20-F 1 d270872d20f.htm FORM 20-F Form 20-F
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 
 
FORM
20-F
 
 
(Mark One)
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
 
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2021
OR
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from
    
    
    
    
to __________
OR
 
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of event requiring this shell company report ________
Commission
file number:
001-33853
 
 
TRIP.COM GROUP LIMITED
(Exact name of Registrant as specified in its charter)
 
 
N/A
(Translation of Registrant’s name into English)
Cayman Islands
(Jurisdiction of incorporation or organization)
968 Jin Zhong Road
Shanghai 200335
People’s Republic of China
(Address of principal executive offices)
Jane Jie Sun, Chief Executive Officer
Telephone: +86 (21) 3406-4880
Facsimile: +86 (21) 5251-0000
968 Jin Zhong Road
Shanghai 200335
People’s Republic of China
(Name, Telephone, Email and/or Facsimile number and Address of Company Contact Person)
 
 
Securities registered or to be registered pursuant to Section 12(b) of the Act:
 
Title of each class
 
Trading
Symbol
 
Name of each exchange
on which registered
American depositary shares
 
(each representing 
one ordinary share, par value US$0.00125 per
share)
 
TCOM
 
Nasdaq Stock Market LLC
(Nasdaq Global Select Market)
Ordinary shares, par value US$0.00125 per
share
 
9961
 
The Stock Exchange of Hong Kong Limited
Securities registered or to be registered pursuant to Section 12(g) of the Act:
None
(Title of Class)
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:
None
(Title of Class)
 
 
Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report: 641,329,557 ordinary shares, par value US$0.00125 per share, as of December 31, 2021.
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    ☒  Yes    ☐  No
If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.    ☐  Yes    ☒  No
Note — Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    ☒  Yes    ☐  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T
(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    ☒  Yes    ☐  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated
filer, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule
12b-2
of the Exchange Act.
 
Large accelerated filer      Accelerated filer    
Non-accelerated filer
 
           
                 Emerging growth company  
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.  ☐
 
The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.  
Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
 
U.S. GAAP  ☒   International Financial Reporting Standards as issued    Other  ☐
  
by the International Accounting Standards Board ☐
  
If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.    ☐  Item 17    ☐  Item 18
If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in
Rule 12b-2
of the Exchange Act).    ☐  Yes      No
(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS.)
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.    ☐  Yes    ☐  No
 
 
 

TABLE OF CONTENTS
 
 
 
 
  
Page
 
  
 
1
 
  
 
3
 
 
  
 
5
 
ITEM 1.
 
  
 
5
 
ITEM 2.
 
  
 
5
 
ITEM 3.
 
  
 
5
 
ITEM 4.
 
  
 
64
 
ITEM 4.A.
 
  
 
89
 
ITEM 5.
 
  
 
89
 
ITEM 6.
 
  
 
108
 
ITEM 7.
 
  
 
118
 
ITEM 8.
 
  
 
122
 
ITEM 9.
 
  
 
123
 
ITEM 10.
 
  
 
124
 
ITEM 11.
 
  
 
131
 
ITEM 12.
 
  
 
132
 
 
  
 
136
 
ITEM 13.
 
  
 
136
 
ITEM 14.
 
  
 
136
 
ITEM 15.
 
  
 
136
 
ITEM 16A.
 
  
 
137
 
ITEM 16B.
 
  
 
137
 
ITEM 16C.
 
  
 
137
 
ITEM 16D.
 
  
 
138
 
ITEM 16E.
 
  
 
138
 
ITEM 16F.
 
  
 
138
 
ITEM 16G.
 
  
 
138
 
ITEM 16H.
 
  
 
138
 
ITEM 16I.
 
  
 
138
 
 
  
 
138
 
ITEM 17.
 
  
 
138
 
ITEM 18.
 
  
 
139
 
ITEM 19.
 
  
 
140
 
 
  
 
144
 

INTRODUCTION
In this annual report, unless otherwise indicated or unless the context otherwise requires:
 
   
“ADSs” refers to American depositary shares, each of which represents one ordinary share;
 
   
“CCASS” refers to the Central Clearing and Settlement System established and operated by Hong Kong Securities Clearing Company Limited, a wholly-owned subsidiary of Hong Kong Exchange and Clearing Limited;
 
   
“China” or “PRC” refers to the People’s Republic of China and, solely for the purpose of this annual report, excludes Taiwan, Hong Kong, and Macau, and “Greater China” refers to the People’s Republic of China, Taiwan, Hong Kong, and Macau;
 
   
“consolidated affiliated Chinese entities” or “VIEs” refers to variable interest entities, which are companies incorporated in China that have entered into a series of contractual arrangements with their respective shareholders and our PRC subsidiaries. Our company controls, and thereby consolidates, each of these entities through these contractual arrangements;
 
   
“CSRC” refers to the China Securities Regulatory Commission;
 
   
“GMV” refers to gross merchandise volume, the total value of merchandise sold through our platform during a given period;
 
   
“HK$” or “Hong Kong dollars” or “HK dollars” refers to Hong Kong dollars, the lawful currency of Hong Kong;
 
   
“Hong Kong” or “HK” or “Hong Kong S.A.R.” refers to the Hong Kong Special Administrative Region of the PRC;
 
   
“Hong Kong Listing Rules” refers to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, as amended or supplemented from time to time;
 
   
“Hong Kong Share Registrar” refers to Computershare Hong Kong Investor Services Limited;
 
   
“Hong Kong Stock Exchange” refers to The Stock Exchange of Hong Kong Limited;
 
   
“Main Board” refers to the stock market (excluding the option market) operated by the Hong Kong Stock Exchange which is independent from and operated in parallel with the Growth Enterprise Market of the Hong Kong Stock Exchange;
 
   
“Qunar” refers to Qunar Cayman Islands Limited, a Cayman Islands exempted company, and unless the context requires otherwise, includes its predecessor entities and consolidated subsidiaries and consolidated affiliated Chinese entities;
 
   
“Renminbi” or “RMB” refers to the legal currency of China; “U.S. dollars” or “US$” refers to the legal currency of the United States; and “€” refers to the legal currency of Eurozone;
 
   
“SFC” refers to the Securities and Futures Commission of Hong Kong;
 
   
“SFO” refers to the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong), as amended or supplemented from time to time;
 
   
“shares” or “ordinary shares” refers to our ordinary shares, par value of US$0.00125 per share; and
 
   
“we,” “us,” “our company” or “Trip.com Group” refers to Trip.com Group Limited (formerly known as Ctrip.com International, Ltd.), its predecessor entities and subsidiaries, and, in the context of describing our operations and consolidated financial information, its consolidated affiliated Chinese entities, unless otherwise indicated herein. We consolidate the financial results of Qunar starting from December 31, 2015. In calculating the number of hotels with which we have room supply relationships, downloads of and transactions through our mobile channel, and other operational data, where applicable, as well as in describing our marketing, branding, and intellectual properties, we have not taken into account the comparable operating data or other information of Qunar.

Any discrepancies in any table between the amounts identified as total amounts and the sum of the amounts listed therein are due to rounding.
This annual report on Form
20-F
includes our audited consolidated financial statements for the years ended December 31, 2019, 2020 and 2021.
On March 18, 2021, we effected a change to our authorized share capital by one
(1)-to-eight
(8) subdivision of shares, or the Share Subdivision. Concurrently, we effected a proportionate change in ADS to ordinary share ratio from eight (8) ADSs representing one (1) ordinary share to one (1) ADS representing one (1) ordinary share. Such changes have been reflected retrospectively throughout this document.
Our reporting currency is Renminbi. This annual report contains translations from Renminbi to U.S. dollars solely for the convenience of the reader. Unless otherwise stated, all translations from Renminbi to U.S. dollars were made at a rate of RMB6.3726 to US$1.00, which was the exchange rate in effect as of December 30, 2021 as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. The exchange rate in effect as of April 22, 2022 was RMB6.5010 to US$1.00. We make no representation that any Renminbi amounts referred to in this annual report could have been, or could be, converted to U.S. dollars at any particular rate, or at all.
 
2

FORWARD-LOOKING STATEMENT
This annual report on Form
20-F
contains forward-looking statements that reflect our current expectations and views of future events. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as “may,” “will,” “expect,” “anticipate,” “future,” “intend,” “plan,” “believe,” “estimate,” “is/are likely to” or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements include, among other things:
 
   
our anticipated growth strategies;
 
   
our future business development, results of operations and financial condition;
 
   
our ability to continue to control costs and maintain profitability; and
 
   
the expected growth in the overall economy and demand for travel services in China.
The forward-looking statements included in this annual report on Form
20-F
are subject to risks, uncertainties and assumptions about our company. Our actual results of operations may differ materially from the forward-looking statements as a result of the risk factors described under “Item 3. Key Information — D. Risk Factors,” included elsewhere in this annual report on Form
20-F,
including the following risks:
 
   
slow-down of economic growth in China and the global economic downturn may have a material and adverse effect on our business, and may materially and adversely affect our growth and profitability;
 
   
public health crisis, such as
COVID-19
outbreak, may have a material and adverse effect on our business and results of operations;
 
   
general declines or disruptions in the travel industry may materially and adversely affect our business and results of operations;
 
   
the trading price of our listed securities has been volatile historically and may continue to be volatile regardless of our operating performance;
 
   
if we are unable to maintain existing relationships with travel suppliers and strategic alliances, or establish new arrangements with travel suppliers and strategic alliances similar to those we currently have, our business may suffer;
 
   
if we fail to further increase our brand recognition, we may face difficulty in retaining existing and acquiring new business partners and customers, and our business may be harmed;
 
   
if we do not compete successfully against new and existing competitors, we may lose our market share, and our business and results of operations may be materially and adversely affected;
 
   
our business could suffer if we do not successfully manage current growth and potential future growth;
 
   
our strategy to acquire or invest in complementary businesses and assets involves significant risks and uncertainty that may prevent us from achieving our objectives and harm our financial condition and results of operations;
 
   
our quarterly results are likely to fluctuate because of seasonality in the travel industry in Greater China;
 
3

   
our business may be harmed if our infrastructure and technology are damaged or otherwise fail or become obsolete;
 
   
our business depends substantially on the continuing efforts of our key executives, and our business may be severely disrupted if we lose their services;
 
   
inflation in China may disrupt our business and have an adverse effect on our financial condition and results of operations; and
 
   
if the ownership structure of our consolidated affiliated Chinese entities and the contractual arrangements among us, our consolidated affiliated Chinese entities and their shareholders are found to be in violation of any PRC laws or regulations, we and/or our consolidated affiliated Chinese entities may be subject to fines and other penalties, which may adversely affect our business and results of operations.
These risks are not exhaustive. Other sections of this annual report include additional factors that could adversely impact our business and financial performance. You should read these statements in conjunction with the risk factors disclosed in “Item 3. Key Information — D. Risk Factors” of this annual report and other risks outlined in our other filings with the Securities and Exchange Commission, or SEC. Moreover, we operate in an emerging and evolving environment. New risk factors may emerge from time to time, and it is not possible for our management to predict all risk factors, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.
You should not rely upon forward-looking statements as predictions of future events. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
 
4

PART I.
 
ITEM 1.
IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
Not applicable.
 
ITEM 2.
OFFER STATISTICS AND EXPECTED TIMETABLE
Not applicable.
 
ITEM 3.
KEY INFORMATION
Our Holding Company Structure and Contractual Arrangements with Our Consolidated Affiliated Chinese Entities
Trip.com Group Limited is not a Chinese operating company but a Cayman Islands holding company with no equity ownership in its consolidated affiliated Chinese entities. We conduct our operations in China through (i) our PRC subsidiaries and (ii) our consolidated affiliated Chinese entities with which we have maintained contractual arrangements and their PRC subsidiaries. PRC laws and regulations prohibit foreign investment in internet and other-related businesses. Accordingly, we operate these businesses in China through our consolidated affiliated Chinese entities, and rely on contractual arrangements among our PRC subsidiaries, our consolidated affiliated Chinese entities, and their shareholders to control the business operations of our consolidated affiliated Chinese entities. Net revenues contributed by our consolidated affiliated Chinese entities accounted for 27%, 36%, and 30% of our total net revenues for the year ended December 31, 2019, 2020, and 2021, respectively. As used in this annual report, “we,” “us,” “our company” or “our” refers to Trip.com Group Limited, its subsidiaries, and, in the context of describing our operations and consolidated financial information, also referring to our consolidated affiliated Chinese entities in China, primarily including Shanghai Ctrip Commerce Co., Ltd., Shanghai Huacheng Southwest International Travel Agency Co., Ltd., Chengdu Ctrip Travel Agency Co., Ltd., and Beijing Qu Na Information Technology Co., Ltd. Investors in our ADSs are not purchasing equity interest in our consolidated affiliated Chinese entities in China but instead are purchasing equity interest in a holding company incorporated in the Cayman Islands.
A series of contractual agreements, including powers of attorney, technical consulting and services agreement, equity pledge agreements, exclusive option agreements, and loan agreements, have been entered into by and among our PRC subsidiaries, our consolidated affiliated Chinese entities, and their respective shareholders. Terms contained in each set of contractual arrangements with our consolidated affiliated Chinese entities and their respective shareholders are substantially similar. As a result of the contractual arrangements, we have effective control over and are considered the primary beneficiary of these companies, and we have consolidated the financial results of these companies in our consolidated financial statements. For more details of these contractual arrangements, see “Item 7. Major Shareholders and Related Party Transactions—B. Related Party Transactions—Arrangements with Consolidated Affiliated Chinese Entities.”
However, the contractual arrangements may not be as effective as direct ownership in providing us with control over our consolidated affiliated Chinese entities and we may incur substantial costs to enforce the terms of the arrangements. See “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Corporate Structure—If our consolidated affiliated Chinese entities violate our contractual arrangements with them, our business could be disrupted, our reputation may be harmed and we may have to resort to litigation to enforce our rights, which may be time-consuming and expensive” and “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Corporate Structure—The principal shareholders of our consolidated affiliated Chinese entities have potential conflict of interest with us, which may adversely affect our business.”
Our corporate structure is subject to risks associated with our contractual arrangements with our consolidated affiliated Chinese entities and our investors may never directly hold equity interests in our consolidated affiliated Chinese entities. If the PRC government deems that our contractual arrangements with our consolidated affiliated Chinese entities do not comply with PRC regulatory restrictions on foreign investment in the relevant industries, or if these regulations or the interpretation of existing regulations change or are interpreted differently in the future, we could be subject to severe penalties or be forced to relinquish our interests in those operations. Our holding company, our subsidiaries, and consolidated affiliated Chinese entities, and investors of our company face uncertainty about potential future actions by the PRC government that could affect the enforceability of the contractual arrangements with our consolidated affiliated Chinese entities and, consequently, significantly affect the financial performance of our consolidated affiliated Chinese entities and our company as a whole. For a detailed description of the risks associated with our corporate structure, see “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Corporate Structure.”
 
 
5

There are also substantial uncertainties regarding the interpretation and application of current and future PRC laws, regulations and rules regarding the status of the rights of our Cayman Islands holding company with respect to its contractual arrangements with our consolidated affiliated Chinese entities and their shareholders. It is uncertain whether any new PRC laws or regulations relating to consolidated affiliated Chinese entity structures will be adopted or if adopted, what they would provide. If we or any of our consolidated affiliated Chinese entities is found to be in violation of any existing or future PRC laws or regulations, or fail to obtain or maintain any of the required permits or approvals, the relevant PRC regulatory authorities would have broad discretion to take action in dealing with such violations or failures. See “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Corporate Structure—PRC laws and regulations restrict foreign investment in the travel agency and value-added telecommunications businesses, and substantial uncertainties exist with respect to the application and implementation of PRC laws and regulations.” and “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Corporate Structure—Our business may be significantly affected by the PRC Foreign Investment Law.”
We face various risks and uncertainties relating to doing business in China. Our business operations are primarily conducted in China, and we are subject to complex and evolving PRC laws and regulations. For example, we face risks associated with regulatory approvals on overseas offerings by and foreign investment in China-based issuers, the use of our consolidated affiliated Chinese entities, anti-monopoly regulatory actions, and oversight on cybersecurity and data privacy, as well as the lack of inspection on our auditors by the Public Company Accounting Oversight Board, or the PCAOB, which may impact our ability to conduct certain businesses, accept foreign investments, or list on a United States or other exchange outside China. These risks could result in a material adverse change in our operations and the value of our ADSs, significantly limit or completely hinder our ability to continue to offer securities to investors, or cause the value of such securities to significantly decline. For a detailed description of risks relating to doing business in China, please refer to risks disclosed under “Item 3. Key Information—D. Risk Factors—Risks Relating to Doing Business in China.”
The PRC government’s significant authority in regulating our operations and its oversight and control over offerings conducted overseas by, and foreign investment in, China-based issuers could significantly limit or completely hinder our ability to offer or continue to offer securities to investors. Implementation of industry-wide regulations in this nature, such as data security or anti-monopoly related regulations, may cause the value of such securities to significantly decline. For more details, see “Item 3. Key Information—D. Risk Factors—Risks Relating to Doing Business in China—The PRC government’s significant oversight and discretion over our business operation could result in a material adverse change in our operations and the value of our ADSs and ordinary shares.”
Risks and uncertainties arising from the legal system in China, including risks and uncertainties regarding the enforcement of laws and quickly evolving rules and regulations in China, could result in a material adverse change in our operations and the value of our ADSs. For more details, see “Item 3. Key Information—D. Risk Factors—Risks Relating to Doing Business in China—Uncertainties with respect to the PRC legal system could adversely affect us.”
 
6

Permissions Required from the PRC Authorities for Our Operations
We conduct our business primarily through our PRC subsidiaries and consolidated affiliated Chinese entities in China. Our operations in China are governed by PRC laws and regulations. As of the date of this annual report, our PRC subsidiaries and consolidated affiliated Chinese entities have obtained the requisite licenses and permits from the PRC government authorities that are material for their business operations in China, including, among others, value added telecommunications operating license and travel agency operation license. Given the uncertainties of interpretation and implementation of relevant laws and regulations and the enforcement practice by relevant government authorities, we may be required to obtain additional licenses, permits, registrations, filings, or approvals for our business operations in the future. For more detailed information, see “Item 3. Key Information—D. Risk Factors—Risks Relating to Doing Business in China— We have attempted to comply with the PRC regulations regarding licensing requirements. If the PRC laws and regulations change, our business in China may be adversely affected. Any lack of requisite approvals, licenses, or permits applicable to our business or any failure to comply with applicable laws or regulations may materially and adversely affect our business, financial condition, and results of operations.”
Furthermore, in connection with our historical issuance of securities to foreign investors, under current PRC laws, regulations, and rules, as of the date of this annual report, we, our PRC subsidiaries, and our consolidated affiliated Chinese entities, (i) are not required to obtain permissions from the China Securities Regulatory Commission, or the CSRC, (ii) are not required to go through cybersecurity review by the Cyberspace Administration of China, or the CAC, and (iii) have not received or were not denied such requisite permissions by any PRC authority.
However, the PRC government has recently indicated an intent to exert more oversight and control over offerings that are conducted overseas by and/or foreign investment in China-based issuers. For more detailed information, see “Item 3. Key Information—D. Risk Factors—Risks Relating to Doing Business in China—The approval of and the filing with the CSRC or other PRC government authorities may be required in connection with our offshore offerings in the future under PRC law, and, if required, we cannot predict whether or for how long we will be able to obtain such approval or complete such filing.”
Cash and Asset Flows Through Our Organization
Trip.com Group Limited is a holding company with no material operations of its own. We conduct our operations in China primarily through our PRC subsidiaries, our consolidated affiliated Chinese entities, and their PRC subsidiaries. As a result, Trip.com Group Limited’s ability to pay dividends and to service any debt that it may incur depends upon dividends paid by our PRC subsidiaries and service fees paid by our consolidated affiliated Chinese entities. If our existing PRC subsidiaries, our consolidated affiliated Chinese entities or any newly formed ones incur debt on their own behalf in the future, the instruments governing their debt may restrict their ability to pay dividends or make other payments to Trip.com Group Limited. In addition, our PRC subsidiaries are permitted to pay dividends to us only out of its retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. Under PRC law, each of our PRC subsidiaries and our consolidated affiliated Chinese entities in China is required to make appropriations to certain statutory reserve funds or may make appropriations to certain discretionary funds, which are not distributable as cash dividends except in the event of a solvent liquidation of the companies. For more details, see “Item 5. Operating and Financial Review and Prospects—B. Liquidity and Capital Resources—Holding Company Structure.” and “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Corporate Structure—Our PRC subsidiaries are subject to restrictions on paying dividends or making other payments to us while our consolidated affiliated Chinese entities can only make payments to us in accordance with the contractual arrangements, which may restrict our ability to satisfy our liquidity requirements.”
The ability to transfer cash and other assets within our organization may be subject to conditions and restrictions pursuant to the applicable laws and regulations. For example, under the PRC laws and regulations, Trip.com Group Limited may provide funding to our PRC subsidiaries only through capital contributions or loans, and to our consolidated affiliated Chinese entities only through loans, subject to satisfaction of applicable government registration and approval requirements. Additionally, under the PRC laws and regulations, our PRC subsidiaries and consolidated affiliated Chinese entities are subject to certain restrictions with respect to payment of dividends or otherwise transfers of any of their net assets to us. Remittance of dividends by a wholly foreign-owned enterprise out of China is also subject to examination by the banks designated by the PRC State Administration of Foreign Exchange, or SAFE. These restrictions are benchmarked against the
paid-up
capital and the statutory reserve funds of our PRC subsidiaries and the net assets of our consolidated affiliated Chinese entities in which we have no legal ownership. As of December 31, 2019, 2020, and 2021, the total amount of such restriction to which our PRC subsidiaries and consolidated affiliated Chinese entities are subject was RMB6.8 billion, RMB7.8 billion, and RMB6.5 billion (US$1.0 billion), respectively. For details, see “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Corporate Structure—Our PRC subsidiaries are subject to restrictions on paying dividends or making other payments to us while our consolidated affiliated Chinese entities can only make payments to us in accordance with the contractual arrangements, which may restrict our ability to satisfy our liquidity requirements.”
 
7

For the years ended December 31, 2019, 2020 and 2021, Trip.com Group Limited provided capital contributions of RMB29 million, RMB903 million and nil, respectively, to its subsidiaries.
For the years ended December 31, 2019, 2020 and 2021, Trip.com Group Limited’s cash flows of loan funding provided to our subsidiaries, net of repayments received, were net cash inflows of RMB6.5 billion, net cash outflows of RMB358 million and net cash inflows of RMB1.1 billion, respectively.
For the years ended December 31, 2019, 2020 and 2021, our subsidiaries did not extend any loan funding to Trip.com Group Limited.
For the years ended December 31, 2019, 2020 and 2021, our consolidated affiliated Chinese entities’ cash flows of loan funding provided to our subsidiaries, net of repayments received, were net cash inflows of RMB2.0 billion, net cash inflows of RMB817 million and net cash outflows of RMB434 million, respectively.
For the years ended December 31, 2019, 2020 and 2021, our consolidated affiliated Chinese entities’ cash flows of loan funding received from our subsidiaries, net of repayments made, were net cash outflows of RMB1.0 billion, net cash outflows of RMB2.2 billion and net cash outflows of RMB3.8 billion, respectively.
For the years ended December 31, 2019, 2020, and 2021, no assets other than cash were transferred between our Cayman Islands holding company and a subsidiary, a consolidated affiliated Chinese entity, or its subsidiary, and no subsidiary paid dividends or made other distributions to our Cayman Islands holding company. For details of the financial position, cash flows, and results of operations of our consolidated affiliated Chinese entities, see “—Financial Information Related to Our Consolidated Affiliated Chinese Entities” and pages F-16 and F-17 of this annual report on Form
20-F.
Trip.com Group Limited has not declared or paid any cash dividends for the years ended December 31, 2019, 2020 and 2021, nor does it have any present plan to pay any cash dividends on its ordinary shares in the foreseeable future. We currently intend to retain most, if not all, of our available funds and any future earnings to fund the development and growth of our business. See “Item 8. Financial Information—A. Consolidated Statements and Other Financial Information—Dividend Policy.” For the material Cayman Islands, PRC and U.S. federal income tax consequences of an investment in our ADSs or ordinary shares, see “Item 10. Additional Information—E. Taxation.”
 
8

Selected Consolidated Financial Data
The following table presents the selected consolidated financial information for our business. You should read the following information in conjunction with “Item 5. Operating and Financial Review and Prospects” below. The selected consolidated statements of income/(loss) data for the years ended December 31, 2019, 2020 and 2021 and the selected consolidated balance sheets data as of December 31, 2020 and 2021 have been derived from our audited consolidated financial statements and should be read in conjunction with those statements, which are included in this annual report beginning on page
F-1.
The selected consolidated statements of income/(loss) data for the years ended December 31, 2017 and 2018 and the selected consolidated balance sheets data as of December 31, 2017, 2018 and 2019 have been derived from our audited consolidated financial statements for these periods, which are not included in this annual report.
Our historical results do not necessarily indicate results expected for any future periods.
 
    
For the Year Ended December 31,
 
    
2017
(1)
   
2018
(1)
   
2019
   
2020
   
2021
 
    
RMB
   
RMB
   
RMB
   
RMB
   
RMB
   
US$
 
                                      
    
(in millions, except for share and per share data)
 
Selected Consolidated Statements of Income/(Loss) Data
                                                
Net revenues
     26,796       30,965       35,666       18,316       20,023       3,142  
Cost of revenues
     (4,678     (6,324     (7,372     (4,031     (4,598     (721
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Gross profit
     22,118       24,641       28,294       14,285       15,425       2,421  
Operating expenses
                                                
—Product development
(2)
     (8,259     (9,620     (10,670     (7,667     (8,992     (1,411
—Sales and marketing
(2)
     (8,294     (9,596     (9,295     (4,405     (4,922     (772
—General and administrative
(2)
     (2,622     (2,820     (3,289     (3,636     (2,922     (459
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total operating expenses
     (19,175     (22,036     (23,254     (15,708     (16,836     (2,642
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Income/ (loss) from operations
     2,943       2,605       5,040       (1,423     (1,411     (221
Net interest income/(expense) and other income /(expense)
(3)
     581       (684     4,047       198       940       147  
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Income /(loss) before income tax expense and equity in (loss)/income of affiliates
     3,524       1,921       9,087       (1,225     (471     (74
Income tax expense
     (1,285     (793     (1,742     (355     (270     (42
Equity in (loss)/income of affiliates
     (65     (32     (347     (1,689     96       15  
Net income /(loss)
     2,174       1,096       6,998       (3,269     (645     (101
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net (loss) /income attributable to
non-controlling
interests
     (19     16       57       62       95       15  
Accretion to redemption value of redeemable
non-controlling
interests
(6)
                 (44     (40            
Net income /(loss) attributable to Trip.com Group Limited
     2,155       1,112       7,011       (3,247     (550     (86
Earnings/(losses) per ordinary share data:
                                                
Earnings/(losses) per ordinary share
(4)(5)
,
basic
     4.06       2.03       12.35       (5.40     (0.87     (0.14
Earnings/(losses) per ordinary share
(4)(5)
, diluted
     3.84       1.96       11.50       (5.40     (0.87     (0.14
Weighted average ordinary shares outstanding
(5)
, basic
     530,406,464       547,227,408       567,871,968       600,888,208       634,109,233       634,109,233  
Weighted average ordinary shares outstanding
(5)
, diluted
     574,207,144       567,396,984       641,952,112       600,888,208       634,109,233       634,109,233  
 
9

    
As of December 31,
 
    
2017
(1)
    
2018
(1)
    
2019
(6)
    
2020
    
2021
 
    
RMB
    
RMB
    
RMB
    
RMB
    
RMB
    
US$
 
                                           
    
(in millions)
 
Selected Consolidated Balance Sheets Data
                                                     
Cash and cash equivalents
     18,243        21,530        19,923        18,096        19,818        3,110  
Restricted cash
     1,749        4,244        1,824        1,319        1,378        216  
Short-term investments
     28,130        36,753        23,058        24,820        29,566        4,640  
Current assets
     59,418        79,394        67,955        58,011        66,108        10,374  
Investments
(3)
     25,574        26,874        51,278        47,943        44,961        7,055  
Total assets
     162,240        185,830        200,169        187,249        191,859        30,107  
Current liabilities
     42,162        68,784        69,182        58,369        66,218        10,391  
Long-term debt
     29,220        24,146        19,537        22,718        11,093        1,741  
Total liabilities
     75,625        97,097        93,324        85,682        81,403        12,774  
Redeemable
non-controlling
interests
(7)
                   1,142                       
Share capital
     5        5        6        6        6        1  
Total Trip.com Group Limited shareholders’ equity
     84,836        86,715        103,442        100,354        109,677        17,211  
Non-controlling
interests
     1,779        2,018        2,261        1,213        779        122  
Total shareholders’ equity
     86,615        88,733        105,703        101,567        110,456        17,333  
 
Notes:
 
(1)
Effective from January 1, 2018, we adopted ASC Topic 606, a new accounting standard on the recognition of revenue issued by FASB in 2014, and have applied this accounting standard retrospectively to the year ended December 31, 2017.
 
(2)
Share-based compensation was included in the related operating expense categories as follows:
 
    
For the Year Ended December 31,
 
    
2017
    
2018
    
2019
    
2020
    
2021
 
    
RMB
    
RMB
    
RMB
    
RMB
    
RMB
    
US$
 
                                           
    
(in millions)
 
Product development
     1,013        934        919        964        802        126  
Sales and marketing
     186        156        144        159        149        23  
General and administrative
     635        617        651        750        730        115  
 
(3)
In 2017 and 2018, we disposed certain long-term investments and recognized a gain of RMB1.4 billion and RMB1.2 billion, respectively. In January 2018, we adopted a new financial instruments accounting standard ASU
No. 2016-01,
which requires equity investments to be measured at fair value with subsequent changes recognized in net income, except for those accounted for under the equity method or requiring consideration. Fair value changes for such equity investments and exchangeable notes were a fair value gain of RMB2.3 billion, a fair value loss of RMB612 million and a fair value loss of RMB170 million for the year ended December 31, 2019, 2020 and 2021, respectively. The new standard also changes the accounting for investments without a readily determinable fair value and that do not qualify for the practical expedient to estimate fair value. A policy election can be made for these investments whereby investment will be carried at cost and adjusted in subsequent periods for any impairment or changes in observable prices of identical or similar investments.
 
10

(4)
Each ADS represents one ordinary share.
 
(5)
On March 18, 2021, we effected a change to our authorized share capital by one
(1)-to-eight
(8) subdivision of shares. Concurrently, we effected a proportionate change in ADS to ordinary share ratio from eight (8) ADSs representing one (1) ordinary share to one (1) ADS representing one (1) ordinary share. Such changes have been reflected retrospectively throughout this document.
 
(6)
Effective from January 1, 2019, we adopted ASC
No. 2018-11,
a new accounting standard on the recognition of
right-of-use
assets and lease liabilities issued by FASB in 2018, and have applied this accounting standard on a modified retrospective basis and have elected not to restate comparative periods. See Notes 2 and 11 to our audited consolidated financial statements included elsewhere in this annual report for further information.
 
(7)
One of our subsidiaries issued redeemable preferred shares to certain third-party investors in 2019. These preferred shares are redeemable at a holder’s option when that subsidiary fails to complete a qualified IPO in a
pre-agreed
period of time since its issuance with a redemption price measured by 10% interest per annum. These preferred shares are therefore accounted for as redeemable
non-controlling
interests in mezzanine equity and are accreted to the redemption value over the period starting from the issuance date. In 2020, we lost the control in this subsidiary, and therefore financial position and results of operations of this subsidiary was deconsolidated.
Financial Information Related to Our Consolidated Affiliated Chinese Entities
The following tables present the condensed consolidating schedules of financial information of Trip.com Group Limited, our subsidiaries that are the primary beneficiaries of our consolidated affiliated Chinese entities, our other subsidiaries and our consolidated affiliated Chinese entities and their subsidiaries for the years and as of the dates indicated.
 
11

Condensed Consolidated Results of Operations Data
 
    
For the Year Ended December 31, 2021
 
    
Trip.com

Group
Limited
   
Other

Subsidiaries
    
Primary
Beneficiaries
of
Consolidated
Affiliated
Chinese
Entities
   
Consolidated
Affiliated
Chinese
Entities and
their
Subsidiaries
   
Eliminating
Adjustments
   
Consolidated
Totals
 
                                       
    
(RMB in millions)
 
Third-party net revenues
           12,226        2,055       5,742             20,023  
Inter-company net revenues
(1)
           122        2,578       293       (2,993      
Third-party cost of revenues and operating expenses
     (13     (12,095      (4,115     (5,211           (21,434
Inter-company cost of revenues and operating expenses
(1)
           (1,217            (1,776     2,993        
  
 
 
   
 
 
    
 
 
   
 
 
   
 
 
   
 
 
 
(Loss)/income from operations
  
 
(13
 
 
(964
  
 
518
 
 
 
(952
 
 
 
 
 
(1,411
Share of income from subsidiaries and Consolidated Affiliated Chinese Entities
(2)
     742       614        1,043             (2,399      
Net interest (expense)/income and other (expense)/income
     (1,289     1,181        216       832             940  
  
 
 
   
 
 
    
 
 
   
 
 
   
 
 
   
 
 
 
(Loss)/income before income tax expense and equity in income/(loss) of affiliates
  
 
(560
 
 
831
 
  
 
1,777
 
 
 
(120
 
 
(2,399
 
 
(471
Income tax (expense)/benefit
           (257      (86     73             (270
Equity in income/(loss) of affiliates
     10       66        85       (65           96  
Net (loss)/income
  
 
(550
 
 
640
 
  
 
1,776
 
 
 
(112
 
 
(2,399
 
 
(645
Net income/(loss) attributable to non-controlling interests
           102              (7           95  
  
 
 
   
 
 
    
 
 
   
 
 
   
 
 
   
 
 
 
Net (loss)/income attributable to Trip.com Group Limited
  
 
(550
 
 
742
 
  
 
1,776
 
 
 
(119
 
 
(2,399
 
 
(550
  
 
 
   
 
 
    
 
 
   
 
 
   
 
 
   
 
 
 
 
12

    
For the Year Ended December 31, 2020
 
    
Trip.com
Group
Limited
   
Other
Subsidiaries
   
Primary
Beneficiaries
of
Consolidated
Affiliated
Chinese
Entities
   
Consolidated
Affiliated
Chinese
Entities and
their
Subsidiaries
   
Eliminating
Adjustments
   
Consolidated
Totals
 
                                      
    
(RMB in millions)
 
Third-party net revenues
           9,763       2,349       6,204             18,316  
Inter-company net revenues
(1)
                 2,207       309       (2,516      
Third-party cost of revenues and operating expenses
     (201     (9,918     (4,105     (5,515           (19,739
Inter-company cost of revenues and operating expenses
(1)
           (778           (1,738     2,516        
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
(Loss)/income from operations
  
 
(201
 
 
(933
 
 
451
 
 
 
(740
 
 
 
 
 
(1,423
Share of income/(loss) from subsidiaries and Consolidated Affiliated Chinese Entities
(2)
     68       126       (601           407        
Net interest (expense)/income and other (expense)/income
     (1,922     1,396       262       462             198  
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
(Loss)/income before income tax expense and equity in loss of affiliates
  
 
(2,055
 
 
589
 
 
 
112
 
 
 
(278
 
 
407
 
 
 
(1,225
Income tax (expense)/benefit
           (144     (284     73             (355
Equity in loss of affiliates
     (1,192     (407     (49     (41           (1,689
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net (loss)/income
  
 
(3,247
 
 
38
 
 
 
(221
 
 
(246
 
 
407
 
 
 
(3,269
Net income/(loss) attributable to non-controlling interests
           70             (8           62  
Accretion to redemption value of redeemable non-controlling interests
           (40                       (40
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net (loss)/income attributable to Trip.com Group Limited
  
 
(3,247
 
 
68
 
 
 
(221
 
 
(254
 
 
407
 
 
 
(3,247
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
13

    
For the Year Ended December 31, 2019
 
    
Trip.com
Group
Limited
   
Other
Subsidiaries
   
Primary
Beneficiaries
of
Consolidated
Affiliated
Chinese
Entities
   
Consolidated
Affiliated
Chinese
Entities and
their
Subsidiaries
   
Eliminating
Adjustments
   
Consolidated
Totals
 
                                      
    
(RMB in millions)
 
Third-party net revenues
           21,490       5,136       9,040             35,666  
Inter-company revenues
(1)
                 2,457       532       (2,989      
Third-party cost of revenues and operating expenses
     (36     (17,933     (4,518     (8,139           (30,626
Inter-company cost of revenues and operating expenses
(1)
        
 
(1,424
 
 
 
 
 
(1,565
 
 
2,989
 
 
 
 
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
(Loss)/income from operations
  
 
(36
 
 
2,133
 
 
 
3,075
 
 
 
(132
 
 
 
 
 
5,040
 
Share of income from subsidiaries and Consolidated Affiliated Chinese Entities
(2)
     5,434       3,305       913             (9,652      
Net interest income and other income
     1,648       1,451       472       476             4,047  
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Income before income tax expense and equity in (loss)/income of affiliates
  
 
7,046
 
 
 
6,889
 
 
 
4,460
 
 
 
344
 
 
 
(9,652
 
 
9,087
 
Income tax expense
           (1,068     (437     (237           (1,742
Equity in (loss)/income of affiliates
     (35     (394     106       (24           (347
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net income
  
 
7,011
 
 
 
5,427
 
 
 
4,129
 
 
 
83
 
 
 
(9,652
 
 
6,998
 
Net income attributable to non-controlling interests
           51             6             57  
Accretion to redemption value of redeemable non-controlling interests
           (44                       (44
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net income attributable to Trip.com Group Limited
  
 
7,011
 
 
 
5,434
 
 
 
4,129
 
 
 
89
 
 
 
(9,652
 
 
7,011
 
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
Notes:
 
(1)
It represents the elimination of the intercompany service charge at the consolidation level. For the year ended December 31, 2019, 2020 and 2021, the service fees of consolidated affiliated Chinese entities and their subsidiaries charged by the primary beneficiaries of consolidated affiliated Chinese entities were RMB1.6 billion, RMB1.7 billion and RMB1.7 billion, respectively.
 
(2)
It represents the elimination of the investment among Trip.com Group Limited, other subsidiaries, primary beneficiaries of consolidated affiliated Chinese entities, and consolidated affiliated Chinese entities and their subsidiaries.
 
14

Condensed Consolidated Balance Sheets Data
 
    
As of December 31, 2021
 
    
Trip.com
Group
Limited
    
Other
Subsidiaries
    
Primary
Beneficiaries
of
Consolidated
Affiliated
Chinese
Entities
    
Consolidated
Affiliated
Chinese
Entities and
their
Subsidiaries
    
Eliminations
   
Consolidated
Totals
 
    
(RMB in millions)
 
ASSETS
                
Cash and cash equivalents
     11        11,580        1,143        7,084              19,818  
Restricted cash
            859        123        396              1,378  
Short-term investments
            20,677        7,277        1,612              29,566  
Accounts receivable
            2,002        167        2,480              4,649  
Due from related parties
            1,336        101        228              1,665  
Prepayments and other current assets
     45        6,597        182        2,208              9,032  
Amount due from Group companies
(1)
     18,251        13,889        7,207        8,810        (48,157      
Long-term deposits and prepayments
            152        33        186              371  
Long-term receivables due from related parties
                          25              25  
Land use rights
            40        46                     86  
Property, equipment and software
            4,944        532        58              5,534  
Investments
     11,574        22,426        6,981        3,980              44,961  
Investment in subsidiaries and consolidated affiliated Chinese entities
(2)
     101,989        12,891        10,631               (125,511      
Goodwill
            58,966        48        339              59,353  
Intangible assets
            12,627               333              12,960  
Right-of-use assets
            649        93        35              777  
Deferred tax assets
            1,149        187        348              1,684  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
   
 
 
 
Total assets
  
 
131,870
 
  
 
170,784
 
  
 
34,751
 
  
 
28,122
 
  
 
(173,668
 
 
191,859
 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
   
 
 
 
LIABILITIES
                
Short-term debt and current portion of long-term debt
     11,297        15,189        8,070        5,310              39,866  
Accounts payable
            3,853        222        1,944              6,019  
Due to related parties
            86        36        16              138  
Salary and welfare payable
            1,921        1,744        229              3,894  
Taxes payable
            542        470        53              1,065  
Advances from customers
            5,530        113        1,892              7,535  
Accrued liability for rewards program
            319        15        66              400  
Other payables and accruals
     46        3,642        1,140        2,473              7,301  
Amount due to Group companies
(1)
     578        32,280        2,353        12,946        (48,157      
Deferred tax liabilities
            3,432               95              3,527  
Long-term debt
     10,435        658                            11,093  
Long-term lease liability
            340        39        21              400  
Other long-term liabilities
            165                            165  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
   
 
 
 
Total liabilities
  
 
22,356
 
  
 
67,957
 
    
14,202
      
25,045
    
 
(48,157
   
81,403
 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
   
 
 
 
Total shareholders’ equity
  
 
109,514
 
    
102,827
      
20,549
      
3,077
      
(125,511
)
 
   
110,456
 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
   
 
 
 
Total liabilities and shareholders’ equity
  
 
131,870
 
  
 
170,784
 
    
34,751
      
28,122
    
 
(173,668
   
191,859
 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
   
 
 
 
 
15

    
As of December 31, 2020
 
    
Trip.com
Group
Limited
    
Other
Subsidiaries
    
Primary
Beneficiaries
of
Consolidated
Affiliated
Chinese
Entities
    
Consolidated
Affiliated
Chinese
Entities and
their
Subsidiaries
    
Eliminations
   
Consolidated
Totals
 
    
(RMB in millions)
 
ASSETS
                
Cash and cash equivalents
     12        10,252        821        7,011              18,096  
Restricted cash
            1,052        121        146              1,319  
Short-term investments
            16,526        5,765        2,529              24,820  
Accounts receivable
            1,374        17        2,728              4,119  
Due from related parties
            1,377        143        282              1,802  
Prepayments and other current assets
     166        3,473        742        3,474              7,855  
Amount due from Group companies
(1)
     19,317        16,601        6,097        8,690        (50,705      
Long-term deposits and prepayments
            167        41        203              411  
Long-term receivables due from related parties
                          25              25  
Land use rights
            41        47                     88  
Property, equipment and software
            5,169        558        53              5,780  
Investments
     12,996        23,927        5,096        5,924              47,943  
Investment in subsidiaries and consolidated affiliated Chinese entities
(2)
     99,844        13,474        8,634               (121,952      
Goodwill
            58,965        48        340              59,353  
Intangible assets
            12,900               356              13,256  
Right-of-use assets
            955        23        9              987  
Deferred tax assets
            925        156        314              1,395  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
   
 
 
 
Total assets
  
 
132,335
 
  
 
167,178
 
    
28,309
      
32,084
    
 
(172,657
   
187,249
 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
   
 
 
 
LIABILITIES
                
Short-term debt and current portion of long-term debt
     9,131        15,657        5,140        3,737              33,665  
Accounts payable
            2,551        202        1,753              4,506  
Due to related parties
            120        65        56              241  
Salary and welfare payable
            1,664        1,568        302              3,534  
Taxes payable
            580        465        172              1,217  
Advances from customers
            5,745        137        1,723              7,605  
Accrued liability for rewards program
            382        28        68              478  
Other payables and accruals
     270        3,985        924        1,944              7,123  
Amount due to Group companies
(1)
     578        31,400        172        18,555        (50,705      
Deferred tax liabilities
            3,473               101              3,574  
Long-term debt
     21,808        63        700        147              22,718  
Long-term lease liability
            602        15        1              618  
Other long-term liabilities
            400        2        1              403  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
   
 
 
 
Total liabilities
  
 
31,787
 
  
 
66,622
 
  
 
9,418
 
  
 
28,560
 
  
 
(50,705
   
85,682
 
Total shareholders’ equity
    
100,548
      
100,556
      
18,891
      
3,524
      
(121,952
)
 
   
101,567
 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
   
 
 
 
Total liabilities and shareholders’ equity
  
 
132,335
 
  
 
167,178
 
  
 
28,309
 
  
 
32,084
 
  
 
(172,657
   
187,249
 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
   
 
 
 
 
Notes:
 
(1)
It represents the elimination of intercompany balances among Trip.com Group Limited, other subsidiaries, primary beneficiaries of consolidated affiliated Chinese entities, and consolidated affiliated Chinese entities and their subsidiaries for treasury cash management purpose.
 
(2)
It represents the elimination of the investment among Trip.com Group Limited, other subsidiaries, primary beneficiaries of consolidated affiliated Chinese entities, and consolidated affiliated Chinese entities and their subsidiaries.
 
16

Condensed Consolidated Cash Flows
 
    
For the Year Ended December 31, 2021
 
    
Trip.com
Group
Limited
   
Other
Subsidiaries
   
Primary
Beneficiaries
of
Consolidated
Affiliated
Chinese
Entities
   
Consolidated
Affiliated
Chinese
Entities and
their
Subsidiaries
   
Eliminating
Adjustments
   
Consolidated
Totals
 
    
(RMB in millions)
                               
    
(RMB in millions)
 
Net cash (used in)/provided by operating activities
(1)
  
 
(742
 
 
(243
 
 
2,189
 
 
 
1,271
 
 
 
 
 
 
2,475
 
Capital contribution to Group companies
                 (1,100           1,100        
Cash flows of loan funding provided to group companies, net of repayments received
     1,069       3,297             (434     (3,932      
Other investing activities
           (1,713     (3,487     1,052             (4,148
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net cash provided by/(used in) investing activities
  
 
1,069
 
 
 
1,584
 
 
 
(4,587
 
 
618
 
 
 
(2,832
 
 
(4,148
Proceeds from issuance of ordinary shares net of issuance cost
     7,984                               7,984  
Capital contribution from Group companies
           1,100                   (1,100      
Cash flows of loan funding received from group companies, net of repayments made
           (635     492       (3,789     3,932        
Other financing activities
     (8,300     (218     2,230       2,223             (4,065
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net cash (used in)/provided by financing activities
  
 
(316
 
 
247
 
 
 
2,722
 
 
 
(1,566
 
 
2,832
 
 
 
3,919
 
 
    
For the Year Ended December 31, 2020
 
    
Trip.com
Group
Limited
   
Other
Subsidiaries
   
Primary
Beneficiaries
of
Consolidated
Affiliated
Chinese
Entities
   
Consolidated
Affiliated
Chinese
Entities and
their
Subsidiaries
   
Eliminating
Adjustments
   
Consolidated
Totals
 
    
(RMB in millions)
 
Net cash used in operating activities
(1)
  
 
(1,037
 
 
(2,159
 
 
(30
 
 
(597
 
 
 
 
 
(3,823
Capital contribution to Group companies
     (903     (710     (47           1,660        
Cash flows of loan funding provided to group companies, net of repayments received
     (358     3,808             817       (4,267      
Other investing activities
           (2,297     (1,056     (468           (3,821
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net cash (used in)/provided by investing activities
(2)
  
 
(1,261