Ctrip - China's largest OTA, just now rebranded as Trip.com, see website - is seeing outbound tourist numbers and spend from mainland China down significantly. Ctrip CEO Jane Sun attributes this market shrinkage to the "US trade war".

Ctrip's Nasdaq valuation is down $6B from a year ago.

Although as of September spend of Chinese outbound travelers was down from 2017, trip numbers were up.

Unfortunately, just when it was beginning to look like the US-China trade tensions were about to be resolved, the diplomatic flap over the arrest of the Huawei Technologies CFO in Canada at US request and detention in China of 3 Canadian citizens has increased the uncertainty of the China outbound tourism market.

Stay tuned for final 2018 numbers.