Tongcheng Travel Holdings Limited

Now, many, including myself, thought a probe that resulted in a massive 5.2 billion yuan fine against industry leader Trip.com was the end of things, as travel became one of the last tech sectors to undergo this kind of regulatory scrutiny.

But now we're learning that China's market regulator is currently investigating most of the industry's other second-tier players, including Tongcheng, Alibaba, Meituan, and Tujia.

Now, there's no word on what exactly it's investigating, but most of the companies have acknowledged that this probe is happening.

So any thoughts from you on what the regulator might be doing here? I mean, it does seem like in the past, industry leaders like Alibaba and Tencent, they've come under the regulatory spotlight, but usually it's in the areas where they're the big leaders and obviously abusing their leadership position, whereas in this case, It seems a little unusual that the regulators are starting to go after companies that were probably victims of Trip.com's anti-competitive behavior.