On September 9, TONGCHENGTRAVEL fell 5.21% in regular trading, trading at HK$10.91 per share with turnover of HK$112 million, breaking below its prior 52-week low of HK$11.20.

On the news front, BlackRock sold approximately 4.5152 million shares of TONGCHENGTRAVEL on September 2 at an average price of HK$12.02, totaling around HK$54.28 million. The disposal reduced BlackRock's stake from 5.15% to 4.96%, crossing below the significant 5% ownership threshold. The institutional sell-down compounded existing pressure from the company's recently disclosed H1 results, which showed Q2 total revenue growing 6.8% year-over-year to approximately RMB 4.687 billion — a notable deceleration from Q1. Attributable net profit declined year-over-year, while monthly paying users fell roughly 3% over the half-year period. Following the earnings release, Goldman Sachs, Morgan Stanley, and Jefferies all lowered their target prices, with Jefferies trimming its target to HK$18 from HK$20 while maintaining a Buy rating. The broader Hotels, Resorts and Cruise Lines sector traded weak, with TRIP.COM-S down 2.78% and HWORLD-S down 2.22%.

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