James Liang

James Liang co-founded Ctrip (now Trip.com Group) in 1999 and has served in various leadership roles including CEO and Executive Chairman, remaining the most influential figure at China's largest online travel agency. Trip.com Group operates multiple platforms: Ctrip (the dominant domestic China travel booking platform), Trip.com (the international-facing brand), Skyscanner (global flight metasearch, acquired in 2016), and Qunar (Chinese budget travel platform, acquired after a merger in 2015). Liang built Trip.com Group through a combination of organic growth and strategic M&A that ultimately consolidated China's fragmented online travel market. The acquisition of Qunar (which was backed by Baidu) and investments by Priceline (now Booking Holdings) created a company that controls an estimated 50%+ of China's online travel booking market. This dominant position provides powerful network effects — hotels, airlines, and tour operators must be on Ctrip to reach Chinese travelers, and Chinese travelers use Ctrip because it has the most comprehensive inventory. The post-COVID recovery in Chinese travel has been a major growth driver, with both domestic tourism and outbound international travel rebounding strongly. Liang's strategic focus on the outbound Chinese travel market — estimated to be one of the fastest-growing segments of global tourism — positions Trip.com Group as the primary gateway through which Chinese tourists book international travel. Key stock drivers include Chinese outbound travel recovery pace, domestic tourism trends, hotel booking growth, cross-border travel products, Skyscanner monetization, and the competitive dynamics with Meituan (which has become a significant competitor in domestic Chinese hotel and experience booking).