OTAs in the play Benchmarking the winners: Two playbooks, one prize

Research evidence excerpt

OTAs in the play Benchmarking the winners: Two playbooks, one prize

2 July 2026

OTAs in the play EquitiesInternet Software & Services

Benchmarking the winners: Two playbooks, one prize Global

◆ China’s OTA market is scaled and mature, while India’s is Parash Jain*

earlier cycle with significant online penetration runway Global Head of Transport & Logistics Research

The Hongkong and Shanghai Banking Corporation Limited

◆ India’s open-funnel discovery lifts CAC, whereas China’s parashjain@hsbc.com.hk+852 2996 6717

super-app reduces friction but intensifies platform competition Deepak Maurya*, CFA

Analyst, Asia Transport

◆ We see AI and cross-selling drive margin uplifts for India The Hongkong and Shanghai Banking Corporation Limited

OTA; initiate MMYT at Buy and USD70 TP in a separate note deepakmaurya@hsbc.com.hk+852 2822 4292

China and India are the two key OTA growth engines in Asia, but they’re at different BruceAnalyst,Chu*,AsiaCFATransport

points in the cycle. China is later-cycle and ecosystem-driven: 2025 domestic tourism The Hongkong and Shanghai Banking Corporation Limited

spending hit RMB6.3trn (USD900bn) and OTA transaction value reached RMB1.42trn bruce.y.h.chu@hsbc.com.hk

+852 2996 6621

(USD200bn, 50-55% online penetration), per Ministry of Culture and Tourism. India is

earlier-cycle and penetration-led with total travel bookings at INR5.8trn (USD64bn) and

* Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

online travel at USD28bn (43% penetration). This report compares and contrast these not registered/ qualified pursuant to FINRA regulations

two leaders on various metrics (Exhibit 1).

Traffic economics drive CAC and margin strategy. India runs an Open Funnel where