REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Title of each class |
Trading Symbol |
Name of each exchange on which registered | ||
one ordinary share, par value US$0.00125 per share) |
(Nasdaq Global Select Market) | |||
Ordinary shares, par value US$0.00125 per share |
9961 |
The Stock Exchange of Hong Kong Limited |
☒ | Accelerated filer | ☐ | Non-accelerated filer |
☐ | ||||||
Emerging growth company |
† | 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. |
International Financial Reporting Standards as issued | Other ☐ | |||
by the International Accounting Standards Board ☐ |
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3 |
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5 |
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ITEM 1. |
5 |
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ITEM 2. |
5 |
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ITEM 3. |
5 |
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ITEM 4. |
64 |
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ITEM 4.A. |
89 |
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ITEM 5. |
89 |
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ITEM 6. |
108 |
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ITEM 7. |
118 |
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ITEM 8. |
122 |
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ITEM 9. |
123 |
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ITEM 10. |
124 |
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ITEM 11. |
131 |
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ITEM 12. |
132 |
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136 |
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ITEM 13. |
136 |
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ITEM 14. |
136 |
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ITEM 15. |
136 |
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ITEM 16A. |
137 |
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ITEM 16B. |
137 |
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ITEM 16C. |
137 |
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ITEM 16D. |
138 |
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ITEM 16E. |
138 |
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ITEM 16F. |
138 |
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ITEM 16G. |
138 |
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ITEM 16H. |
138 |
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ITEM 16I. |
138 |
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138 |
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ITEM 17. |
138 |
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ITEM 18. |
139 |
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ITEM 19. |
140 |
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144 |
• | “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. |
• | 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. |
• | 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; |
• | 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. |
ITEM 1. |
IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS |
ITEM 2. |
OFFER STATISTICS AND EXPECTED TIMETABLE |
ITEM 3. |
KEY INFORMATION |
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 | ) | ||||||||||||
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|
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|
|
|
|
|
|
|
|
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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 |
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 |
(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. |
(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 |
(6) | Effective from January 1, 2019, we adopted ASC No. 2018-11, a new accounting standard on the recognition of right-of-use |
(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. |
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 | — | ||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|||||||||||||
(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 | |||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
(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 |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
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 |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
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 | ) | ||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net income attributable to Trip.com Group Limited |
7,011 |
5,434 |
4,129 |
89 |
(9,652 |
) |
7,011 |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(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. |
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 |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(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. |
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 |
) |