Trip.com Group Limited (TCOM) had a rough Wednesday morning after confirming that Chinese regulators have opened an antitrust investigation into the travel services giant.

The company received a formal investigation notice from the State Administration for Market Regulation (SAMR), China's primary competition and market oversight authority. SAMR has nationwide regulatory power over antitrust matters.

What We Know About the Probe

Here's the thing: not much, actually. SAMR informed Trip.com Group that it's launching an investigation under China's Anti-Monopoly Law, but the notice didn't specify what exactly the company allegedly did wrong or what penalties might be on the table.

Trip.com Group said it received the investigation notice on Tuesday. The company struck a cooperative tone, saying it will engage with regulators and fully support the process.

Business as Usual, For Now

Despite the regulatory cloud, Trip.com says operations are continuing normally and the company doesn't expect an immediate impact on its daily services. That's probably the right message when you run a global travel platform that millions of people rely on for hotel bookings, transportation tickets, packaged tours, and corporate travel management.

The company's portfolio includes well-known brands like Trip.com, Ctrip, and Skyscanner, giving it significant reach in both Chinese and international travel markets.

The market didn't love the news. TCOM shares were down 16.11% at $63.49 during premarket trading Wednesday, according to market data. That's a sharp reversal for a stock that's actually gained over 17% in the past year.

Investors looking for exposure to Trip.com can also find it through CoreValues Alpha Greater China Growth ETF (CGRO) and AdvisorShares Hotel ETF (BEDZ).