Ctrip Got Fined $715 Million. Everyone Is Cheering for Meituan, But They’re Looking at the Wrong Winner.
Ctrip’s $715 million antitrust fine destroyed its exclusive supply lock-in, but the real winner won’t be Meituan. Douyin has quietly built the booking infrastructure to capture the newly freed high-star hotel supply, while Meituan is trapped by profit pressure versus long-term investment. The true advantage has shifted from supply control to user trust and habits.