city, reflecting Chinese imperial design and urban planning that began in the 13th century. The site includes 15 heritage landmarks such as the Forbidden City, the Bell and Drum Towers, Jingshan Hill, and the Temple of Heaven. Its symmetry and layout reflect a traditional system of order and harmony between humans and nature that has prevailed from the Yuan, Ming, and Qing dynasties all the way through to the China of today.

Microcosm took three years to create, using high-definition scanning, modeling, PCG auto-generation, and other game technologies. A sophisticated five-level map mode covers 200km x 200km and includes 300,000 plants and 2.2 million buildings, as well as hills and water features. In all, the virtual space contains over 15 terabytes of 3D data and a total of 10.4 billion facets.

As part of the Digital Central Axis Project, Tencent has also woven the elements of the cultural wonders into many scenarios — including music, videos, animations and even mobile games — for conservation and research purposes. For example, millions of young people have found creative and innovative ways to take part in games licensed with the Beijing Central Axis intellectual property, which in turn has created favorable public sentiment for cultural preservation.

To date, the Digital Central Axis Weixin Mini Program has logged more than 4.5 million visits, 800,000 registered users, and 17,000 Digital Watchman volunteers contributing more than 70,000 inspection photos leading to proactive conservation.

The Digital Central Axis project shows the power of big data, cloud computing, gametech, AI, and knowledge maps in conservation and heritage projects. The technologies can create meaningful experiences, help engage the public, and protect more of the world’s cultural treasures in the digital era.

For media inquiries, please contact us at gc@tencent.com

About Tencent

Tencent is a world-leading internet and technology company that develops innovative products and services to improve the quality of life of people around the world.

Founded in 1998 with its headquarters in Shenzhen, China, Tencent’s guiding principle is to use technology for good. Our communication and social services connect more than one billion people around the world, helping them to keep in touch with friends and family, access transportation, pay for daily necessities, and even have fun.

Tencent publishes some of the world’s most popular video games and other high-quality digital content, enriching interactive entertainment experiences for people around the globe.

Tencent also offers a range of services such as cloud computing, advertising, FinTech, and other enterprise services to support our clients’ digital transformation and business growth.

Tencent has been listed on the Stock Exchange of Hong Kong since 2004.

AsiaPay and Solaire Resort Entertainment City forge a partnership to enhance their digital payment.


MANILA, Philippines, March 6, 2024 /PRNewswire/ — AsiaPay, a leading digital payment service and technology provider in Asia, has partnered with Solaire Resort Entertainment City, the premier Filipino integrated resort in the Philippines, to simplify online payments for consumers booking a hotel room in the Philippines.

Through the partnership, AsiaPay’s payment gateway PesoPay has been integrated into Solaire Resort Entertainment City’s online booking engine, providing an automated and secure way for hotel customers to make upfront payments when booking online or via mobile devices. With AsiaPay serving merchants across various industries in the Philippines for over 16 years, both companies aim to provide customers in the Philippines and Asia with a convenient, seamless, and automated room booking and payment experience.

With the integration of payment pipelines aligned with AsiaPay, it is expected to expand further online sales share and boost the overall hotel turnover, said AsiaPay Associate Director Alberto Javier. “For Solaire Resort Entertainment City, the new custom upgrade of the payment system will save on labor costs in order to cope with the new challenges facing the hotel industry. Now, orders from each payment pipeline are streamlined with AsiaPay’s PesoPay payment console and merchant dashboard; operation-wise, queries for detailed order payment information can easily be validated without the need to login repeatedly into multiple consoles. At the same time, hotel customers are now able to quickly verify the order details. This translates to efficiency in customer service and collections, now that the hotel can easily capture the payment online. The payment dashboard’s capability to display all the payments immediately makes reconciliation and dispute management much simpler.”

About AsiaPay

AsiaPay is a leading digital payment service and technology provider in Asia, serving banks and merchants for over 23 years with advanced, safe, and comprehensive e-payment solutions. AsiaPay delivers secure, scalable, and customized payment solutions for all sizes of businesses across various industries in Asia.

About Solaire Resort Entertainment City

Solaire Resort is the first integrated destination resort on an 8.3-hectare site in Manila’s Entertainment City. Solaire boasts 793 luxurious resort-style accommodations in two distinctive towers, extensive dining options, impressive gaming facilities and state-of the art lyric theatre that has changed the way people view resort casinos in Manila. Solaire offers unique experience of comfort, elegance, and luxury, all underlined by the staff’s unparalleled warm Filipino hospitality.

SIS International Launches New Travel AI Consulting, Strategy Consulting, and Market Research Solutions

SIS International, a Global Market Research and Strategy Consulting firm, launches new travel research and consulting solutions to help travel brands grow.

NEW YORK, Feb. 8, 2024 /PRNewswire/ — SIS International, a leading market research and strategy consulting firm, announced the expansion of its consulting services in the travel, tourism, and hospitality sectors. The company said it expanded its services and capabilities in response to the robust growth of the travel, tourism, and hospitality industries over the next few years.

In response to this promising outlook, SIS International is expanding its resources to offer comprehensive AI consulting and business strategy consulting services to hotels, airlines, and hospitality venues to grow revenue, optimize processes, adopt new technologies, and achieve their strategic objectives.

“Expanding our strategy research and consulting services into travel, tourism, hotel, and hospitality consulting is a natural progression for SIS International. We have over 40 years of experience serving major industry players such as American Airlines, British Airways, Norwegian Cruise Line, Marriott, and Thomas Cook. We help travel brands to adopt emerging technologies like AI through research, data, analytics, and strategy consulting solutions,” said Ruth Stanat, CEO of SIS International.

SIS International provides global travel research and consulting services such as hotel rebranding consulting, customer satisfaction market research, hotel AI consulting, supply and demand consulting, food taste testing, travel brand consulting, eco-tourism market research, hotel brand consulting, sustainable tourism consulting, price optimization analytics, travel market opportunity consulting, destination marketing consulting, luxury hotel rebranding consulting, travel market sizing analysis, MICE Industry consulting (Meetings, Incentives, Conferencing, Exhibitions) and other solutions. This service expansion helps major global travel companies understand how they can adopt AI and adapt to market shifts efficiently.

“SIS offers a wide range of tailored and optimized services, from hotel rebranding and AI strategy consulting to innovative MICE sector consulting. Our data-driven approach and suite of solutions are uniquely suited to help clients uncover new growth opportunities in these sectors,” noted Stanat.

About SIS International

SIS International is a global market research and strategy consulting firm providing insights and solutions to businesses across various industries. In our 40 years of experience, SIS has conducted consulting projects in over 135 countries, and we have served some of the world’s largest and most influential companies and organizations, including over 70% of the Fortune 500.

Media Contact:

Ruth Stanat, CEO
research@sisinternational.com

Ruth Stanat, Founder and President of SIS International Research
Ruth Stanat, Founder and President of SIS International Research

Source: SIS International Research Inc.

Alibaba and T&B Media Global Announce Partnership to Redefine the Thai – Chinese Entertainment Industry

BEIJING, Nov. 9, 2023 /PRNewswire/ — Alibaba Pictures and T&B Media Global are joined by Thai Prime Minister Srettha Thavisin to announce a groundbreaking partnership that further enhances Thai-Chinese cultural exchanges through entertainment. Mr. Zheng Yong, CTO of Alibaba Digital Media & Entertainment Group along with Dr. Jwanwat Ahriyavraromp, Founder and CEO of T&B Media Global, announced a multi-tiered strategic and innovative partnership that redefines the entertainment industry. Simultaneously, the two companies committed to advancing cultural exchanges and further strengthening the close relationship between China and Thailand. The collaboration also focuses on the development of immersive entertainment technologies that promise to bring new, immersive experiences to audiences worldwide.

Alibaba and T&B Media Global Announce Partnership to Redefine the Thai - Chinese Entertainment Industry
Alibaba and T&B Media Global Announce Partnership to Redefine the Thai – Chinese Entertainment Industry

The strategic cooperation focuses on three verticals. The first is the collaboration in AI (Artificial Intelligence) and virtual human development. Alibaba and T&B will work together to create virtual humans for use in film and television productions, as well as innovating content creation through Artificial Intelligence Generated Content (AIGC). The goal is to be at the forefront of AI development and virtual human creation for the entertainment industry.

The second is in the field of film and television distribution. Both parties will work closely to leverage their local capabilities to support the distribution of each companies’ films and TV series in their respective countries. This results in bringing a more diverse collection of high-quality films and TV series to the audiences of both countries.

The last collaboration is in the joint creation of new Intellectual Properties (IPs). Both countries will leverage their respective resources and channels to expand into the wider global market.

This exciting collaboration will further strengthen the close relationship between the two countries and contribute positively to society.

The honored guests at the strategic collaboration announcement ceremony included the following from Alibaba’s Media and Entertainment Group: Ms. Yang Weigang, Secretary of the Party Committee & EVP; Mr. Zhou Peng, Head of Overseas Business at Youku; Mr. Wang Ye, Head of Digital Human Business; and Ms. Wang Ying, Project Manager.

The announcement was held in Beijing, as a continuous effort by the Tourism Authority of Thailand (TAT). They organized a signing ceremony, known as the “Memorandum of Understanding”, together with 8 Chinese companies. The goal is to promote tourism, cultural exchange between China and Thailand, and advance Thailand’s tourism industry through innovation and global industry elevation. The ceremony was attended by His Excellency Srettha Thavisin, the Prime Minister of Thailand, along with leading national businessmen, including Mr. Dhanin Chearavanont, the Senior Chairman of the Charoen Pokphand Group, Mr. Soopakij Chearavanont, Mr. Suphachai Chearavanont, Mr. Pakkhapon Ngamlak, etc.

The strategic collaboration between Alibaba and T&B will fully leverage each companies’ strengths, capabilities, and resources to deliver high-quality entertainment experiences to audiences in China and Thailand. In addition, the new entertainment experiences will serve as a vehicle to drive Thai – Chinese soft power to the global market.

Trip.com Group Limited to Report Third Quarter of 2023 Financial Results on November 20, 2023 U.S. Time

SHANGHAI, Nov. 8, 2023 /PRNewswire/ — Trip.com Group Limited (Nasdaq: TCOM; HKEX: 9961), a leading one-stop travel service provider of accommodation reservation, transportation ticketing, packaged tours and corporate travel management, will announce its financial results for the three months ended September 30, 2023 on Monday, November 20, 2023, U.S. Time.

Trip.com Group’s management team will host a conference call at 7:00 PM U.S. Eastern Time on November 20, 2023 (or 8:00 AM on November 21, 2023 in the Shanghai/Hong Kong Time) following the announcement.

The conference call will be available on Webcast live and replay at: http://investors.trip.com. The call will be archived for twelve months at this website.

All participants must pre-register to join this conference call using the Participant Registration link below: 

https://register.vevent.com/register/BI570196cd01794d8298b96e3dd8d9fd65.

Upon registration, each participant will receive details for this conference call, including dial-in numbers and a unique access PIN. To join the conference, please dial the number provided, enter your PIN, and you will join the conference instantly.

About Trip.com Group Limited

Trip.com Group Limited (Nasdaq: TCOM; HKEX: 9961) is a leading global one-stop travel platform, integrating a comprehensive suite of travel products and services and differentiated travel content. It is the go-to destination for travelers in China, and increasingly for travelers around the world, to explore travel, get inspired, make informed and cost-effective travel bookings, enjoy hassle-free on-the-go support, and share travel experience. Founded in 1999 and listed on Nasdaq in 2003 and HKEX in 2021, the Company currently operates under a portfolio of brands, including Ctrip, Qunar, Trip.com and Skyscanner, with the mission “to pursue the perfect trip for a better world.”

For further information, please contact:

Investor Relations
Trip.com Group Limited
Tel: +86 (21) 3406-4880 X 12229
Email: iremail@trip.com

China Matters’ Feature: Hangzhou City Tour Guide for the Asian Games


BEIJING, Nov. 2, 2023 /PRNewswire/ — During the 19th Asian Games, the charming city of Hangzhou once again gained widespread attention both domestically and internationally. During the Hangzhou Asian Games, 6 short video bloggers from the United States, France, Venezuela, and Slovakia embarked on their long-anticipated journeys, sharing stories of what they witnessed in Hangzhou during the Asian Games.

The bloggers first visited China’s first lake-themed museum—the West Lake Museum, where they learned about the past and present of the Lake. Subsequently, blogger Jack went to the Liangzhu Museum to uncover the story behind the Asian Games’ mascot “Cong Cong”; Raz Galor visited the site of the Southern Song Dynasty Deshou Palace Ruins Museum and experienced being a tour guide for a day; Rafael Saavedra went to the China Cartoon and Animation Museum to understand why animation is so beloved by the younger generation; Ma Jia went to Qingshan Lake, relishing the leisure of boating amidst the trees; Li Ge went to the Asian Games skateboarding competition to cheer for the athletes; while Lila donned a cheongsam to take photos at museums and ancient villages.

Media Contact: 
Li Dixuan
Tel:008610-68996991
E-mail: lidx@cnmatters.com

Video – https://www.youtube.com/watch?v=44dLOv5uiW4

Trip.com Group Records Soaring International Travel Demand during China’s Golden Week


  • Outbound travel volume surged by over eight times this year compared to the same period in 2022
  • Long-haul destinations such as Switzerland, Spain, UK, experienced the fastest growth in tourists numbers
  • Cruise tourism a sector poised for growth in 2024

SHANGHAI, Oct. 7, 2023 /PRNewswire/ — Trip.com Group, a leading global travel platform, recorded a significant surge in outbound travel during China’s 8-day Golden Week holiday period, which encompasses both the Mid-Autumn Festival and National Day. Data from Trip.com Group reveals that during the holiday this year, outbound travel volume surged by over eight times compared to the same period in 2022.

The appetite for international travel was particularly evident among younger travellers. Looking at flight booking data, the post-90s remain the dominant group, accounting for nearly 30% of outbound tourists. Meanwhile, the younger post millennium generation, which includes the Gen Zs, exhibited the fastest growth rate, with a 22% share, equal to that of the post-80s generation.

Destinations of choice for Chinese tourists during the Golden Week period continued to include Thailand, Singapore, Malaysia, and South Korea. Notably, long-haul international destinations such as Switzerland, Spain, Turkey, the United Kingdom, and France experienced the fastest growth in tourist numbers compared to the Labour Day holiday in May.

China Travel Guide resource launched for international travellers

The resurgence of international travel has generated a positive ripple effect globally. An increasing number of overseas tourism businesses are gearing up to welcome Chinese tourists. In particular, hotels in more than 15 popular destinations, including Dubai, Paris, and Kuala Lumpur, have offered tailored services such as Chinese language support and payment options exclusively for Chinese travellers.

Additionally, Trip.com recently launched the “China Travel Guide”, a comprehensive guide which includes travel-related information such as hotel reservations, travel advice, transport options, payment methods, insights into popular destinations, and more, enabling international visitors to better explore the beauty of China.

Cruise tourism: A promising growth sector in 2024

Cruise tourism is emerging as a significant growth opportunity in the 2024 tourism market. During the 34th Shanghai Tourism Festival which took place partly during Golden Week, the debut of the first domestically produced large-scale cruise ship, Aida Modu, marked a milestone as being certified all ready to take to the open seas from its Shanghai dock. Domestically, daily ticket sales for its 2024 voyages surpassed 100. The ship’s cruising routes will include ports in Southeast Asia.

International cruise ships returning to Shanghai in 2024, including Royal Carribean’s Spectrum of the Seas and MSC Bellissima, also witnessed a substantial increase in ticket sales.

Jane Sun, CEO of Trip.com Group said, “As international travel makes a strong comeback, we are witnessing a surge in demand from Chinese travellers seeking diverse and enriching experiences abroad. This Golden Week has been a remarkable turning point. The recovery of international flights and the optimisation of visa policies will increase the enthusiasm for travel to overseas destinations. At Trip.com Group, we remain dedicated to providing our customers with seamless travel experiences and helping them discover the beauty and culture of destinations worldwide. At the same time we will continue to collaborate with our partners and promote their offerings to all travellers, including high-spending travellers.”

About Trip.com Group

Trip.com Group is a leading global travel service provider comprising of Trip.com, Ctrip, Skyscanner, and Qunar. Across its platforms, Trip.com Group helps travellers around the world make informed and cost-effective bookings for travel products and services and enables partners to connect their offerings with users through the aggregation of comprehensive travel-related content and resources, and an advanced transaction platform consisting of apps, websites and 24/7 customer service centres. Founded in 1999 and listed on NASDAQ in 2003 and HKEX in 2021, Trip.com Group has become one of the best-known travel groups in the world, with the mission “to pursue the perfect trip for a better world”. Find out more about Trip.com Group here.

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TRIP.COM GROUP WELCOMES ITALIAN TOURISM MINISTER AND DELEGATION TO ITS HEADQUARTERS


SHANGHAI, Sept. 23, 2023 /PRNewswire/ — Trip.com Group CEO Jane Sun today welcomed Italy’s Minister of Tourism, Ms Daniela Santanchè, and her delegation, at the Group’s office in Shanghai. Ms. Santanchè delegation included Ms. Erika Guerri, Head of Cabinet, Ms. Tiziana D’Angelo, Consul General of Republic of Italy in Shanghai, Ms. Ivana Jelenic, CEO of ENIT, and other officials.

Ms Jane Sun, CEO of Trip.com Group (fifth from left), welcomed the Italian delegation, led by Italy’s Minister of Tourism, Ms Daniela Santanchè (fifth from right), at the Trip.com Group headquarters in Shanghai.
Ms Jane Sun, CEO of Trip.com Group (fifth from left), welcomed the Italian delegation, led by Italy’s Minister of Tourism, Ms Daniela Santanchè (fifth from right), at the Trip.com Group headquarters in Shanghai.

Ms Sun and her team hosted Ms. Santanchè and her delegation to a tour of the Group’s premises, and thereafter engaged in a discussion which focused on travel and tourism, and women’s empowerment, among others. During the discussion, Ms Sun also highlighted Trip.com Group’s strengths, including technology, content marketing and customer service, and ways to deepen cooperation between both sides.

Ms Santanchè said: “The meeting with Ms. Sun and her team offered many interesting ideas, both on present and future perspectives of collaboration between Italy and China, as well as an overview of the methods of promoting Italy to an audience of high-spending users.”

Ms Sun said: “It is our honour and privilege to welcome and host Minister Daniela Santanchè and her delegation. It was a great discussion during which we shared our Group’s initiatives to promote destinations in Europe, including Italy, to high-spending tourists who are seeking quality tourism experiences. We also appreciate the opportunity to share insights and exchange views with the Minister on potential growth opportunities and challenges ahead. My colleagues and I are looking forward with excitement to strengthening our collaboration with the Ministry of Tourism to position Italy as a destination of choice.”

Based on Trip.com Group’s recent data, search volumes and bookings of travel products related to Italy have been increasing. Flight search volume to Italy rose by 363% in August 2023, as compared to the previous year, while accommodation bookings during the same period increased by 283%.

About Trip.com Group

Trip.com Group is a leading global travel service provider comprising of Trip.com, Ctrip, Skyscanner, and Qunar. Across its platforms, Trip.com Group helps travellers around the world make informed and cost-effective bookings for travel products and services and enables partners to connect their offerings with users through the aggregation of comprehensive travel-related content and resources, and an advanced transaction platform consisting of apps, websites and 24/7 customer service centres. Founded in 1999 and listed on NASDAQ in 2003 and HKEX in 2021, Trip.com Group has become one of the best-known travel groups in the world, with the mission “to pursue the perfect trip for a better world”. Find out more about Trip.com Group here: group.trip.com.

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First AlUla World Archaeology Summit wraps up with wide-ranging explorations of what modern society can learn from the past

  • Inaugural summit attracted over 300 delegates from 39 countries
  • Royal Commission for AlUla announces new prize for young archaeologists  

AlUla, Saudi Arabia, Sept. 16, 2023 /PRNewswire/ — Delegates at the final day of the first AlUla World Archaeology Summit participated in a series of lively discussions on the future of archaeology and its ability to enact meaningful change for society.

Photographs from Day 2 of the AlUla World Archaeology Summit
Photographs from Day 2 of the AlUla World Archaeology Summit

The discussions – ranging from the usefulness of ancient wisdom in a modern context to digital archaeology and inclusive archaeology – reflected the ambition of the summit. With its four broad themes of identity, ruinscapes, resilience and accessibility, the summit generated interdisciplinary conversations that moved beyond the specialist mindset in order to promote archaeology to wider audiences.

Abdulrahman Alsuhaibani, Executive Director of Archaeology, Conservation and Collections at the Royal Commission for AlUla (RCU), said: “This summit was exceptional. It was unique. We discussed topics vital to the future of archaeology with a broader perspective – and I hope we continue the discussion.”

Organised by RCU, the summit included 327 attendees from 39 countries, 80+ speakers, 50 youth delegates participating in the Future Forum, representation from 167 institutions including 65 universities, and a gender ratio of  47% female to 53% male.

The summit’s final day featured the announcement of a new prize for young archaeologists. The AlUla World Archaeology Summit Award of Excellence is to be awarded at future summits and will promote the science of archaeology, Dr Alsuhaibani said. More details will be announced later.

The summit showcased AlUla’s position as a hub of archaeological activity. RCU is sponsoring one of the world’s largest archaeological research programmes across AlUla and Khaybar, with 12 current surveys, excavations and specialist projects. Rich cultural landscapes are being revealed, including funerary avenues, mustatils, ancient cities, inscriptions in 10 languages, rock art and complex agricultural practices. AlUla is the site of Hegra, which in 2008 was inscribed as Saudi Arabia’s first UNESCO World Heritage Site.

The summit offered delegates a platform for advancing archaeology and cultural heritage management in their interface with other disciplines. This gathering of leaders from academia, government, non-government organisations, industry, and young people representing the next generation of archaeologists was created to not only enrich the archaeological community and help protect shared history but also to open up a larger reflection of what and how archaeology, and more broadly cultural heritage, can contribute to transformational changes in society.

The summit’s Future Forum provided a platform for young people to engage in meaningful dialogue and debate about the future of archaeology. It offered a space for them to develop their own perspectives and ideas and contribute to the conversation in fundamental ways.

For more on the summit, go to https://www.worldarchaeologysummit.com

About the Royal Commission for AlUla

The Royal Commission for AlUla (RCU) was established by royal decree in July 2017 to preserve and develop AlUla, a region of outstanding natural and cultural significance in north-west Saudi Arabia. RCU’s long-term plan outlines a responsible, sustainable, and sensitive approach to urban and economic development that preserves the area’s natural and historic heritage while establishing AlUla as a desirable location to live, work, and visit. This encompasses a broad range of initiatives across archaeology, tourism, culture, education, and the arts, reflecting a commitment to meeting the economic diversification, local community empowerment, and heritage preservation priorities of the Kingdom of Saudi Arabia’s Vision 2030 programme.

Photographs from Day 2 of the AlUla World Archaeology Summit
Photographs from Day 2 of the AlUla World Archaeology Summit
Photographs from Day 2 of the AlUla World Archaeology Summit
Photographs from Day 2 of the AlUla World Archaeology Summit
Photographs from Day 2 of the AlUla World Archaeology Summit
Photographs from Day 2 of the AlUla World Archaeology Summit

Trip.com Group Limited Reports Unaudited Second Quarter and First Half of 2023 Financial Results

SHANGHAI, Sept. 5, 2023 /PRNewswire/ — Trip.com Group Limited (Nasdaq: TCOM; HKEX: 9961) (“Trip.com Group” or the “Company”), a leading one-stop travel service provider of accommodation reservation, transportation ticketing, packaged tours, and corporate travel management, today announced its unaudited financial results for the second quarter and first half of 2023.

Key Highlights for the Second Quarter of 2023

  • Domestic and international business continued to show robust recovery in the second quarter of 2023

– Domestic hotel bookings grew by 170% year over year and by over 60% compared to the pre-COVID level for the same period in 2019.
– Outbound hotel and air reservations recovered to over 60% of the pre-COVID level for the same period in 2019, surpassing the industry-wide recovery rate of 37% in terms of international air passenger volume for the same period.
– Air ticket bookings on the Company’s global OTA platform grew by over 120% year over year and nearly doubled compared to the pre-COVID level for the same period in 2019.

  • The Company delivered strong results in the second quarter of 2023 

– Total net revenue increased by 180% year over year and exceeded the pre-COVID level for the same period in 2019 by 29%.
– Net income for the second quarter was RMB648 million (US$91 million), which improved from RMB43 million for the same period in 2022.
– Adjusted EBITDA for the second quarter was RMB3.7 billion (US$507 million). Adjusted EBITDA margin was 33%, compared to 9% for the same period in 2022 and 31% for the previous quarter.

“During the second quarter of 2023, the demand for both domestic and international travel remained resilient.” said James Liang, Executive Chairman. “Despite limited air capacity recovery, the robust rebound of travel activities reflects travelers’ strong desire to explore the world. We remain optimistic about the enduring demand for travel and the long-term market outlook.”

“We are encouraged by our solid results in the second quarter,” said Jane Sun, Chief Executive Officer. “With the thriving market demand and our outstanding performance, we are poised to take the lead in driving the industry’s recovery and actively creating an abundance of job opportunities alongside our esteemed business partners.”

Second Quarter of 2023 Financial Results and Business Updates

The Company’s business continued to recover significantly since the pent-up demand for travel remains strong, which led to an increasing volume of travel bookings.

For the second quarter of 2023, Trip.com Group reported net revenue of RMB11.2 billion (US$1.6 billion), representing a 180% increase from the same period in 2022 and a 22% increase from the previous quarter, primarily due to the substantial recovery of travel market.

Accommodation reservation revenue for the second quarter of 2023 was RMB4.3 billion (US$591 million), representing a 216% increase from the same period in 2022 and a 23% increase from the previous quarter, primarily due to the substantial recovery of travel market.

Transportation ticketing revenue for the second quarter of 2023 was RMB4.8 billion (US$664 million), representing a 173% increase from the same period in 2022 and a 16% increase from the previous quarter, primarily due to the substantial recovery of travel market.

Packaged-tour revenue for the second quarter of 2023 was RMB722 million (US$100 million), representing a 492% increase from the same period in 2022 and an 87% increase from the previous quarter, primarily due to the substantial recovery of travel market.

Corporate travel revenue for the second quarter of 2023 was RMB584 million (US$81 million), representing a 178% increase from the same period in 2022 and a 31% increase from the previous quarter, primarily due to the substantial recovery of travel market.

Cost of revenue for the second quarter of 2023 increased by 106% to RMB2.0 billion (US$277 million) from the same period in 2022 and increased by 23% from the previous quarter, primarily due to the substantial recovery of travel market. Cost of revenue as a percentage of net revenue was 18% for the second quarter of 2023.

Product development expenses for the second quarter of 2023 increased by 67% to RMB3.0 billion (US$407 million) from the same period in 2022 and increased by 10% from the previous quarter, primarily due to an increase in product development personnel related expenses. Product development expenses as a percentage of net revenue was 26% for the second quarter of 2023.

Sales and marketing expenses for the second quarter of 2023 increased by 185% to RMB2.4 billion (US$325 million) from the same period in 2022 and increased by 34% from the previous quarter, primarily due to an increase in expenses relating to sales and marketing promotion activities. Sales and marketing expenses as a percentage of net revenue was 21% for the second quarter of 2023.

General and administrative expenses for the second quarter of 2023 increased by 58% to RMB955 million (US$132 million) from the same period in 2022 primarily due to an increase in general and administrative personnel related expenses and increased by 7% from the previous quarter. General and administrative expenses as a percentage of net revenue was 8% for the second quarter of 2023.

Income tax expense for the second quarter of 2023 was RMB562 million (US$77 million), compared to RMB173 million for the same period in 2022 and RMB341 million for the previous quarter. The change in Trip.com Group’s effective tax rate was primarily due to the combined impacts of changes in respective profitability of its subsidiaries with different tax rates, certain non-taxable income or loss resulting from the fair value changes in equity securities investments and exchangeable senior notes, and changes in valuation allowance provided for deferred tax assets.

Net income for the second quarter of 2023 was RMB648 million (US$91 million), compared to RMB43 million for the same period in 2022 and RMB3.4 billion for the previous quarter. Adjusted EBITDA for the second quarter of 2023 was RMB3.7 billion (US$507 million), compared to RMB355 million for the same period in 2022 and RMB2.8 billion for the previous quarter. Adjusted EBITDA margin was 33% for the second quarter of 2023, compared to 9% for the same period in 2022 and 31% for the previous quarter.

Net income attributable to Trip.com Group’s shareholders for the second quarter of 2023 was RMB631 million (US$89 million), compared to RMB69 million for the same period in 2022 and RMB3.4 billion for the previous quarter. Excluding share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes recorded in other income/(expense) and their tax effects, non-GAAP net income attributable to Trip.com Group’s shareholders for the second quarter of 2023 was RMB3.4 billion (US$475 million), compared to non-GAAP net loss attributable to Trip.com Group’s shareholders of RMB203 million for the same period in 2022 and non-GAAP net income attributable to Trip.com Group’s shareholders of RMB2.1 billion for the previous quarter.

Diluted earnings per ordinary share and per ADS was RMB0.94 (US$0.13) for the second quarter of 2023. Excluding share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes and their tax effects, non-GAAP diluted earnings per ordinary share and per ADS was RMB5.11 (US$0.70) for the second quarter of 2023. Each ADS currently represents one ordinary share of the Company.

As of June 30, 2023, the balance of cash and cash equivalents, restricted cash, short-term investment, held to maturity time deposit and financial products was RMB75.0 billion (US$10.3 billion).

Conference Call

Trip.com Group’s management team will host a conference call at 8:00 PM EST on September 4, 2023 (or 8:00 AM CST on September 5, 2023) following this announcement.

The conference call will be available live on Webcast and for replay at: https://investors.trip.com. The call will be archived for twelve months on our website.

All participants must pre-register to join this conference call using the Participant Registration link below:
https://register.vevent.com/register/BI90bc7b46919e4b55a896bf30b59d4a4a 

Upon registration, each participant will receive details for this conference call, including dial-in numbers and a unique access PIN. To join the conference, please dial the number provided, enter your PIN, and you will join the conference instantly.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “future,” “intend,” “plan,” “believe,” “estimate,” “is/are likely to,” “confident” or other similar statements. Among other things, quotations from management in this press release, as well as Trip.com Group’s strategic and operational plans, contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, severe or prolonged downturn in the global or Chinese economy, general declines or disruptions in the travel industry, volatility in the trading price of Trip.com Group’s ADSs or shares, Trip.com Group’s reliance on its relationships and contractual arrangements with travel suppliers and strategic alliances, failure to compete against new and existing competitors, failure to successfully manage current growth and potential future growth, risks associated with any strategic investments or acquisitions, seasonality in the travel industry in the relevant jurisdictions where Trip.com Group operates, failure to successfully develop Trip.com Group’s existing or future business lines, damage to or failure of Trip.com Group’s infrastructure and technology, loss of services of Trip.com Group’s key executives, the impact of COVID-19 to Trip.com Group’s business operations, adverse changes in economic and political policies of the PRC government, inflation in China, risks and uncertainties associated with PRC laws and regulations with respect to the ownership structure of the variable interest entities and the contractual arrangements among Trip.com Group, the variable interest entities and their shareholders, and other risks outlined in Trip.com Group’s filings with the U.S. Securities and Exchange Commission or the Stock Exchange of Hong Kong Limited. All information provided in this press release and in the attachments is as of the date of the issuance, and Trip.com Group does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

About Non-GAAP Financial Measures

To supplement Trip.com Group’s consolidated financial statements, which are prepared and presented in accordance with United States Generally Accepted Accounting Principles (“GAAP”), Trip.com Group uses non-GAAP financial information related to adjusted net income attributable to Trip.com Group Limited, adjusted EBITDA, adjusted EBITDA margin, and adjusted diluted earnings per ordinary share and per ADS, each of which is adjusted from the most comparable GAAP result to exclude the share-based compensation charges that are not tax deductible, fair value changes of equity securities investments and exchangeable senior notes, net of tax, and other applicable items. Trip.com Group’s management believes the non-GAAP financial measures facilitate better understanding of operating results from quarter to quarter and provide management with a better capability to plan and forecast future periods.

Non-GAAP information is not prepared in accordance with GAAP, does not have a standardized meaning under GAAP, and may be different from non-GAAP methods of accounting and reporting used by other companies. The presentation of this additional information should not be considered a substitute for GAAP results. A limitation of using non-GAAP financial measures is that non-GAAP measures exclude share-based compensation charges, fair value changes of equity securities investments and exchangeable senior notes and their tax effects that have been and will continue to be significant recurring expenses in Trip.com Group’s business for the foreseeable future.

Reconciliations of Trip.com Group’s non-GAAP financial data to the most comparable GAAP data included in the consolidated statement of operations are included at the end of this press release.

About Trip.com Group Limited

Trip.com Group Limited (Nasdaq: TCOM; HKEX: 9961) is a leading global one-stop travel platform, integrating a comprehensive suite of travel products and services and differentiated travel content. It is the go-to destination for travelers in China, and increasingly for travelers around the world, to explore travel, get inspired, make informed and cost-effective travel bookings, enjoy hassle-free on-the-go support, and share travel experience. Founded in 1999 and listed on Nasdaq in 2003 and HKEX in 2021, the Company currently operates under a portfolio of brands, including Ctrip, Qunar, Trip.com, and Skyscanner, with the mission “to pursue the perfect trip for a better world.”

For further information, please contact:

Investor Relations

Trip.com Group Limited
Tel: +86 (21) 3406-4880 X 12229
Email: iremail@trip.com

Trip.com Group Limited

Unaudited Consolidated Balance Sheets

(In millions, except share and per share data)

December 31, 2022

June 30, 2023

June 30, 2023

RMB (million)

RMB (million)

USD (million)

ASSETS

Current assets:

Cash, cash equivalents and restricted cash

18,487

36,843

5,080

Short-term investments

25,545

18,532

2,556

Accounts receivable, net 

5,486

10,689

1,474

Prepayments and other current assets 

11,917

17,028

2,348

Total current assets

61,435

83,092

11,458

Property, equipment and software

5,204

5,192

716

Intangible assets and land use rights

12,825

12,738

1,757

Right-of-use asset

819

715

99

Investments (Includes held to maturity time deposit and
financial products of RMB15,527 million and RMB19,581
million as of December 31,2022 and June 30, 2023,
respectively)

50,177

54,757

7,551

Goodwill

59,337

59,382

8,189

Other long-term assets

570

624

86

Deferred tax asset

1,324

1,716

237

Total assets

191,691

218,216

30,093

LIABILITIES

Current liabilities:

Short-term debt and current portion of long-term debt

32,674

32,414

4,470

Accounts payable

7,569

14,729

2,031

Advances from customers

8,278

13,505

1,862

Other current liabilities

12,718

15,029

2,073

Total current liabilities

61,239

75,677

10,436

Deferred tax liability

3,487

3,647

503

Long-term debt

13,177

19,697

2,716

Long-term lease liability

534

484

67

Other long-term liabilities

235

310

43

Total liabilities

78,672

99,815

13,765

SHAREHOLDERS’ EQUITY

Total Trip.com Group Limited shareholders’ equity

112,283

117,649

16,224

Non-controlling interests

736

752

104

Total shareholders’ equity

113,019

118,401

16,328

Total liabilities and shareholders’ equity

191,691

218,216

30,093

Trip.com Group Limited

Unaudited Consolidated Statements of Income/(Loss)

(In millions, except share and per share data)

Three Months Ended

Six Months Ended

June 30, 2022

March 31, 2023

June 30, 2023

June 30, 2023

June 30, 2022

June 30, 2023

June 30, 2023

RMB (million)

RMB (million)

RMB (million)

USD (million)

RMB (million)

RMB (million)

USD (million)

Revenue:

Accommodation reservation 

1,357

3,480

4,285

591

2,807

7,765

1,071

Transportation ticketing 

1,763

4,156

4,814

664

3,426

8,970

1,237

Packaged-tour 

122

386

722

100

246

1,108

153

Corporate travel

210

445

584

81

432

1,029

142

Others

564

744

857

118

1,216

1,601

221

Total revenue

4,016

9,211

11,262

1,554

8,127

20,473

2,824

Less: Sales tax and surcharges

(5)

(13)

(15)

(2)

(7)

(28)

(4)

Net revenue

4,011

9,198

11,247

1,552

8,120

20,445

2,820

Cost of revenue

(976)

(1,637)

(2,007)

(277)

(2,043)

(3,644)

(502)

Gross profit

3,035

7,561

9,240

1,275

6,077

16,801

2,318

Operating expenses:

Product development *

(1,772)

(2,674)

(2,953)

(407)

(3,746)

(5,627)

(776)

Sales and marketing *

(826)

(1,755)

(2,355)

(325)

(1,669)

(4,110)

(567)

General and administrative *

(604)

(891)

(955)

(132)

(1,188)

(1,846)

(255)

Total operating expenses

(3,202)

(5,320)

(6,263)

(864)

(6,603)

(11,583)

(1,598)

(Loss)/income from operations

(167)

2,241

2,977

411

(526)

5,218

720

Interest income 

544

441

513

71

1,135

954

132

Interest expense

(351)

(486)

(555)

(77)

(692)

(1,041)

(144)

Other income/(expense)

469

1,652

(1,961)

(270)

(238)

(309)

(43)

Income/(loss) before income
tax expense and equity in
income of affiliates

495

3,848

974

135

(321)

4,822

665

Income tax expense

(173)

(341)

(562)

(77)

(159)

(903)

(124)

Equity in (loss)/gain of affiliates

(279)

(133)

236

33

(478)

103

14

Net income/(loss)

43

3,374

648

91

(958)

4,022

555

Net loss/(income) attributable to non-
controlling interests

26

1

(17)

(2)

38

(16)

(2)

Net income/(loss) attributable
to Trip.com Group Limited

69

3,375

631

89

(920)

4,006

553

Earnings/(losses) per ordinary share 

– Basic

0.10

5.18

0.97

0.13

(1.42)

6.14

0.85

– Diluted

0.10

5.02

0.94

0.13

(1.42)

5.98

0.82

Earnings/(losses) per ADS 

– Basic

0.10

5.18

0.97

0.13

(1.42)

6.14

0.85

– Diluted

0.10

5.02

0.94

0.13

(1.42)

5.98

0.82

Weighted average ordinary shares outstanding 

– Basic

647,866,001

651,849,468

653,392,956

653,392,956

647,843,829

652,625,256

652,625,256

– Diluted

650,906,465

672,743,729

671,942,381

671,942,381

647,843,829

670,838,392

670,838,392

* Share-based compensation included in Operating expenses above is as follows:

  Product development 

146

179

234

32

253

413

57

  Sales and marketing 

28

31

44

6

46

75

10

  General and administrative 

130

168

219

30

228

387

53

Trip.com Group Limited

Unaudited Reconciliation of  GAAP and Non-GAAP Results

(In millions, except %, share and per share data)

Three Months Ended

Six Months Ended

June 30, 2022

March 31, 2023

June 30, 2023

June 30, 2023

June 30, 2022

June 30, 2023

June 30, 2023

RMB (million)

RMB (million)

RMB (million)

USD (million)

RMB (million)

RMB (million)

USD (million)

Net income/(loss)

43

3,374

648

91

(958)

4,022

555

Less: Interest income

(544)

(441)

(513)

(71)

(1,135)

(954)

(132)

Add: Interest expense

351

486

555

77

692

1,041

144

Add: Other (income)/expense

(469)

(1,652)

1,961

270

238

309

43

Add: Income tax expense

173

341

562

77

159

903

124

Add: Equity in loss/(income) of affiliates

279

133

(236)

(33)

478

(103)

(14)

(Loss)/income from operations

(167)

2,241

2,977

411

(526)

5,218

720

Add: Share-based compensation

304

378

497

68

527

875

120

Add: Depreciation and amortization

218

201

204

28

445

405

56

Adjusted EBITDA

355

2,820

3,678

507

446

6,498

896

Adjusted EBITDA margin

9 %

31 %

33 %

33 %

5 %

32 %

32 %

Net income/(loss) attributable to Trip.com Group Limited

69

3,375

631

89

(920)

4,006

553

Add: Share-based compensation

304

378

497

68

527

875

120

Add: (Gain)/loss from fair value changes of equity securities
investments and exchangeable senior notes

(668)

(1,648)

2,351

324

117

703

97

Add: Tax effects on fair value changes of equity securities
investments and exchangeable senior notes

92

(40)

(45)

(6)

37

(85)

(12)

Non-GAAP net (loss)/income attributable to Trip.com Group
Limited

(203)

2,065

3,434

475

(239)

5,499

758

Weighted average ordinary shares outstanding-
 Diluted-non GAAP 

647,866,001

672,743,729

672,031,445

672,031,445

647,843,829

670,838,392

670,838,392

Non-GAAP Diluted (losses)/income per share 

(0.31)

3.07

5.11

0.70

(0.37)

8.20

1.13

Non-GAAP Diluted (losses)/income per ADS 

(0.31)

3.07

5.11

0.70

(0.37)

8.20

1.13

Notes for all the condensed consolidated financial schedules presented:

Note 1: The conversion of Renminbi (RMB) into U.S. dollars (USD) is based on the certified exchange rate of USD1.00=RMB7.2513 on June 30, 2023 published by the Federal Reserve Board.