0001193125-23-080422 | 20-F | XBRL Viewer

Less: Sales tax and surcharges

$ 2,909

¥ 20,055

¥ 20,029

¥ 18,327

(2)

(16)

(6)

(11)

Net revenues

2,907

20,039

20,023

18,316

Cost of revenues

(654)

(4,513)

(4,598)

(4,031)

Gross profit

2,253

15,526

15,425

14,285

Operating expenses:

Product development

(1,209)

(8,341)

(8,992)

(7,667)

Sales and marketing

(616)

(4,250)

(4,922)

(4,405)

General and administrative

(413)

(2,847)

(2,922)

(3,636)

Total operating expenses

(2,238)

(15,438)

(16,836)

(15,708)

(Loss)/income from operations

(1,411)

(1,423)

Interest income

297

2,046

2,132

2,187

Interest expense

(219)

(1,514)

(1,565)

(1,716)

Other (expense)/income

292

2,015

373

(273)

(Loss)/Income before income tax expense and equity in (loss)/income of affiliates

385

2,635

(471)

(1,225)

Income tax expense

(99)

(682)

(270)

(355)

Equity in (loss)/income of affiliates

(85)

(586)

(1,689)

Net (loss)/income

201

1,367

(645)

(3,269)

Net loss attributable to non-controlling interests

Accretion to redemption value of redeemable non-controlling interests

(40)

Net (loss)/income attributable to Trip.com Group Limited

206

1,403

(550)

(3,247)

Net (loss)/income

201

1,367

(645)

(3,269)

Other comprehensive (loss)/income:

Foreign currency translation

Unrealized securities holding (losses)/gains, net of tax

(163)

(1,126)

(178)

Less: Reclassification adjustment for losses included in net (loss)/income, net of tax (Note 7)

128

884

Total comprehensive (loss)/income

177

1,203

(641)

(3,372)

Comprehensive loss attributable to non-controlling interests

Comprehensive (loss)/income attributable to Trip.com Group Limited

$ 183

¥ 1,246

¥ (546)

¥ (3,350)

Weighted average ordinary shares outstanding

- Basic shares (in shares)

^[1]

648,380,590

634,109,233

600,888,208

- Diluted shares (in shares)

^[1]

657,092,826

634,109,233

600,888,208

Product development

Share-based compensation included in Operating expenses above is as follows:

Share-based compensation included in Operating expenses above is as follows:

$ 82

¥ 567

¥ 802

¥ 964

Sales and marketing

General and administrative

115

149

159

Share-based compensation included in Operating expenses above is as follows:

(Losses)/earnings per ordinary share (Note i)

$ 73

¥ 506

¥ 730

¥ 750

Ordinary shares

- (Loss)/earnings per ordinary share/ADS, Basic (in RMB or dollars per share) | (per share)

^[1]

$ 0.31

¥ 2.17

¥ (0.87)

¥ (5.4)

- Loss)/earnings per ordinary share/ADS, Diluted (in RMB or dollars per share) | (per share)

^[1]

0.31

2.14

(0.87)

(5.4)

ADS

(Losses)/earnings per ordinary share (Note i)

- (Loss)/earnings per ordinary share/ADS, Basic (in RMB or dollars per share) | (per share)

^[1]

0.31

2.17

(0.87)

(5.4)

- Loss)/earnings per ordinary share/ADS, Diluted (in RMB or dollars per share) | (per share)

^[1]

$ 0.31

¥ 2.14

¥ (0.87)

¥ (5.4)

Accommodation reservation

Revenues:

$ 1,073

¥ 7,400

¥ 8,148

¥ 7,132

Transportation ticketing

Revenues:

1,197

8,253

6,905

7,146

Packaged tours

Revenues:

116

797

1,105

1,241

Corporate travel

Revenues:

157

1,079

1,347

877

Others

Revenues:

$ 366

¥ 2,526

¥ 2,524

¥ 1,931

[1]	Basic and diluted losses per ordinary share and weighted average ordinary shares outstanding for the years ended December 31, 2020 have been retrospectively adjusted for the Share Subdivision that became effective on March 18, 2021 as detailed in Note 2 and Note 20.

CONSOLIDATED BALANCE SHEETS ¥ in Millions, $ in Millions	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Current assets:
Cash and cash equivalents	$ 2,465	¥ 17,000	¥ 19,818
Restricted cash	216	1,487	1,378
Short-term investments	3,703	25,545	29,566
Accounts receivable, net (Allowance for credit losses of RMB482 million and RMB292 million as of December 31, 2021 and 2022, respectively)	795	5,486	4,649
Due from related parties (Allowance for credit losses of RMB56 million and RMB213 million as of December 31, 2021 and 2022, respectively)	253	1,748	1,665
Prepayments and other current assets (Allowance for credit losses of RMB277 million and RMB265 million as of December 31, 2021 and 2022, respectively)	1,475	10,169	9,032
Total current assets	8,907	61,435	66,108
Long-term prepayments and other assets	79	545	371
Long-term receivables due from related parties	4	25	25
Land use rights	12	83	86
Property, equipment and software	755	5,204	5,534
Investments	7,275	50,177	44,961
Goodwill	8,603	59,337	59,353
Intangible assets	1,847	12,742	12,960
Right-of-use assets	119	819	777
Deferred tax assets	192	1,324	1,684
Total assets	27,793	191,691	191,859
Current liabilities:
Short-term debt and current portion of long-term debt	4,737	32,674	39,866
Accounts payable	1,097	7,569	6,019
Due to related parties	23	156	138
Salary and welfare payable	568	3,918	3,894
Taxes payable	121	835	1,065
Advances from customers	1,200	8,278	7,535
Accrued liability for rewards program	57	396	400
Other payables and accruals	1,076	7,413	7,301
Total current liabilities	8,879	61,239	66,218
Deferred tax liabilities	506	3,487	3,527
Long-term debt	1,911	13,177	11,093
Long-term lease liability	77	534	400
Other long-term liabilities	34	235	165
Total liabilities	11,407	78,672	81,403
Commitments and contingencies (Note 20)
SHAREHOLDERS' EQUITY
Share capital (US$0.00125 par value; 1,400,000,000 shares authorized)	1	6	6
Additional paid-in capital	13,802	95,196	93,829
Statutory reserves	119	825	734
Accumulated other comprehensive loss	(256)	(1,768)	(1,604)
Retained earnings	2,919	20,135	18,823
Less: Treasury stock	(306)	(2,111)	(2,111)
Total Trip.com Group Limited shareholders' equity	16,279	112,283	109,677
Non-controlling interests	107	736	779
Total shareholders' equity	16,386	113,019	110,456
Total liabilities and shareholders' equity	$ 27,793	¥ 191,691	¥ 191,859

CONSOLIDATED BALANCE SHEETS (Parenthetical) ¥ in Millions	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2021 CNY (¥)
Shareholders' equity
Share capital, shares authorized \| shares	1,400,000,000
Accounts receivable, allowance for credit loss	¥ 292	¥ 482
Due from related parties, allowance for credit loss	213	56
Prepayments and other current assets, allowance for credit loss	¥ 265	¥ 277

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
¥ in Millions, $ in Millions

USD ($)

CNY (¥)

Cumulative Effect, Period of Adoption, Adjusted Balance [Member]

CNY (¥)

Ordinary shares

CNY (¥)

Additional paid-in capital

CNY (¥)

Statutory reserves

CNY (¥)

Accumulated other comprehensive income/(loss)

CNY (¥)

Retained earnings

CNY (¥)

Retained earnings

Cumulative Effect, Period of Adoption, Adjusted Balance [Member]

CNY (¥)

Treasury stock

CNY (¥)

Total Ctrip's shareholders' equity

CNY (¥)

Total Ctrip's shareholders' equity

Cumulative Effect, Period of Adoption, Adjusted Balance [Member]

CNY (¥)

Non-controlling interests

CNY (¥)

Issuance of ordinary shares for the exercise of stock options (in shares) | shares

3,495,960

6,935,904

^[1]

Balance at Dec. 31, 2019

¥ 105,703

¥ (83)

¥ 6

¥ 83,614

¥ 635

¥ (1,505)

¥ 22,803

¥ (83)

¥ (2,111)

¥ 103,442

¥ (83)

¥ 2,261

Balance (in shares) at Dec. 31, 2019 | shares

^[1]

592,691,232

(23,432,968)

Issuance of ordinary shares for the exercise of stock options

159

Appropriations to statutory reserves

1,873

(3)

Foreign currency translation adjustments

Unrealized securities holding losses

(178)

Accretion of redeemable non-controlling interests

(40)

Net income / (loss)

(3,269)

(3,207)

(62)

Deconsolidation of shares in subsidiaries

176

Issuance of additional equity stake by subsidiaries

Disposal of shares in subsidiaries

(234)

(1)

(233)

Equity transaction in which a non-controlling interest in a subsidiary is exchanged for a non-controlling interest in another subsidiary

(9)

Acquisition of additional shares in subsidiaries

(2,620)

(1,695)

(925)

Balance at Dec. 31, 2020

¥ 101,567

¥ 6

83,960

637

(1,608)

19,470

¥ (2,111)

100,354

1,213

Balance (in shares) at Dec. 31, 2020 | shares

^[1]

599,627,136

(23,432,968)

Issuance of ordinary shares for the exercise of stock options (in shares) | shares

5,106,035

5,321,521

^[1]

Issuance of ordinary shares for the exercise of stock options

¥ 307

¥ 0

307

Appropriations to statutory reserves

1,681

(97)

Foreign currency translation adjustments

Unrealized securities holding losses

Accretion of redeemable non-controlling interests

Net income / (loss)

(645)

(550)

(95)

Issuance of ordinary shares, net of issuance costs

7,984

¥ 0

7,984

Issuance of ordinary shares, net of issuance costs (shares) | shares

^[1]

36,380,900

Acquisition of additional shares in subsidiaries

(442)

(103)

(339)

Business combination

Establishment of subsidiaries

Balance at Dec. 31, 2021

¥ 110,456

¥ 6

93,829

734

(1,604)

18,823

¥ (2,111)

109,677

779

Balance (in shares) at Dec. 31, 2021 | shares

^[1]

641,329,557

(23,432,968)

Issuance of ordinary shares for the exercise of stock options (in shares) | shares

4,493,648

4,737,273

Issuance of ordinary shares for the exercise of stock options

¥ 179

¥ 0

179

Appropriations to statutory reserves

1,188

(91)

Foreign currency translation adjustments

$ 11

Unrealized securities holding losses

(1,126)

Accretion of redeemable non-controlling interests

Less: Amounts reclassified from accumulated other comprehensive income/(loss) to net (loss)/income (Note 7)

884

Net income / (loss)

1,367

1,403

(36)

Disposal of shares in subsidiaries

(4)

Acquisition of additional shares in subsidiaries

(3)

Balance at Dec. 31, 2022

$ 16,386

¥ 113,019

¥ 6

¥ 95,196

¥ 825

¥ (1,768)

¥ 20,135

¥ (2,111)

¥ 112,283

¥ 736

Balance (in shares) at Dec. 31, 2022 | shares

646,066,830

(23,432,968)

[1]	The number of shares outstanding and treasury stock have been retrospectively adjusted for the Share Subdivision that became effective on March 18, 2021 as detailed in Note 2 and Note 20.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021	Mar. 18, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
Ordinary shares, par value (in dollars per share)	$ 0.00125	$ 0.00125	$ 0.01	$ 0.00125

CONSOLIDATED STATEMENTS OF CASH FLOWS
¥ in Millions, $ in Millions

12 Months Ended

Dec. 31, 2022

USD ($)

Dec. 31, 2022

CNY (¥)

Dec. 31, 2021

CNY (¥)

Dec. 31, 2020

CNY (¥)

Cash flows from operating activities:

Net (loss)/income

$ 201

¥ 1,367

¥ (645)

¥ (3,269)

Adjustments to reconcile net (loss)/income to cash (used in)/provided by operating activities:

Equity in loss/(income) of affiliates

172

1,188

1,681

1,873

586

(96)

1,689

Loss from disposal of property, equipment and software

100

Gain on deconsolidation of subsidiaries

(1,091)

Loss/(gain) from disposal of long-term investment

(3)

(23)

(63)

602

Gain from disposal of subsidiaries

(4)

(36)

Impairments of long-term investments

138

949

905

Gain from settlement of contingency consideration related to a business combination

(30)

Gain on loan forgiveness

(68)

Changes in fair value for equity securities investment and exchangeable senior notes

(194)

(1,338)

170

612

Gain from the fair value remeasurement upon the discontinuance of the equity method of the investments

(165)

(1,135)

Gain from foreign currency forwards

(9)

(59)

(57)

(47)

Allowance for credit losses

296

141

700

Depreciation of property, equipment and software

632

723

790

Amortization of intangible assets and land use rights

243

298

427

Amortization of right of use assets

416

392

349

Deferred income tax (expenses)/benefits

295

(337)

(493)

Changes in current assets and liabilities, net of assets acquired and liabilities assumed/disposed of in business combinations/dispositions, net of deconsolidation:

Decrease/(Increase) in accounts receivable

(103)

(701)

(468)

3,189

Decrease/(Increase) in due from related parties

(35)

(240)

149

821

Decrease/(Increase) in prepayments and other current assets

(241)

(1,659)

(560)

3,838

Decrease in long-term receivables

(Decrease)/increase in accounts payable

190

1,309

1,513

(7,762)

(Decrease)/increase in due to related parties

(97)

(159)

(Decrease)/increase in salary and welfare payable

361

(1,318)

Decrease in taxes payable

(33)

(228)

(149)

(242)

(Decrease)/increase in advances from customers

103

708

(69)

(4,073)

Decrease in accrued liability for rewards program

(1)

(4)

(78)

Decrease in other payables and accruals

(6)

(34)

(463)

(1,288)

Net cash (used in)/provided by operating activities

380

2,641

2,475

(3,823)

Cash flows from investing activities:

Purchase of property, equipment and software

(72)

(497)

(570)

(532)

Cash paid for long-term investments

(1,777)

(12,258)

(6,818)

(9,770)

Cash paid for business combinations, net of cash acquired

(1)

(5)

(42)

(958)

Purchase of intangible assets

(1)

Decrease in short-term investments

1,928

13,297

3,233

6,909

Cash received from loans to the users

797

5,499

4,542

3,992

Cash paid for loans to the users

(765)

(5,277)

(4,709)

(3,944)

Net change in loans to the users with terms of less than three months

217

(1,050)

Cash received from disposal of long-term investments

161

1,269

708

Cash disposed from deconsolidation of subsidiaries

(313)

Cash disposed from disposal of subsidiaries

(2)

(4)

Net cash (used in)/provided by investing activities

164

1,136

(4,148)

(3,821)

Cash flows from financing activities:

Proceeds from/(repayment of) short-term bank loans, net

(706)

(4,870)

5,600

4,020

Proceeds from long-term bank loans

1,422

9,808

14,189

Repayment of long-term loans, including current portion

(1,505)

(10,371)

(3,608)

(3,589)

Proceeds from issuance of ordinary shares net of issuance cost (Note 19)

7,984

Proceeds from exercise of share options

179

307

159

Cash paid for acquisition of additional equity interests of subsidiaries

(17)

(116)

(321)

(2,089)

Cash paid for settlement of convertible notes

(75)

(521)

(6,426)

(9,522)

Proceeds from securitization debt

752

147

Cash paid for settlement of securitization debt

(120)

(826)

(384)

(690)

Cash received from non-controlling shareholders

Proceeds from issuance of exchangeable senior notes

3,395

Net cash provided by/(used in) financing activities

(975)

(6,717)

3,919

6,025

Effect of foreign exchange rate changes on cash and cash equivalents, restricted cash

231

(465)

(713)

Net (decrease)/increase in cash and cash equivalents, restricted cash

(392)

(2,709)

1,781

(2,332)

Cash and cash equivalents, restricted cash, beginning of year

3,073

21,196

^[1]

19,415

^[1]

21,747

Cash and cash equivalents, restricted cash, end of year

^[1]

2,681

18,487

21,196

19,415

Supplemental disclosure of cash flow information

Cash paid during the year for income taxes

471

753

1,239

Cash paid for interest, net of amounts capitalized

209

1,444

1,498

1,642

Supplemental schedule of non-cash investing and financing activities

Non-cash consideration paid for business acquisitions, investments and non-controlling interest

(1)

(6)

(278)

(50)

(4)

(28)

(94)

(126)

Unpaid cash consideration for business acquisitions and acquisition of additional equity interest of subsidiary

$ (5)

¥ (32)

¥ (309)

¥ (43)

[1]	As of December 31, 2019, cash and cash equivalents and restricted cash are RMB19.9 billion and RMB1.8 billion respectively.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) ¥ in Millions, $ in Millions	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2019 CNY (¥)
Statement of Cash Flows [Abstract]
Cash and Cash Equivalents, at Carrying Value	$ 2,465	¥ 17,000	¥ 19,818	¥ 19,900
Restricted cash	$ 216	¥ 1,487	¥ 1,378	¥ 1,800

ORGANIZATION AND NATURE OF OPERATIONS

12 Months Ended

Dec. 31, 2022

ORGANIZATION AND NATURE OF OPERATIONS

ORGANIZATION AND NATURE OF OPERATIONS

1.	ORGANIZATION AND NATURE OF OPERATIONS

The accompanying consolidated financial statements include the financial statements of Trip.com Group Limited (the “Company”, formerly known as Ctrip.com International, Ltd.), its subsidiaries, variable interest entities (the “VIEs”) and VIEs’ subsidiaries. In these consolidated financial statements, where appropriate, the term “Company” also refers to its subsidiaries, VIEs and VIEs’ subsidiaries as a whole.

The Company is principally engaged in the provision of travel related services including accommodation reservation, transportation ticketing, packaged tours, corporate travel management services, as well as, to a much lesser extent, Internet-related advertising and other related services.

PRINCIPAL ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2022

PRINCIPAL ACCOUNTING POLICIES

PRINCIPAL ACCOUNTING POLICIES

2.	PRINCIPAL ACCOUNTING POLICIES

Basis of presentation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

On March 18, 2021, the Company announced the resolution that was adopted and approved at the Company’s extraordinary general meeting of shareholders: Each of the Company’s issued and unissued ordinary shares of a nominal or par value of

US$0.01 each in the capital of the Company be and is hereby subdivided into eight (8) ordinary shares of a nominal or par value of US$0.00125 each in the capital of the Company, effective from March 18, 2021 (“Share Subdivision”). The Company also announced that, concurrently with the effectiveness of the Share Subdivision, the ratio of ADS to ordinary share will be adjusted from eight (8) ADSs representing one (1) ordinary share to one (1) ADS representing one (1) ordinary share (the “ADS Ratio Change”). The number of ordinary shares as disclosed in these consolidated financial statements are prepared on a basis after taking into account the effects of the Share Subdivision and the ADS Ratio Change and have been retrospectively adjusted accordingly.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the balance sheet dates and the reported amounts of revenues and expenses during the reporting periods. Actual results could materially differ from those estimates.

Consolidation

The consolidated financial statements include the financial statements of the Company, its subsidiaries, the VIEs and VIEs’ subsidiaries. All significant transactions and balances between the Company, its subsidiaries, the VIEs and VIEs’ subsidiaries have been eliminated upon consolidation.

A subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting power; has the power to appoint or remove the majority of the members of the board of directors; to cast a majority of votes at the meeting of the board of directors or to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders.

The Company applies the guidance codified in Accounting Standard Codification 810, Consolidations (“ASC 810”) on accounting for the VIEs and their respective subsidiaries, which requires certain variable interest entities to be consolidated by the primary beneficiary of the entity in which it has a controlling financial interest. A VIE is an entity with one or more of the following characteristics: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional financial support; (b) as a group, the holders of the equity investment at risk lack the ability to make certain decisions, the obligation to absorb expected losses or the right to receive expected residual returns, or (c) an equity investor has voting rights that are disproportionate to its economic interest and substantially all of the entity’s activities are on behalf of the investor. The Company is considered as the primary beneficiary of the VIEs according to FASB ASC 810 and thus consolidates the financial statements each of these entities under U.S. GAAP. The accompanying consolidated financial statements include the financial statements of the Company, its subsidiaries, the consolidated VIEs and the VIEs’ subsidiaries:

The following is a summary of the Company’s major VIEs and VIEs’ subsidiaries:


Name of major VIEs and their major subsidiaries		Date of establishment/acquisition

Shanghai Ctrip Commerce Co., Ltd. (“Shanghai Ctrip Commerce”)		Established on July 18, 2000

Shanghai Huacheng Southwest International Travel Agency Co., Ltd. (“Shanghai Huacheng”, a subsidiary of Shanghai Ctrip Commerce)		Established on March 13, 2001

Chengdu Ctrip Travel Agency Co., Ltd. (“Chengdu Ctrip”)		Established on January 8, 2007

Beijing Qu Na Information Technology Company Limited (“Qunar Beijing”)		Established on March 17, 2006

The Company is considered the primary beneficiary of each of the VIEs and the VIEs’ subsidiaries, as defined above, and has consolidated the financial statements of each under U.S. GAAP.

Major variable interest entities and their subsidiaries

The Company conducts a part of its operations through a series of agreements with certain VIEs and VIEs’ subsidiaries as stated in above. These VIEs and VIEs’ subsidiaries are used solely to facilitate the Company’s participation in internet content provision, advertising business, travel agency and

air-ticketing

services in the People’s Republic of China (“PRC”). From 2015, the Company restructured its business lines to change some of the VIEs to its wholly owned subsidiaries, which carry out the businesses that are not foreign ownerships restricted.

Shanghai Ctrip Commerce is a domestic company incorporated in Shanghai, the PRC. Shanghai Ctrip Commerce holds a telecommunications operation license and is primarily engaged in the provision of advertising business on the Internet website. Two senior officers of the Company collectively hold 100% of the equity interest in Shanghai Ctrip Commerce. The registered capital of Shanghai Ctrip Commerce was RMB900,000,000 as of December 31, 2022.

Shanghai Huacheng is a domestic company incorporated in Shanghai, the PRC. Shanghai Huacheng holds a travel agency operation license and mainly provides domestic, inbound and outbound tour services and

air-ticketing

services. Shanghai Ctrip Commerce holds 100% of the equity interest in Shanghai Huacheng. The registered capital of Shanghai Huacheng was RMB100,000,000 as of December 31, 2022.

Chengdu Ctrip is a domestic company incorporated in Chengdu, the PRC. Chengdu Ctrip holds a domestic travel agency license and is engaged in the provision of

air-ticketing

service. Two senior officers of the Company hold 100% of the equity interest in Chengdu Ctrip. The registered capital of Chengdu Ctrip was RMB500,000,000 as of December 31, 2022.

Qunar Beijing is a domestic company incorporated in Beijing, the PRC. Qunar Beijing holds various licenses for domestic and cross-border business of Qunar. Two senior officers of the Company hold 100% of the equity interest in Qunar Beijing. The registered capital of Qunar Beijing was RMB11,000,000 as of December 31, 2022.

The capital injected by senior officers are funded by the Company and are recorded as long-term business loans to related parties, which are eliminated with registered capital of VIEs upon consolidation. The Company does not have any ownership interest in these VIEs and VIEs’ subsidiaries.

As of December 31, 2022, the Company has various agreements with the consolidated VIEs and VIEs’ subsidiaries, including loan agreements, exclusive technical consulting and services agreements, share pledge agreements, exclusive option agreements and other operating agreements which result in the Company being the primary beneficiary of each entity and which provides the basis for consolidation of the financial statements of each VIE pursuant to ASC 810.

Details of certain key agreements with the major VIEs are as follows:

Powers of Attorney:

Each of the shareholders of the Company’s VIEs, except for Hui Cao and Hui Wang who entered into a separate set of contractual arrangements as described below, signed an irrevocable power of attorney to appoint Ctrip Travel Network or Ctrip Travel Information, as

attorney-in-fact

to vote, by itself or any other person to be designated at its discretion, on all matters of the applicable VIEs. Each such power of attorney will remain effective as long as the applicable VIE exists, and such shareholders of the applicable VIEs are not entitled to terminate or amend the terms of the power of attorneys without prior written consent from the Company.

As of the date of this annual report, each of the shareholders of Qunar Beijing, Hui Cao and Hui Wang, also signed an irrevocable power of attorney authorizing an appointee, to exercise, in a manner approved by Qunar, on such shareholder’s behalf the full shareholder rights pursuant to applicable laws and Qunar Beijing’s articles of association, including without limitation full voting rights and the right to sell or transfer any or all of such shareholder’s equity interest in Qunar Beijing. Each such power of attorney is effective until such time as such relevant shareholder ceases to hold any equity interest in Qunar Beijing. The terms of the power of attorney with respect to Qunar Beijing are otherwise substantially similar to the terms described in the foregoing paragraph.

Technical Consulting and Services Agreements:

Ctrip Travel Information and Ctrip Travel Network, each a wholly owned PRC subsidiary of the Company, provide the Company’s VIEs, except for Qunar Beijing, with technical consulting and related services and staff training and information services on an exclusive basis. The Company also maintain its network platforms. In consideration for the Company’s services, the Company’s VIEs agree to pay the Company service fees as calculated in such manner as determined by the Company from time to time based on the nature of service, which may be adjusted periodically. Although the service fees are typically determined based on the number of transportation tickets sold, given the fact that the nominee shareholders of such VIEs have irrevocably appointed a designated person to vote on their behalf on all matters they are entitled to vote on, the Company has the right to determine the level of service fees paid and therefore receive substantially all of the economic benefits of the Company’s VIEs in the form of service fees. Ctrip Travel Information or Ctrip Travel Network, as appropriate, will exclusively own any intellectual property rights arising from the performance of this agreement. The initial term of these agreements is 10 years and may be renewed automatically in

10-year

terms unless the Company disapprove the extension. The Company retains the exclusive right to terminate the agreements at any time by delivering a

30-day

advance written notice to the applicable

VIE.

As of the date of this annual report, pursuant to the restated exclusive technical consulting and services agreement between Qunar Beijing and Qunar Software, Qunar Software provides Qunar Beijing with technical, marketing and management consulting services on an exclusive basis in exchange for service fee paid by Qunar Beijing based on a set formula defined in the agreement subject to adjustment by Qunar Software at its sole discretion. This agreement will remain in effect until terminated unilaterally by Qunar Software or mutually. The terms of this agreement are otherwise substantially similar to the terms described in the foregoing paragraph.

Share Pledge Agreements:

The shareholders of the Company’s VIEs, except for Hui Cao and Hui Wang who entered into a separate set of contractual arrangements as described below, have pledged their respective equity interests in the applicable VIEs as a guarantee for the performance of all the obligations under the other contractual arrangements, including payment by such VIEs of the technical and consulting services fees to us under the technical consulting and services agreements, repayment of the business loan under the loan agreements and performance of obligations under the exclusive option agreements, each agreement as described herein. This agreement shall be valid and binding on the parties, their heirs, successors and permitted assignees. In the event any of such VIE breaches any of its obligations or any shareholder of such VIEs breaches his or her obligations, as the case may be, under these agreements, the Company is entitled to enforce the equity pledge right and sell or otherwise dispose of the pledged equity interests, and have priority in receiving payment from proceeds from the auction or sale of all or part of the pledge until the obligations are settled. The pledge shall be established upon registration with the local branch of the PRC State Administration for Market Regulation (“SAMR”), which has been completed, and will expire two years after the pledgor and the applicable VIEs no longer undertake any obligations under the above-referenced agreements.

As of the date of this annual report, pursuant to the equity interest pledge agreement among Qunar Software, Hui Cao and Hui Wang, Hui Cao and Hui Wang have pledged their equity interests in Qunar Beijing along with all rights, titles and interests to Qunar Software as guarantee for the performance of all obligations under the relevant contractual arrangements mentioned herein. This agreement shall be valid and binding on the pledgors and each of their successors, and shall be valid on the pledgee and its successors and assignees. Qunar Software may enforce this pledge upon the occurrence of a settlement event or as required by the PRC law. The pledge shall be established upon registration with the local branch of the SAMR, which has been completed, and will expire when all obligations under the relevant contractual arrangements have been satisfied. In enforcing the pledge, Qunar Software is entitled to dispose of the pledge and have priority in receiving payment from proceeds from the auction or sale of all or part of the pledge until the obligations are settled. The terms of this agreement are otherwise substantially similar to the terms described in the foregoing paragraph.

Loan Ag

ements:

Under the loan agreements the Company entered into with the shareholders of the Company’s VIEs, except for Hui Cao and Hui Wang who entered into a separate set of contractual arrangements as described below, the Company extended long-term business loans to these shareholders of the Company’s VIEs with the sole purpose of providing funds necessary for the capitalization or acquisition of such VIEs. These business loan amounts were injected into the applicable VIEs as capital and cannot be accessed for any personal uses. The initial term of the loan agreement

s is

years and may be renewed automatically in

-year

terms unless the Company disapprove the extension by written notice in advance. The loan agreements shall remain effective until the parties have fully performed their respective obligations under the agreement, and the shareholders of such VIEs have no right to unilaterally terminate these agreements or repay the loan in advance. The loan agreements shall be valid and binding on the parties, their successors and permitted assignees. In the event that the PRC government lifts its substantial restrictions on foreign ownership of the travel agency, or value-added telecommunications business in China, as applicable, the Company will exercise its exclusive option to purchase all of the outstanding equity interests of the Company’s VIEs, as described in the following paragraph, and the loan agreements will be canceled in connection with such purchase. However, it is uncertain when, if at all, the PRC government will lift any or all of these restrictions.

As of the date of this annual report, pursuant to the loan agreement among Qunar Software, Hui Cao and Hui Wang, the loans extended by Qunar Software to each of Hui Cao and Hui Wang are only repayable by a transfer of such borrower’s equity interest in Qunar Beijing to Qunar Software or its designated party, in proportion to the amount of the loan to be repaid. This loan agreement will continue in effect indefinitely until such time when (i) the borrowers receive a repayment notice from Qunar Software and fully repay the loans, or (ii) an event of default (as defined therein) occurs unless Qunar Software sends a notice indicating otherwise within 15 calendar days after it is aware of such event. The loan agreements shall be valid and binding on the parties, their successors and permitted assignees. The terms of this loan agreement is substantially similar to the terms described in the foregoing paragraphs.

Exclusive Option Agreements:

As consideration for the Company’s entering into the loan agreements described above, each of the shareholders of the Company’s VIEs, except for Hui Cao and Hui Wang who entered into a separate set of contractual arrangements as described below, has granted us an exclusive, irrevocable option to purchase, or designate one or more person(s) at the Company’s discretion to purchase, all of its equity interests in the applicable VIEs at any time the Company desires, subject to compliance with the applicable PRC laws and regulations. The Company may exercise the option by issuing a written notice to the shareholder of relevant VIE. Subject to the evaluation requirements or other restrictions imposed by applicable PRC laws and regulations, the purchase price shall be equal to the contribution actually made by the shareholder for the relevant equity interest. Therefore, if the Company exercises these options, the Company may choose to cancel the outstanding loans the Company extended to the shareholders of such VIEs pursuant to the loan agreements as the loans were used solely for equity contribution purposes. The initial term of these agreement

s is

years and may be renewed automatically in

10-year

terms unless the Company disapproves the extension. This agreement shall be valid and binding on the parties, their heirs, successors and permitted assignees. The Company retains the exclusive right to terminate the agreements at any time by delivering a written notice to the shareholder of

applicable VIE.

Hui Cao and Hui Wang also entered into an equity option agreement with Qunar, Qunar Software and Qunar Beijing. This equity option agreement contains arrangements that are similar to that as described in the foregoing paragraph. This agreement will remain effective with respect to each of Qunar Beijing’s shareholders until all of the equity interest has been transferred or Qunar and Qunar Software terminates the agreement unilaterally with 30 days’ prior written notice. This agreement shall be valid and binding on the parties, their successors and permitted assignees.

The Company’s VIEs and their shareholders agree not to enter into any transaction that would affect the assets, obligations, rights or operations of the Company’s VIEs without the Company’s prior written consent. They also agree to accept the Company’s guidance with respect to

day-to-day

operations, financial management systems and the appointment and dismissal of key employees.

Risks in relation to contractual arrangements between the Company’s PRC subsidiaries and VIEs:

The Company has been advised by Commerce & Finance Law Offices, its PRC legal counsel, that its contractual arrangements with its consolidated VIEs as described in the Company’s annual report are valid, binding and enforceable under the current laws and regulations of China. Based on such legal opinion and the management’s knowledge and experience, the Company believes that its contractual arrangements with its consolidated VIEs are in compliance with current PRC laws and legally enforceable. However, there may be in the event that the VIEs and their respective shareholders fail to perform their contractual obligations, the Company may have to rely on the PRC legal system to enforce its rights. The PRC legal system is based on written statutes. Prior court decisions may be cited for reference but have limited precedential value. Since 1979, PRC legislation and regulations have significantly enhanced the foreign investments in China. However, since the PRC legal system is still evolving, the interpretations of many laws, regulations and rules are not always uniform and enforcement of these laws, regulations and rules involve uncertainties, which may limit remedies available to us. In addition, any litigation in China may be protracted and result in substantial costs and diversion of resources and management attention. Due to the uncertainties with respect to the PRC legal system, the PRC government authorities may ultimately take a view contrary to the opinion of its PRC legal counsel with respect to the enforceability of the contractual arrangements.

There are, however, substantial uncertainties regarding the interpretation and application of current or future PRC laws and regulations. Accordingly, the Company cannot be assured that the PRC government authorities will not ultimately take a view that is contrary to the Company’s belief and the opinion of its PRC legal counsel. In March 2019, the draft Foreign Investment Law was submitted to the National People’s Congress for review and was approved on March 15, 2019, which came into effect from January 1, 2020. The new Foreign Investment Law of the PRC repealed simultaneously the Wholly Foreign-owned Enterprise Law of the PRC, Sino-foreign Equity Joint Venture Law of the PRC and Sino-foreign Cooperative Joint Ventures Law of the PRC. Therefore, the general regulations for companies’ set up and operation in the PRC including the foreign-invested companies shall comply with the Company Law of the PRC unless provided in the PRC Foreign Investment Laws. In December 2019, the Implementing Regulation of the Foreign Investment Law has been promulgated by the State Council which has come into force as of January 1, 2020. The Foreign Investment Law does not touch upon the relevant concepts and regulatory regimes that were historically suggested for the regulation of VIE structures, and thus this regulatory topic remains unclear under the Foreign Investment Law. Since the Foreign Investment Law is new, there are substantial uncertainties exist with respect to its implementation and interpretation and it is also possible that the VIE entities will be deemed as foreign invested enterprises and be subject to restrictions in the future. Such restrictions may cause interruptions to the Company’s operations, products and services and may incur additional compliance cost, which may in turn materially and adversely affect the Company’s business, financial condition and results of operations.

Summary financial information of the Company’s VIEs in the consolidated financial statements

Pursuant to the contractual arrangements with the VIEs, the Company has the power to direct activities of the VIEs, and can have assets transferred freely out of the VIEs without any restrictions. Therefore, the Company considers that there is no asset of a consolidated VIE that can be used only to settle obligations of the VIE, except for registered capital and PRC statutory reserves of the VIEs amounting to a total of RMB2.0 billion as of December 31, 20

. As all the consolidated VIEs are incorporated as limited liability companies under the PRC Company Law, creditors of the VIEs do not have recourse to the general credit of the Company for any of the liabilities of the consolidated VIEs.

Summary of selected financial information of the VIEs, which represents aggregated financial information of the VIEs and their respective subsidiaries included in the accompanying consolidated financial statements, is as follows (RMB in millions):


	As of December 31,
	2021			2022
Selected Balance Sheets Data of the VIEs
Cash and cash equivalents		7,084			2,891
Short-term investments		1,612			2,643
Accounts receivable, net		2,480			606
Prepayments and other current assets		2,208			2,375
Investments (non-current)		3,980			2,121
Total assets		28,122			17,480
Less: Inter-company receivables (Note i)		(8,810	)		(4,852	)
Total assets excluding inter-company receivables		19,312			12,628
Short-term debt and current portion of long-term debt		5,310			5,215
Accounts payable		1,944			1,497
Advances from customers		1,892			1,212
Other payables and accruals		2,473			2,095
Total liabilities		25,045			15,558
Less: Inter-company payables (Note ii)		(12,946	)		(5,150	)
Total liabilities excluding inter-company payables		12,099			10,408

Note i :The inter-company receivables as of December 31, 2021 and 2022 mainly represented the receivables of VIEs due from the Company’s wholly-owned subsidiaries for treasury cash management purpose.

Note ii : The inter-company payables as of December 31, 2021 and 2022 mainly represented payables of VIEs due to the Company’s wholly-owned subsidiaries for treasury cash management purpose.

The following table set forth the summary of results of operations of the VIEs and their subsidiaries of the Company (RMB in millions):


	For the years ended December 31,
	2020			2021			2022
Net revenues		6,513			6,035			4,335
Cost of revenues		2,471			2,557			2,292
Net loss		(254	)		(119	)		(495	)

Net revenues from VIEs accounted for around 36%, 30% an

of the Company’s net revenues for the year ended December 31, 2020, 2021 and 2022, respectively.

The VIEs’ net income before the deduction of the inter-company service fee charges were RMB

1.5

billion, RMB

1.5

billion and RMB1.2 billion for the years ended December 31, 2020, 2021 and 2022, respectively.

The amount of service fees paid by all the VIEs to the WFOEs pursuant to the exclusive technical consulting and service agreements between VIEs and WFOEs were

RMB1.7 billion, RMB1.7 billion and RMB1.7 billion for the years ended December 31, 2020, 2021 and 2022, respectively.

The following tables set forth the summary of cash flow activities of the VIEs and their subsidiaries of the Company (RMB in millions):


	For the year ended December 31,
	2020			2021			2022
Net cash (used in)/provided by operating activities		(597	)		1,271			(1,677	)
Net cash provided by investing activities		349			618			4,317
Net cash provided by/(used in) financing activities		255			(1,566	)		(6,957	)

Currently there is no contractual arrangement that could require the Company to provide additional financial support to the consolidated VIEs. As the Company is conducting certain business in the PRC mainly through the VIEs, the Company may provide such support on a discretionary basis in the future, which could expose the Company to a loss.

Foreign currencies

The Company’s reporting currency is RMB. The Company’s functional currency is US$. The Company’s operations are conducted through the subsidiaries and VIEs where the local currency is the functional currency and the financial statements of those subsidiaries are translated from their respective functional currencies into RMB.

Transactions denominated in currencies other than functional currencies are remeasured at the exchange rates quoted by the People’s Bank of China (the “PBOC”) and the Hong Kong Association of Banks (the “HKAB”), prevailing or averaged at the dates of the transaction for PRC and Hong Kong subsidiaries respectively. Gains and losses resulting from foreign currency transactions are included in the consolidated statements of income/(loss) and comprehensive income/(loss). Monetary assets and liabilities denominated in foreign currencies are remeasured using the applicable exchange rates quoted by the PBOC and HKAB at the balance sheet dates. All such exchange gains and losses are included in the consolidated statements of income/(loss).

Assets and liabilities of the group companies are translated from their respective functional currencies to the reporting currency at the exchange rates at the balance sheet dates, equity accounts are translated at historical exchange rates and revenues and expenses are translated at the average exchange rates in effect during the reporting periods. The exchange differences for the translation of group companies with

non-RMB

functional currency into the RMB are included in foreign currency translation adjustments, which is a separate component of shareholders’ equity on the consolidated financial statements. The foreign currency translation adjustments are not subject to tax.

Translations of amounts from RMB into US$ are unaudited and solely for the convenience of the reader and were calculated at the rate of US$1.00 = RMB6.8972 on December 3

, 2022, representing the certificated exchange rate published by the Federal Reserve Board. No representation is intended to imply that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 30, 2022, or at any other rate.

Cash and cash equivalents

Cash includes currency on hand and deposits held by financial institutions that can be added to or withdrawn without limitation. Cash equivalents represent short-term, highly liquid investments that are readily convertible to known amounts of cash and with original maturities from the date of purchase of generally three months or less.

Restricted cash

Restricted cash represents cash that cannot be withdrawn without the permission of third parties. The Company’s restricted cash is substantially a cash balance on deposit required by its business partners and commercial banks.

Short-term investments

Short-term investments represent i)

held-to-maturity

investments which are due in one year and stated at amortized cost; ii) the investments issued by commercial banks or other financial institutions with a variable interest rate indexed to the performance of underlying assets within one year measured at fair value, and iii) foreign currency forward contracts measured at fair value which are short-term. Changes in the fair value are reflected in the consolidated statements of income/(loss) and comprehensive income/(loss).

Financial Instruments

The Company’s financial instruments mainly represent the derivatives that are carried at fair value.

The derivative instruments primarily consisted of foreign currency forward contracts and interest rate swap contracts. The fair values of the derivative instruments generally represent the estimated amounts expect to receive or pay upon termination of the contracts as of the reporting date. The foreign currency forward contracts are used to economically hedge certain foreign denominated liabilities and reduce, to the extent practicable, the potential exposure to the changes that exchange rates might have on the Company’s earnings, cash flows and financial position. As the derivative instruments of foreign currency forward contracts do not qualify for hedge accounting treatment, changes in the fair value are reflected in Other income/(expense) of the consolidated statements of income/(loss) and comprehensive income/(loss). The interest rate swap contracts are used to swap floating interest payments related to certain borrowings for fixed interest payments to hedge the interest rate risk associated with certain forecasted payments and obligations. As derivative instruments of interest rate swap contracts are designated as cash flow hedges and the hedge is highly effective, all changes in the fair value of the derivative hedging instruments are recorded in other comprehensive income/(loss)(“OCI”) as unrealized securities holding (losses)/gains.

As of December 31, 2021, and 2022, and for the years ended December 31, 2020, 2021 and 2022, the balance of the financial instruments and the total amount of fair value changes are not material.

Installment credit and nonrecourse securitization debt

The Company provides installment credit solutions to users with the terms generally below one year. Such amounts are recorded at the outstanding principal amount less allowance for credit losses, and include accrued interest receivable and presented in receivable related to financial services in Note 3.

Since 2018, the Company entered into asset backed securitization arrangements with third-party financial institutions and set up a securitization vehicle as servicer to issue the revolving debt securities to third party investors. The debt securities are collateralized by the loans due from the users transferred to the securitization vehicle. The Company consolidated the servicer of the securitized debt since economic interests are retained in the form of subordinated interests and it acts as the servicer of securitization vehicle. Therefore, the proceeds from the issuance of debt securities are reported as securitization debt, and the transferred collateralized receivable remain on the Company’s financial statements. The securities are repaid when the collections of the underlying collateralized receivable occur and are reported in “short-term debt and current portion of long-term debt” (Note 12) or “long-term debt” (Note 17) according to the contractual maturities of the debt securities.

As of December 31, 2021, and 2022, out of the total receivables due from the users, the collateralized receivable for the debt securities were RMB1.0 billion and RMB0.1 billion, respectively, and the

non-collateralized

receivable (receivables which have not been transferred to the securitization vehicle) were RMB2.9 billion and RMB3.5 billion, respectively.

As of December 31, 2021, and 2022, the balance of allowance for expected credit losses for the receivable related to financial services amounted to RMB209 million and RMB196 million, respectively. The Company recognized the interest income from the receivable related to financial services in Revenue – Others. The interest expenses in relation to the nonrecourse securitization debt were recognized in the cost of revenue. For the years ended December 31, 2020, 2021 and 2022, the interest incomes and the interest expenses were not material.

The gross amount of the loans provided to users is presented in the investing section of the cash flow statement unless the term of the receivables is three month or less, in which case it is presented on a net basis by deducting the repayment from the users.

Land use rights

Land use rights represent the prepayments for usage of the parcels of land where the office buildings are located, are recorded at cost, and are amortized over their respective lease periods (usually over 40 to 50 years).

Property, equipment and software

Property, equipment and software are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the following estimated useful lives, taking into account any estimated residual value:


Building		30 - 40 years
Leasehold improvements		Lesser of the term of the lease or the estimated useful lives of the assets
Website-related equipment		3- 5 years
Computer equipment		3-5 years
Furniture and fixtures		3-5 years
Software		3-5 years

The Company recognizes the disposal of Property, equipment and software in general and administrative expenses.

Investments

The Company’s investments include equity method investments, equity securities without readily determinable fair values, equity securities with readily determinable fair values, held to maturity debt securities, and

available-for-sale

debt securities.

The Company applies equity method in accounting for its investments in entities in which the Company has the ability to exercise significant influence but does not have control and the investments are in either common stock or

in-substance

common stock. Unrealized gains on transactions between the Company and an affiliated entity are eliminated to the extent of the Company’s interest in the affiliated entity, unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Equity securities without readily determinable fair values are measured and recorded using a measurement alternative that measures the securities at cost minus impairment, if any, plus or minus changes resulting from qualifying observable price changes.

Equity securities with readily determinable fair values are measured and recorded at fair value on a recurring basis with changes in fair value, whether realized or unrealized, recorded through the income statement.

On January 1, 2021, the Company adopted Accounting Standards Update

No. 2020-01,

Investments— Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815), which did not have a material impact on the consolidated financial statements.

Debt securities that the company has positive intent and ability to hold to maturity are classified as held to maturity debt securities and are stated at amortized cost.

The Company has classified its investments in debt securities, other than the held to maturity debt securities, as

available-for-sale

securities.

Available-for-sale

debt securities are reported at estimated fair value (Note 7) with the aggregate unrealized gains and losses, net of tax, reflected in “Accumulated other comprehensive loss” in the consolidated balance sheets. If the amortized cost basis of an

available-for-sale

security exceeds its fair value and if the Company has the intention to sell the security or it is more likely than not that the Company will be required to sell the security before recovery of the amortized cost basis, an impairment is recognized in the consolidated statements of operations. If the Company does not have the intention to sell the security and it is not more likely than not that the Company will be required to sell the security before recovery of the amortized cost basis and the Company determines that the decline in fair value below the amortized cost basis of an

available-for-sale

security is entirely or partially due to credit-related factors, the credit loss is measured and recognized as an allowance for credit losses in the consolidated statements of operations. The allowance is measured as the amount by which the debt security’s amortized cost basis exceeds the Company’s best estimate of the present value of cash flows expected to be collected.

The Company monitors its investments for other-than-temporary impairment by considering factors including, but not limited to, current economic and market conditions, the operating performance of the companies including current earnings trends and other company-specific information.

Fair value measurement of financial instruments

Financial assets and liabilities of the Company primarily comprise of cash and cash equivalents, restricted cash, time deposits, financial products, derivative instruments, accounts receivable, due from related parties,

available-for-sale

debt investments, equity securities, accounts payable, due to related parties, advances from end users, short-term bank borrowings, other short-term liabilities and long-term debts. As of December 31, 2021, and 2022, except for derivative instruments, long-term debts, equity securities and

available-for-sale

debt investments, carrying values of these financial instruments approximated their fair values because of their generally short maturities. The Company reports derivative instruments, equity securities and

available-for-sale

debt investments at fair value at each balance sheet date and changes in fair value are reflected in the statements of income and comprehensive income. The Company disclosed the fair value of its long-term debts based on Level 2 inputs in Note 17.

The Company measures its financial assets and liabilities using inputs from the following three levels of the fair value hierarchy. The three levels are as follows:

Level 1 inputs are unadjusted quoted prices in active markets for identical assets that the management has the ability to access at the measurement date.

Level 2 inputs include quoted prices for similar assets in active markets, quoted prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable for the asset (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs).

Level 3 includes unobservable inputs that reflect the management’s assumptions about the assumptions that market participants would use in pricing the asset. The management develops these inputs based on the best information available, including the own data.

Business combination

U.S. GAAP requires that all business combinations not involving entities or businesses under common control be accounted for under the acquisition method. The Company applies ASC 805, “Business combinations”, the cost of an acquisition is measured as the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred, and equity instruments issued. The costs directly attributable to the acquisition are expensed as incurred. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair value as of the acquisition date, irrespective of the extent of any

non-controlling

interests. The excess of the (i) the total of cost of acquisition, fair value of the

non-controlling

interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the fair value of the identifiable net assets of the acquiree is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized in the consolidated statements of income/(loss) and comprehensive income/(loss).

The determination and allocation of fair values to the identifiable assets acquired and liabilities assumed is based on various assumptions and valuation methodologies requiring considerable management judgment. The most significant variables in these valuations are discount rates, terminal values, growth rates, the number of years on which to base the cash flow projections, as well as the assumptions and estimates used to determine the cash inflows and outflows. Management determines discount rates to be used based on the risk inherent in the related activity’s current business model and industry comparisons. Terminal values are based on the expected life of products and forecasted life cycle and forecasted cash flows over that period. The Company’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. Any changes to provisional amounts identified during the measurement period are recognized in the reporting period in which the adjustment amounts are determined.

Acquisitions

During the periods presented, the Company completed several transactions to acquire controlling shares to enrich its products and to expand business. The Company makes estimates and judgments in determining the fair value of the acquired assets and liabilities, based in part on independent appraisal reports as well as its experience with purchasing similar assets and liabilities in similar industries. Major assumptions used in determining the fair value of these acquired assets include revenue growth rate and weighted average cost of capital. The amount of excess of the purchase price over the fair value of the identifiable assets and liabilities acquired is recorded as goodwill. The major acquisitions during the periods presented are as follows:

In April 2020, the Company consummated the acquisition of 100% equity interest of an online travel agency with the total cash consideration of EUR100 million (RMB772 million). The net liability assumed based on their fair values was RMB304 million, including cash acquired with amount of RMB41 million. The newly identifiable intangible assets were RMB72 million which primarily consist of tradename and supplier relationship. The tradename is assessed to be indefinite-lived intangible assets. The fair values of the supplier relationship with amount of RMB28 million is amortized over 10 years on a straight-line basis. The deferred tax liability of RMB16 million as recognized in associated with the identifiable intangible assets. The goodwill recognized for the acquisition was RMB1.0 billion which primarily made up of the expected synergies from combining operations of the acquiree and the acquirer, which do not qualify for separate recognition.

In September 2020, the Company consummated the acquisition of 100% equity interest of an online payment agency with the total cash consideration of RMB423 million. The net assets acquired based on their fair values was RMB61 million, including cash acquired with amount of RMB113 million. The newly identifiable intangible asset was RMB324 million which primarily consist of a payment business license which is amortized over fifteen years on a straight-line basis. The deferred tax liability of RMB81 million as recognized in associated with the identifiable intangible assets. The goodwill recognized for the acquisition was RMB119 million which is primarily attributable to the expected synergies from the online payment processing services that will complement the Company’s existing services offered through its online platforms.

Pro forma results of operations for these acquisitions have not been presented because they are not material to the consolidated income statements for the years ended December 31, 2020, 2021 and 2022, either individually or in aggregate.

Other immaterial acquisitions in 2020, 2021 and 2022 with total consideration of nil, RMB1.8million and RMB8.0

million respectively resulted in no recorded goodwill and recorded intangible assets of

nil

, RMB

0.5

million and RMB

10.0

million respectively.

Goodwill and other intangible assets

Goodwill represents the excess of the purchase price over the fair value of the identifiable assets and liabilities acquired as a result of the Company’s acquisitions of interests in its subsidiaries and consolidated VIEs.

Goodwill is not amortized but is reviewed at least annually for impairment or earlier. The Company may first assess qualitative factors to determine whether it is necessary to perform the quantitative goodwill impairment test, by taking into consideration of macroeconomics, overall financial performance, industry and market conditions and the share price of the Company. If determined to be necessary, the quantitative impairment test shall be used to identify goodwill impairment.

Starting in 2020, the Company adopted the FASB issued ASU

2017-04:

Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. To simplify the subsequent measurement of goodwill, the Board eliminated Step 2 from the goodwill impairment test. Under the amendments in this Update, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit.

The Company performs the annual goodwill impairment assessment as of December 31, or when an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. As of December 31, 2022, the Company qualitatively assessed relevant events and circumstances, including macroeconomics conditions, industry and market considerations, its overall financial performance as well as the share price, and concluded by weighing all these factors in their entirety that it was not more likely than not the fair value of the Company’s reporting unit was lower than its carrying value. For the years ended December 31, 2020, 2021 and 2022, there was no impairment of goodwill.

Separately identifiable intangible assets that have determinable lives continue to be amortized and consist primarily of

non-compete

agreements, customer list, supplier relationship, technology, business relationship and payment business license as of December 31, 2021 and 2022. The Company amortizes intangible assets on a straight-line basis over their estimated useful lives, which is three to fifteen years

. The estimated life of amortized intangibles is reassessed if circumstances occur that indicate the life has changed. Other intangible assets that have indefinite useful life primarily include trademark and domain names. The Company evaluates indefinite-lived intangible assets for impairment on an annual basis as of December 31, or an interim basis if events or other circumstances suggest that related fair value is below carrying value. An assessment is made on each December 31 as well to determine whether events and circumstances continue to support an indefinite useful life.

The

Company reviews intangible assets with indefinite lives annually for impairment or earlier, if an indication of impairment exists.

No impairment on other intangible assets was recognized for the years ended December 31, 2020, 2021 and 2022, respectively.

Impairment of long-lived assets

Long-lived

assets (including intangible with definite lives) are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Reviews are performed to determine whether the carrying value of an asset group is impaired, based on comparison to undiscounted expected future cash flows. If this comparison indicates that there is impairment, the Company recognizes an impairment of long-lived assets to the extent the carrying amount of such assets exceeds the fair value.

Accrued liability for rewards program

The Company provides a discretionary (not provided for within end user contracts) loyalty points program to its end users. The points awarded can be redeemed for cash or used to purchase gifts on the Company’s website and mobile platforms.

The estimated incremental costs of the loyalty points program are recognized as sales and marketing expense, or as a reduction of the revenue, depending on whether it can be redeemed to gifts or redeemed for cash, and accrued for as a current liability. As members redeem awards or their entitlements expire, the accrued liability is reduced correspondingly. For the years ended December 31, 2020, 2021 and 2022, the incremental costs recognized for the rewards program were immaterial.

Deferred revenue

The Company offers a discretionary coupon program, through which the Company primarily provides coupons to end users who book selected hotels online through website. The end users who use the coupons receive credits in their virtual cash accounts upon

check-out

from the hotels and reviews for hotels submitted. The end users may redeem the amount of credits in their virtual cash account in cash or voucher for their future bookings on the Company’s website and mobile platforms. The Company accounts for the estimated cost of future usage of coupons as reduction of the revenue.

Revenue recognition

The Company recognizes revenues in accordance with ASC 606, “Revenue from Contracts with Customers” (“ASC 606”). Under which, the Company’s revenues are substantially reported on a net basis as the travel supplier is primarily responsible for providing the underlying travel services and the Company does not control the service provided by the travel supplier to the traveler. Revenues are recognized at gross amounts for merchant business where the Company undertakes substantive inventory risks by

pre-purchasing

inventories.

Revenue from accommodation reservation services, transportation ticketing services, packaged tours, and corporate travel are substantially recognized at a point of time when the performance obligations that are satisfied. Revenue from other businesses comprise primarily of online advertising services and financial services, which are recognized ratably over the time or upon relevant performance obligations being fulfilled.

Accommodation reservation services

The Company receives commissions from travel suppliers for hotel room reservations through the Company’s transaction and service platform. Commissions from hotel reservation services rendered are recognized when the reservation becomes

non-cancelable

(when the cancelation period provided by the reservation expires) which is the point at which the Company has fulfilled its performance obligation (successfully booking a reservation, which includes certain post-booking services during the cancelation period). Contracts with certain travel suppliers contain incentive commissions typically subject to achieving specific performance targets. The incentive commissions are considered as variable consideration and are estimated and recognized to the extent that the Company is entitled to such incentive commissions. The Company generally receives incentive commissions from monthly arrangements with hotels based on the number of hotel room reservations where end users have completed their stay. The Company presents revenues from such transactions on a net basis in the statements of income and comprehensive income as the Company, generally, does not control the service provided by the travel supplier to the traveler and does not assume inventory risk for canceled hotel reservations. The amounts of accommodation reservation service revenues recognized on a gross basis were immaterial during the years ended December 31, 2020, 2021 and 2022, respectively.

Transportation ticketing services

Transportation ticketing service revenues mainly represent revenues from ticket reservations and other related services. The Company receives commissions from travel suppliers for ticketing reservations and other related services through the Company’s transaction and service platform under various services agreements. Commissions from ticketing reservations and other related services rendered are recognized when tickets are issued as this is when the Company’s performance obligation is satisfied. The Company is not entitled to a commission fee for the tickets and other related services canceled by the end users. Losses incurred from cancelations are immaterial due to a historical low cancelation rate and minimal administrative costs incurred in processing cancelations. The Company presents revenues from such transactions on a net basis in the statements of income as the Company, generally, does not control the service provided by the travel supplier to the traveler and does not assume inventory risk for canceled ticketing reservations and other related services. Over

of the Company’s transportation ticketing services revenues were recognized on a net basis during the years ended December 31, 2020, 2021 and 2022, respectively.

For year ended December 31, 2020, as a result of the

COVID-19

pandemic, the Company received a higher number of requests from its users for ticketing order cancelations and refunds due to the extended travel restrictions. For the orders of which the commissions were previously recognized in 2019, the Company reversed the commission revenue upon the receipt of cancelations in 2020 and the impact of such reversal on 2020 operating results were not material.

Packaged tours

The Company receives referral fees from travel product providers for packaged-tour products and services through the Company’s transaction and service platform. Referral fees are recognized on the departure date of the tours as this is when the Company’s performance obligation is satisfied. The Company presents revenues from such transactions on a net basis in the statements of income when the Company does not control the service provided by the travel supplier to the traveler and has no obligations for canceled packaged-tour products reservations. Over

90% of the Company’s packaged-tour products and services revenues were recognized on a net basis during the years ended December 31, 2020, 2021 and 2022, respectively.

Corporate travel

Corporate travel management revenues primarily include commissions from air ticket booking, hotel reservation and packaged-tour services rendered to corporate clients. The Company contracts with corporate clients based on service fee model. Travel reservations are made via

on-line

and

off-line

services for air tickets, hotel and package-tour. Revenue is recognized on a net basis after the services are rendered and collections are reasonably assured.

Other businesses

Other businesses comprise primarily of online advertising services and financial services.

The Company receives advertising revenues, which principally represent the sale of banners or sponsorship to customers on the website and mobile. Advertising revenues are recognized ratably over the fixed term of the agreement as services are provided or upon relevant performance obligations being fulfilled through the display of the advertisements. The financial service revenues mainly represent the service fees from third party financial institutions for the Company’s platform services that are recognized ratably over the

service period as well as the interest income from the receivables due from the users that are recognized over the credit period. For the years ended December 31, 2020, 2021 and 2022, there

was

service in other businesses that had the revenue exceeding 10% of the total revenue of the Company.

Allowance for expected credit losses

On January 1, 2020, the Company adopted the accounting standards update on the measurement of credit losses, which requires the Company to estimate lifetime expected credit losses upon recognition of the financial assets. The Company adopted the accounting standards update using a modified retrospective approach. Upon adoption of the new standard on January 1, 2020, the Company recorded a net decrease to its retained earnings of RMB83 million, net of tax.

The Company’s accounts receivable, prepayments and other current assets (including the receivables of financial services), due from related parties, long-term prepayments and other assets, and long-term receivables due from related parties are within the scope of ASC Topic 326. The Company has identified the relevant risk characteristics of its customers and the related receivables and prepayments, which include size, type of the reservation services the Company provides or geographic location of the customer, or a combination of these characteristics. Receivables with similar risk characteristics have been grouped into pools. For each pool, the Company considers the historical credit loss experience, current economic conditions, supportable forecasts of future economic conditions, and any recoveries in assessing the lifetime expected credit losses. Other key factors that influence the expected credit loss analysis include customer demographics, payment terms offered in the normal course of business to customers, and industry-specific factors that could impact the Company’s receivables. Additionally, external data and macroeconomic factors are also considered. This is assessed at each quarter based on the Company’s specific facts and circumstances.

Significant judgments and assumptions are required to estimate the allowance for expected credit losses on receivables from and prepayments to customers and such assumptions may change in future periods, particularly the assumptions related to the impact of the

COVID-19

pandemic on the business prospects and financial condition of customers and the Company’s ability to collect the receivable or recover the prepayment. For the year ended December 31, 2020, the Company facilitated and processed a higher number of reservation cancelation requests from end users due to the

COVID-19

pandemic, causing a significant increase of the accounts receivables due from the customers (i.e. the travel suppliers) due to the fact that the Company paid the refunds to the end users on behalf of its customers and expected to be reimbursed by its customers. Given the business disruptions and financial challenges faced by the Company’s customers as driven by the

COVID-19

pandemic, the Company has further analyzed the credit risks of related customers considering recent credit losses, repayment patterns and business conditions. Such analysis was performed at the individual customer’s level or at a group of customers level, depending on the amount and extent of overdue as well as the risk characteristics of the different customers. As a result of such analysis, the Company increased its allowance for expected credit losses on both the receivables and prepayments balances for the year ended December 31, 2020. As of December 31, 2021 and 2022, no additional impairment indicators were identified; however, it is possible that the Company may have to record additional significant provisions for expected credit losses in the future.

The following table summarized the details of the Company’s allowance for expected credit losses (RMB in millions):


	2020			2021			2022

Allowance at beginning of year		256			799			815
Cumulative effect of adoption of new accounting standard		83			—			—
Deconsolidation of subsidiaries		(27	)		(1	)		—
Provisions for credit losses		700			141			296
Write-offs		(213	)		(124	)		(341	)

Allowance at end of year		799			815			770

Cost of revenues

Cost of revenues consists primarily of payroll compensation of customer service center personnel, credit card service fees, payments to travel suppliers, telecommunication expenses, direct costs of principal travel tour services, depreciation, rentals, direct costs of financial service and related expenses incurred by the Company which are directly attributable to the Company’s user orders and the rendering of travel related services and other businesses.

Product development

Product development expenses primarily include payroll compensation of product development personnel, consulting expenses and other expenses incurred by the Company that are directly attributable to develop the Company’s travel supplier networks as well as to maintain, monitor and manage the Company’s transaction and service platform. The Company recognizes website, software and mobile applications development costs in accordance with ASC

350-50

“Website development costs” and ASC

350-40

“Software — internal use software” respectively, which are not material. The Company expenses all costs that are incurred in connection with the planning and implementation phases of development and costs that are associated with repair or maintenance of the existing websites and mobile applications or the development of software or mobile applications for internal use and websites content.

Sales and marketing

Sales and marketing expenses consist primarily of costs of payroll and related compensation for the Company’s sales and marketing personnel, advertising expenses, and other related marketing and promotion expenses. Advertising expenses, amounting to approximately RMB1.9 billion, RMB2.4 billion and RMB2.1 billion for the years ended December 31, 2020, 2021 and 2022 respectively, are charged to the statements of income as incurred.

Share-based compensation

The Company grants restricted share units (“RSUs”) and share options of the Company to eligible employees. The Company accounts for share-based awards issued to employees in accordance with ASC Topic 718

Compensation – Stock Compensation

. Under ASC 718, the Company measures at the grant date the fair value of the stock-based award and recognize compensation costs, net of estimated forfeitures, on a straight-line basis, over the requisite service period. The Company applies the Black-Scholes valuation model in determining the fair value of options granted. Risk-free interest rates are based on US Treasury yield for the terms consistent with the expected life of award at the time of grant. Expected life is based on historical exercise patterns. Expected dividend yield is determined in view of the Company’s historical dividend payout rate and future business plan. The Company estimates expected volatility at the date of grant based on historical volatilities. The fair values of RSUs are determined with reference to the fair value of the underlying shares. Forfeiture rate is estimated based on historical forfeiture patterns and adjusted to reflect future change in circumstances and facts, if any. If actual forfeitures differ from those estimates, the Company may need to revise those estimates used in subsequent periods.

According to ASC 718, a change in any of the terms or conditions of stock options shall be accounted for as a modification of the plan. Therefore, the Company calculates incremental compensation cost of a modification as the excess of the fair value of the modified option over the fair value of the original option immediately before its terms are modified, measured based on the share price and other pertinent factors at the modification date. For vested options, the Company would recognize incremental compensation cost in the period the modification occurs and for unvested options, the Company would recognize, over the remaining requisite service period, the sum of the incremental compensation cost and the remaining unrecognized compensation cost for the original award on the modification date.

According to ASC 718, the Company classifies certain options or similar instruments as liabilities if the entity can be required under any circumstances to settle the option or similar instrument by transferring cash or other assets and such cash settlement is probable. The percentage of the fair value that is accrued as compensation cost at the end of each period shall equal the percentage of the requisite service that has been rendered at that date. Changes in fair value of the liability classified award that occur during the requisite service period shall be recognized as compensation cost over that period. Changes in fair value that occur after the end of the requisite service period are compensation cost of the period in which the changes occur. Any difference between the amount for which a liability award is settled and its fair value at the settlement date as estimated is an adjustment of compensation cost in the period of settlement.

Share incentive plans (share numbers have reflected the effect of Share Subdivision on March 18, 2021)

In October 2007, the Company adopted a 2007 Share Incentive Plan (“2007 Incentive Plan”). As of December 31, 2021, and 2022, 15,290,480 and 14,256,667 options and 320 and nil RSUs were outstanding under the 2007 Incentive Plan.

In June 2017, the Company adopted a Global Share Incentive Plan (“Global Incentive Plan”). The Company granted

8,921,248

15,404,097

and

17,311,708

new share options and 550,888,

255,004

and

255,000

new RSUs to employees with

year requisite service period for year ended December 31, 2020, 2021 and 2022, respectively.

As of December 31, 2021, and 2022, 50,790,639 and 63,218,035 options and 869,300, and 751,506 RSUs were outstanding under the Global Incentive Plan.

As detailed in Note 2 “basis of presentation”, following the Share Subdivision that became effective on March 18, 2021, each ordinary share was subdivided into eight ordinary shares and each ADS represents one ordinary share. Prior and subsequent to March 18, 2021, one ordinary share was issuable upon the vesting of one outstanding restricted share or the exercise of one outstanding share option, respectively. Therefore, following the Share Subdivision, each share option and restricted share is subdivided into eight share options and eight restricted shares, and the weighted average grant date fair value per restricted share and the weighted average exercise price per share option are diluted by eight times. The number of restricted shares and share options, the weighted average grant date fair value per restricted share and the weighted average exercise price per share option has been retrospectively adjusted for the Share Subdivision in the following tables. The Share Subdivision does not have any impact on the compensation cost of the Company.

The following table summarized the Company’s share option activity under all the option plans (in US$, except for shares):


	Number of Shares (Note i)			Weighted Average Exercise Price (Note i)		Weighted Average Remaining Contractual Life (Years) (Note i)		Aggregate Intrinsic Value (in millions) (Note i)
Outstanding at December 31, 2019		54,368,896			22.21		5.63		679

Granted		8,921,248			15.87
Exercised		(3,495,960	)		6.96
Forfeited		(2,210,328	)		12.00

Outstanding at December 31, 2020		57,583,856			22.55		5.16		704

Granted		15,404,097			18.46
Exercised		(5,106,035	)		9.32
Forfeited		(1,800,799	)		7.9

Outstanding at December 31, 2021		66,081,119			23.02		5.42		398

Granted		17,311,708			14.15
Exercised		(4,493,648	)		5.70
Forfeited		(1,424,477	)		10.80

Outstanding at December 31, 2022		77,474,702			22.26		5.01		995

Vested and expect to vest at December 31, 2022		74,652,470			22.43		4.96		948

Exercisable at December 31, 2022		42,196,796			25.97		3.83		410

Note i: The number of restricted shares and weighted average exercise price have been retrospectively adjusted for the Share Subdivision that became effective on March 18, 2021 (Note 2 and Note 20)

The Company’s current practice is to issue new shares to satisfy share option exercises.

The

expected-to-vest

options are the result of applying the

pre-vesting

forfeiture rate assumptions of 8% to total unvested options.

The aggregate intrinsic value in the table above represents the total intrinsic value (the aggregate difference between the Company’s closing stock price at each reporting date and the exercise price for

in-the-money

options) that would have been received by the option holders if all

in-the-money

options had been exercised at each reporting date.

The total intrinsic value of options exercised during the years ended December 31, 2020, 2021 and 2022 were US$159 million US$128 million and US$90 million, respectively.

The weighted average fair value of options granted after Share Subdivision during the years ended December 31, 2020, 2021 and 2022 was US$15.67, US$19.94 and US$10.14 per share, respectively.

As of December 31, 2022, there was US$350 million of total unrecognized compensation cost, net of estimated forfeitures, related to unvested share options which are expected to be recognized over a weighted average period of 2.4 year. Total unrecognized compensation cost may be adjusted for future changes in estimated forfeitures. Total cash received from the exercise of share options amounted to RMB159 million, RMB307 million and RMB179 million for the years ended December 31, 2020, 2021 and 2022, respectively.

The Company calculated the estimated fair value of share options on the date of grant using the Black-Scholes pricing model with the following assumptions:


	2020	2021	2022
Risk-free interest rate	0.21%-1.32%	0.21%-1.18%	1.55%-4.45%
Expected life (years)	4 – 5	4 – 5	4 – 5
Expected dividend yield	0%	0%	0%
Volatility	40%-43%	39%-43%	41%-49%
Fair value of options at grant date per share	from US$8.12 to US$31.99	from US$8.61 to US$39.17	from US$7.44 to US$24.58

The following table summarizes the Company’s RSUs activities under all incentive plans (in US$, except for shares):


	Number of Shares (Note i)			Weighted average grant date fair value (US$) (Note i)
Restricted shares

Unvested at December 31, 2019		4,008,768			37.94

Granted		550,888			28.49
Vested		(3,439,944	)		37.53
Forfeited		(185,200	)		38.42

Unvested at December 31, 2020		934,512			33.79

Granted		255,004			31.35
Vested		(215,484	)		37.26
Forfeited		(104,412	)		30.12

Unvested at December 31, 2021		869,620			32.65

Granted		255,000			24.67
Vested		(243,625	)		36.15
Forfeited		(129,489	)		33.92

Unvested at December 31, 2022		751,506			28.59

Note i: The number of restricted shares and weighted average grant date fair value have been retrospectively adjusted for the Share Subdivision that became effective on March 18, 2021 (Note 2 and Note 20).

As of December 31, 2022, there was US$14 million unrecognized compensation cost, net of estimated forfeitures, related to unvested restricted shares, which are to be recognized over a weighted average vesting period of 1.9 years. Total unrecognized compensation cost may be adjusted for future changes in estimated forfeitures. The Company determined the fair value of RSUs based on its stock price on the date of grant.

Leases

The Company applies ASC 842, Leases, and determines if an arrangement is a lease at inception. Operating leases are primarily for office and operation space and are included in

right-of-use

(“ROU”) assets, other payables and accruals and long-term lease liabilities on its consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. The operating lease ROU assets and liabilities are recognized at lease commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at lease commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. The Company’s lease terms may include options to extend or terminate the lease. Renewal options are considered within the ROU assets and lease liability when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

For operating leases with a term of one year or less, the Company has elected not to recognize a lease liability or ROU asset on its consolidated balance sheet. Instead, it recognizes the lease payments as expense on a straight-line basis over the lease term. Short-term lease costs are immaterial to its consolidated statements of operations and cash flows. The Company has operating lease agreements with insignificant

non-lease

components and have elected the practical expedient to combine and account for lease and

non-lease

components as a single lease component.

Taxation

Current income taxes are provided on the basis of net income for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. Deferred income taxes are provided using the balance sheet liability method. Under this method, deferred income taxes are recognized for the tax consequences of significant temporary differences by applying enacted statutory rates applicable to future years to differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities. The tax base of an asset or liability is the amount attributed to that asset or liability for tax purposes. The effect on deferred taxes of a change in tax rates is recognized in income in the period enacted. A valuation allowance is provided to reduce the amount of deferred tax assets if it is considered unlikely that some portion of, or all of, the deferred tax assets will not be realized.

The Company applies ASC 740, “Income Taxes”. It clarifies the accounting for uncertainty in income taxes recognized in the Company’s consolidated financial statements and prescribes a more likely than not threshold for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. It also provides guidance on derecognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, accounting for income taxes in interim periods, and income tax disclosures.

Other income/(expense)

Other income/(expense) consists of financial subsidies and investment income/(loss). Financial subsidies primarily relate to the

non-recurring

grants by central and local governments of China. The Company recognizes the income when the grants are received and no further conditions need to be met. Components of other income/(expense) were as follows (RMB in millions):


	2020			2021			2022
Gain on deconsolidation of subsidiaries (Note 18)		1,091			—			—
Government grants		601			550			618
Foreign exchange (losses)/gains		(40	)		1			(69	)
(Loss)/gain on disposal of long-term investments (Note 7)		(602	)		63			23
Gain from the fair value remeasurement upon the discontinuance of the equity method of the investment(a)		—			—			1,135
Fair value changes of equity securities investments and Exchangeable Senior Notes		(612	)		(170	)		1,338
Impairments of long-term investments(b)		(905	)		(96	)		(949	)
Others		194			25			(81	)

Total		(273	)		373			2,015

(a)

In 2022, an equity method investee of the Company completed an initial public offering, upon which the Company lost significant influence over the investee due to its reduced voting rights and changes in the investee’s governing documents. Consequently, the Company discontinued the equity method accounting and the investment was classified as an equity security investment with readily determinable fair value. Immediately after discontinuing the equity method, the Company recognized a gain from the remeasurement of the investment at fair value with amount of

RMB1.1

illion

(b)

In 2022, the Company recorded

RMB906

million impairment loss for certain redeemable preferred shares investments which is accounted for as available-for-sale debt security (Note 7).

Statutory reserves

The Company’s PRC subsidiaries and VIEs are required to allocate at least 10% of their

after-tax

profit to the general reserve in accordance with the PRC accounting standards and regulations. The allocation to the general reserve will cease if such reserve has reached to 50% of the registered capital of respective company. Appropriations to discretionary surplus reserve are at the discretion of the board of directors of

subsidiaries and

VIEs. These reserves can only be used for specific purposes and are not transferable to the Company in form of loans, advances, or cash dividends. There is no such regulation of providing statutory reserve in Hong Kong.

Dividends

Dividends are recognized when declared.

PRC regulations currently permit payment of dividends only out of accumulated profits as determined in accordance with PRC accounting standards and regulations. The Company’s PRC subsidiaries can only distribute dividends after they have met the PRC requirements for appropriation to statutory reserves. Additionally, as the Company does not have any direct ownership in the VIEs, the VIEs cannot directly distribute dividends to the Company. The PRC government imposes control over its foreign currency reserves in part through direct regulation of the conversion of RMB into foreign exchange and through restrictions on foreign trade. As the majority of the Company’s revenues are in RMB, any restrictions on currency exchange may limit the Company’s ability to use revenue generated in RMB to fund the Company’s business activit

ies

outside China or to make dividend payments in U.S. dollars. However, the Company believes the restrictions on currency exchange imposed by the PRC foreign exchange regulations and enforced by the PRC State Administration of Foreign Exchange (“SAFE”) do not constitute the “restrictions” under Rule

4-08(e)(3)

under Regulation

S-X,

because such restrictions in substance do not prohibit the Company’s subsidiaries or VIEs from transferring net assets to the Company in the combined forms of loans, advances and cash dividends without the consent of SAFE, provided that certain procedural formalities should be complied with. As of December 31, 2022, the restricted net assets of the Company’s PRC subsidiaries and VIEs not distributable in the form of dividends to the parent as a result of the aforesaid PRC regulations and other restrictions were RMB

6.2

billion.

As a result of the aforementioned PRC regulation and the Company’s organizational structure, accumulated profits of the subsidiaries in PRC distributable in the form of dividends to the parent as of December 31, 2020, 2021 and 2022 were RMB

25.8

billion, RMB

28.4

billion and RMB

32.0

billion, respectively. The Company’s PRC subsidiaries and VIEs are able to enter into royalty and trademark license agreements or certain other contractual arrangements at the sole discretion of the Company, for which the compensatory element of the arrangement is deducted from the accumulated profits.

Effective January 1, 2008, current EIT Law imposes a 10% withholding income tax for dividends distributed by foreign invested enterprises to their immediate holding companies outside mainland China. A lower withholding tax rate will be applied if there is a tax treaty arrangement between mainland China and the jurisdiction of the foreign holding company. Distributions to holding companies in Hong Kong that satisfy certain requirements specified by PRC tax authorities, for example, will be subject to a 5% withholding tax rate. Furthermore, pursuant to the applicable circular and interpretations of the current EIT Law, dividends from earnings created prior to 2008 but distributed after 2008 are not subject to withholding income tax.

dividends have been paid or declared by the Company during the years ended December 31, 2020, 2021 and 2022.

Earnings/(losses) per share

In accordance with

“Computation of Earnings Per Share”

, basic earnings per share is comput

by dividing net income attributable to common shareholders by the weighted average number of common shares outstanding during the year. Diluted earnings per share is calculated by dividing net income attributable to common shareholders as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the year. Dilutive ordinary equivalent shares consist of ordinary shares issuable upon the exercise of outstanding share options (using the treasury stock method). Vested but unexercised stock options with exercise prices that represent little or no consideration are included in the weighted average shares outstanding in the basic earnings per share calculation.

If the number of common shares outstanding increases as a result of a stock dividend or stock split or decreases as a result of a reverse stock split, the computations of basic and diluted EPS shall be adjusted retroactively for all periods presented to reflect that change in capital structure. If changes in common stock resulting from stock dividends, stock splits, or reverse stock splits occur after the close of the period but before the financial statements are issued or are available to be issued, the

per-share

computations for those and any prior-period financial statements presented shall be based on the new number of shares.

On March 18, 2021, the Company effected a share split by

one-to-eight

subdivision of shares (“Share Subdivision”) and a change in the ADS ratio proportionate to the Share Subdivision from eight (8) ADSs representing one (1) ordinary share to one (1) ADS representing one (1) ordinary share. The basic and diluted EPS are adjusted retroactively for all periods presented to reflect these changes.

Treasury stock

The share-repurchase programs do not require the Company to acquire a specific number of shares and may be suspended or discontinued at any time.

Segment reporting

The Company operates and manages its business as a single segment. Resources are allocated and performance is assessed by the CEO, who is determined to be the Chief Operating Decision Maker (CODM). Since the Company operates in one reportable segment, all financial and product information required can be found in the consolidated financial statements.

The Company primarily generates its revenues from the Greater China Area, for geographic information, please refer to Note 2

Recent Accounting Pronouncements

In January 2020, the FASB issued Accounting Standards Update

No. 2020-01,

Investments — Equity Securities (Topic 321), Investments — Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815. The amendments clarified that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting for the purposes of applying the measurement alternative in accordance with Topic 321 immediately before applying or upon discontinuing the equity method. The amendments also clarified that for the purpose of applying paragraph

815-10-15-141(a)

an entity should not consider whether, upon the settlement of the forward contract or exercise of the purchased option, individually or with existing investments, the underlying securities would be accounted for under the equity method in Topic 323 or the fair value option in accordance with the financial instruments guidance in Topic 825. An entity also would evaluate the remaining characteristics in paragraph

815-10-15-141

to determine the accounting for those forward contracts and purchased options. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The Company adopted this update in the first quarter of 2021 and the adoption did not have a material impact to the Company’s Consolidated Financial Statements.

In March 2020, the FASB issued ASU

2020-04,

“Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting”, which provides optional expedients and exceptions for applying U.S. GAAP on contract modifications and hedge accounting to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform, if certain criteria are met. These optional expedients and exceptions provided in ASU

2020-04

are effective for the Company as of March 12, 2020 through December 31, 2022. The Company adopted this update in the first quarter of 2022 and the adoption did not have a material impact to the Company’s Consolidated Financial Statements.

In August 2020, the FASB issued a new accounting update relating to convertible instruments and contracts in an entity’s own equity. For convertible instruments, the accounting update reduces the number of accounting models for convertible debt instruments and convertible preferred stock. Limiting the accounting models results in fewer embedded conversion features being separately recognized from the host contract as compared with current U.S. GAAP. The accounting update amends the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions. The accounting update also simplifies the diluted earnings per share calculation in certain areas. For public business entities, the update is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years. Entities are allowed to apply this update on either a full or modified retrospective basis. The Company adopted this update in the first quarter of 2022 and the adoption did not have a material impact to the Company’s Consolidated Financial Statements.

In May 2021, the FASB issued ASU

No. 2021-04,

Earnings Per Share (Topic 260), Debt — Modifications and Extinguishments (Subtopic

470-50),

Compensation — Stock Compensation (Topic 718), and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic

815-40)

to clarify and reduce diversity in an issuer’s accounting for modifications or exchanges of freestanding equity classified written call options (for example, warrants) that remain equity classified after modification or exchange. The amendments in this update are effective for all entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. An entity should apply the amendments prospectively to modifications or exchanges occurring on or after the effective date of the amendments. The Company adopted this update in the first quarter of 2022 and the adoption did not have a material impact to the Company’s Consolidated Financial Statements.

In October 2021, the FASB issued ASU

No. 2021-08,

Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASU

2021-08),

which clarifies that an acquirer of a business should recognize and measure contract assets and contract liabilities in a business combination in accordance with Topic 606, Revenue from Contracts with Customers. The new amendments are effective for us are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The amendments should be applied prospectively to business combinations occurring on or after the effective date of the amendments, with early adoption permitted. The Company will adopt this update in the first quarter of 2023 and does not expect the adoption to have a material impact to the Company’s Consolidated Financial Statements.

In March 2022, the FASB issued ASU 2022-02, Troubled Debt Restructurings and Vintage Disclosures. This ASU eliminates the accounting guidance for troubled debt restructurings by creditors that have adopted ASU 2016-13, Measurement of Credit Losses on Financial Instruments, which the Company adopted on January 1, 2020. This ASU also enhances the disclosure requirements for certain loan refinancing and restructurings by creditors when a borrower is experiencing financial difficulty. In addition, the ASU amends the guidance on vintage disclosures to require entities to disclose current period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of ASC 326-20. The ASU is effective for annual periods beginning after December 15, 2022, including interim periods within those fiscal years. Adoption of the ASU would be applied prospectively. Early adoption is also permitted, including adoption in an interim period. The Company will adopt this update in the first quarter of 2023 and does not expect the adoption to have a material impact to the Company’s Consolidated Financial Statements.

In June 2022, the FASB issued ASU 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The update clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The update also clarifies that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The update also requires certain additional disclosures for equity securities subject to contractual sale restrictions. The amendments in this update are effective for the Company beginning January 1, 2024 on a prospective basis. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The Company is in the process of evaluating the impact of the new guidance on its consolidated financial statements.

Certain risks and concentration

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, short-term investments, accounts receivable, amounts due from related parties, prepayments and other current assets. As of December 31, 2020, 2021 and 2022, substantially all of the Company’s cash and cash equivalents, restricted cash and short-term investments were held in major financial institutions located in the PRC and in Hong Kong, which management considers to be of high credit quality based on their credit ratings. Accounts receivable are generally unsecured and denominated in RMB, and are derived from revenues earned from operations arising primarily in the PRC.

No individual customer accounted for more than 10% of net revenues for the years ended December 31, 2020, 2021 and 2022. No individual customer accounted for more than 10% of accounts receivable as of December 31, 2021 and 2022.

Impact of

COVID-19

The Company’s businesses, results of operation, financial positions and cash flows have been materially and adversely affected by the

COVID-19

pandemic, including but not limited to the material adverse impact on the Company’s revenues and operation results as result of the travel restrictions as well as significant incremental costs and expenses incurred when facilitating the end users in their cancelations and refund requests. The impacts of

COVID-19

may also include slower collection of receivables and additional credit losses and significant downward adjustments or impairment to the Company’s long-term investments and goodwill if the impacts become other than temporary.

Starting in December 2022, most of the travel restrictions and quarantine requirements in China were lifted. Even though there have been improvements in the economic and operating conditions for the Company’s business since the outset of the COVID-19 pandemic, the Company cannot predict the long-term effects of the pandemic on its business at this time.

PREPAYMENTS AND OTHER CURRENT ASSETS

12 Months Ended

Dec. 31, 2022

PREPAYMENTS AND OTHER CURRENT ASSETS

PREPAYMENTS AND OTHER CURRENT ASSETS

3.	PREPAYMENTS AND OTHER CURRENT ASSETS

Components of prepayments and other current assets as of December 31, 2021 and 2022 were as follows (RMB in

millions):


	2021		2022
Prepayments and other deposits		3,952		5,019
Receivable related to financial services (Note 2)		3,679		3,403
Prepaid expenses		224		240
Interest receivables		621		759
Others		556		748

Total		9,032		10,169

LONG-TERM PREPAYMENTS AND OTHER ASSETS

12 Months Ended

Dec. 31, 2022

LONG TERM PREPAYMENTS AND OTHER ASSETS [Abstract]

LONG-TERM PREPAYMENTS AND OTHER ASSETS

4.	LONG-TERM PREPAYMENTS AND OTHER ASSETS

The Company is required to pay certain amounts of deposits to airline companies and hotel suppliers. The Company is also required to pay deposits to local travel bureaus as a pledge for insurance of traveler’s safety.

Components of long-term prepayments and other assets as of December 31, 2021 and 2022 were as follows (RMB in millions):


	2021		2022
Deposits paid to airline suppliers		183		239
Deposit paid to lessor		65		58
Deposits paid to advertising suppliers		35		21
Deposits paid to hotel suppliers		17		30
Other deposit		39		37
Long-term derivative assets		—		58
Prepayment for acquisition of property and equipment		5		33
Other long-term prepayments		27		69
Total		371		545

LAND USE RIGHTS

12 Months Ended

Dec. 31, 2022

LAND USE RIGHTS

LAND USE RIGHTS

5.	LAND USE RIGHTS

Land use rights are amortized under straight-line method through the respective period of land rights, which are from

40-50

years. Amortization expense for the years ended December 31, 2020, 2021 and 2022

was approximately RMB3 million, RMB3 million and RMB3 million, respectively. As of December 31, 2021, and 2022, the net book value was RMB86 million and RMB83 million respectively.

PROPERTY, EQUIPMENT AND SOFTWARE

12 Months Ended

Dec. 31, 2022

PROPERTY, EQUIPMENT AND SOFTWARE

PROPERTY, EQUIPMENT AND SOFTWARE

6.	PROPERTY, EQUIPMENT AND SOFTWARE

Property, equipment and software and its related accumulated depreciation and amortization as of December 31, 2021 and 2022 were as follows (RMB in millions):


	2021			2022
Buildings		5,408			5,409
Computer equipment		1,040			810
Website-related equipment		1,623			1,802
Furniture and fixtures		229			216
Software		651			668
Leasehold improvements		222			248
Less: accumulated depreciation and amortization		(3,639	)		(3,949	)

Total net book value		5,534			5,204

Depreciation expense for the years ended December 31, 2020, 2021 and 2022

was RMB790 million, RMB723 million and RMB632 million, respectively.

INVESTMENTS

12 Months Ended

Dec. 31, 2022

INVESTMENTS

INVESTMENTS

7.	INVESTMENTS

The Company’s long-term investments are consisted of the follows (RMB in millions):


	2021		2022
Debt investments		16,467		18,128
Equity investments		28,494		32,049

		44,961		50,177

Debt investments

Held to maturity debt securities

Held to maturity investments were time deposits and financial products in commercial banks with maturities of more than one year with the carrying amount of RMB13.1 billion and RMB15.5 billion as of December 31, 2021 and 2022 respectively. As of December 31, 2021 and 2022, the weighted average maturities periods are 1.7 years and 2.2 years, respectively.

Available-for-sale

debt investments

The following table summarizes the Company’s

available-for-sale

debt investments (RMB in millions):


	2021			2022
Cost		3,734			3,792
Gross Unrealized Gains, including foreign exchange adjustment		271			352
Gross Unrealized Losses, including foreign exchange adjustmen t		(651	)		(1,543	)
Fair Value		3,354			2,601

For the

years ended December 31, 2020, 2021 and 2022, the unrealized securities holding gain/(loss), net of tax of RMB(21) million, RMB1 million and RMB32 million, respectively, was reported in other comprehensive income/(loss).

The Company’s available-for-sale debt investments mainly include the redeemable preferred shares investments. At

December 31, 2022, the Company did not have the intent or a requirement to sell its

available-for-sale

debt investments. The Company assesses the unrealized losses of the investments and determines whether the decline in fair value is related to credit or noncredit factors. For the years ended December 31, 2020, 2021 and 2022, the Company recognized credit related impairments for the available-for-sale debt investment of

nil

and RMB

906

million.

As of December 31, 2021 and 2022, the fair value of certain available-for-sale debt investments were RMB2.4 billion and RMB1.5 billion, respectively, which were below their amortized costs. As of December 31, 2021, the amount of fair value decline related to credit losses was immaterial. For the year ended December 31, 2022, considering the prolonged business performance of these available-for-sale debt investments, the quality of the investments’ credit and other adverse conditions specifically related to the investments, the Company, with the assistance from an independent appraiser, performed a quantitative assessment and recognized the credit impairment related to these available-for-sale debt investments with aggregated amounts of RMB906 million (Note 2). Upon recognition of the credit impairment, RMB884 million (net of tax of RMB22 million) that was previously recorded in accumulated other comprehensive income/(loss) was reclassified into other income/(expense). For the years ended December 31,2021 and 2022, the Company also evaluated the fair value change associated with the non-credit losses of the redeemable preferred shares investment in these available-for-sale debt investments was amounted to RMB139 million and RMB268 million, respectively, which was reported in other comprehensive (loss)/income. The Company reviewed other available information and at December 31, 2022, concludes the amortized cost basis of the investment is able to be recovered.

Equity investments

Equity securities with readily determinable fair values

The following table summarizes the Company’s equity securities with readily determinable fair values (RMB in millions):


	2021			2022
Cost		4,070			5,517
Gross Unrealized Gains, including foreign exchange adjustment		5,097			6,958
Gross Unrealized Losses, including foreign exchange adjustment		(596	)		(541	)

Fair Value		8,571			11,934

Equity securities without readily determinable fair values

Equity securities without readily determinable fair values and over which the Company has neither significant influence nor control through investments in common stock or

in-substance

common stock, are measured and recorded using a measurement alternative that measures the securities at cost minus impairment, if any, plus or minus changes resulting from qualifying observable price changes. The carrying value of equity securities without readily determinable fair values was RMB604 million and RMB551

million as of December 31, 2021 and 2022 respectively. For the years ended December 31, 2020, 2021 and 2022, there was no observable price changes for these investments. None of the investments individually is considered as material to the Company’s financial position.

For the years ended December 31, 2020, 2021 and 2022, the Company disposed

certain equity securities without readily determinable fair values for total consideration of RMB30 million, RMB15 million and nil, respectively, which result

ed in

a gain/(loss) of RMB1 million, RMB(4) million and nil as reported in other income/(expense), respectively.

For the years ended December 31, 2020, 2021 and 2022, the Company made investments in equity investments without readily determinable fair values

in the

amount

of RMB94 million, RMB45 million and RMB10 million, respectively.

Equity method investments

In December 2016, in connection with a share exchange transaction with BTG Hotels Company (“BTG”) and Homeinns Hotel Company (“Homeinns”), the Company exchanged its previously held equity interest in Homeinns for

22%

equity interest of BTG. The Company has historically applied the equity method to account for the investment in BTG on a one quarter lag basis. The use of this accounting convention did not have a material impact upon the Company’s reported results for each of the periods presented. In 2021, the Company consummated a transaction to sell approximately

million BTG’s shares in open market for a total consideration of RMB

201

million which resulted in a gain of RMB

million reported in “Other income/ (expense)” (Note

. In

2022

, the Company consummated a transaction to sell approximately

million

BTG’s shares in

the

open market for a total consideration of RMB

101

million which resulted in a gain of RMB

million reported in “Other income/ (expense)” (Note

. After the transaction, the Company holds

12.31

% equity interest of BTG and is still able to exercise significant influence over BTG (due, primarily, to the Company’s ability to appoint

one

member to the BTG Board of Directors), and continuously recorded this investment as an equity method investment. As of December

2021

and

2022

, the carrying value of its investment in BTG were RMB

2.6

billion and RMB

2.5

billion respectively, the change of which primarily relates to the disposal of the equity investment and the equity income or loss recognized.

The Company

has a

equity interest in Tongcheng Travel and applies the equity method for this investment. As of December 31, 2021 and 2022, the carrying value of its equity investment was

RMB

5.7

billion and RMB

5.9

billion respectively, the change of which primarily relates to the equity income recognized.

he Company owns ordinary shares and Class B shares of MakeMyTrip, representing approximately 49%

of MakeMyTrip’s total voting power. The Company applies the equity method to account for the investment in MakeMyTrip on one quarter lag basis. The use of this accounting convention did not have a material impact upon the Company’s reported results for each of the periods presented. In 2020, as result of the adverse impact on the business of MakeMyTrip from the

COVID-19

pandemic which is considered as other-than-temporary on its business, the Company recorded an impairment loss on its investment in the amount of

RMB0.7 billion. As of December 31, 2021, and 2022, the carrying value of its investment was RMB5.6 billion and RMB5.9 billion.

As of December 31, 2022, equity method investments that are publicly traded with an aggregate carrying amount of RMB14.5 billion have increased in value and the total market value of these investments amounted to RMB22.5 billion.

The Company made some investments in several third party investment funds and accounted for the investments under the equity method. As of December 31, 2021, and 2022, the carrying value of these investments were RMB3.0 billion and RMB2.9 billion respectively.

As of December 31, 2021, and 2022, the carrying value of the remaining equity method investments were RMB2.3 billion and RMB2.1 billion, respectively.

The Company summarizes the condensed financial information of the Company’s equity method investments as a group below in compliance with Rule

4-08

of Regulation

S-X

(RMB in millions).


	2020						2021			2022
	MakeMyTrip			other equity investments			equity investments			equity investments
Operating data:
Revenue		1,883			19,704			20,482			23,159
Gross profit		1,377			8,670			9,490			10,911
( Loss ) /Income from operations		(991	)		(805	)		430			(1,377	)
Net (loss)/income		(2,864	)		(1,631	)		392			(3,129	)
Net loss attributable to equity method investments		(1,459	)		(389	)		(31	)		(788	)
Add: Equity dilution impact		92			67			127			202

Equity in (loss)/income of affiliates		(1,367	)		(322	)		96			(586	)


	2020				2021		2022
	MakeMyTrip		other equity investments		equity investments		equity investments
Balance sheet data:
Current assets		1,682		35,004		51,437		48,132
Long-term assets		5,121		37,028		51,233		54,308
Current liabilities		1,100		27,914		36,344		35,589
Long-term liabilities		221		9,054		21,708		21,862
Non-controlling interests		24		167		178		217

For the years ended December 31, 2020, 2021 and 2022, the total cash paid for equity method investments was RMB351 million, RMB328 million and RMB502 million, respectively.

Impairments

The Company performs an impairment assessment of its investments by considering factors including, but not limited to, current economic and market conditions with the considerations of

COVID-19

impacts, as well as the operating performance of the investees. For the years ended December 31, 2020, 2021 and 2022, impairment charges in connection with the

available-for-sale

debt investment of nil, nil and RMB906

million were recorded. The fair value losses in connection with the equity securities with readily determinable fair value of

RMB28 million, nil

and nil million were

ecorded. Impairment charges in connection with the equity securities without readily determinable fair value of RMB37 million, RMB14 million and RMB40 million were recorded. Impairment charges in connection with the equity method investments of RMB840 million, RMB82

million and RMB3 million were recorded. The impairment was recorded in “Other income/(expense)” (Note 2).

FAIR VALUE MEASUREMENT

12 Months Ended

Dec. 31, 2022

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT

8.	FAIR VALUE MEASUREMENT

In accordance with ASC

820-10,

the Company measures financial products, time deposits, derivative instruments,

available-for-sale

debt investments and equity securities with readily determinable fair value at fair value on a recurring basis. Equity securities classified within Level 1 are valued using quoted market prices that currently available on a securities exchange registered with the Securities and Exchange Commission (SEC), Shanghai Stock Exchange (SSE) or Hong Kong Stock Exchange (HKEX). Financial products, time deposits and derivative instruments classified within Level 2 are valued using directly or indirectly observable inputs in the market place. The

available-for-sale

debt investments classified within Level 3 are valued based on a model utilizing unobservable inputs which require significant management judgment and estimation.

The equity securities without readily determinable fair value, equity method investments and certain

non-financial

assets are recorded at fair value only if an impairment or observable price adjustment is recognized in the current period. If an impairment or observable price adjustment is recognized on the equity securities during the period, the Company classify these assets as Level 3 within the fair value hierarchy based on the nature of the fair value inputs.

Assets measured at fair value on a recurring basis are summarized below (in millions):


	Fair Value Measurement at December 31, 2021 Using
	Level 1		Level 2		Level 3		Fair Value at December 31, 2021
	RMB		RMB		RMB		RMB		US$
Assets
Financial products (Note 2, 7)		—		22,857		—		22,857		3,587
Time deposits (Note 2, 7)		—		19,807		—		19,807		3,108
Financial instruments (Note 2)		—		14		—		14		2
Equity securities (Note 7)		8,571		—		—		8,571		1,345
Available-for-sale debt investments (Note 7)		—		—		3,354		3,354		526

Total Assets		8,571		42,678		3,354		54,603		8,568

Liabilities
Exchangeable senior notes (Note 17)		—		3,791		—		3,791		595
Financial instruments (Note 2)		—		39		—		39		6

Total Liabilities		—		3,830		—		3,830		601


	Fair Value Measurement at December 31, 2022 Using
	Level 1		Level 2		Level 3		Fair Value at December 31, 2022
	RMB		RMB		RMB		RMB		US$
Assets
Financial products (Note 2, 7)		—		15,893		—		15,893		2,304
Time deposits (Note 2, 7)		—		25,166		—		25,166		3,649
Financial instruments (Note 2)		—		70		48		118		17
Equity securities (Note 7)		11,934		—		—		11,934		1,730
Available-for-sale debt investments (Note 7)		—		—		2,601		2,601		377

Total Assets		11,934		41,129		2,649		55,712		8,077

Liabilities
Exchangeable senior notes (Note 17)		—		4,204		—		4,204		610
Financial instruments (Note 2)		—		84		—		84		12

Total Liabilities		—		4,288		—		4,288		622

The roll forward of major Level 3

nvestments are as follows (RMB in millions):


	Total
Fair value of Level 3 Investments as at December 31, 2020		2,856

Transfer into Level 3		(35	)
New addition		704
Disposal of investments		(66	)
Effect of exchange rate change		(44	)
The change in fair value of the investments		(61	)

Fair value of Level 3 Investments as at December 31, 2021		3,354

New addition		86
Disposal of investments		(28	)
Effect of exchange rate change		152
Expected credit losses		(906	)
The change in fair value of the investments		(57	)

Fair value of Level 3 Investments as at December 31, 2022		2,601

Management determined the fair value of these Level 3

Investments

based on income approach using various unobservable inputs. The determination of the fair value required significant judgement by management with respect to the assumptions and estimates for the revenue growth rate, weighted average cost of capital, lack of marketability discounts, expected volatility and probability in equity allocation. The significant unobservable inputs adopted in the valuation as of December 31, 2022 are as follows:


Unobservable Input
Revenue growth rate		2.5%-100%
Weighted average cost of capital		13.5%-21%
Lack of marketability discount		15%-30%
Expected volatility		41%-68.05%
Probability		Liquidation scenario: 30% - 100% Redemption scenario: 10%- 45% IPO scenario: 0%~40%

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

SHORT-TERM DEBT AND CURRENT PORTION OF LONG-TERM DEBT

GOODWILL

12 Months Ended

Dec. 31, 2022

GOODWILL

GOODWILL

Goodwill, which is not tax deductible, represents the synergy effects of the business combinations. The changes in the carrying amount of goodwill for the years ended December 31, 2021 and 2022 were as follows (RMB in millions):


	2021		2022
Balance at beginning of year		59,353		59,353
Disposals and immaterial others		—		(16	)

Balance at end of year		59,353		59,337

Goodwill resulting from the business combinations has been allocated to the single reporting unit of the Company. For the years ended December 31, 2020, 2021 and 2022, the Company performed a qualitative assessment by evaluating relevant events and circumstances that would affect the Company’s single reporting unit and did not note any indicator that it is more likely than not that the fair value of the Company’s reporting unit is less than its carrying amount, and therefore the Company’s goodwill was not impaired. As of December 31, 2022, there had not been any accumulated goodwill impairment provided.

INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2022

INTANGIBLE ASSETS

INTANGIBLE ASSETS

10.	INTANGIBLE ASSETS

Intangible assets were as follows (RMB in millions):


	2021			2022
Intangible assets to be amortized
Business Relationship (Representing the relationship with the travel service providers and other business partners)		1,872			1,872
Technology		610			610
Others		799			799
Intangible assets not subject to amortization
Trade mark		11,764			11,776
Others		159			161

		15,204			15,218

Less: accumulated amortization
Intangible assets to be amortized
Business Relationship		(1,342	)		(1,485	)
Technology		(588	)		(610	)
Others		(314	)		(381	)

		(2,244	)		(2,476	)

Net book value
Intangible assets to be amortized
Business Relationship		530			387
Technology		22			—
Others		485			418
Intangible assets not subject to amortization
Trade mark		11,764			11,776
Others		159			161

		12,960			12,742

Indefinite-lived intangible assets are not subject to legal, regulatory, contractual, competitive, economic or other limitation on their useful lives. The Company evaluates to determine whether events and circumstances continue to support an indefinite useful life in each reporting period.

Finite-lived intangible assets are tested for impairment if impairment indicators arise. The Company amortizes its finite-lived intangible assets over their estimated economic useful lives using the straight-line method:


Business Relationship			5-10 years
Technology			5-10 years
Others			3-15 years

Amortization expense for the years ended December 31, 2020, 2021 and 2022 was approximately RMB424 million, RMB295 million and RMB240 million respectively.

The annual estimated amortization expense for intangible assets subject to amortization for the five succeeding years is as follows (RMB in millions):


	Amortization
2023		186
2024		181
2025		155
2026		51
2027		51

		624

LEASES

12 Months Ended

Dec. 31, 2022

Lessee Disclosure [Abstract]

LEASES

11.

LEASES

The Company has operating leases primarily for office and operation space. The Company’s operating lease arrangements have remaining lease terms of one to ten years.

Operating lease costs were RMB439 million and RMB416 million for the years ended December 31, 2021 and 2022, respectively.

Supplemental cash flow information related to leases were as follows (RMB in millions):


	2021		2022


Cash paid for the rentals included in the lease liabilities		507		436
Right-of-use assets obtained in exchange for operating lease liabilities		455		520

As of December 31, 2021 and 2022, supplemental consolidated balance sheet information related to leases were as follows (RMB in

millions):


	2021			2022
Right-of-use assets		777			819
Current lease liabilities included within Other payables and accruals		363			274
Long-term lease liabilities		400			534

Total lease liabilities		763			808

Weighted average remaining lease term		2 years			5 y ears
Weighted average discount rate		5.4	%		4.4	%

Maturities of lease liabilities are as follows (RMB in millions):


	As of December 31,2022

2023		348
2024		174
2025		94
2026		71
2027		35
Thereafter		197

Total operating lease payments		919
Less: imputed interest		(111	)

Total		808

As of December 31, 2021, and 2022, the operating lease arrangements of the Company, primarily for offices premises, that have not yet commenced is immaterial. For the years ended December 31, 2021 and 2022, the variable lease costs, short-term lease costs and

sub-lease

income are immaterial.

SHORT-TERM DEBT AND CURRENT PORTION OF LONG-TERM DEBT

12 Months Ended

Dec. 31, 2022

SHORT-TERM DEBT AND CURRENT PORTION OF LONG-TERM DEBT

12.	SHORT-TERM DEBT AND CURRENT PORTION OF LONG-TERM DEBT


	2021		2022
	RMB (in millions)
Short-term bank borrowings and current portion of long-term loan (Note 17)		39,113		28,398
Exchangeable Senior Notes (Note 17)		—		4,204
Securitization debt		270		72
2022 Notes (Note 17)		324		—
2022 Booking Note (Note 17)		159		—

Total		39,866		32,674

As of December 31, 2022, the Company

has recorded

short-term bank borrowings of RMB28.4 billion (US$4.1 billion) in

the

aggregate, of which RMB5.0 billion (US$0.7 billion) were collateralized by short-term and long-term investments of RMB4.6 billion (US$0.7 billion). The weighted average interest rate for the outstanding borrowings was approximately 2.90%.

The short-term borrowings contain covenants including, among others, those related to certain financial metrics, liens, consolidation, merger and sale of the Company’s assets. The Company is in compliance with all of the loan covenants as of December 31, 2021 and 2022.

As of December 31, 2022, RMB4.2 billion of Exchangeable Senior Notes are reclassified as short-term debt because the holders had a non-contingent option to require the Company to repurchase for cash all or any portion of their Exchangeable Senior Notes on July 1, 2023.

As of December 31, 2022, securitization debt represents the revolving debt securities which are collateralized by the receivables related to financial services. The revolving debt securities have the term of less than

months with the annual interest rate from

3.90

% to

6.00

As of December 31, 2021, RMB324 million of 2022 Notes are reclassified as short-term debt because the 2022 Notes holders had a

non-contingent

option to require the Company to repurchase for cash all or any portion of their 2022 Notes on September 15, 2022. In 2022, the 2022 Notes with principal amount of US$51 million (RMB363

million) have all been redeemed for cash.

As of December 31, 2021, RMB159 million of 2022 Booking Note are reclassified as short-term debt because the 2022 Booking Note holders had a

non-contingent

option to require the Company to repurchase for cash all or any portion of their 2022 Booking Note on September 15, 2022. In 2022, the 2022 Booking Note with principal amount of US$25 million (RMB178

million) have all been redeemed for cash.

RELATED PARTY TRANSACTIONS AND BALANCES

12 Months Ended

Dec. 31, 2022

RELATED PARTY TRANSACTIONS AND BALANCES

13.	RELATED PARTY TRANSACTIONS AND BALANCES

Significant related party transactions were as follows (RMB in millions):


	2021		2022
Commissions / service fee from Tongcheng Travel (a)		186		148
Commissions from H World (formerly known as Huazhu) (a)		100		55
Commissions from BTG (a)		73		38
Service fee from Shangcheng (b)		265		172
Commissions / service fee to Tongcheng Travel (c)		294		21
Repayment of loan from Tujia (d)		300		—
Loans provided to Lvyue (e)		50		224
Repayment of loan from Lvyue (e)		—		100

(a)

BTG (an equity method investee of the Company), H World (which has a director in common with the Company and a director who is a family member of one of the Company’s officers) and Tongcheng Travel, and an equity method investee of the Company), have entered into agreements with the Company, respectively, to provide hotel rooms for its end users. The transactions above represent the commissions earned from these related parties. The Company also provides technology service to Tongcheng and earns a service fee.

(b)

The Compan

y provided Shangcheng, an equity method investee of the Company, the access to the platform of the Company for Shangcheng to provide financial services to the Company’s users. In exchange, the Company receives technology service fees from Shangcheng. In 2021 and 2022, the total technology service fees from Shangcheng amounted to RMB265 million and RMB172 million.

(c)

The Company entered into agreements with Tongcheng Travel, under which Tongcheng Travel uses its platform to promote the hotel rooms provided by the Company’s travel suppliers. In addition, the Company and Tongcheng Travel also provide marketing and other services to each other and earn service fee.

(d)

In 2020, the Company provided loans of RMB340

million to Tujia (an equity method investee of the Company), with repayment terms of 15~18 months. In 2021, Tujia repaid

RMB302

million of loan and interest to the Company. In 2022, the Company entered into a supplemental agreement to extend the repayment terms by 2 years. For the years ended December 31, 2021 and 2022, the total interest income from Tujia amounted to

4 million and RMB3 million.

(e)

In 2021 and 2022, the Company provided loans of RMB50 million and RMB224

million to Lvyue (an equity method investee of the Company), with repayment terms of

3~15

months. In 2022, Lvyue repaid RMB

113

million of loan and interest to the Company. For the

years ended December 31, 2021 and 2022, the total interest income from Lvyue amounted to RMB

0 million and RMB

18 million.

Significant balances with related parties were as follows (RMB in

millions):


	2021		2022
Due from related parties, current:
Trade related
Due from Tongcheng Travel		1,146		1,253
Due from others		420		265
Non-trade related
Due from Lvyue		50		178
Due from Tujia		49		52

		1,665		1,748

Due from related parties, non-current:
Non-trade related
Due from others		25		25

		25		25

Due to related parties, current:
Trade related
Due to Tongcheng Travel		61		25
Due to others		77		131

		138		156

EMPLOYEE BENEFITS

12 Months Ended

Dec. 31, 2022

EMPLOYEE BENEFITS

EMPLOYEE BENEFITS

14.	EMPLOYEE BENEFITS

The Company’s employee ben

fit primarily related to the full-time employees of the PRC subsidiaries and the VIEs, including medical care, welfare subsidies, housing fund, unemployment insurance and pension benefits. The PRC subsidiaries and VIEs are required to accrue for these benefits based on certain percentages of the employees’ salaries in accordance with the relevant PRC regulations and make contributions to the state-sponsored pension and medical plans out of the amounts accrued for medical and pension benefits. The PRC government is responsible for the medical benefits and ultimate pension liability to these employees. The total expenses recorded for such employee benefits amounted to RMB1.4 billion, RMB1.8 billion and RMB1.9 billion for the years ended December 31, 2020, 2021 and 2022 respectively.

The entire disclosure for retirement benefits.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI https://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section S99
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=21916913&loc=d3e273930-122802

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (o)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (p)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 70
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=49170846&loc=d3e28014-114942

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI https://asc.fasb.org/topic&trid=2235017

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 60
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=6414203&loc=d3e39689-114964

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (q)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (l)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

TAXATION

12 Months Ended

Dec. 31, 2022

TAXATION

TAXATION

15.

TAXATION

Cayman Islands

Under the current laws of Cayman Islands, the Company is not subject to tax on income or capital gain. In addition, upon payments of dividends by the Company to its shareholders, no Cayman Islands withholding tax will be imposed.

Hong Kong

The Company’s subsidiaries incorporated in Hong Kong are subject to Hong Kong Profits Tax on the taxable income as reported in their respective statutory financial statements adjusted in accordance with relevant Hong Kong tax laws. The applicable tax rate is 16.5% in Hong Kong.

The PRC

The Company’s subsidiaries and VIEs registered in the PRC are subject to PRC Enterprise Income Tax (“EIT”) on the taxable income as reported in their respective statutory financial statements adjusted in accordance with relevant PRC income tax laws.

The PRC EIT laws apply a general enterprise income tax rate of 25%

to both foreign-invested enterprises and domestic enterprises. Preferential tax treatments are granted to enterprises, which conduct business in certain encouraged sectors and to enterprises otherwise classified as a High and New Technology Enterprise (“HNTE”). In 2020, Ctrip Computer Technology, Ctrip Travel Information, and Ctrip Travel Network reapplied for their qualification as HNTE, which were approved by the relevant government authority. Thus, these subsidiaries are entitled to a preferential income tax rate of

15%

from 2020 to 2022 as long as they maintained their qualifications for HNTEs that are subject to verification by competent authorities and renewals every three years. In 2021, Qunar Software and Qunar Beijing have renewed their HNTE certificates and are continued with a preferential income tax rate of

15%

from 2021 to 2023. Beijing Hujinxinrong Technology Co., Ltd is also a HNTE entitled to a preferential income tax rate of 15% from 2019 to 2021 and has renewed its HNTE certificate in 2022 continually with a preferential income tax rate of

15%

from 2022 to 2024. In addition, Ctrip Business Travel Information Service (Shanghai) Co., Ltd. and Shanghai Xielv Information Technology Co., Ltd. were designated by relevant local authorities in Shanghai as HNTEs for the first time in 2021 and are entitled to a preferential income tax rate of

% till 2023.

In 2001, the PRC state taxation administration (“STA”) started to implement preferential tax policy in China’s western regions, and companies located in applicable jurisdictions covered by the Western Regions Catalog are eligible to apply for a preferential income tax rate of 15% if their businesses fall within the “encouraged” category of the policy. On April 23, 2020, the Ministry of Finance, the STA, and the PRC National Development and Reform Commission (“NDRC”) jointly issued the Announcement on Renewing the Enterprise Income Tax Policy for Western Development, which reduced the revenue percentage requirement of the “encouraged” businesses to no less than 60% and would be applied from 2021 to 2030. Chengdu Ctrip, Chengdu Ctrip International, and Chengdu Information are entitled to enjoy a preferential tax rate of 15% until 2030, provided that their “encouraged” businesses account for

less than required percentage pursuant to current policies.

Pursuant to the PRC EIT Law, all foreign invested enterprises in the PRC are obliged to perform withholding for the income tax when distributing their earnings generated after January 1, 2008 to the foreign investors. The Company expects to indefinitely reinvest undistributed earnings generated after January 1, 2008 in the onshore PRC entities. As a result,

deferred tax liability was provided on the outside basis difference from undistributed earnings after January 1, 2008.

Income/(loss) from domestic and foreign components before income tax expenses and equity in (loss)/income of affiliates (RMB in

millions):


	2020			2021			2022
Domestic		4,230			2,615			3,501
Foreign		(5,455	)		(3,086	)		(866	)

Total		(1,225	)		(471	)		2,635

The income/(loss) from foreign components mainly includes the gain/(loss) from the equity securities investments and measured at fair value, impairments for investments, share-based compensation charges, foreign exchange gain/(loss) and interest income/(loss) incurred in its overseas companies.

The income tax expenses from domestic components for the years ended December 31, 2020, 2021 and 2022 was RMB528 million, RMB373 million and RMB476 million, respectively. The income tax expenses/(benefit) from foreign components for the years ended December 31, 2020 and 2021 and 2022 was RMB(173) million, RMB(103) million and RMB206 million, respectively.

Composition of income tax expense

The current and deferred portion of income tax expense were as follows (RMB in millions):


	2020			2021			2022
Current income tax expense		848			607			387
Deferred tax (benefit)/expense		(493	)		(337	)		295

Income tax expense		355			270			682

Reconciliation of the differences between statutory tax rate and the effective tax rate

The reconciliation between 25% which is the PRC statutory tax rate and the Company’s effective tax rate were as follows:


	2020			2021			2022
Statutory tax rate		25	%		25	%		25	%
Non-deductible expenses and non-taxable income incurred
— Share-based compensation expenses		(38	%)		(89	%)		6	%
— Change in fair value of equity securities investments and exchangeable senior notes		0	%		(21	%)		(22	% )
— Gain on deconsolidation of a subsidiary		15	%		—			—
— Others		3	%		1	%		(2	% )
R&D expense super deduction		—			65	%		(16	% )
Effect of tax holiday		27	%		75	%		(7	% )
Difference in tax rates of subsidiaries outside PRC		(37	%)		(37	%)		19	%
Changes in valuation allowance		(24	%)		(76	%)		23	%

Effective EIT rate		(29	%)		(57	%)		26	%

The change in the Company’s effective tax rates from year over year is primarily attributable to the tax differential from certain subsidiaries with preferential tax rates, the

non-deductible

expenses and tax effects from investing activities.

The provisions for income taxes for the years ended December 31, 2020, 2021 and 2022 differ from the amounts computed by applying the EIT primarily due to tax holiday enjoyed by certain subsidiaries and the VIEs of the Company. The following table sets forth the effect of tax holiday on China operations:


	2020		2021		2022

	RMB (in millions, except per share data)
Tax holiday effect		370		359		183
Basic net income per ADS effect		0.62		0.57		0.28
Diluted net income per ADS effect		0.62		0.57		0.28

The impacts on effective tax rates from the Company’s subsidiaries with different tax rates of subsidiaries outside PRC and tax holiday are as

follows:


		2020			2021			2022
Ctrip Computer Technology	15%		15.4	%		31.9	%		(2.7	% )
Ctrip Travel Information	15%		(0.7	%)		(4.1	%)		0.2	%
Ctrip Travel Network	15%		14.1	%		16.0	%		(2.7	% )
Chengdu Information	15%		6.8	%		7.3	%		(0.8	% )
Beijing Hujinxinrong Technology Co., Ltd	15%		(2.0	%)		14.3	%		(2.2	% )
The Company and its subsidiaries in Hong Kong, Singapore, UK and Cayman Islands	0%-19%		(44.6	%)		(38.8	%)		19.6	%
Qunar and subsidiaries	15%		(2.5	%)		6.6	%		(0.2	% )
Others	various		3.5	%		4.8	%		0.8	%

Total			(10.0	%)		38.0	%		12.0	%

Significant components of deferred tax assets and liabilities were as follows (RMB in millions):


	2021			2022
Deferred tax assets
Accrued expenses		731			893
Loss carry forwards		1,393			1,646
Accrued liability for rewards programs		40			56
Accrued staff salary		98			42
Others		314			200
Less: Valuation allowance of deferred tax assets		(892	)		(1,513	)

		1,684			1,324
Deferred tax liabilities:
Recognition of intangible assets arise from business combinations and unrealized holding gain		(3,527	)		(3,487	)

Net deferred tax liabilities		(1,843	)		(2,163	)

Movement of valuation allowances were as follows (RMB in millions):


	2020		2021		2022
Balance at beginning of year		482		589		892
Changes in current year		107		303		621

Balance at end of year		589		892		1,513

As of December 31, 2021, and 2022, valuation allowance of RMB892 million and RMB1,513

million was mainly provided for net operating tax loss carry forwards related to certain subsidiaries based on the assessment that it is more likely than not that such deferred tax assets will not be realized. If events were to occur in the future that would allow the Company to realize more of its deferred tax assets than the presently recorded net amount, an adjustment would be made to the deferred tax assets that would increase income for the period when those events occurred.

As of December 31, 2022, the Company had net operating tax loss carry forwards amounted to RMB8.2 billion.

As of December 31, 2021 and 2022, the unrecognized tax benefit and accrual is nil.

Tax years subject to examination by major jurisdictions

In general, the PRC and the UK tax authorities have up to five years or four years to review a company’s tax filings, respectively. Accordingly, tax filings of the Company’s PRC subsidiaries and VIEs for tax years 2018 through 2022 and the Company’s UK subsidiaries for tax years 2019 through 2022 remain subject to the review by the relevant PRC tax authorities.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

OTHER PAYABLES AND ACCRUALS

OTHER PAYABLES AND ACCRUALS

12 Months Ended

Dec. 31, 2022

OTHER PAYABLES AND ACCRUALS

16.	OTHER PAYABLES AND ACCRUALS

Components of other payables and accruals were as follows (RMB in millions):


	2021		2022
Accrued operating expenses		4,922		5,235
Deposits received from travel suppliers and packaged tours users		986		942
Current lease liabilities		363		274
Payable related to acquisition and investments		377		294
Accruals for property and equipment		94		28
Others		559		640

Total		7,301		7,413

LONG-TERM DEBT

12 Months Ended

Dec. 31, 2022

LONG-TERM DEBT

LONG-TERM DEBT

17.	LONG-TERM DEBT


	2021		2022

	RMB (in millions)
2025 Notes		30		33
Exchangeable Senior Notes		3,791		—
Long-term loan		6,644		13,144
Securitization debt		628		—

Total		11,093		13,177

As of December 31, 2021, and 2022, the fair value of the Company’s long-term debt, based on Level 2 inputs, was

RMB11.1

billion and RMB13.2 billion, respectively.

Description of 2025 Convertible Senior Notes

On June 18, 2015, the Company issued US$400 million of 1.99% Convertible Senior Notes due 2025 (the “2025 Notes”). The 2025 Notes may be converted, at an initial conversion rate of 9.3555 ADSs per US$1,000 principal amount of the 2025 Notes (which represents an initial conversion price of US$106.89 per ADS), at each holder’s option at any time prior to the close of business on the second business day immediately preceding the maturity date of July 1, 2025. Debt issuance costs were US$6.8 million and are being amortized to interest expense to the put date of the 2025 Notes (July 1, 2020).

Each holder of the 2025 Notes has a right at such holder’s option to require the Company to repurchase for cash all or any portion of such holder’s 2025 Notes on July 1, 2020 (the “Early Redemption Right”). In addition, if a fundamental change occurs, each holder has a right at such holder’s option to require the Company to repurchase for cash all or any portion of such holder’s 2025 Notes on the date notified in writing by the Company in accordance with the indenture for the 2025 Notes. The Company believes that the likelihood of occurrence of the fundamental change is remote. The 2025 Notes are generally not redeemable prior to the maturity date of July 1, 2025, except that the Company may, at its option, redeem all but not part of the 2025 Notes if the Company has or will become obligated to pay holders additional amount due to certain changes in tax law of the relevant jurisdiction. As of December 31, 2022, there has been no such change in tax laws occurred.

In 2020, as a result of exercise of the Early Redemption Right by certain debt holders, the Company redeemed

US$395 million (RMB2.8 billion) aggregate principal amount of the 2025 Notes as requested by the holders. As of December 31, 2022, the balance of 2025 Notes was RMB33 million.

Description of 2022 Convertible Senior Notes

On September 12, 2016 and September 19, 2016, the Company issued US$975 million of 1.25% Convertible Senior Notes due 2022 (the “2022 Notes”). The 2022 Notes may be converted, at an initial conversion rate of 15.2688 ADSs per US$1,000 principal amount of the 2022 Notes which represents an initial conversion price of US$65.49 per ADS at each holder’s option at any time prior to the close of business on the business day immediately preceding the maturity date of September 15, 2022. Debt issuance costs were US$19 million and are being amortized to interest expense to the put date of the 2022 Notes (September 15, 2019).

Each holder of the 2022 Notes has a right at such holder’s option to require the Company to repurchase for cash all or any portion of such holder’s 2022 Notes on September 15, 2019. As a result, the 2022 Notes were reclassified from long-term to short-term as of December 31, 2018. In addition, if a fundamental change occurs, each holder has a right at such holder’s option to require the Company to repurchase for cash all or any portion of such holder’s 2022 Notes on the date notified in writing by the Company in accordance with the indenture for the 2022 Notes. The Company believes that the likelihood of occurrence of events considered a fundamental change is remote. The 2022 Notes are generally not redeemable prior to the maturity date of September 15, 2022, except that the Company may, at its option, redeem all but not part of the 2022 Notes in accordance with the indenture for the 2022 Notes if the Company has or will become obligated to pay holders additional amount due to certain changes in tax law of the relevant jurisdiction. As of December 31, 2021, there has been no such change in tax laws occurred.

In August 2019, the Company notified holders of the 2022 Notes of their rights under the relating indenture to require the Company to purchase all of or portion of such notes on September 15, 2019, which we refer to as the Put Right. In September 2019, as a result of exercise of aforementioned early redemption right, the Company redeemed US$924 million (RMB6.6 billion) aggregate principal amount of the 2022 Notes as requested by the holders. The remaining 2022 Notes were reclassified as long-term debt as of December 31, 2019 and 2020 as it may not be redeemed or mature within one year. As of December 31, 2021, the remaining RMB324

million of 2022 Notes are reclassified as short-term debt because the holders had a

non-contingent

option to require the Company to repurchase for cash all or any portion of their 2022 Notes on September 15, 2022. In 2022, the 2022 Notes with principal amount of US$51 million (RMB363 million) have all been redeemed for cash.

The Company assessed the 2025 Notes and 2022 Notes (collectively as “Notes”) under ASC 815 and concluded that:

•

The Notes (1) do not entail the same risks; and (2) have a valid business purpose and economic need for structuring the transactions separately. Therefore, the offering of the Notes should be accounted separately;

•

The repurchase option is considered clearly and closely related to its debt host and does not meet the requirement for bifurcation;

•

Since the conversion option is considered indexed to the Company’s own stock, bifurcation of conversion option from the Notes is not required as the scope exception prescribed in ASC

815-10-15-74

is met;

•

There was no BCF attributable to the Notes as the set conversion prices for the Notes were greater than the respective fair values of the ordinary share price at date of issuances;

Therefore, the Company has accounted for the respective Notes as a single instrument as a long-term debt. The debt issuance cost was recorded as reduction to the long-term debts and are amortized as interest expense using the effective interest method.

Description of Booking Notes

On September 12, 2016, the Company issued US$25 million Convertible Senior Note to an indirect subsidiary of the Booking Company (the “2022 Booking Note”). The 2022 Booking Note is due on September 15, 2022 and bears interest of 1.25% per annum, which will be paid semi-annually beginning on March 15, 2017. The 2022 Booking Note will be convertible into the Company’s ADSs with an initial conversion price of approximately US$65.49 per ADS. As of December 31, 2021, RMB159 million of 2022 Booking Note are reclassified as short-term debt because the holders had a

non-contingent option to require the Company to repurchase for cash all or any portion of their 2022 Booking Note on September 15, 2022. In 2022, the

2022 Booking Note with principal amount of US$25 million

(RMB178

million) have all been redeemed for cash.

The Company has accounted for the above notes as a single instrument. The Company recorded the interest expense according to its annual interest rate. There was no BCF attributable to the above notes as the set conversion price for the above notes was greater than the fair value of the ADS price at date of issuance.

Description of Exchangeable Senior Notes

On July 13, 2020, the Company issued exchangeable senior notes due 2027 (the “Exchangeable Senior Notes”) at an aggregate principal amount of US$500 million. The Exchangeable Senior Notes are due on July 1, 2027 and bears interest of 1.5% per annum, which will be paid semi-annually beginning on January 1, 2021. The Exchangeable Senior Notes may be converted, at an initial conversion rate of 24.7795

H World ADSs per US$

1,000 principal amount of the Notes (which represents an initial conversion price of US$40.36

per H World ADS) at each holder’s option. Since the exchange option is not indexed to the Company’s own stock, the scope exception prescribed in ASC 815-10-15-74 is not met and exchange option is subject to the derivative accounting. Therefore, the Company elects to account for and measures the Exchangeable Senior Notes in its entirety at fair value. As of December 31, 2021, and 2022, the fair value of the Exchangeable Senior Notes amounted to RMB

3.8 billion (US$595 million) and RMB4.2 billion (US$609 million), respectively. For the year ended December 31, 2021 and 2022, the change in fair value gain/(loss) were RMB363 million (US$56 million) and RMB(97) million (US$(14)

million), respectively, which was recorded in “Other income/ (expense)”. As of December 31, 2022, RMB4.2 billion of Exchangeable Senior Notes are reclassified as short-term debt because the holders had a non-contingent option to require the Company to repurchase for cash all or any portion of their Exchangeable Senior Notes on July 1, 2023.

Long-term Loans from Commercial Banks

As of December 31, 2022, the Company obtained long-term bank borrowings of RMB17.2 billion (US$2.5 billion) in aggregate, of which the current portion of RMB4.1 billion was classified as short-term debt (Note 12) and the remaining RMB13.1 billion was reported as long-term debt. The weighted average interest rate for the outstanding borrowings was approximately 3.06

%. The Company was in compliance with the applicable financial covenants with respect to certain financial metrics as of December 31, 2022.

REDEEMABLE NON-CONTROLLING INTERESTS

12 Months Ended

Dec. 31, 2022

Noncontrolling Interest [Abstract]

REDEEMABLE NON-CONTROLLING INTERESTS

18.	REDEEMABLE NON-CONTROLLING INTERESTS

One of the Company’s subsidiaries issued redeemable preferred shares amounting to RMB1.1 billion to certain third party investors in 2019. The preferred shares are redeemable at holder’s option if the 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 year. The 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, the Company lost the control in the subsidiary and the financial position and results of operations of the subsidiary was deconsolidated. A gain of RMB1.1 billion (approximately US$161 million) was recognized in the Other income/(expense) (Note 2) in connection with the deconsolidation.

For the years ended December 31, 2020, 2021 and 2022, the Company recognized accretion of RMB40 million, nil and nil to the respective redemption value of the preferred shares over the period starting from issuance date with a corresponding reduction to the retained earnings.

SHARE CAPITAL

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

SHARE CAPITAL

19.	SHARE CAPITAL

On April 19, 2021, the Company completed its global offering and the Company’s shares have been listed on the Main Board of The Stock Exchange of Hong Kong Limited (“HKEX”). The Company issued 36,380,900 ordinary shares, including the exercise of the over-allotment option, at Hong Kong Dollar (“HK$”) 268 per share. Net proceeds from the global offering after deducting underwriting commissions, share issuance costs and offering expenses approximately amounted to RMB8.0 billion.

(LOSSES)/EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2022

EARNINGS/(LOSS) PER SHARE

(LOSSES)/EARNINGS PER SHARE

20.	(LOSSES)/EARNINGS PER SHARE

Following the Share Subdivision as detailed in Note 2, each ordinary share was subdivided into eight ordinary shares and each ADS represents one ordinary share. The weighted average number of ordinary shares used for the calculation of basic and diluted earnings per share/ADS for the years ended December 2020 have been retrospectively adjusted.

Basic (losses)/earnings per share and diluted (losses)/earnings per share were calculated as follows (RMB in millions, except for share and per share data):


	2020			2021			2022
Numerator:
Net loss attributable to Trip’s shareholders		(3,247	)		(550	)		1,403

Numerator for diluted earnings per share		(3,247	)		(550	)		1,403

Denominator:
Denominator for basic earnings per ordinary share - weighted average ordinary shares outstanding (Note i)		600,888,208			634,109,233			648,380,590
Dilutive effect of share options and RSUs		—			—			8,712,236

Denominator for diluted earnings per ordinary share (Note i)		600,888,208			634,109,233			657,092,826

Basic (losses)/earnings per ordinary share (Note i)		(5.40	)		(0.87	)		2.17

Diluted (losses)/earnings per ordinary share (Note i)		(5.40	)		(0.87	)		2.14

Basic (losses)/earnings per ADS		(5.40	)		(0.87	)		2.17

Diluted (losses)/earnings per ADS		(5.40	)		(0.87	)		2.14

Note i: Basic and diluted losses per ordinary share, weighted average ordinary shares outstanding. dilutive earnings per ordinary share, the dilutive effect of share options and convertible notes have been retrospectively adjusted for the Share Subdivision and the Ratio Change that were effective on March 18, 2021 as detailed in Note 2.

All the convertible senior notes had anti-dilutive impact and were excluded in the computation of diluted EPS in 2020, 2021 and 2022.

For the years ended December 31, 2020, 2021 and 2022, the Company had securities which could potentially dilute basic earnings per share in the future, which were excluded from the computation of diluted earnings/(losses) per share as their effects would have been anti-dilutive. Such weighted average numbers of ordinary shares outstanding are as following:


	2020		2021		2022
Convertible Notes		27,896,136		1,245,966		906,820
Outstanding weighted average stock options and RSUs		12,433,456		6,756,940		18,155,730

		40,329,592		8,002,906		19,062,550

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2022

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

21.	COMMITMENTS AND CONTINGENCIES

Capital commitments

As of December 31, 2022, the Company had outstanding capital commitments totaling RMB8 million, which consisted of capital expenditures of property, equipment and software.

Deposits under guarantee arrangement

In connection with its air ticketing business, the Company is required by an affiliate of Civil Aviation Administration of China (“CAAC”) and International Air Transport Association (“IATA”) to enter into guarantee arrangements and to pay deposits of which the amount is indexed to the air ticket the Company could issue. The unused deposits are repaid at the end of the guaranteed period on an annual basis. As of December 31, 2022, the total quota of the air tickets that the Company was entitled to issue was up to

RMB1.1 billion. The total amount of the deposit the Company paid was RMB147 million.

Based on the guarantee arrangements, the maximum amount of future payments of Company to issue air tickets under the guarantee arrangements is approximately

RMB943

million. Such quota is not considered a financial guarantee since the issuance of air ticketing is at the discretion of the Company in the normal course of business. The Company will be liable to pay only when it issues the air tickets to its users and such payable is included in the accounts payable. Therefore, the Company believes the guarantee arrangements do not constitute any contractual and constructive obligation of the Company and has not recorded any liability beyond the amount of the tickets that have already been issued.

Contingencies

The Company is not currently a party to any pending material litigation or other legal proceeding or claims.

The Company is incorporated in the Cayman Islands and is considered as a foreign entity under PRC laws. Due to the restrictions on foreign ownership of the travel agency and value-added telecommunications business, the Company conducts these businesses partly through various VIEs. These VIEs hold the licenses and approvals that are essential for the Company’s business operations. In the opinion of the Company’s PRC legal counsel, the current ownership structures and the contractual arrangements with these VIEs and their shareholders as well as the operations of these VIEs are in compliance with all existing PRC laws, rules and regulations. However, there may be changes and other developments in PRC laws and regulations. Accordingly, the Company cannot be assured that PRC government authorities will not take a view in the future contrary to the opinion of the Company’s PRC legal counsel. If the current ownership structures of the Company and its contractual arrangements with VIEs were found to be in violation of any existing or future PRC laws or regulations, the Company may be required to restructure its ownership structure and operations in China to comply with changing and new PRC laws and regulations.

GEOGRAPHIC INFORMATION

12 Months Ended

Dec. 31, 2022

Segments, Geographical Areas [Abstract]

GEOGRAPHIC INFORMATION

22.	GEOGRAPHIC INFORMATION

The following table presents revenue by geographic area, the Greater China and all other countries, based on the geographic location of its websites for the year ended December 31, 2020, 2021 and 2022. No revenue result from an individual country other than the Greater China accounted for more than 10% of revenue for the presented years.


	2020		2021		2022

	RMB (in millions)
Total Revenue
The Greater China		17,019		18,423		16,326
Others		1,308		1,606		3,729

		18,327		20,029		20,055

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI https://asc.fasb.org/topic&trid=2134510

Major variable interest entities and their subsidiaries

SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2022

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

23.	SUBSEQUENT EVENTS

No subsequent event which had a material impact on the Company was identified through the date of issuance of the financial statements.

PRINCIPAL ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2022

PRINCIPAL ACCOUNTING POLICIES

Basis of presentation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Consolidation

The following is a summary of the Company’s major VIEs and VIEs’ subsidiaries:


Name of major VIEs and their major subsidiaries		Date of establishment/acquisition

Shanghai Ctrip Commerce Co., Ltd. (“Shanghai Ctrip Commerce”)		Established on July 18, 2000

Shanghai Huacheng Southwest International Travel Agency Co., Ltd. (“Shanghai Huacheng”, a subsidiary of Shanghai Ctrip Commerce)		Established on March 13, 2001

Chengdu Ctrip Travel Agency Co., Ltd. (“Chengdu Ctrip”)		Established on January 8, 2007

Beijing Qu Na Information Technology Company Limited (“Qunar Beijing”)		Established on March 17, 2006

The Company is considered the primary beneficiary of each of the VIEs and the VIEs’ subsidiaries, as defined above, and has consolidated the financial statements of each under U.S. GAAP.

air-ticketing

services. Shanghai Ctrip Commerce holds 100% of the equity interest in Shanghai Huacheng. The registered capital of Shanghai Huacheng was RMB100,000,000 as of December 31, 2022.

Chengdu Ctrip is a domestic company incorporated in Chengdu, the PRC. Chengdu Ctrip holds a domestic travel agency license and is engaged in the provision of

air-ticketing

service. Two senior officers of the Company hold 100% of the equity interest in Chengdu Ctrip. The registered capital of Chengdu Ctrip was RMB500,000,000 as of December 31, 2022.

Details of certain key agreements with the major VIEs are as follows:

Powers of Attorney:

attorney-in-fact

Technical Consulting and Services Agreements:

10-year

terms unless the Company disapprove the extension. The Company retains the exclusive right to terminate the agreements at any time by delivering a

30-day

advance written notice to the applicable

VIE.

Share Pledge Agreements:

Loan Ag

ements:

s is

years and may be renewed automatically in

-year

Exclusive Option Agreements:

s is

years and may be renewed automatically in

10-year

applicable VIE.

day-to-day

operations, financial management systems and the appointment and dismissal of key employees.

Risks in relation to contractual arrangements between the Company’s PRC subsidiaries and VIEs:

Summary financial information of the Company’s VIEs in the consolidated financial statements


	As of December 31,
	2021			2022
Selected Balance Sheets Data of the VIEs
Cash and cash equivalents		7,084			2,891
Short-term investments		1,612			2,643
Accounts receivable, net		2,480			606
Prepayments and other current assets		2,208			2,375
Investments (non-current)		3,980			2,121
Total assets		28,122			17,480
Less: Inter-company receivables (Note i)		(8,810	)		(4,852	)
Total assets excluding inter-company receivables		19,312			12,628
Short-term debt and current portion of long-term debt		5,310			5,215
Accounts payable		1,944			1,497
Advances from customers		1,892			1,212
Other payables and accruals		2,473			2,095
Total liabilities		25,045			15,558
Less: Inter-company payables (Note ii)		(12,946	)		(5,150	)
Total liabilities excluding inter-company payables		12,099			10,408

Note ii : The inter-company payables as of December 31, 2021 and 2022 mainly represented payables of VIEs due to the Company’s wholly-owned subsidiaries for treasury cash management purpose.

The following table set forth the summary of results of operations of the VIEs and their subsidiaries of the Company (RMB in millions):


	For the years ended December 31,
	2020			2021			2022
Net revenues		6,513			6,035			4,335
Cost of revenues		2,471			2,557			2,292
Net loss		(254	)		(119	)		(495	)

Net revenues from VIEs accounted for around 36%, 30% an

of the Company’s net revenues for the year ended December 31, 2020, 2021 and 2022, respectively.

The VIEs’ net income before the deduction of the inter-company service fee charges were RMB

1.5

billion, RMB

1.5

billion and RMB1.2 billion for the years ended December 31, 2020, 2021 and 2022, respectively.

The amount of service fees paid by all the VIEs to the WFOEs pursuant to the exclusive technical consulting and service agreements between VIEs and WFOEs were

RMB1.7 billion, RMB1.7 billion and RMB1.7 billion for the years ended December 31, 2020, 2021 and 2022, respectively.

The following tables set forth the summary of cash flow activities of the VIEs and their subsidiaries of the Company (RMB in millions):


	For the year ended December 31,
	2020			2021			2022
Net cash (used in)/provided by operating activities		(597	)		1,271			(1,677	)
Net cash provided by investing activities		349			618			4,317
Net cash provided by/(used in) financing activities		255			(1,566	)		(6,957	)

Foreign currencies

non-RMB

Translations of amounts from RMB into US$ are unaudited and solely for the convenience of the reader and were calculated at the rate of US$1.00 = RMB6.8972 on December 3

Cash and cash equivalents

Restricted cash

Short-term investments

Short-term investments represent i)

held-to-maturity

Financial Instruments

The Company’s financial instruments mainly represent the derivatives that are carried at fair value.

As of December 31, 2021, and 2022, and for the years ended December 31, 2020, 2021 and 2022, the balance of the financial instruments and the total amount of fair value changes are not material.

Installment credit and Nonrecourse securitization debt

Installment credit and nonrecourse securitization debt

As of December 31, 2021, and 2022, out of the total receivables due from the users, the collateralized receivable for the debt securities were RMB1.0 billion and RMB0.1 billion, respectively, and the

non-collateralized

receivable (receivables which have not been transferred to the securitization vehicle) were RMB2.9 billion and RMB3.5 billion, respectively.

Land use rights

Property, equipment and software


Building		30 - 40 years
Leasehold improvements		Lesser of the term of the lease or the estimated useful lives of the assets
Website-related equipment		3- 5 years
Computer equipment		3-5 years
Furniture and fixtures		3-5 years
Software		3-5 years

The Company recognizes the disposal of Property, equipment and software in general and administrative expenses.

Investments

available-for-sale

debt securities.

in-substance

On January 1, 2021, the Company adopted Accounting Standards Update

No. 2020-01,

Debt securities that the company has positive intent and ability to hold to maturity are classified as held to maturity debt securities and are stated at amortized cost.

The Company has classified its investments in debt securities, other than the held to maturity debt securities, as

available-for-sale

securities.

Available-for-sale

available-for-sale

Fair value measurement of financial instruments

available-for-sale

The Company measures its financial assets and liabilities using inputs from the following three levels of the fair value hierarchy. The three levels are as follows:

Level 1 inputs are unadjusted quoted prices in active markets for identical assets that the management has the ability to access at the measurement date.

Business combination and Acquisitions

Business combination

non-controlling

interests. The excess of the (i) the total of cost of acquisition, fair value of the

non-controlling

Acquisitions

Other immaterial acquisitions in 2020, 2021 and 2022 with total consideration of nil, RMB1.8million and RMB8.0

million respectively resulted in no recorded goodwill and recorded intangible assets of

nil

, RMB

0.5

million and RMB

10.0

million respectively.

Goodwill and other intangible assets

Starting in 2020, the Company adopted the FASB issued ASU

2017-04:

Separately identifiable intangible assets that have determinable lives continue to be amortized and consist primarily of

non-compete

The

Company reviews intangible assets with indefinite lives annually for impairment or earlier, if an indication of impairment exists.

No impairment on other intangible assets was recognized for the years ended December 31, 2020, 2021 and 2022, respectively.

Impairment of long-lived assets

Long-lived

Accrued liability for customer reward program

Accrued liability for rewards program

Deferred revenue

check-out

Revenue recognition

pre-purchasing

inventories.

Accommodation reservation services

non-cancelable

Transportation ticketing services

of the Company’s transportation ticketing services revenues were recognized on a net basis during the years ended December 31, 2020, 2021 and 2022, respectively.

For year ended December 31, 2020, as a result of the

COVID-19

Packaged tours

90% of the Company’s packaged-tour products and services revenues were recognized on a net basis during the years ended December 31, 2020, 2021 and 2022, respectively.

Corporate travel

on-line

and

off-line

services for air tickets, hotel and package-tour. Revenue is recognized on a net basis after the services are rendered and collections are reasonably assured.

Other businesses

Other businesses comprise primarily of online advertising services and financial services.

service period as well as the interest income from the receivables due from the users that are recognized over the credit period. For the years ended December 31, 2020, 2021 and 2022, there

was

service in other businesses that had the revenue exceeding 10% of the total revenue of the Company.

Allowance for expected credit losses

COVID-19

The following table summarized the details of the Company’s allowance for expected credit losses (RMB in millions):


	2020			2021			2022

Allowance at beginning of year		256			799			815
Cumulative effect of adoption of new accounting standard		83			—			—
Deconsolidation of subsidiaries		(27	)		(1	)		—
Provisions for credit losses		700			141			296
Write-offs		(213	)		(124	)		(341	)

Allowance at end of year		799			815			770

Cost of revenues

Product development

350-50

“Website development costs” and ASC

350-40

Sales and marketing

Earnings/(loss) per share

Compensation – Stock Compensation

Share incentive plans (share numbers have reflected the effect of Share Subdivision on March 18, 2021)

In June 2017, the Company adopted a Global Share Incentive Plan (“Global Incentive Plan”). The Company granted

8,921,248

15,404,097

and

17,311,708

new share options and 550,888,

255,004

and

255,000

new RSUs to employees with

year requisite service period for year ended December 31, 2020, 2021 and 2022, respectively.

As of December 31, 2021, and 2022, 50,790,639 and 63,218,035 options and 869,300, and 751,506 RSUs were outstanding under the Global Incentive Plan.

The following table summarized the Company’s share option activity under all the option plans (in US$, except for shares):


	Number of Shares (Note i)			Weighted Average Exercise Price (Note i)		Weighted Average Remaining Contractual Life (Years) (Note i)		Aggregate Intrinsic Value (in millions) (Note i)
Outstanding at December 31, 2019		54,368,896			22.21		5.63		679

Granted		8,921,248			15.87
Exercised		(3,495,960	)		6.96
Forfeited		(2,210,328	)		12.00

Outstanding at December 31, 2020		57,583,856			22.55		5.16		704

Granted		15,404,097			18.46
Exercised		(5,106,035	)		9.32
Forfeited		(1,800,799	)		7.9

Outstanding at December 31, 2021		66,081,119			23.02		5.42		398

Granted		17,311,708			14.15
Exercised		(4,493,648	)		5.70
Forfeited		(1,424,477	)		10.80

Outstanding at December 31, 2022		77,474,702			22.26		5.01		995

Vested and expect to vest at December 31, 2022		74,652,470			22.43		4.96		948

Exercisable at December 31, 2022		42,196,796			25.97		3.83		410

Note i: The number of restricted shares and weighted average exercise price have been retrospectively adjusted for the Share Subdivision that became effective on March 18, 2021 (Note 2 and Note 20)

The Company’s current practice is to issue new shares to satisfy share option exercises.

The

expected-to-vest

options are the result of applying the

pre-vesting

forfeiture rate assumptions of 8% to total unvested options.

in-the-money

options) that would have been received by the option holders if all

in-the-money

options had been exercised at each reporting date.

The total intrinsic value of options exercised during the years ended December 31, 2020, 2021 and 2022 were US$159 million US$128 million and US$90 million, respectively.

The weighted average fair value of options granted after Share Subdivision during the years ended December 31, 2020, 2021 and 2022 was US$15.67, US$19.94 and US$10.14 per share, respectively.

The Company calculated the estimated fair value of share options on the date of grant using the Black-Scholes pricing model with the following assumptions:


	2020	2021	2022
Risk-free interest rate	0.21%-1.32%	0.21%-1.18%	1.55%-4.45%
Expected life (years)	4 – 5	4 – 5	4 – 5
Expected dividend yield	0%	0%	0%
Volatility	40%-43%	39%-43%	41%-49%
Fair value of options at grant date per share	from US$8.12 to US$31.99	from US$8.61 to US$39.17	from US$7.44 to US$24.58

The following table summarizes the Company’s RSUs activities under all incentive plans (in US$, except for shares):


	Number of Shares (Note i)			Weighted average grant date fair value (US$) (Note i)
Restricted shares

Unvested at December 31, 2019		4,008,768			37.94

Granted		550,888			28.49
Vested		(3,439,944	)		37.53
Forfeited		(185,200	)		38.42

Unvested at December 31, 2020		934,512			33.79

Granted		255,004			31.35
Vested		(215,484	)		37.26
Forfeited		(104,412	)		30.12

Unvested at December 31, 2021		869,620			32.65

Granted		255,000			24.67
Vested		(243,625	)		36.15
Forfeited		(129,489	)		33.92

Unvested at December 31, 2022		751,506			28.59

Leases

The Company applies ASC 842, Leases, and determines if an arrangement is a lease at inception. Operating leases are primarily for office and operation space and are included in

right-of-use

non-lease

components and have elected the practical expedient to combine and account for lease and

non-lease

components as a single lease component.

Taxation

Other income/ (expense)

Other income/(expense)

Other income/(expense) consists of financial subsidies and investment income/(loss). Financial subsidies primarily relate to the

non-recurring


	2020			2021			2022
Gain on deconsolidation of subsidiaries (Note 18)		1,091			—			—
Government grants		601			550			618
Foreign exchange (losses)/gains		(40	)		1			(69	)
(Loss)/gain on disposal of long-term investments (Note 7)		(602	)		63			23
Gain from the fair value remeasurement upon the discontinuance of the equity method of the investment(a)		—			—			1,135
Fair value changes of equity securities investments and Exchangeable Senior Notes		(612	)		(170	)		1,338
Impairments of long-term investments(b)		(905	)		(96	)		(949	)
Others		194			25			(81	)

Total		(273	)		373			2,015

(a)

RMB1.1

illion

(b)

In 2022, the Company recorded

RMB906

million impairment loss for certain redeemable preferred shares investments which is accounted for as available-for-sale debt security (Note 7).

Statutory reserves

The Company’s PRC subsidiaries and VIEs are required to allocate at least 10% of their

after-tax

subsidiaries and

Dividends

Dividends are recognized when declared.

ies

4-08(e)(3)

under Regulation

S-X,

6.2

billion.

25.8

billion, RMB

28.4

billion and RMB

32.0

dividends have been paid or declared by the Company during the years ended December 31, 2020, 2021 and 2022.

Earnings/(losses) per share

In accordance with

“Computation of Earnings Per Share”

, basic earnings per share is comput

per-share

computations for those and any prior-period financial statements presented shall be based on the new number of shares.

On March 18, 2021, the Company effected a share split by

one-to-eight

Treasury stock

The share-repurchase programs do not require the Company to acquire a specific number of shares and may be suspended or discontinued at any time.

Segment reporting

The Company primarily generates its revenues from the Greater China Area, for geographic information, please refer to Note 2

Recently Accounting Pronouncements

Recent Accounting Pronouncements

In January 2020, the FASB issued Accounting Standards Update

No. 2020-01,

815-10-15-141(a)

815-10-15-141

In March 2020, the FASB issued ASU

2020-04,

2020-04

In May 2021, the FASB issued ASU

No. 2021-04,

Earnings Per Share (Topic 260), Debt — Modifications and Extinguishments (Subtopic

470-50),

Compensation — Stock Compensation (Topic 718), and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic

815-40)

In October 2021, the FASB issued ASU

No. 2021-08,

Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASU

2021-08),

Certain risks and concentration

Impact of

COVID-19

The Company’s businesses, results of operation, financial positions and cash flows have been materially and adversely affected by the

COVID-19

PRINCIPAL ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Company's major VIEs and VIE's subsidiaries

The following is a summary of the Company’s major VIEs and VIEs’ subsidiaries:


Name of major VIEs and their major subsidiaries		Date of establishment/acquisition

Shanghai Ctrip Commerce Co., Ltd. (“Shanghai Ctrip Commerce”)		Established on July 18, 2000

Shanghai Huacheng Southwest International Travel Agency Co., Ltd. (“Shanghai Huacheng”, a subsidiary of Shanghai Ctrip Commerce)		Established on March 13, 2001

Chengdu Ctrip Travel Agency Co., Ltd. (“Chengdu Ctrip”)		Established on January 8, 2007

Beijing Qu Na Information Technology Company Limited (“Qunar Beijing”)		Established on March 17, 2006

Summary of consolidated balance sheet information of VIEs


	As of December 31,
	2021			2022
Selected Balance Sheets Data of the VIEs
Cash and cash equivalents		7,084			2,891
Short-term investments		1,612			2,643
Accounts receivable, net		2,480			606
Prepayments and other current assets		2,208			2,375
Investments (non-current)		3,980			2,121
Total assets		28,122			17,480
Less: Inter-company receivables (Note i)		(8,810	)		(4,852	)
Total assets excluding inter-company receivables		19,312			12,628
Short-term debt and current portion of long-term debt		5,310			5,215
Accounts payable		1,944			1,497
Advances from customers		1,892			1,212
Other payables and accruals		2,473			2,095
Total liabilities		25,045			15,558
Less: Inter-company payables (Note ii)		(12,946	)		(5,150	)
Total liabilities excluding inter-company payables		12,099			10,408

Note ii : The inter-company payables as of December 31, 2021 and 2022 mainly represented payables of VIEs due to the Company’s wholly-owned subsidiaries for treasury cash management purpose.

Summary of consolidated results of operations information of VIEs

The following table set forth the summary of results of operations of the VIEs and their subsidiaries of the Company (RMB in millions):


	For the years ended December 31,
	2020			2021			2022
Net revenues		6,513			6,035			4,335
Cost of revenues		2,471			2,557			2,292
Net loss		(254	)		(119	)		(495	)

Summary of consolidated results of cash flows information of VIEs

The following tables set forth the summary of cash flow activities of the VIEs and their subsidiaries of the Company (RMB in millions):


	For the year ended December 31,
	2020			2021			2022
Net cash (used in)/provided by operating activities		(597	)		1,271			(1,677	)
Net cash provided by investing activities		349			618			4,317
Net cash provided by/(used in) financing activities		255			(1,566	)		(6,957	)

Schedule of property, equipment and software estimated useful lives


Building		30 - 40 years
Leasehold improvements		Lesser of the term of the lease or the estimated useful lives of the assets
Website-related equipment		3- 5 years
Computer equipment		3-5 years
Furniture and fixtures		3-5 years
Software		3-5 years

Allowance for doubtful accounts


	2020			2021			2022

Allowance at beginning of year		256			799			815
Cumulative effect of adoption of new accounting standard		83			—			—
Deconsolidation of subsidiaries		(27	)		(1	)		—
Provisions for credit losses		700			141			296
Write-offs		(213	)		(124	)		(341	)

Allowance at end of year		799			815			770

Company's share option activity under all the incentive plans

The following table summarized the Company’s share option activity under all the option plans (in US$, except for shares):


	Number of Shares (Note i)			Weighted Average Exercise Price (Note i)		Weighted Average Remaining Contractual Life (Years) (Note i)		Aggregate Intrinsic Value (in millions) (Note i)
Outstanding at December 31, 2019		54,368,896			22.21		5.63		679

Granted		8,921,248			15.87
Exercised		(3,495,960	)		6.96
Forfeited		(2,210,328	)		12.00

Outstanding at December 31, 2020		57,583,856			22.55		5.16		704

Granted		15,404,097			18.46
Exercised		(5,106,035	)		9.32
Forfeited		(1,800,799	)		7.9

Outstanding at December 31, 2021		66,081,119			23.02		5.42		398

Granted		17,311,708			14.15
Exercised		(4,493,648	)		5.70
Forfeited		(1,424,477	)		10.80

Outstanding at December 31, 2022		77,474,702			22.26		5.01		995

Vested and expect to vest at December 31, 2022		74,652,470			22.43		4.96		948

Exercisable at December 31, 2022		42,196,796			25.97		3.83		410

Note i: The number of restricted shares and weighted average exercise price have been retrospectively adjusted for the Share Subdivision that became effective on March 18, 2021 (Note 2 and Note 20)

Assumptions of Black-Scholes pricing model


	2020	2021	2022
Risk-free interest rate	0.21%-1.32%	0.21%-1.18%	1.55%-4.45%
Expected life (years)	4 – 5	4 – 5	4 – 5
Expected dividend yield	0%	0%	0%
Volatility	40%-43%	39%-43%	41%-49%
Fair value of options at grant date per share	from US$8.12 to US$31.99	from US$8.61 to US$39.17	from US$7.44 to US$24.58

Schedule of restricted share activities under all incentive plans

The following table summarizes the Company’s RSUs activities under all incentive plans (in US$, except for shares):


	Number of Shares (Note i)			Weighted average grant date fair value (US$) (Note i)
Restricted shares

Unvested at December 31, 2019		4,008,768			37.94

Granted		550,888			28.49
Vested		(3,439,944	)		37.53
Forfeited		(185,200	)		38.42

Unvested at December 31, 2020		934,512			33.79

Granted		255,004			31.35
Vested		(215,484	)		37.26
Forfeited		(104,412	)		30.12

Unvested at December 31, 2021		869,620			32.65

Granted		255,000			24.67
Vested		(243,625	)		36.15
Forfeited		(129,489	)		33.92

Unvested at December 31, 2022		751,506			28.59

Summary of components of other income


	2020			2021			2022
Gain on deconsolidation of subsidiaries (Note 18)		1,091			—			—
Government grants		601			550			618
Foreign exchange (losses)/gains		(40	)		1			(69	)
(Loss)/gain on disposal of long-term investments (Note 7)		(602	)		63			23
Gain from the fair value remeasurement upon the discontinuance of the equity method of the investment(a)		—			—			1,135
Fair value changes of equity securities investments and Exchangeable Senior Notes		(612	)		(170	)		1,338
Impairments of long-term investments(b)		(905	)		(96	)		(949	)
Others		194			25			(81	)

Total		(273	)		373			2,015

(a)

RMB1.1

illion

(b)

In 2022, the Company recorded

RMB906

million impairment loss for certain redeemable preferred shares investments which is accounted for as available-for-sale debt security (Note 7).

PREPAYMENTS AND OTHER CURRENT ASSETS (Tables)

12 Months Ended

Dec. 31, 2022

PREPAYMENTS AND OTHER CURRENT ASSETS

Components of prepayments and other current assets

Components of prepayments and other current assets as of December 31, 2021 and 2022 were as follows (RMB in

millions):


	2021		2022
Prepayments and other deposits		3,952		5,019
Receivable related to financial services (Note 2)		3,679		3,403
Prepaid expenses		224		240
Interest receivables		621		759
Others		556		748

Total		9,032		10,169

LONG-TERM PREPAYMENTS AND OTHER ASSETS (Tables)

12 Months Ended

Dec. 31, 2022

LONG-TERM DEPOSITS AND PREPAYMENTS

Components of long-term deposits and prepayments

Components of long-term prepayments and other assets as of December 31, 2021 and 2022 were as follows (RMB in millions):


	2021		2022
Deposits paid to airline suppliers		183		239
Deposit paid to lessor		65		58
Deposits paid to advertising suppliers		35		21
Deposits paid to hotel suppliers		17		30
Other deposit		39		37
Long-term derivative assets		—		58
Prepayment for acquisition of property and equipment		5		33
Other long-term prepayments		27		69
Total		371		545

PROPERTY, EQUIPMENT AND SOFTWARE (Tables)

12 Months Ended

Dec. 31, 2022

PROPERTY, EQUIPMENT AND SOFTWARE

Schedule of property, equipment and software and its related accumulated depreciation and amortization

Property, equipment and software and its related accumulated depreciation and amortization as of December 31, 2021 and 2022 were as follows (RMB in millions):


	2021			2022
Buildings		5,408			5,409
Computer equipment		1,040			810
Website-related equipment		1,623			1,802
Furniture and fixtures		229			216
Software		651			668
Leasehold improvements		222			248
Less: accumulated depreciation and amortization		(3,639	)		(3,949	)

Total net book value		5,534			5,204

INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2022

INVESTMENTS

Schedule of long-term investments

The Company’s long-term investments are consisted of the follows (RMB in millions):


	2021		2022
Debt investments		16,467		18,128
Equity investments		28,494		32,049

		44,961		50,177

Summary of available-for sale investments by major security type

Available-for-sale

debt investments

The following table summarizes the Company’s

available-for-sale

debt investments (RMB in millions):


	2021			2022
Cost		3,734			3,792
Gross Unrealized Gains, including foreign exchange adjustment		271			352
Gross Unrealized Losses, including foreign exchange adjustmen t		(651	)		(1,543	)
Fair Value		3,354			2,601

Schedule of equity securities with readily determinable fair values

The following table summarizes the Company’s equity securities with readily determinable fair values (RMB in millions):


	2021			2022
Cost		4,070			5,517
Gross Unrealized Gains, including foreign exchange adjustment		5,097			6,958
Gross Unrealized Losses, including foreign exchange adjustment		(596	)		(541	)

Fair Value		8,571			11,934

Schedule of financial information of investees

The following table summarizes the Company’s equity securities with readily determinable fair values (RMB in millions):


	2021			2022
Cost		4,070			5,517
Gross Unrealized Gains, including foreign exchange adjustment		5,097			6,958
Gross Unrealized Losses, including foreign exchange adjustment		(596	)		(541	)

Fair Value		8,571			11,934


	2020						2021			2022
	MakeMyTrip			other equity investments			equity investments			equity investments
Operating data:
Revenue		1,883			19,704			20,482			23,159
Gross profit		1,377			8,670			9,490			10,911
( Loss ) /Income from operations		(991	)		(805	)		430			(1,377	)
Net (loss)/income		(2,864	)		(1,631	)		392			(3,129	)
Net loss attributable to equity method investments		(1,459	)		(389	)		(31	)		(788	)
Add: Equity dilution impact		92			67			127			202

Equity in (loss)/income of affiliates		(1,367	)		(322	)		96			(586	)


	2020				2021		2022
	MakeMyTrip		other equity investments		equity investments		equity investments
Balance sheet data:
Current assets		1,682		35,004		51,437		48,132
Long-term assets		5,121		37,028		51,233		54,308
Current liabilities		1,100		27,914		36,344		35,589
Long-term liabilities		221		9,054		21,708		21,862
Non-controlling interests		24		167		178		217

FAIR VALUE MEASUREMENT (Tables)

12 Months Ended

Dec. 31, 2022

FAIR VALUE MEASUREMENT

Schedule of fair value assets measured on recurring basis

Assets measured at fair value on a recurring basis are summarized below (in millions):


	Fair Value Measurement at December 31, 2021 Using
	Level 1		Level 2		Level 3		Fair Value at December 31, 2021
	RMB		RMB		RMB		RMB		US$
Assets
Financial products (Note 2, 7)		—		22,857		—		22,857		3,587
Time deposits (Note 2, 7)		—		19,807		—		19,807		3,108
Financial instruments (Note 2)		—		14		—		14		2
Equity securities (Note 7)		8,571		—		—		8,571		1,345
Available-for-sale debt investments (Note 7)		—		—		3,354		3,354		526

Total Assets		8,571		42,678		3,354		54,603		8,568

Liabilities
Exchangeable senior notes (Note 17)		—		3,791		—		3,791		595
Financial instruments (Note 2)		—		39		—		39		6

Total Liabilities		—		3,830		—		3,830		601


	Fair Value Measurement at December 31, 2022 Using
	Level 1		Level 2		Level 3		Fair Value at December 31, 2022
	RMB		RMB		RMB		RMB		US$
Assets
Financial products (Note 2, 7)		—		15,893		—		15,893		2,304
Time deposits (Note 2, 7)		—		25,166		—		25,166		3,649
Financial instruments (Note 2)		—		70		48		118		17
Equity securities (Note 7)		11,934		—		—		11,934		1,730
Available-for-sale debt investments (Note 7)		—		—		2,601		2,601		377

Total Assets		11,934		41,129		2,649		55,712		8,077

Liabilities
Exchangeable senior notes (Note 17)		—		4,204		—		4,204		610
Financial instruments (Note 2)		—		84		—		84		12

Total Liabilities		—		4,288		—		4,288		622

Schedule of roll forward of major Level 3 Investments

The roll forward of major Level 3

nvestments are as follows (RMB in millions):


	Total
Fair value of Level 3 Investments as at December 31, 2020		2,856

Transfer into Level 3		(35	)
New addition		704
Disposal of investments		(66	)
Effect of exchange rate change		(44	)
The change in fair value of the investments		(61	)

Fair value of Level 3 Investments as at December 31, 2021		3,354

New addition		86
Disposal of investments		(28	)
Effect of exchange rate change		152
Expected credit losses		(906	)
The change in fair value of the investments		(57	)

Fair value of Level 3 Investments as at December 31, 2022		2,601

Schedule of significant unobservable inputs adopted in the valuation

The significant unobservable inputs adopted in the valuation as of December 31, 2022 are as follows:


Unobservable Input
Revenue growth rate		2.5%-100%
Weighted average cost of capital		13.5%-21%
Lack of marketability discount		15%-30%
Expected volatility		41%-68.05%
Probability		Liquidation scenario: 30% - 100% Redemption scenario: 10%- 45% IPO scenario: 0%~40%

GOODWILL (Tables)

12 Months Ended

Dec. 31, 2022

GOODWILL

Schedule of changes in the carrying amount of goodwill

The changes in the carrying amount of goodwill for the years ended December 31, 2021 and 2022 were as follows (RMB in millions):


	2021		2022
Balance at beginning of year		59,353		59,353
Disposals and immaterial others		—		(16	)

Balance at end of year		59,353		59,337

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=121556970&loc=SL108378252-109267

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 55
-Paragraph 24
-URI https://asc.fasb.org/extlink&oid=122137925&loc=d3e14258-109268

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Schedule of intangible assets

INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2022

INTANGIBLE ASSETS

Intangible assets were as follows (RMB in millions):


	2021			2022
Intangible assets to be amortized
Business Relationship (Representing the relationship with the travel service providers and other business partners)		1,872			1,872
Technology		610			610
Others		799			799
Intangible assets not subject to amortization
Trade mark		11,764			11,776
Others		159			161

		15,204			15,218

Less: accumulated amortization
Intangible assets to be amortized
Business Relationship		(1,342	)		(1,485	)
Technology		(588	)		(610	)
Others		(314	)		(381	)

		(2,244	)		(2,476	)

Net book value
Intangible assets to be amortized
Business Relationship		530			387
Technology		22			—
Others		485			418
Intangible assets not subject to amortization
Trade mark		11,764			11,776
Others		159			161

		12,960			12,742

Schedule of useful lives of finite-lived intangible assets


Business Relationship			5-10 years
Technology			5-10 years
Others			3-15 years

Schedule of future estimated amortization expense finite-lived intangible assets


	Amortization
2023		186
2024		181
2025		155
2026		51
2027		51

		624

LEASES (Tables)

12 Months Ended

Dec. 31, 2022

Lessee Disclosure [Abstract]

Supplemental cash flow information of lease

Supplemental cash flow information related to leases were as follows (RMB in millions):


	2021		2022


Cash paid for the rentals included in the lease liabilities		507		436
Right-of-use assets obtained in exchange for operating lease liabilities		455		520

Schedule of supplemental consolidated balance sheet information


	2021			2022
Right-of-use assets		777			819
Current lease liabilities included within Other payables and accruals		363			274
Long-term lease liabilities		400			534

Total lease liabilities		763			808

Weighted average remaining lease term		2 years			5 y ears
Weighted average discount rate		5.4	%		4.4	%

Schedule of maturities of lease liabilities


	As of December 31,2022

2023		348
2024		174
2025		94
2026		71
2027		35
Thereafter		197

Total operating lease payments		919
Less: imputed interest		(111	)

Total		808

SHORT-TERM DEBT AND CURRENT PORTION OF LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2022

SHORT-TERM DEBT AND CURRENT PORTION OF LONG-TERM DEBT

Summary of short-term debt


	2021		2022
	RMB (in millions)
Short-term bank borrowings and current portion of long-term loan (Note 17)		39,113		28,398
Exchangeable Senior Notes (Note 17)		—		4,204
Securitization debt		270		72
2022 Notes (Note 17)		324		—
2022 Booking Note (Note 17)		159		—

Total		39,866		32,674

RELATED PARTY TRANSACTIONS AND BALANCES (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of related party transactions

Significant related party transactions were as follows (RMB in millions):


	2021		2022
Commissions / service fee from Tongcheng Travel (a)		186		148
Commissions from H World (formerly known as Huazhu) (a)		100		55
Commissions from BTG (a)		73		38
Service fee from Shangcheng (b)		265		172
Commissions / service fee to Tongcheng Travel (c)		294		21
Repayment of loan from Tujia (d)		300		—
Loans provided to Lvyue (e)		50		224
Repayment of loan from Lvyue (e)		—		100

(a)

(b)

The Compan

(c)

(d)

In 2020, the Company provided loans of RMB340

million to Tujia (an equity method investee of the Company), with repayment terms of 15~18 months. In 2021, Tujia repaid

RMB302

4 million and RMB3 million.

(e)

In 2021 and 2022, the Company provided loans of RMB50 million and RMB224

million to Lvyue (an equity method investee of the Company), with repayment terms of

3~15

months. In 2022, Lvyue repaid RMB

113

million of loan and interest to the Company. For the

years ended December 31, 2021 and 2022, the total interest income from Lvyue amounted to RMB

0 million and RMB

18 million.

Schedule of significant balances with related parties

Significant balances with related parties were as follows (RMB in

millions):


	2021		2022
Due from related parties, current:
Trade related
Due from Tongcheng Travel		1,146		1,253
Due from others		420		265
Non-trade related
Due from Lvyue		50		178
Due from Tujia		49		52

		1,665		1,748

Due from related parties, non-current:
Non-trade related
Due from others		25		25

		25		25

Due to related parties, current:
Trade related
Due to Tongcheng Travel		61		25
Due to others		77		131

		138		156

TAXATION (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of income/(loss) from domestic and foreign components before income tax expenses

Income/(loss) from domestic and foreign components before income tax expenses and equity in (loss)/income of affiliates (RMB in

millions):


	2020			2021			2022
Domestic		4,230			2,615			3,501
Foreign		(5,455	)		(3,086	)		(866	)

Total		(1,225	)		(471	)		2,635

Schedule of composition of income tax expense

The current and deferred portion of income tax expense were as follows (RMB in millions):


	2020			2021			2022
Current income tax expense		848			607			387
Deferred tax (benefit)/expense		(493	)		(337	)		295

Income tax expense		355			270			682

Schedule of reconciliation of the differences between statutory tax rate and the effective tax rate

The reconciliation between 25% which is the PRC statutory tax rate and the Company’s effective tax rate were as follows:


	2020			2021			2022
Statutory tax rate		25	%		25	%		25	%
Non-deductible expenses and non-taxable income incurred
— Share-based compensation expenses		(38	%)		(89	%)		6	%
— Change in fair value of equity securities investments and exchangeable senior notes		0	%		(21	%)		(22	% )
— Gain on deconsolidation of a subsidiary		15	%		—			—
— Others		3	%		1	%		(2	% )
R&D expense super deduction		—			65	%		(16	% )
Effect of tax holiday		27	%		75	%		(7	% )
Difference in tax rates of subsidiaries outside PRC		(37	%)		(37	%)		19	%
Changes in valuation allowance		(24	%)		(76	%)		23	%

Effective EIT rate		(29	%)		(57	%)		26	%

Schedule of effect of preferential tax on China operations

The following table sets forth the effect of tax holiday on China operations:


	2020		2021		2022

	RMB (in millions, except per share data)
Tax holiday effect		370		359		183
Basic net income per ADS effect		0.62		0.57		0.28
Diluted net income per ADS effect		0.62		0.57		0.28

Schedule of significant components of deferred tax assets and liabilities

Significant components of deferred tax assets and liabilities were as follows (RMB in millions):


	2021			2022
Deferred tax assets
Accrued expenses		731			893
Loss carry forwards		1,393			1,646
Accrued liability for rewards programs		40			56
Accrued staff salary		98			42
Others		314			200
Less: Valuation allowance of deferred tax assets		(892	)		(1,513	)

		1,684			1,324
Deferred tax liabilities:
Recognition of intangible assets arise from business combinations and unrealized holding gain		(3,527	)		(3,487	)

Net deferred tax liabilities		(1,843	)		(2,163	)

Schedule of movement of valuation allowances

Movement of valuation allowances were as follows (RMB in millions):


	2020		2021		2022
Balance at beginning of year		482		589		892
Changes in current year		107		303		621

Balance at end of year		589		892		1,513

Subsidiaries

Schedule of reconciliation of the differences between statutory tax rate and the effective tax rate

The impacts on effective tax rates from the Company’s subsidiaries with different tax rates of subsidiaries outside PRC and tax holiday are as

follows:


		2020			2021			2022
Ctrip Computer Technology	15%		15.4	%		31.9	%		(2.7	% )
Ctrip Travel Information	15%		(0.7	%)		(4.1	%)		0.2	%
Ctrip Travel Network	15%		14.1	%		16.0	%		(2.7	% )
Chengdu Information	15%		6.8	%		7.3	%		(0.8	% )
Beijing Hujinxinrong Technology Co., Ltd	15%		(2.0	%)		14.3	%		(2.2	% )
The Company and its subsidiaries in Hong Kong, Singapore, UK and Cayman Islands	0%-19%		(44.6	%)		(38.8	%)		19.6	%
Qunar and subsidiaries	15%		(2.5	%)		6.6	%		(0.2	% )
Others	various		3.5	%		4.8	%		0.8	%

Total			(10.0	%)		38.0	%		12.0	%

OTHER PAYABLES AND ACCRUALS (Tables)

12 Months Ended

Dec. 31, 2022

OTHER PAYABLES AND ACCRUALS

Schedule of other payables and accruals

Components of other payables and accruals were as follows (RMB in millions):


	2021		2022
Accrued operating expenses		4,922		5,235
Deposits received from travel suppliers and packaged tours users		986		942
Current lease liabilities		363		274
Payable related to acquisition and investments		377		294
Accruals for property and equipment		94		28
Others		559		640

Total		7,301		7,413

LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2022

LONG-TERM DEBT

Schedule of convertible senior notes


	2021		2022

	RMB (in millions)
2025 Notes		30		33
Exchangeable Senior Notes		3,791		—
Long-term loan		6,644		13,144
Securitization debt		628		—

Total		11,093		13,177

(LOSSES)/EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2022

EARNINGS/(LOSS) PER SHARE

Schedule of basic (losses)/earnings per share and diluted (losses)/earnings per share

Basic (losses)/earnings per share and diluted (losses)/earnings per share were calculated as follows (RMB in millions, except for share and per share data):


	2020			2021			2022
Numerator:
Net loss attributable to Trip’s shareholders		(3,247	)		(550	)		1,403

Numerator for diluted earnings per share		(3,247	)		(550	)		1,403

Denominator:
Denominator for basic earnings per ordinary share - weighted average ordinary shares outstanding (Note i)		600,888,208			634,109,233			648,380,590
Dilutive effect of share options and RSUs		—			—			8,712,236

Denominator for diluted earnings per ordinary share (Note i)		600,888,208			634,109,233			657,092,826

Basic (losses)/earnings per ordinary share (Note i)		(5.40	)		(0.87	)		2.17

Diluted (losses)/earnings per ordinary share (Note i)		(5.40	)		(0.87	)		2.14

Basic (losses)/earnings per ADS		(5.40	)		(0.87	)		2.17

Diluted (losses)/earnings per ADS		(5.40	)		(0.87	)		2.14

Schedule of weighted average number of ordinary shares excluded from computation of diluted earnings /(loss) per share

Such weighted average numbers of ordinary shares outstanding are as following:


	2020		2021		2022
Convertible Notes		27,896,136		1,245,966		906,820
Outstanding weighted average stock options and RSUs		12,433,456		6,756,940		18,155,730

		40,329,592		8,002,906		19,062,550

GEOGRAPHIC INFORMATION (Tables)

12 Months Ended

Dec. 31, 2022

Segments, Geographical Areas [Abstract]

Schedule of revenue from external customers by geographic areas


	2020		2021		2022

	RMB (in millions)
Total Revenue
The Greater China		17,019		18,423		16,326
Others		1,308		1,606		3,729

		18,327		20,029		20,055

PRINCIPAL ACCOUNTING POLICIES - Basis of Presentation (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Mar. 18, 2021	Dec. 31, 2020
Ordinary shares, par value (in dollars per share)	$ 0.00125	$ 0.00125	$ 0.01	$ 0.00125
Common Stock, Conversion Basis	ordinary share will be adjusted from eight (8) ADSs representing one (1) ordinary share to one (1) ADS representing one (1) ordinary share (the “ADS Ratio Change”).
Share Subdivision
Ordinary shares, par value (in dollars per share)	$ 0.00125

PRINCIPAL ACCOUNTING POLICIES - Key agreements with the VIEs (Details)	12 Months Ended
	Dec. 31, 2022
Financial information of the group's VIEs
Loan agreement initial term	10 years
Loan agreement renewable term	10 years
Shareholders of our consolidated affiliated Chinese entities, except for Qunar Beijing \| Amended and restated exclusive option agreements
Financial information of the group's VIEs
Term of exclusive option agreements	10 years
Term of automatic renewal of exclusive option agreements	10 years
Ctrip Computer Technology, Ctrip Travel Network and Ctrip Travel Information \| Amended and Restated Technical Consulting and Services Agreement
Financial information of the group's VIEs
Term of technical consulting and services agreements	10 years
Term of automatic renewal of technical consulting and services agreements	10 years
Written notice period required to be served for the termination of agreements	30 days
Qunar Software \| Loan Agreements
Financial information of the group's VIEs
Notice period for termination of agreement	15 days
Qunar and Qunar Software \| Equity option agreement
Financial information of the group's VIEs
Written notice period for termination of agreement	30 days

PRINCIPAL ACCOUNTING POLICIES - Major VIEs and their subsidiaries (Details)	12 Months Ended
	Dec. 31, 2022 CNY (¥) ¥ / item
Major variable interest entities and their subsidiaries
Description of foreign investment law approval	In March 2019, the draft Foreign Investment Law was submitted to the National People’s Congress for review and was approved on March 15, 2019, which came into effect from January 1, 2020
Shanghai Ctrip Commerce \| Two senior officers of the Company
Major variable interest entities and their subsidiaries
Number of officers \| ¥ / item	2
Shareholding percentage of VIE	100.00%
Registered capital of VIE	¥ 900,000,000
Shanghai Huacheng
Major variable interest entities and their subsidiaries
Shareholding percentage of VIE	100.00%
Registered capital of VIE	¥ 100,000,000
Chengdu Ctrip \| Two senior officers of the Company
Major variable interest entities and their subsidiaries
Number of officers \| ¥ / item	2
Shareholding percentage of VIE	100.00%
Registered capital of VIE	¥ 500,000,000
Qunar Beijing \| Two senior officers of the Company
Major variable interest entities and their subsidiaries
Number of officers \| ¥ / item	2
Shareholding percentage of VIE	100.00%
Registered capital of VIE	¥ 11,000,000

PRINCIPAL ACCOUNTING POLICIES - Summary financial information of the VIEs (Details) ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2019 CNY (¥)
Financial information of the group's VIEs
Cash and cash equivalents	$ 2,465		¥ 19,818		¥ 17,000	¥ 19,900
Short-term investments	3,703		29,566		25,545
Accounts receivable, net	795		4,649		5,486
Prepayments and other current assets	1,475		9,032		10,169
Total assets	27,793		191,859		191,691
Short-term debt					4,100
Accounts payable	1,097		6,019		7,569
Advance from customers	1,200		7,535		8,278
Other payables and accruals	1,076		7,301		7,413
Total liabilities	11,407		81,403		78,672
Cost of revenues	654	¥ 4,513	4,598	¥ 4,031
Net loss	201	1,367	(645)	(3,269)
Net cash (used in)/provided by operating activities	380	2,641	2,475	(3,823)
Net cash provided by investing activities	164	1,136	(4,148)	(3,821)
Net cash provided by/(used in) financing activities	$ (975)	(6,717)	3,919	6,025
Variable interest entities
Financial information of the group's VIEs
Amount of registered capital and PRC statutory reserves of VIEs					2,000
Cash and cash equivalents			7,084		2,891
Short-term investments			1,612		2,643
Accounts receivable, net			2,480		606
Prepayments and other current assets			2,208		2,375
Investments (non-current)			3,980		2,121
Total assets			28,122		17,480
Less: Inter-company receivables (Note i)			(8,810)		(4,852)
Total assets excluding inter-company receivables			19,312		12,628
Short-term debt			5,310		5,215
Accounts payable			1,944		1,497
Advance from customers			1,892		1,212
Other payables and accruals			2,473		2,095
Total liabilities			25,045		15,558
Less: Inter-company payables			(12,946)		(5,150)
Total liabilities excluding inter-company payables			12,099		¥ 10,408
Net revenues		4,335	6,035	6,513
Cost of revenues		2,292	2,557	2,471
Net loss		(495)	(119)	(254)
Net income before the deduction of inter-company consulting fee charges		1,200	1,500	1,500
Net cash (used in)/provided by operating activities		(1,677)	1,271	(597)
Net cash provided by investing activities		4,317	618	349
Net cash provided by/(used in) financing activities		(6,957)	(1,566)	255
Service fees paid by VIEs		¥ 1,700	¥ 1,700	¥ 1,700
Variable interest entities \| Revenue \| Revenue from Rights Concentration Risk
Financial information of the group's VIEs
Revenues as a percent of total	22.00%	22.00%	30.00%	36.00%

PRINCIPAL ACCOUNTING POLICIES - Foreign currencies (Details)	Dec. 31, 2022
RMB/USD exchange rate used in translation	1.0346

PRINCIPAL ACCOUNTING POLICIES - Installment credit and Nonrecourse securitization debt (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2022	Dec. 31, 2021
PRINCIPAL ACCOUNTING POLICIES
Collateralized receivable related to financial services	¥ 100	¥ 1,000
Non-collateralized receivable related to financial services	3,500	2,900
Financing receivables, allowance for credit losses	¥ 196	¥ 209

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

PRINCIPAL ACCOUNTING POLICIES - Land use rights (Details)	12 Months Ended
	Dec. 31, 2022
Minimum
Useful life	3 years
Maximum
Useful life	15 years
Land use rights \| Minimum
Useful life	40 years
Land use rights \| Maximum
Useful life	50 years

PRINCIPAL ACCOUNTING POLICIES - Property, equipment and software (Details)	12 Months Ended
	Dec. 31, 2022
Buildings \| Minimum
Property, equipment and software
Estimated useful life	30 years
Buildings \| Maximum
Property, equipment and software
Estimated useful life	40 years
Leasehold improvements
Property, equipment and software
Estimated useful life	Lesser of the term of the lease or the estimated useful lives of the assets
Website-related equipment \| Minimum
Property, equipment and software
Estimated useful life	3 years
Website-related equipment \| Maximum
Property, equipment and software
Estimated useful life	5 years
Computer equipment \| Minimum
Property, equipment and software
Estimated useful life	3 years
Computer equipment \| Maximum
Property, equipment and software
Estimated useful life	5 years
Furniture and fixtures \| Minimum
Property, equipment and software
Estimated useful life	3 years
Furniture and fixtures \| Maximum
Property, equipment and software
Estimated useful life	5 years
Software \| Minimum
Property, equipment and software
Estimated useful life	3 years
Software \| Maximum
Property, equipment and software
Estimated useful life	5 years

PRINCIPAL ACCOUNTING POLICIES - Acquisitions (Details) € in Millions, ¥ in Millions	1 Months Ended			12 Months Ended
	Sep. 30, 2020 CNY (¥)	Apr. 30, 2020 CNY (¥)	Apr. 30, 2020 EUR (€)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Others
Business combination disclosures
Purchase consideration				¥ 8.0	¥ 1.8	¥ 0.0
Purchase price allocation
Identifiable intangible assets				¥ 10.0	¥ 0.5	¥ 0.0
Online travel agency
Business combination disclosures
Purchase consideration		¥ 772.0	€ 100
Previously held interest (as a percent)		100.00%
Purchase price allocation
Fair value of the supplier relationship		¥ 28.0
Identifiable intangible assets		72.0
Deferred tax liabilities		16.0
Goodwill		1,000.0
Cash and cash equivalents		41.0
Net assets acquired/(net liability assumed)		¥ (304.0)
Amortization period		10 years	10 years
Online payment agency
Business combination disclosures
Purchase consideration	¥ 423.0
Previously held interest (as a percent)	100.00%
Purchase price allocation
Identifiable intangible assets	¥ 324.0
Deferred tax liabilities	81.0
Goodwill	119.0
Cash and cash equivalents	113.0
Net assets acquired/(net liability assumed)	¥ 61.0

PRINCIPAL ACCOUNTING POLICIES - Revenue recognition (Details) - Services	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
PRINCIPAL ACCOUNTING POLICIES
Percentage of packaged-tour product and services revenues recognized at net basis	90.00%	90.00%	90.00%
Concentration Of Risk Number Of Other Services	0	0	0
Percentage of transportation ticketing services revenue	90.00%	90.00%	90.00%

PRINCIPAL ACCOUNTING POLICIES - Goodwill and other intangible assets (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Intangible assets
Impairment of goodwill	¥ 0	¥ 0	¥ 0
Minimum
Intangible assets
Intangible asset useful life	3 years
Maximum
Intangible assets
Intangible asset useful life	15 years
Goodwill and other intangible assets
Intangible assets
Impairment on other intangible assets	¥ 0	¥ 0	¥ 0

PRINCIPAL ACCOUNTING POLICIES - Allowance for doubtful accounts (Details) ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Allowance for expected credit losses
Allowance at beginning of year		¥ 815	¥ 799	¥ 256
Cumulative effect of adoption of new accounting standard				83
Deconsolidation of subsidiaries			(1)	(27)
Provisions for credit losses	$ 43	296	141	700
Write-offs		(341)	(124)	(213)
Allowance at end of year		¥ 770	¥ 815	¥ 799

PRINCIPAL ACCOUNTING POLICIES - Sales and marketing (Details) - CNY (¥) ¥ in Billions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Sales and marketing
Advertising expenses	¥ 2.1	¥ 2.4	¥ 1.9

PRINCIPAL ACCOUNTING POLICIES - Share incentive plans (Details)		12 Months Ended
	Mar. 18, 2021	Dec. 31, 2022 shares	Dec. 31, 2021 shares	Dec. 31, 2020 shares	Dec. 31, 2019 shares
Share-based compensation disclosures
Number of options granted under share incentive plan		17,311,708	15,404,097	8,921,248
Number of option outstanding under share incentive plans (in shares)		77,474,702	66,081,119	57,583,856	54,368,896
Share subdivision ratio	8
Share based payment award number of common stock issuable on vesting of outstanding stock option ratio	1
Share based payment award number of common stock issuable on vesting of outstanding restricted stock ratio	1
Share based payment award stock options subdivision conversion ratio	8
Share Based Payment Award Restricted Stock Shares Subdivision Conversion Ratio	8
Before Share Subdivision
Share-based compensation disclosures
Ratio of ADSs to ordinary shares	1
Restricted stock units (RSUs) \| Employees
Share-based compensation disclosures
Requisite service period		4 years	4 years
Ctrip 2007 Incentive Plan \| Stock options \| Employees \| After Share Subdivision
Share-based compensation disclosures
Number of option outstanding under share incentive plans (in shares)		14,256,667	15,290,480
Ctrip 2007 Incentive Plan \| Restricted stock units (RSUs) \| Employees \| After Share Subdivision
Share-based compensation disclosures
Restricted stock units outstanding (in shares)		0	320
Global Incentive Plan \| Stock options \| Employees \| After Share Subdivision
Share-based compensation disclosures
Number of options granted under share incentive plan		17,311,708	15,404,097	8,921,248
Number of option outstanding under share incentive plans (in shares)		63,218,035	50,790,639
Global Incentive Plan \| Restricted stock units (RSUs) \| Employees \| After Share Subdivision
Share-based compensation disclosures
Number of options granted under share incentive plan		255,000	255,004	550,888
Restricted stock units outstanding (in shares)		751,506	869,300

PRINCIPAL ACCOUNTING POLICIES - Option activity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Number of Shares
Outstanding, beginning	66,081,119	57,583,856	54,368,896
Granted	17,311,708	15,404,097	8,921,248
Exercised	(4,493,648)	(5,106,035)	(3,495,960)
Forfeited	(1,424,477)	(1,800,799)	(2,210,328)
Outstanding, ending	77,474,702	66,081,119	57,583,856	54,368,896
Vested and expect to vest, ending	74,652,470
Exercisable, ending	42,196,796
Weighted Average Exercise Price
Outstanding, beginning (in dollars per share)	$ 23.02	$ 22.55	$ 22.21
Granted (in dollars per share)	14.15	18.46	15.87
Exercised (in dollars per share)	5.7	9.32	6.96
Forfeited (in dollars per share)	10.8	7.9	12
Outstanding, ending (in dollars per share)	22.26	$ 23.02	$ 22.55	$ 22.21
Vested and expect to vest, ending (in dollars per share)	22.43
Exercisable, ending (in dollars per share)	$ 25.97
Weighted Average Remaining Contractual Life (Years)
Outstanding	5 years 3 days	5 years 5 months 1 day	5 years 1 month 28 days	5 years 7 months 17 days
Vested and expect to vest at the end of the period	4 years 11 months 15 days
Exercisable at the end of the period	3 years 9 months 29 days
Aggregate Intrinsic Value
Outstanding	$ 995	$ 398	$ 704	$ 679
Vested and expect to vest	948
Exercisable	$ 410
Assumptions
Pre-vesting forfeiture rate assumptions (as a percent)	8.00%
Total intrinsic value of options exercised	$ 90	$ 128	$ 159

PRINCIPAL ACCOUNTING POLICIES - Exercisable options price range (Details) $ / shares in Units, ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 $ / shares	Dec. 31, 2020 CNY (¥)	Dec. 31, 2020 $ / shares
Other disclosures
Unrecognized compensation cost \| $	$ 350
Weighted average recognized period	2 years 4 months 24 days	2 years 4 months 24 days
Proceeds from exercise of share options	$ 26	¥ 179	¥ 307		¥ 159
After Share Subdivision
Other disclosures
Weighted average fair value of options granted (in dollars per share) \| $ / shares	$ 10.14			$ 19.94		$ 15.67

PRINCIPAL ACCOUNTING POLICIES - Options fair value assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based compensation disclosures
Risk-free interest rate, minimum (as a percent)	1.55%	0.21%	0.21%
Risk-free interest rate, maximum (as a percent)	4.45%	1.18%	1.32%
Expected dividend yield (as a percent)	0.00%	0.00%	0.00%
Volatility, minimum (as a percent)	41.00%	39.00%	40.00%
Volatility, maximum (as a percent)	49.00%	43.00%	43.00%
Minimum
Share-based compensation disclosures
Expected life (years)	4 years	4 years	4 years
The weighted average fair value of options at grant date per share	$ 7.44	$ 8.61	$ 8.12
Maximum
Share-based compensation disclosures
Expected life (years)	5 years	5 years	5 years
The weighted average fair value of options at grant date per share	$ 24.58	$ 39.17	$ 31.99

PRINCIPAL ACCOUNTING POLICIES - RSUs activities (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Weighted average grant date fair value
Unrecognized compensation cost	$ 350
Weighted average vesting period	2 years 4 months 24 days
Restricted stock units (RSUs)
Number of Shares
Unvested at beginning year (in shares)	869,620	934,512	4,008,768
Granted (in shares)	255,000	255,004	550,888
Vested (in shares)	(243,625)	(215,484)	(3,439,944)
Forfeited (in shares)	(129,489)	(104,412)	(185,200)
Unvested at end of year (in shares)	751,506	869,620	934,512
Weighted average grant date fair value
Unvested at beginning of year (in dollars per share)	$ 32.65	$ 33.79	$ 37.94
Granted (in dollars per share)	24.67	31.35	28.49
Vested (in dollars per share)	36.15	37.26	37.53
Forfeited (in dollars per share)	33.92	30.12	38.42
Unvested at end of year (in dollars per share)	$ 28.59	$ 32.65	$ 33.79
Unrecognized compensation cost	$ 14
Weighted average vesting period	1 year 10 months 24 days

PRINCIPAL ACCOUNTING POLICIES - Other income/ (expense) (Details) ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Other income/ (expense)
Gain on deconsolidation of subsidiaries(Note 18)				¥ 1,091
Government grants		¥ 618	¥ 550	601
Foreign exchange (losses)/gains		(69)	1	(40)
(Loss)/gain on disposal of long-term investments (Note 7)	$ 3	23	63	(602)
Gain from the fair value remeasurement upon the discontinuance of the equity method of the investments	165	1,135
Fair value changes of equity securities investments and Exchangeable Senior Notes		1,338	(170)	(612)
Impairments of long-term investments	(138)	(949)	(96)	(905)
Others		(81)	25	194
Total	$ 292	¥ 2,015	¥ 373	¥ (273)

PRINCIPAL ACCOUNTING POLICIES - Other income/ (expense) (Details) (Parenthetical) ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Other income/(expenses) [Line items]
Gain from the fair value remeasurement upon the discontinuance of the equity method of the investments	$ 165	¥ 1,135
Available-for-sale debt investments impairment charges		906	¥ 0	¥ 0
Tujia and Tujia Offline \| Redeemable Preferred Stock
Other income/(expenses) [Line items]
Available-for-sale debt investments impairment charges		¥ (906)

PRINCIPAL ACCOUNTING POLICIES - Statutory reserves (Details) - China	12 Months Ended
	Dec. 31, 2022
Statutory reserves disclosures
Portion of after-tax profit to be allocated to general reserve under PRC law (as a percent)	10.00%
Maximum percentage of statutory general reserve related to entity's registered capital	50.00%

PRINCIPAL ACCOUNTING POLICIES - Dividends (Details) - CNY (¥) ¥ in Billions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
PRINCIPAL ACCOUNTING POLICIES
Restricted net assets of company's PRC subsidiaries and VIEs not distributable in form of dividends to parent	¥ 6.2
Accumulated profit of subsidiaries in PRC distributable in form of dividends to parent	¥ 32.0	¥ 28.4	¥ 25.8
Withholding tax rate for dividends distributed by foreign invested enterprise to their immediate holding companies outside mainland china (as a percent)	10.00%
Dividends declared and paid	¥ 0.0	¥ 0.0	¥ 0.0

PRINCIPAL ACCOUNTING POLICIES - Earnings/(loss) per share (Details)	Mar. 18, 2021
Treasury stock disclosures
Share subdivision ratio	8
After Share Subdivision
Treasury stock disclosures
Ratio of ADSs to ordinary shares	8
Before Share Subdivision
Treasury stock disclosures
Ratio of ADSs to ordinary shares	1

PRINCIPAL ACCOUNTING POLICIES - Segment reporting (Details)	12 Months Ended
	Dec. 31, 2022 ¥ / ADS
Segment reporting disclosures
Number of reportable segments	1

PREPAYMENTS AND OTHER CURRENT ASSETS (Details) ¥ in Millions, $ in Millions	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
PREPAYMENTS AND OTHER CURRENT ASSETS
Prepayments and other deposits		¥ 5,019	¥ 3,952
Receivable related to financial services (Note 2)		3,403	3,679
Prepaid expenses		240	224
Interest receivables		759	621
Others		748	556
Total	$ 1,475	¥ 10,169	¥ 9,032

LONG-TERM PREPAYMENTS AND OTHER ASSETS (Details) ¥ in Millions, $ in Millions	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
LONG-TERM DEPOSITS AND PREPAYMENTS
Deposits paid to airline suppliers		¥ 239	¥ 183
Deposit paid to lessor		58	65
Deposits paid to advertising suppliers		21	35
Deposits paid to hotel suppliers		30	17
Others deposit		37	39
Long-term derivative assets		58
Prepayment for acquisition of property and equipment		33	5
Other long-term prepayments		69	27
Total	$ 79	¥ 545	¥ 371

LAND USE RIGHTS (Details) - CNY (¥) ¥ in Millions	12 Months Ended
LAND USE RIGHTS (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Minimum
Intangible assets
Useful life	3 years
Maximum
Intangible assets
Useful life	15 years
Land use rights
Intangible assets
Amortization expense	¥ 3	¥ 3	¥ 3
Net book value	¥ 83	¥ 86
Land use rights \| Minimum
Intangible assets
Useful life	40 years
Land use rights \| Maximum
Intangible assets
Useful life	50 years

PROPERTY, EQUIPMENT AND SOFTWARE (Details) ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2022 CNY (¥)
Property, equipment and software
Less: accumulated depreciation and amortization			¥ (3,639)		¥ (3,949)
Total net book value	$ 755		5,534		5,204
Depreciation	$ 92	¥ 632	723	¥ 790
Buildings
Property, equipment and software
Original value			5,408		5,409
Computer equipment
Property, equipment and software
Original value			1,040		810
Website-related equipment
Property, equipment and software
Original value			1,623		1,802
Furniture and fixtures
Property, equipment and software
Original value			229		216
Software
Property, equipment and software
Original value			651		668
Leasehold improvements
Property, equipment and software
Original value			¥ 222		¥ 248

INVESTMENTS - (Details) ¥ in Millions, $ in Millions	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
INVESTMENTS
Debt investments		¥ 18,128	¥ 16,467
Equity investments		32,049	28,494
Long-term investments	$ 7,275	¥ 50,177	¥ 44,961

INVESTMENTS - Held to maturity and Available-for-sale debt investments (Details) ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Held to maturity debt securities
Carrying amount of held to maturity investments		¥ 15,500	¥ 13,100
Weighted average maturities periods	2 years 2 months 12 days	2 years 2 months 12 days	1 year 8 months 12 days
Available-for-sale debt investments
Available-for-sale debt securities, Cost		¥ 3,792	¥ 3,734
Available-for-sale debt securities, Gross Unrealized Gains, including foreign exchange adjustment		352	271
Available-for-sale debt securities, Gross Unrealized Losses, including foreign exchange adjustment		(1,543)	(651)
Recognization the credit impairment		22
Other comprehensive income loss reclassification adjustment net of tax	$ 128	884	0	¥ 0
Available-for-sale debt investments impairment charges		906	0	0
Fair value of available-for-sale debt investments		1,500	2,400
Available-for-sale debt securities, Fair value		2,601	3,354
Unrealized securities holding gain (loss), net of tax		32	1	¥ (21)
Redeemable Preferred Stock [Member]
Available-for-sale debt investments
Gain loss from change in fair value of equity investment		¥ 268	¥ 139

INVESTMENTS - Equity securities with readily determinable fair values (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Equity securities with readily determinable fair values
Equity securities with readily determinable fair values, Cost	¥ 5,517	¥ 4,070
Equity securities with readily determinable fair values, Gross Unrealized Gains, including foreign exchange adjustment	6,958	5,097
Equity securities with readily determinable fair values, Gross Unrealized Losses, including foreign exchange adjustment	(541)	(596)
Equity securities with readily determinable fair values, Fair value	¥ 11,934	¥ 8,571

INVESTMENTS - Equity securities without readily determinable fair values (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Equity securities without readily determinable fair values
Carrying value of equity securities without readily determinable fair values	¥ 551	¥ 604
Total consideration	0	15	¥ 30
Gain/(loss) on sale of equity securities without readily determinable fair values	0	(4)	1
Investment in equity securities without readily determinable fair value	¥ 10	¥ 45	¥ 94

INVESTMENTS - Homeinns and BTG (Details) - CNY (¥) ¥ in Millions, shares in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2016
INVESTMENTS
Carrying value under equity investments	¥ 32,049	¥ 28,494
BTG
INVESTMENTS
Equity method investment, ownership interest (as a percent)			22.00%
Carrying value under equity investments	¥ 2,500	¥ 2,600
Sale of shares number of shares issued	4	9
Proceeds from issuance or sale of equity	¥ 101	¥ 201
Sale of Stock, Percentage of Ownership after Transaction	12.31%
BTG \| Other Income Expenses
INVESTMENTS
Gain loss from sale of stock at open market value	¥ 20	¥ 41

INVESTMENTS - Tongcheng-Elong and MakeMyTrip (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Aug. 31, 2019	Dec. 31, 2018
INVESTMENTS
Carrying value under equity investments		¥ 32,049	¥ 28,494
MakeMyTrip
INVESTMENTS
Carrying value under equity investments		5,900	5,600
MakeMyTrip \| Covid19
INVESTMENTS
Equity Method Investment Impairment Charges	¥ 700
Publicly traded
INVESTMENTS
Increased equity investments value		14,500
Equity investments, market value		22,500
Tongcheng-eLong
INVESTMENTS
Equity method investment, ownership interest (as a percent)					27.00%
Carrying value under equity investments		¥ 5,900	¥ 5,700
MakeMyTrip
INVESTMENTS
Equity method investment, ownership interest (as a percent)				49.00%

INVESTMENTS - Investment funds (Operating data) (Details) ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
INVESTMENTS
Carrying value under equity investments		¥ 32,049	¥ 28,494
Operating data:
Revenue	$ 2,907	20,039	20,023	¥ 18,316
Gross profit	2,253	15,526	15,425	14,285
Net (loss)/income	201	1,367	(645)	(3,269)
Equity in (loss)/income of affiliates	$ (85)	(586)	96	(1,689)
Total cash paid for equity method investments		502	328	351
Equity investments
Operating data:
Revenue		23,159	20,482
Gross profit		10,911	9,490
(Loss)/Income from operations		(1,377)	430
Net (loss)/income		(3,129)	392
Net loss attributable to equity method investments		(788)	(31)
Add: Equity dilution impact		202	127
Equity in (loss)/income of affiliates		(586)	96
Investment funds
INVESTMENTS
Carrying value under equity investments		2,900	3,000
other equity investments
INVESTMENTS
Carrying value under equity investments		2,100	2,300
Operating data:
Revenue				19,704
Gross profit				8,670
(Loss)/Income from operations				(805)
Net (loss)/income				(1,631)
Net loss attributable to equity method investments				(389)
Add: Equity dilution impact				67
Equity in (loss)/income of affiliates				(322)
Make My Trip
INVESTMENTS
Carrying value under equity investments		¥ 5,900	¥ 5,600
Operating data:
Revenue				1,883
Gross profit				1,377
(Loss)/Income from operations				(991)
Net (loss)/income				(2,864)
Net loss attributable to equity method investments				(1,459)
Add: Equity dilution impact				92
Equity in (loss)/income of affiliates				¥ (1,367)

INVESTMENTS - Investment funds (Balance sheet data) (Details) ¥ in Millions, $ in Millions	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Balance sheet data:
Current assets	$ 8,907	¥ 61,435	¥ 66,108
Current liabilities	8,879	61,239	66,218
Non-controlling interests	$ 107	736	779
Equity investments \| Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member]
Balance sheet data:
Current assets		48,132	51,437
Long-term assets		54,308	51,233
Current liabilities		35,589	36,344
Long-term liabilities		21,862	21,708
Non-controlling interests		¥ 217	¥ 178
other equity investments \| Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member]
Balance sheet data:
Current assets				¥ 35,004
Long-term assets				37,028
Current liabilities				27,914
Long-term liabilities				9,054
Non-controlling interests				167
MakeMyTrip \| Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member]
Balance sheet data:
Current assets				1,682
Long-term assets				5,121
Current liabilities				1,100
Long-term liabilities				221
Non-controlling interests				¥ 24

INVESTMENTS - Impairments (Details) - CNY (¥) ¥ in Millions	12 Months Ended
INVESTMENTS - Impairments (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Impairments
Available-for-sale debt investments impairment charges	¥ 906	¥ 0	¥ 0
Other income/ (expense)
Impairments
Available-for-sale debt investments impairment charges	906	0	0
Equity method investment impairment charges		82	840
Impairment charges of equity securities without readily determinable fair value	40	14	37
Equity securities with readily determinable fair value impairment charges	¥ 0	¥ 0	¥ 28

FAIR VALUE MEASUREMENT (Details) ¥ in Millions, $ in Millions	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 CNY (¥)
Assets
Equity securities (Note 7)		¥ 11,934		¥ 8,571
Measured on recurring basis
Assets
Financial products (Note 2, 7)	$ 2,304	15,893	$ 3,587	22,857
Time deposits (Note 2, 7)	3,649	25,166	3,108	19,807
Financial instruments (Note 2)	17	118	2	14
Equity securities (Note 7)	1,730	11,934	1,345	8,571
Available-for-sale debt investments (Note 7)	377	2,601	526	3,354
Total Assets	8,077	55,712	8,568	54,603
Liabilities
Exchangeable senior notes (Note 17)	610	4,204	595	3,791
Financial instruments (Note 2)	12	84	6	39
Total Liabilities	$ 622	4,288	$ 601	3,830
Measured on recurring basis \| Quoted prices in active market for identical assets (Level 1)
Assets
Equity securities (Note 7)		11,934		8,571
Total Assets		11,934		8,571
Measured on recurring basis \| Significant other observable inputs (Level 2)
Assets
Financial products (Note 2, 7)		15,893		22,857
Time deposits (Note 2, 7)		25,166		19,807
Financial instruments (Note 2)		70		14
Total Assets		41,129		42,678
Liabilities
Exchangeable senior notes (Note 17)		4,204		3,791
Financial instruments (Note 2)		84		39
Total Liabilities		4,288		3,830
Measured on recurring basis \| Unobservable inputs (Level 3)
Assets
Financial instruments (Note 2)		48
Available-for-sale debt investments (Note 7)		2,601		3,354
Total Assets		¥ 2,649		¥ 3,354

FAIR VALUE MEASUREMENT - Roll forward of major Level 3 Investments (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Roll forward of major Level 3 investments
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax
Unobservable inputs (Level 3)
Roll forward of major Level 3 investments
Fair value of Level 3 Investments, beginning balance	¥ 3,354	¥ 2,856
Transfer into/out of Level 3		(35)
New addition	86	704
Disposal of investments	(28)	(66)
Effect of exchange rate change	152	(44)
Expected credit losses	(906)
The change in fair value of the investments	(57)	(61)
Fair value of Level 3 Investment, ending balance	¥ 2,601	¥ 3,354

FAIR VALUE MEASUREMENT - Significant unobservable inputs (Details)	Dec. 31, 2022
Minimum \| Revenue growth rate
Significant unobservable inputs used in the valuation
Unobservable inputs	2.5
Minimum \| Weighted average cost of capital
Significant unobservable inputs used in the valuation
Unobservable inputs	13.5
Minimum \| Lack of marketability discount
Significant unobservable inputs used in the valuation
Unobservable inputs	15
Minimum \| Expected volatility
Significant unobservable inputs used in the valuation
Unobservable inputs	41
Maximum \| Revenue growth rate
Significant unobservable inputs used in the valuation
Unobservable inputs	100
Maximum \| Weighted average cost of capital
Significant unobservable inputs used in the valuation
Unobservable inputs	21
Maximum \| Lack of marketability discount
Significant unobservable inputs used in the valuation
Unobservable inputs	30
Maximum \| Expected volatility
Significant unobservable inputs used in the valuation
Unobservable inputs	68.05
Liquidation scenario \| Minimum \| Probability
Significant unobservable inputs used in the valuation
Unobservable inputs	30
Liquidation scenario \| Maximum \| Probability
Significant unobservable inputs used in the valuation
Unobservable inputs	100
Redemption scenario \| Minimum \| Probability
Significant unobservable inputs used in the valuation
Unobservable inputs	10
Redemption scenario \| Maximum \| Probability
Significant unobservable inputs used in the valuation
Unobservable inputs	45
IPO scenario \| Minimum \| Probability
Significant unobservable inputs used in the valuation
Unobservable inputs	0
IPO scenario \| Maximum \| Probability
Significant unobservable inputs used in the valuation
Unobservable inputs	40

GOODWILL (Details) ¥ in Millions, $ in Millions	12 Months Ended
GOODWILL (Details) ¥ in Millions, $ in Millions	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Changes in the carrying amount of goodwill
Balance at beginning of year		¥ 59,353	¥ 59,353
Disposals and immaterial others		(16)	0
Balance at end of period	$ 8,603	¥ 59,337	¥ 59,353

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

INTANGIBLE ASSETS (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2022	Dec. 31, 2021
Intangible assets disclosures
Intangible assets	¥ 15,218	¥ 15,204
Less: accumulated amortization	(2,476)	(2,244)
Net book value	12,742	12,960
Trademark
Intangible assets disclosures
Intangible assets not subject to amortization	11,776	11,764
Net book value - intangible assets not subject to amortization	11,776	11,764
Others
Intangible assets disclosures
Intangible assets not subject to amortization	161	159
Net book value - intangible assets not subject to amortization	161	159
Business Relationship
Intangible assets disclosures
Intangible assets to be amortized	1,872	1,872
Less: accumulated amortization	(1,485)	(1,342)
Net book value - intangible assets to be amortized	387	530
Technology
Intangible assets disclosures
Intangible assets to be amortized	610	610
Less: accumulated amortization	(610)	(588)
Net book value - intangible assets to be amortized	0	22
Others
Intangible assets disclosures
Intangible assets to be amortized	799	799
Less: accumulated amortization	(381)	(314)
Net book value - intangible assets to be amortized	¥ 418	¥ 485

INTANGIBLE ASSETS - Finite-lived intangible assets (Details)	12 Months Ended
	Dec. 31, 2022
Minimum
Intangible assets disclosures
Intangible asset useful life	3 years
Maximum
Intangible assets disclosures
Intangible asset useful life	15 years
Business Relationship \| Minimum
Intangible assets disclosures
Intangible asset useful life	5 years
Business Relationship \| Maximum
Intangible assets disclosures
Intangible asset useful life	10 years
Technology \| Minimum
Intangible assets disclosures
Intangible asset useful life	5 years
Technology \| Maximum
Intangible assets disclosures
Intangible asset useful life	10 years
Others \| Minimum
Intangible assets disclosures
Intangible asset useful life	3 years
Others \| Maximum
Intangible assets disclosures
Intangible asset useful life	15 years

INTANGIBLE ASSETS - Amortization expense (Details) - Amortization - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	¥ 240	¥ 295	¥ 424
Annual estimated amortization expense for intangible assets subject to amortization
2023	186
2024	181
2025	155
2026	51
2027	51
Total	¥ 624

LEASES - Supplemental cash flow information (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Lessee Disclosure [Abstract]
Cash paid for the rentals included in the lease liabilities	¥ 436	¥ 507
Right-of-use assets obtained in exchange for operating lease liabilities	¥ 520	¥ 455

LEASES - Supplemental consolidated balance sheet information (Details) ¥ in Millions, $ in Millions	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Lessee Disclosure [Abstract]
Right-of-use assets	$ 119	¥ 819	¥ 777
Current lease liabilities included within Other payables and accruals		274	363
Long-term lease liabilities	$ 77	534	400
Total lease liabilities		¥ 808	¥ 763
Weighted average remaining lease term	5 years	5 years	2 years
Weighted average discount rate	4.40%	4.40%	5.40%

LEASES - Maturities of lease liabilities (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2022	Dec. 31, 2021
Lessee Disclosure [Abstract]
2023	¥ 348
2024	174
2025	94
2026	71
2027	35
Thereafter	197
Total operating lease payments	919
Less: imputed interest	(111)
Total	¥ 808	¥ 763

LEASES (Details) - CNY (¥) ¥ in Millions	12 Months Ended
LEASES (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2022	Dec. 31, 2021
Operating lease cost	¥ 416	¥ 439
Maximum
Remaining operating lease term	10 years
Minimum
Remaining operating lease term	1 year

SHORT-TERM DEBT AND CURRENT PORTION OF LONG-TERM DEBT (Details) ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Short-term borrowings
Short-term bank borrowings and current portion of long-term loan		¥ 4,100
Total	$ 4,737	32,674	¥ 39,866
2022 Notes
Short-term borrowings
Short-term bank borrowings and current portion of long-term loan			324
Principal amount redeemed for cash	51	363
2022 Booking Notes
Short-term borrowings
Short-term bank borrowings and current portion of long-term loan			159
Principal amount redeemed for cash	25	178
Loan facility
Short-term borrowings
Short-term bank borrowings and current portion of long-term loan		28,398	39,113
Securitization debt
Short-term borrowings
Long-term debt, current maturities		72	¥ 270
Short-term borrowings
Short-term borrowings
Short-term bank borrowings and current portion of long-term loan	4,100	28,400
Short-term borrowings collateralized by short-term and long-term investments	700	5,000
Short-term and long-term investments	$ 700	¥ 4,600
Weighted average interest rate	2.90%	2.90%
Revolving credit facility agreement
Short-term borrowings
Revolving debt securities, term	12 months
Exchangeable Senior Notes [Member]
Short-term borrowings
Short-term bank borrowings and current portion of long-term loan		¥ 4,204
Minimum \| Revolving credit facility agreement
Short-term borrowings
Weighted average interest rate	3.90%	3.90%
Maximum \| Revolving credit facility agreement
Short-term borrowings
Weighted average interest rate	6.00%	6.00%

RELATED PARTY TRANSACTIONS AND BALANCES (Details) ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2020 CNY (¥)
RELATED PARTY TRANSACTIONS AND BALANCES
Due from related parties, current:		¥ 1,665	$ 253	¥ 1,748
Due from related parties, non-current		25	4	25
Due to related parties, current		138	$ 23	156
Tongcheng-eLong
RELATED PARTY TRANSACTIONS AND BALANCES
Commissions from related parties	¥ 148	186
Commissions to related parties	21	294
Tongcheng-eLong \| Trade related
RELATED PARTY TRANSACTIONS AND BALANCES
Due from related parties, current:		1,146		1,253
Due to related parties, current		61		25
H World
RELATED PARTY TRANSACTIONS AND BALANCES
Commissions from related parties	55	100
BTG
RELATED PARTY TRANSACTIONS AND BALANCES
Commissions from related parties	38	73
Shangcheng
RELATED PARTY TRANSACTIONS AND BALANCES
Commissions from related parties	172	265
Tujia
RELATED PARTY TRANSACTIONS AND BALANCES
Repayment of loan from Tujia		302
Repayment of loan from the related party Tujia		300
Loans provided					¥ 340
Interest income from loans	¥ 3	4
Tujia \| Minimum [Member]
RELATED PARTY TRANSACTIONS AND BALANCES
Term of loans	15 months
Tujia \| Maximum [Member]
RELATED PARTY TRANSACTIONS AND BALANCES
Term of loans	18 months
Tujia \| Non-trade related
RELATED PARTY TRANSACTIONS AND BALANCES
Due from related parties, current:		49		52
LY.com
RELATED PARTY TRANSACTIONS AND BALANCES
Commissions from related parties	¥ 224	50
Loans provided to Lvyue	224	50
Repayment of loan from Lvyue	113
Repayment of loan from the related party Lvyue	100
Interest Income, Related Party	¥ 18	0
LY.com \| Minimum [Member]
RELATED PARTY TRANSACTIONS AND BALANCES
Term of loans	3 months
LY.com \| Maximum [Member]
RELATED PARTY TRANSACTIONS AND BALANCES
Term of loans	15 months
Others \| Trade related
RELATED PARTY TRANSACTIONS AND BALANCES
Due from related parties, current:		420		265
Due to related parties, current		77		131
Others \| Non-trade related
RELATED PARTY TRANSACTIONS AND BALANCES
Due from related parties, non-current		25		25
Lvyue \| Non-trade related
RELATED PARTY TRANSACTIONS AND BALANCES
Due from related parties, current:		¥ 50		¥ 178

EMPLOYEE BENEFITS (Details) - CNY (¥) ¥ in Billions	12 Months Ended
EMPLOYEE BENEFITS (Details) - CNY (¥) ¥ in Billions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
EMPLOYEE BENEFITS
Expense of employee benefits	¥ 1.9	¥ 1.8	¥ 1.4

TAXATION - Company's subsidiaries (Details) ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2030	Dec. 31, 2029	Dec. 31, 2028	Dec. 31, 2027	Dec. 31, 2026	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019
Taxation
Applicable tax rate (as a percent)									25.00%	25.00%	25.00%	25.00%
Undistributed earnings deferred tax liability										¥ 0
Income tax expense									$ 99	¥ 682	¥ 270	¥ 355
Ctrip Computer Technology
Taxation
Applicable tax rate (as a percent)									15.00%	15.00%
Ctrip Travel Network
Taxation
Applicable tax rate (as a percent)									15.00%	15.00%
Ctrip Travel Information
Taxation
Applicable tax rate (as a percent)									15.00%	15.00%
Beijing Hujinxinrong Technology Co Ltd
Taxation
Applicable tax rate (as a percent)									15.00%	15.00%
Cayman
Taxation
Applicable tax rate (as a percent)									0.00%	0.00%
Hong Kong Profits Tax
Taxation
Applicable tax rate (as a percent)									16.50%	16.50%
PRC Corporate Income Tax
Taxation
Applicable tax rate (as a percent)									25.00%	25.00%
PRC Corporate Income Tax \| Western region of China \| Chengdu Ctrip
Taxation
Applicable tax rate approved (as a percent)	15.00%	15.00%	15.00%	15.00%	15.00%	15.00%	15.00%	15.00%	15.00%	15.00%	15.00%
PRC Corporate Income Tax \| Western region of China \| Chengdu Ctrip International
Taxation
Applicable tax rate approved (as a percent)	15.00%	15.00%	15.00%	15.00%	15.00%	15.00%	15.00%	15.00%	15.00%	15.00%	15.00%
PRC Corporate Income Tax \| Western region of China \| Chengdu Information
Taxation
Applicable tax rate approved (as a percent)	15.00%	15.00%	15.00%	15.00%	15.00%	15.00%	15.00%	15.00%	15.00%	15.00%	15.00%
PRC Corporate Income Tax \| High new tech enterprises \| Ctrip Computer Technology
Taxation
Applicable tax rate (as a percent)									15.00%	15.00%	15.00%	15.00%
PRC Corporate Income Tax \| High new tech enterprises \| Ctrip Travel Network
Taxation
Applicable tax rate (as a percent)									15.00%	15.00%	15.00%	15.00%
PRC Corporate Income Tax \| High new tech enterprises \| Qunar Software
Taxation
Applicable tax rate (as a percent)								15.00%	15.00%	15.00%	15.00%
PRC Corporate Income Tax \| High new tech enterprises \| Qunar Beijing
Taxation
Applicable tax rate (as a percent)								15.00%	15.00%	15.00%	15.00%
PRC Corporate Income Tax \| High new tech enterprises \| Ctrip Travel Information
Taxation
Applicable tax rate (as a percent)									15.00%	15.00%	15.00%	15.00%
PRC Corporate Income Tax \| High new tech enterprises \| Beijing Hujinxinrong Technology Co Ltd
Taxation
Applicable tax rate (as a percent)											15.00%	15.00%	15.00%
PRC Corporate Income Tax \| High new tech enterprises \| Shanghai Xielv Information Technology Co., Ltd
Taxation
Applicable tax rate (as a percent)								15.00%	15.00%	15.00%	15.00%
PRC Corporate Income Tax \| High new tech enterprises \| Ctrip Business Travel Information Service (Shanghai) Co., Ltd
Taxation
Applicable tax rate (as a percent)								15.00%	15.00%	15.00%	15.00%
Domestic country
Taxation
Income tax expense										¥ 476	¥ 373	¥ 528
Foreign country
Taxation
Income tax expense										¥ 206	¥ (103)	¥ (173)

TAXATION - Income before income tax expenses (Details) ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Income/(loss) from domestic and foreign components before income tax expenses
Domestic		¥ 3,501	¥ 2,615	¥ 4,230
Foreign		(866)	(3,086)	(5,455)
(Loss)/Income before income tax expense and equity in (loss)/income of affiliates	$ 385	¥ 2,635	¥ (471)	¥ (1,225)

TAXATION - Income tax expense (Details) ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
TAXATION
Current income tax expense		¥ 387	¥ 607	¥ 848
Deferred tax (benefit)/expense	$ 40	295	(337)	(493)
Income tax expense	$ 99	¥ 682	¥ 270	¥ 355

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

Net loss attributable to Trip's shareholders

TAXATION - Reconciliation of tax rate and effective tax rate (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of the differences between statutory tax rate and effective tax rate
Statutory CIT rate	25.00%	25.00%	25.00%
Non-deductible expenses and non-taxable income incurred
Share-based compensation expenses	6.00%	(89.00%)	(38.00%)
Change in fair value of equity securities investments and exchangeable senior notes	(22.00%)	(21.00%)	0.00%
Gain on deconsolidation of a subsidiary	0.00%	0.00%	15.00%
Others	(2.00%)	1.00%	3.00%
R&D expense super deduction	(16.00%)	65.00%	0.00%
Effect of tax holiday	(7.00%)	75.00%	27.00%
Difference in tax rates of subsidiaries outside PRC	19.00%	(37.00%)	(37.00%)
Changes in valuation allowance	23.00%	(76.00%)	(24.00%)
Effective EIT rate (as a percent)	26.00%	(57.00%)	(29.00%)

TAXATION - Effect of tax holiday (Details) - CNY (¥) ¥ / shares in Units, ¥ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income tax holiday
Tax holiday effect	¥ 183	¥ 359	¥ 370
ADS
Income tax holiday
Basic net income per ADS effect (in RMB per share)	¥ 0.28	¥ 0.57	¥ 0.62
Diluted net income per ADS effect (in RMB per share)	¥ 0.28	¥ 0.57	¥ 0.62

TAXATION - Impact of subsidiaries' preferential tax rates (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of the differences between statutory tax rate and effective tax rate
Statutory CIT rate (as a percent)	25.00%	25.00%	25.00%
Effective EIT rate (as a percent)	26.00%	(57.00%)	(29.00%)
Subsidiaries
Reconciliation of the differences between statutory tax rate and effective tax rate
Effective EIT rate (as a percent)	12.00%	38.00%	(10.00%)
Ctrip Computer Technology
Reconciliation of the differences between statutory tax rate and effective tax rate
Statutory CIT rate (as a percent)	15.00%
Effective EIT rate (as a percent)	(2.70%)	31.90%	15.40%
Ctrip Travel Information
Reconciliation of the differences between statutory tax rate and effective tax rate
Statutory CIT rate (as a percent)	15.00%
Effective EIT rate (as a percent)	0.20%	(4.10%)	(0.70%)
Ctrip Travel Network
Reconciliation of the differences between statutory tax rate and effective tax rate
Statutory CIT rate (as a percent)	15.00%
Effective EIT rate (as a percent)	(2.70%)	16.00%	14.10%
Chengdu Information
Reconciliation of the differences between statutory tax rate and effective tax rate
Statutory CIT rate (as a percent)	15.00%
Effective EIT rate (as a percent)	(0.80%)	7.30%	6.80%
Beijing Hujinxinrong Technology Co Ltd
Reconciliation of the differences between statutory tax rate and effective tax rate
Statutory CIT rate (as a percent)	15.00%
Effective EIT rate (as a percent)	(2.20%)	14.30%	(2.00%)
The Company and its subsidiaries in Hong Kong, Singapore, UK and Cayman Islands
Reconciliation of the differences between statutory tax rate and effective tax rate
Statutory CIT rate (as a percent)	0.00%
Statutory CIT rate alternate case in Cayman (as a percent)	19.00%
Effective EIT rate (as a percent)	19.60%	(38.80%)	(44.60%)
Qunar and subsidiaries
Reconciliation of the differences between statutory tax rate and effective tax rate
Statutory CIT rate (as a percent)	15.00%
Effective EIT rate (as a percent)	(0.20%)	6.60%	(2.50%)
Other subsidiaries
Reconciliation of the differences between statutory tax rate and effective tax rate
Effective EIT rate (as a percent)	0.80%	4.80%	3.50%

TAXATION - Deferred tax assets and liabilities (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Accrued expenses	¥ 893	¥ 731
Loss carry forwards	1,646	1,393
Accrued liability for customer reward related programs	56	40
Accrued staff salary	42	98
Others	200	314
Less: valuation allowance of deferred tax assets	(1,513)	(892)	¥ (589)	¥ (482)
Total deferred tax assets	1,324	1,684
Deferred tax liabilities
Recognition of intangible assets arise from business combinations and unrealized holding gain	(3,487)	(3,527)
Net deferred tax liabilities	¥ (2,163)	¥ (1,843)

TAXATION - Movement of valuation allowance (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Movement of valuation allowances
Balance at beginning of year	¥ 892	¥ 589	¥ 482
Changes in current year	621	303	107
Balance at end of year	1,513	892	¥ 589
Net operating tax loss carry forwards	8,200
Unrecognized tax benefit and accrual	¥ 0	¥ 0

OTHER PAYABLES AND ACCRUALS (Details) ¥ in Millions, $ in Millions	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
OTHER PAYABLES AND ACCRUALS
Accrued operating expenses		¥ 5,235	¥ 4,922
Deposits received from travel suppliers and packaged tours users		942	986
Current lease liabilities		274	363
Payable related to acquisition and investments		294	377
Accruals for property and equipment		28	94
Others		640	559
Total	$ 1,076	¥ 7,413	¥ 7,301
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Total	Total	Total

LONG-TERM DEBT (Details) $ / shares in Units, ¥ in Millions				12 Months Ended
LONG-TERM DEBT (Details) $ / shares in Units, ¥ in Millions	Jul. 01, 2021	Sep. 19, 2016 USD ($) $ / shares	Jun. 18, 2015 USD ($) $ / shares	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Jul. 31, 2021 USD ($)	Jul. 13, 2020 USD ($) $ / shares	Jul. 01, 2020 USD ($)	Jul. 01, 2020 CNY (¥)	Aug. 31, 2019 USD ($)	Aug. 31, 2019 CNY (¥)	Sep. 12, 2016 USD ($) $ / shares
LONG-TERM DEBT
Senior notes								¥ 13,144	¥ 6,644
Securitization debt								0	628
Total				$ 1,911,000,000				13,177	11,093
Fair value of long-term debt, based on Level 2 inputs								13,200	11,100
Long-term Debt								13,100
Short-term Debt								4,100
Exchangeable Senior Notes [Member]
LONG-TERM DEBT
Short-term Debt								¥ 4,204
Long-term Loans from Commercial Banks
LONG-TERM DEBT
Weighted average interest rate (as a percent)				3.06%				3.06%
Aggregate principal amount				$ 2,500,000,000				¥ 17,200
2025 Notes
LONG-TERM DEBT
Senior notes								33	30
Interest rate (as a percent)			1.99%
Aggregate principal amount			$ 400,000,000									$ 395,000,000	¥ 2,800
Debt issuance costs \| $			6,800,000
Long-term Debt								33
2025 Notes \| ADS
LONG-TERM DEBT
Principal amount denomination for conversion \| $			$ 1,000
Initial conversion rate			9.3555
Initial conversion price (in dollars per share) \| $ / shares			$ 106.89
2022 Notes
LONG-TERM DEBT
Interest rate (as a percent)		1.25%
Aggregate principal amount \| $		$ 975,000,000
Early Redemption For Cash														$ 924,000,000	¥ 6,600
Debt issuance costs \| $		19,000,000
Principal amount redeemed for cash				51,000,000				363
Short-term Debt									324
Repayments of short-term debt				51,000,000	¥ 363
2022 Notes \| ADS
LONG-TERM DEBT
Principal amount denomination for conversion \| $		$ 1,000
Initial conversion rate		15.2688
Initial conversion price (in dollars per share) \| $ / shares		$ 65.49
2022 Booking Notes
LONG-TERM DEBT
Interest rate (as a percent)																1.25%
Aggregate principal amount \| $																$ 25,000,000
Principal amount redeemed for cash				25,000,000				178
Short-term Debt									159
2022 Booking Notes \| ADS
LONG-TERM DEBT
Initial conversion price (in dollars per share) \| $ / shares																$ 65.49
Exchangeable Senior Notes [Member]
LONG-TERM DEBT
Senior notes								0	3,791
Interest rate (as a percent)											1.50%
Fair value of long-term debt, based on Level 2 inputs				609,000,000		$ 595,000,000		¥ 4,200	¥ 3,800
Aggregate principal amount \| $											$ 500,000,000
Exchangeable Senior Notes [Member] \| Other Income Expenses
LONG-TERM DEBT
Changes in fair value of long term debt				$ (14,000,000)	¥ (97)	$ 56,000,000	¥ 363
Exchangeable Senior Notes [Member] \| ADS
LONG-TERM DEBT
Principal amount denomination for conversion \| $										$ 1,000
Initial conversion rate	24.7795
Initial conversion price (in dollars per share) \| $ / shares											$ 40.36

REDEEMABLE NON-CONTROLLING INTERESTS (Details) ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 USD ($)	Dec. 31, 2020 CNY (¥)	Dec. 31, 2019 CNY (¥)
Business Acquisition [Line Items]
Redeemable preferred shares issued					¥ 1,100
Percentage of redemption price increase Per Annum					10.00%
Accretion to redemption value of redeemable non-controlling interests	¥ 0	¥ 0		¥ 40
Gain on Deconsolidation in Subsidiary				1,091
Other Nonoperating Income (Expense) [Member]
Business Acquisition [Line Items]
Gain on Deconsolidation in Subsidiary			$ 161	¥ 1,100

SHARE CAPITAL - Additional Information (Details) - Apr. 19, 2021 ¥ in Billions	CNY (¥) shares	$ / shares
Class of Stock [Line Items]
Ordinary shares issued \| shares	36,380,900
Ordinary shares per share \| $ / shares		$ 268
Net proceeds \| ¥	¥ 8.0

(LOSSES)/EARNINGS PER SHARE (Details)
¥ / shares in Units, $ / shares in Units, ¥ in Millions, $ in Millions

12 Months Ended

Dec. 31, 2022

USD ($)

$ / shares

Dec. 31, 2022

CNY (¥)

¥ / shares

Dec. 31, 2021

CNY (¥)

¥ / shares

Dec. 31, 2020

CNY (¥)

¥ / shares

Numerator:

$ 206

¥ 1,403

¥ (550)

¥ (3,247)

Numerator for diluted earnings per share | ¥

¥ 1,403

¥ (550)

¥ (3,247)

Denominator for basic earnings per ordinary share - weighted average ordinary shares outstanding

^[1]

648,380,590

634,109,233

600,888,208

Dilutive effect of share options and RSUs

8,712,236

Denominator for diluted earnings per ordinary share

^[1]

657,092,826

634,109,233

600,888,208

Number of outstanding weighted average ordinary shares excluded from the calculation of diluted earnings /(loss) per common share

19,062,550

8,002,906

40,329,592

Convertible Notes

Number of outstanding weighted average ordinary shares excluded from the calculation of diluted earnings /(loss) per common share

906,820

1,245,966

27,896,136

Stock options

Number of outstanding weighted average ordinary shares excluded from the calculation of diluted earnings /(loss) per common share

18,155,730

6,756,940

12,433,456

Ordinary shares

Basic earnings/(losses) per share | (per share)

^[1]

$ 0.31

¥ 2.17

¥ (0.87)

¥ (5.4)

Diluted earnings/(losses) per share | (per share)

^[1]

0.31

2.14

(0.87)

(5.4)

ADS

Basic earnings/(losses) per share | (per share)

^[1]

0.31

2.17

(0.87)

(5.4)

Diluted earnings/(losses) per share | (per share)

^[1]

$ 0.31

¥ 2.14

¥ (0.87)

¥ (5.4)

[1]	Basic and diluted losses per ordinary share and weighted average ordinary shares outstanding for the years ended December 31, 2020 have been retrospectively adjusted for the Share Subdivision that became effective on March 18, 2021 as detailed in Note 2 and Note 20.

COMMITMENTS AND CONTINGENCIES (Details) ¥ in Millions	12 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) ¥ in Millions	Dec. 31, 2022 CNY (¥)
Capital commitments
Outstanding capital commitments	¥ 8
Guarantee
Quota amount of air tickets	1,100
Deposits paid	147
Maximum amount of future payments	¥ 943

GEOGRAPHIC INFORMATION - Revenue from external customers by geographic areas (Details) ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Geographic Areas, Revenues from External Customers [Abstract]
Total Revenue	$ 2,909	¥ 20,055	¥ 20,029	¥ 18,327
The Greater China
Geographic Areas, Revenues from External Customers [Abstract]
Total Revenue		16,326	18,423	17,019
Others
Geographic Areas, Revenues from External Customers [Abstract]
Total Revenue		¥ 3,729	¥ 1,606	¥ 1,308

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856