China's market regulator fines Trip.com $770 million for online hotel-booking abuse
Business
Trip.com, the company behind Ctrip and Skyscanner, just got penalized a total of $770 million by China's market regulator.
Authorities say Trip.com abused its power in the online hotel-booking scene, basically striking exclusive deals with hotels, and using tech tricks to limit competition and your choices as a traveler.
Trip.com to repay hotels 122 million yuan
Trip.com now has to pay back 122 million yuan in withheld booking deposits to hotels.
The company says it "sincerely accept" the penalty and promises to make changes.
This move is part of China's bigger crackdown on tech giants for anti-competitive behavior, aiming to keep things fair for both businesses and consumers.