article | AI Finance and Economics Fang Lu
editor | Zhang Shuo
On November 11, 2020, the major e-commerce giants began to announce their real-time transcripts of new highs, but this shopping spree did not Simultaneously stimulate the share price performance of these e-commerce giants in the capital market.
Now, the real excitement is coming!
Just the day before Double 11, the "Guidelines for Anti-monopoly on Platform Economy (Draft for Comment)" (hereinafter referred to as the "Guide") issued by the State Administration for Market Regulation gave the e-commerce giants in the carnival a blow, and the stock price fell. .
As of the close of trading on November 10, Eastern Time, Alibaba's stock price fell 8.26% to $266.64; Jingdong fell 5.63% to $80.08; Pinduoduo fell 2.87% to $103.09. On November 11, as of the close of Hong Kong stocks that day, Alibaba fell 9.8% to 248.4 Hong Kong dollars; Jingdong fell 9.2% to 300 Hong Kong dollars, while Meituan fell 10% to close at 270 Hong Kong dollars.
From the perspective of regulating the industry, the market has been calling for the "Anti-Monopoly Law" for a long time. After the introduction of the guide, what profound impact will it have on domestic e-commerce platforms?
The error correction is clear, and the stock market is overreacting?
The anti-monopoly "guide" issued by the General Administration of Market Supervision pointed out that the purpose of introducing this policy is to prevent and stop monopolistic behavior in the Internet platform economy, reduce administrative law enforcement and operator compliance costs, and strengthen and improve the platform economy Anti-monopoly supervision, protection of fair competition in the market, safeguarding consumer interests and social public interests, and promoting the sustainable and healthy development of the platform.
"Guide" shows that the "Anti-Monopoly Law" prohibits operators with dominant market positions from abusing market dominance, and provides clear explanations on the nature of platform monopoly behavior, such as unfair price behavior, selling below cost, and refusal to trade , Limited transactions, etc. In an interview with AI Finance and Economics Agency, Meng Huixin, an analyst at the Legal Rights and Interests Department of the e-commerce Research Center of Z1z
, said that the "Guide" clearly targets some leading Internet companies, and anti-monopoly will benefit businesses and consumers.
She cited, for example, that there have been negative incidents such as Ai Stock’s real-name report on Vipshop’s unfair competition, and Meituan’s request for merchants to choose the first one. The launch of the "Guide" will be a good news for merchants and will help promote fair competition between platforms. Create a good market competition order. At the same time, targeting the frequently exposed big data will also serve as a deterrent and benefit consumers. The
"Guide" was launched during Double 11, and the stock prices of the e-commerce giants who were carnivally were soon sad. In this regard, Shen Meng, executive director of Chanson Capital, said in an interview with AI Finance and Economics that the drop in stock prices was because the market was a bit "excessive", because the purpose of the policy was not to put platform-based enterprises and platform-based economies to death. The "excessive worry" of related companies is now only in the stage of soliciting opinions, and how the follow-up will be implemented will not soon be reflected in the performance of listed companies.
has been suffering for a long time, and the solution is not overnight.
"Guide" is a timely rain for merchants and consumers. Take the price traps and big data that consumers encounter as examples. Previously, they were dealt with on individual cases, which led to loopholes. Not fully repaired. This is a large-scale project that is not enough to rely solely on the self-regulation and self-filling of platform companies. Z1z
, a special researcher of the e-commerce research center of the Net Economics and Social Affairs, and lawyer Dong Yizhi of Shanghai Zhengce Law Firm, told AI Finance and Economics that the development of the Internet platform has actually produced many drawbacks. But these drawbacks are not only realized by the self-regulation of the platform itself and the industry, but can only be solved from a higher level of supervision.
According to Dong Yizhi, the anti-monopoly issue of my country's Internet companies has indeed reached a critical time point. When the regulatory authorities have to make a choice, the guidance issued during the Double 11 promotion period may be more targeted, and it is also a warning to the platform. "We must not do "excessive" things, and we must not do anything arbitrarily. We also need to consider the fairness and justice of the entire society and create a good market competition order. The
"Guide" implements supervision and correction of platform problems from the perspective of market supervision and overall industry regulation. The previous news that heart stents related to the health interests of the people dropped from more than 10,000 yuan to a few hundred yuan, in Shen Meng’s view, also used the strong degree of supervision to reduce the abnormal gray profits of the industry.Run the space and let the benefits to consumers. Therefore, the "Guide" has a very positive significance in eliminating the economic ills of the Internet.
Shen Meng pointed out that with regard to traditional economic monopolies, the Internet breaks the restrictions of geographical space, so platform monopolies are relatively hidden. This is a risk that new monopolies exist. Monopoly is not "all evil", it mainly depends on whether the company abuses its monopoly position. For example, the use of a naturally formed monopoly position to conduct exclusive competition against other competitors is illegal and is also the target of antitrust.
Compared with previous related policies, Dong Yizhi believes that the newly launched anti-monopoly "guidelines" are "very different", especially in directly naming the two key points of "platform economy" and "anti-monopoly", which involves agreement control ( The concentration of undertakings under the VIE structure is within the scope of the antitrust review of concentration of undertakings. In fact, it is very clear. “It points to Internet companies such as Alibaba, JD.com, Meituan, and Bytedance. On November 6th, 27 companies have been invited to open After the administrative guidance meeting, the guide is also carried out in conjunction with the meeting, so it is very different from the past."
Meng Huixin believes that this "guideline" alone cannot completely eliminate platform drawbacks. The introduction of policies has a warning effect on the chaos in the industry. Follow-up regulations are required to be issued, and it takes time to solve the problem.
