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2021-07-24

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[Focus] Snap surges 22%, Q2 revenue up 116% year-over-year

2021-07-24

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[Focus] Snap surges 22%, Q2 revenue up 116% year-over-year

2021-07-24

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Sorry, the original content has been removed

2021-07-24

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Sorry, the original content has been removed

2021-07-24

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Administrative penalties were imposed! Tencent was ordered to terminate the exclusive copyright of online music.

2021-07-24

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Are Intel's prospects good? Wall Street is divided after the results

2021-07-23

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New Oriental responds to the "double reduction" document: No formal notification regarding these regulations has been received.

2021-07-23

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New Oriental responds to the "double reduction" document: No formal notification regarding these regulations has been received.

Go to Tiger App to see more news

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Revenue increased by 116% year-over-year in the second quarter.</p><p>The financial report shows that Q2 revenue was $982 million, a year-on-year increase of 116%; Net loss was $152 million, a 53% decrease year-over-year, compared to $326 million in the same period last year; Diluted loss per share was $0.10, compared to a loss of $0.23 per share in the same period last year; The number of daily active users (DAU) in the second quarter was 293 million, a year-on-year increase of 23%.</p><p><img src=\"https://static.tigerbbs.com/ad75520076ba6d2801e07b631a019261\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/bd3ac286c2233d10a592ba6c388667fb","relate_stocks":{"SNAP":"Snap Inc"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196350304","content_text":"7月23日，Snap大涨22%，股价盘中一度刷新历史新高。第二季度营收同比增长116%。\n财报显示：Q2营收为9.82亿美元，同比增长116%；净亏损为1.52亿美元，同比收窄53%，去年同期为3.26亿美元；摊薄后每股亏损0.10美元，上年同期每股亏损0.23美元；二季度日活跃用户数(DAU)为2.93亿，同比增长23%。","news_type":1,"symbols_score_info":{"SNAP":0.9}},"isVote":1,"tweetType":1,"viewCount":4235,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174602212,"gmtCreate":1627093098936,"gmtModify":1703484116870,"author":{"id":"4087119540273580","authorId":"4087119540273580","name":"chuayonghock","avatar":"https://static.tigerbbs.com/8b76d0db3e9b22055172d1bb13319f56","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087119540273580","idStr":"4087119540273580"},"themes":[],"title":"","htmlText":".....","listText":".....","text":".....","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/174602212","repostId":"1196350304","repostType":4,"repost":{"id":"1196350304","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1627050334,"share":"https://ttm.financial/m/news/1196350304?lang=en_US&edition=fundamental","pubTime":"2021-07-23 22:25","market":"us","language":"zh","title":"[Focus] Snap surges 22%, Q2 revenue up 116% year-over-year","url":"https://stock-news.laohu8.com/highlight/detail?id=1196350304","media":"老虎资讯综合","summary":"7月23日，Snap大涨22%，股价盘中一度刷新历史新高。第二季度营收同比增长116%。\n财报显示：Q2营收为9.82亿美元，同比增长116%；净亏损为1.52亿美元，同比收窄53%，去年同期为3.2","content":"<p>On July 23, Snap surged 22%, hitting a record high during trading. Revenue increased by 116% year-over-year in the second quarter.</p><p>The financial report shows that Q2 revenue was $982 million, a year-on-year increase of 116%; Net loss was $152 million, a 53% decrease year-over-year, compared to $326 million in the same period last year; Diluted loss per share was $0.10, compared to a loss of $0.23 per share in the same period last year; The number of daily active users (DAU) in the second quarter was 293 million, a year-on-year increase of 23%.</p><p><img src=\"https://static.tigerbbs.com/ad75520076ba6d2801e07b631a019261\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>[Focus] Snap surges 22%, Q2 revenue up 116% year-over-year</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n[Focus] Snap surges 22%, Q2 revenue up 116% year-over-year\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-23 22:25</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 23, Snap surged 22%, hitting a record high during trading. Revenue increased by 116% year-over-year in the second quarter.</p><p>The financial report shows that Q2 revenue was $982 million, a year-on-year increase of 116%; Net loss was $152 million, a 53% decrease year-over-year, compared to $326 million in the same period last year; Diluted loss per share was $0.10, compared to a loss of $0.23 per share in the same period last year; The number of daily active users (DAU) in the second quarter was 293 million, a year-on-year increase of 23%.</p><p><img src=\"https://static.tigerbbs.com/ad75520076ba6d2801e07b631a019261\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/bd3ac286c2233d10a592ba6c388667fb","relate_stocks":{"SNAP":"Snap Inc"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196350304","content_text":"7月23日，Snap大涨22%，股价盘中一度刷新历史新高。第二季度营收同比增长116%。\n财报显示：Q2营收为9.82亿美元，同比增长116%；净亏损为1.52亿美元，同比收窄53%，去年同期为3.26亿美元；摊薄后每股亏损0.10美元，上年同期每股亏损0.23美元；二季度日活跃用户数(DAU)为2.93亿，同比增长23%。","news_type":1,"symbols_score_info":{"SNAP":0.9}},"isVote":1,"tweetType":1,"viewCount":3200,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174602139,"gmtCreate":1627093085321,"gmtModify":1703484116224,"author":{"id":"4087119540273580","authorId":"4087119540273580","name":"chuayonghock","avatar":"https://static.tigerbbs.com/8b76d0db3e9b22055172d1bb13319f56","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087119540273580","idStr":"4087119540273580"},"themes":[],"title":"","htmlText":"....&nbsp;","listText":"....&nbsp;","text":"....","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/174602139","repostId":"2153152938","repostType":4,"isVote":1,"tweetType":1,"viewCount":3744,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174606555,"gmtCreate":1627093071477,"gmtModify":1703484116063,"author":{"id":"4087119540273580","authorId":"4087119540273580","name":"chuayonghock","avatar":"https://static.tigerbbs.com/8b76d0db3e9b22055172d1bb13319f56","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087119540273580","idStr":"4087119540273580"},"themes":[],"title":"","htmlText":"......","listText":"......","text":"......","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/174606555","repostId":"1100647660","repostType":4,"isVote":1,"tweetType":1,"viewCount":3820,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174601987,"gmtCreate":1627092950249,"gmtModify":1703484113480,"author":{"id":"4087119540273580","authorId":"4087119540273580","name":"chuayonghock","avatar":"https://static.tigerbbs.com/8b76d0db3e9b22055172d1bb13319f56","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087119540273580","idStr":"4087119540273580"},"themes":[],"title":"","htmlText":"......","listText":"......","text":"......","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/174601987","repostId":"1170350340","repostType":4,"repost":{"id":"1170350340","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1627092098,"share":"https://ttm.financial/m/news/1170350340?lang=en_US&edition=fundamental","pubTime":"2021-07-24 10:01","market":"hk","language":"zh","title":"Administrative penalties were imposed! Tencent was ordered to terminate the exclusive copyright of online music.","url":"https://stock-news.laohu8.com/highlight/detail?id=1170350340","media":"老虎资讯综合","summary":"腾讯回应被责令解除网络音乐独家版权：公司将认真遵守决定，严格落实监管要求，依法合规经营，切实履行社会责任，维护市场的良性竞争。市场监管总局依法作出行政处罚决定，责令腾讯及关联公司采取三十日内解除独家音乐版权、停止高额预付金等版权费用支付方式、无正当理由不得要求上游版权方给予其优于竞争对手的条件等恢复市场竞争状态的措施。","content":"<p>Tencent responded to the order to terminate its exclusive online music copyright: The company will strictly abide by the decision, strictly implement regulatory requirements, operate in accordance with laws and regulations, earnestly fulfill its social responsibilities, and maintain healthy competition in the market. Tencent will fulfill its responsibilities, work with Tencent Music and other affiliated companies to formulate rectification measures within the prescribed time limit, and complete the rectification in full and without compromise in accordance with the requirements of the penalty decision to ensure that the rectification is in place.</p><p>The State Administration for Market Regulation has issued an administrative penalty decision in accordance with the law, ordering Tencent and its affiliated companies to take measures to restore market competition, such as terminating exclusive music copyrights within 30 days, ceasing payment of copyright fees such as high prepayments, and prohibiting upstream copyright holders from providing them with conditions better than competitors without justifiable reason. In January 2021, based on a report, the State Administration for Market Regulation initiated an investigation into Tencent Holdings Limited (hereinafter referred to as Tencent) for suspected illegal concentration of operators in its acquisition of equity in China Music Group in July 2016.</p><p>In accordance with the Anti-Monopoly Law, the State Administration for Market Regulation investigated the facts of the illegal concentration in this transaction and fully assessed the market share, control, concentration, and impact of the concentration on market entry and consumers of the operators participating in the concentration. At the same time, we widely solicited opinions from relevant government departments, industry associations, experts and scholars, and competitors, and listened to Tencent's statements on multiple occasions.</p><p>The investigation indicates that the relevant market in this case is the online music playback platform market within China. Genuine music copyright is the core asset and key resource for the operation of online music playback platforms. In 2016, Tencent and China Music Group held approximately 30% and 40% market shares in the relevant market, respectively. Tencent gained a relatively high market share by merging with its major competitors. After the merger, the physical entity would own more than 80% of the exclusive music library resources. This may have the ability to prompt upstream copyright holders to reach more exclusive copyright agreements with it, or to demand that it be given better transaction conditions than its competitors. It may also have the ability to increase market entry barriers through copyright payment models such as paying high prepayments, which has or may have the effect of excluding or restricting competition in the relevant market.</p><p>In accordance with Article 48 of the Anti-Monopoly Law and Article 57 of the Interim Provisions on the Review of Concentrations of Business Undertakings, and in accordance with the principle of giving equal importance to development and standardization, the State Administration for Market Regulation has made an administrative penalty decision, ordering Tencent and its affiliated companies to take measures to restore market competition, such as terminating exclusive music copyrights within 30 days, ceasing payment of copyright fees such as high prepayments, and prohibiting upstream copyright holders from giving them conditions that are better than those of competitors without justifiable reason. Tencent will report its fulfillment of its obligations to the State Administration for Market Regulation annually for three years, and the State Administration for Market Regulation will strictly supervise its implementation in accordance with the law.</p><p>This case is the first case since the implementation of my country's Anti-Monopoly Law in which necessary measures have been taken to restore market competition by illegally concentrating business operators. Measures such as ordering Tencent to terminate its exclusive copyright will reshape the competitive order in relevant markets, lower market entry barriers, and give competitors fair access to upstream copyright resources. This will help shift the focus of competition from leveraging capital advantages to seize copyright resources back to a rational track of innovating service levels and improving user experience. This will help promote a reasonable way to calculate copyright fees in line with international standards and reduce downstream operating costs; This will help cultivate new market entrants, create a fairer competitive environment for existing companies, protect consumers' right to choose, ultimately benefit consumers, and promote the standardized, innovative, and healthy development of the online music industry.</p><p>The following is the full text of the penalty notice:</p><p>State Administration for Market Regulation</p><p>Administrative penalty decision</p><p>State Council Market Supervision Office [2021] No.</p><p>Party: Tencent Holdings Limited</p><p>Address: Creech Plaza, Huggins Avenue, Cayman Islands</p><p>In accordance with the Anti-Monopoly Law of the People's Republic of China (hereinafter referred to as the \"Anti-Monopoly Law\") and the \"Interim Provisions on the Review of Concentration of Undertakings\", this agency has initiated an investigation into Tencent Holdings Limited's (hereinafter referred to as Tencent) acquisition of equity in China Music Group on January 25, 2021, which is suspected of illegally implementing concentration of undertakings.</p><p>An investigation revealed that the case constituted an illegal concentration of business operators, which had or may have the effect of excluding or restricting competition. In accordance with the provisions of the Administrative Penalty Law of the People's Republic of China (hereinafter referred to as the \"Administrative Penalty Law\"), this agency serves Tencent with the \"Notice of Administrative Penalty\", informing it of the content, facts, reasons and basis of the proposed administrative penalty, and informing it of its rights to make statements, defenses and request hearings in accordance with the law. Tencent did not make any statements, defenses, or request a hearing within the prescribed time limit. The investigation and trial of this case have now concluded.</p><p><ul><li>Basic Information</li></ul><b>(a) Parties to the transaction.</b></p><p><b>Acquirer: Tencent.</b>It was incorporated in the British Virgin Islands in November 1999, relocated to the British Cayman Islands in February 2004, and listed on the Hong Kong Stock Exchange in June 2004. Through an agreement, it controlled its main domestic operating entity, Shenzhen Tencent Computer Systems Co., Ltd. Its main businesses include social and communication services, social networking platforms, online music platforms, games, online video services, and interactive entertainment live streaming. In 2015, global revenue was RMB 102.863 billion (the same in currency below), while domestic revenue in China was RMB 96.251 billion.</p><p><b>Acquiree: China Music Group.</b>It was incorporated in the Cayman Islands in 2012 and controlled Ocean Interactive (Beijing) Information Technology Co., Ltd., its main domestic operating entity, through an agreement. Its main businesses include online music platforms, record company publishing, and copyright agency. Natural persons (omitted) have joint control as parties acting in concert. Both global and domestic sales in 2015 were (omitted).</p><p><b>(ii) Transaction overview.</b></p><p>On July 12, 2016, Tencent invested in China Music Group through a valuation (omitted) business (mainly QQ Music business), acquiring a 61.64% stake in China Music Group and gaining sole control of China Music Group. In December 2016, the merged China Music Group was renamed Tencent Music Entertainment Group. On December 6, 2017, the transaction completed the equity change registration procedures.</p><p>II. Illegal Facts and Reasons</p><p><b>(i) This case constitutes an illegal concentration of business operators.</b></p><p>Article 20 of the Anti-Monopoly Law stipulates that \"a concentration of undertakings refers to the following circumstances: (1) a merger of undertakings; (2) an undertaking acquiring control over other undertakings by acquiring equity or assets; (3) an undertaking acquiring control over other undertakings or being able to exert decisive influence over other undertakings through contracts or other means.\" Prior to this merger, China Music Group was jointly controlled by natural persons (omitted). Following this merger, Tencent will acquire a 61.64% stake in China Music Group and gain sole control of the group, which falls under the category of a concentration of undertakings as stipulated in Article 20 of the Anti-Monopoly Law.</p><p>Tencent's global revenue in 2015 was RMB 102.863 billion, and its domestic revenue in China was RMB 96.251 billion. China Music Group's global and domestic revenue in 2015 were both (omitted), meeting the reporting standards stipulated in Article 3 of the \"Regulations of the State Council on the Reporting Standards for Concentration of Undertakings\" and falling under the circumstances that should be reported.</p><p>Article 21 of the Anti-Monopoly Law stipulates that \"if a concentration of undertakings meets the application standards stipulated by the State Council, the undertaking shall apply to the anti-monopoly law enforcement agency of the State Council in advance, and the concentration shall not be carried out without applying.\" On December 6, 2017, Tencent completed its equity change registration. Prior to this, it failed to file a report with the authorities, which violated Article 21 of the Anti-Monopoly Law and constituted an illegal concentration of undertakings.</p><p>The above facts are supported by evidence such as a copy of Tencent's business license, organizational structure chart, equity relationship chart, \"Application Form for Anti-Monopoly Review of Concentration of Undertakings\", Tencent's annual report, \"Written Explanation of Relevant Issues of Tencent\", and \"Share Subscription Agreement\".</p><p><b>(ii) This case has or may have the effect of excluding or restricting competition.</b></p><p>In accordance with the provisions of the Anti-Monopoly Law and the Guidelines of the Anti-Monopoly Commission of the State Council on the Definition of Relevant Markets, and taking into account the characteristics of the platform economy, and based on economic analysis and questionnaire surveys, the relevant market in this case is defined as the domestic online music playback platform market in China where there is horizontal overlap between the two parties to the transaction.<b>Online music playback platform market</b>This refers to a platform that provides consumers with complete copyrighted music recording playback services through programs or websites on computers, mobile phones, or other smart terminals, either through online playback or download. Although online karaoke, online live streaming, and short video platforms also provide services related to online music, their core functions, application scenarios, business models, and market entry are not closely substituted for the online music playback platform market and do not belong to the same related product market. Because the authorization of music copyrights is restricted by the copyright laws of various countries and has significant regional differences, the authorized music copyright dissemination scope of Chinese online music playback platforms is generally within China and is mainly aimed at users within China. Therefore, the relevant regional market is defined as within China.</p><p>After in-depth research, this focus has or may have the effect of excluding or restricting competition in the domestic online music playback platform market in China:</p><p><ol><li><b>After the concentration, the entity has a higher market share in the relevant market.</b></li></ol>When the concentration occurred in July 2016, Tencent and China Music Group had 160 million and 230 million monthly active users respectively, with market shares of 33.96% and 49.07%. The monthly usage time of users was 805 million hours and 698 million hours respectively, with market shares of 45.77% and 39.65% respectively. Both parties ranked first and second in the market, with a combined market share of over 80%. In 2016, the total sales amount of the two parties in the relevant markets (omitted) accounted for approximately 70% of the total revenue in the relevant markets. Based on the market share of core music copyright resources, Tencent and China Music Group have 12.1 million and 8.21 million music libraries respectively, of which 3.14 million and 1.3 million are exclusive music libraries. The market share of both music libraries and exclusive resources exceeds 80%.</p><p>According to the Huffindal-Hirschmann Index (HHI) analysis of the market, it was 6950 after trading, indicating a highly concentrated market, with a concentrated increase of 3350. The transaction further increased the concentration of the relevant markets and further weakened competition.</p><p><ol><li><b>Concentrate on reducing major competitors in relevant markets.</b></li></ol>The survey shows that before the transaction, the two parties were the top two in the market, with equal competitive strength and close competition. According to consumers' choices between alternative platforms, 73.6% of users of Tencent's QQ Music have switched to Kugou Music and Kuwo Music, both subsidiaries of China Music Group. This indicates that if QQ Music raises prices or lowers service levels, 73.6% of users may switch to China Music Group's platforms, making them close competitors. We will focus on reducing major competitors in relevant markets and further weaken market competition.</p><p><ol><li><b>Concentration may further increase the barriers to entry in related markets.</b></li></ol><b>First, it may increase the barriers to entry for copyright resources.</b>With entities securing a significant amount of exclusive copyright resources after concentration, new entrants must rely on their sub-licensing, making it more difficult to enter the relevant market. The market size brought about by concentration also enables it to pay copyright fees to upstream copyright holders by paying large, non-refundable prepayments in advance, which may further increase market entry barriers.</p><p><b>Secondly, it may increase user conversion costs.</b>This brings Tencent a relatively rich music library, a large user base, and ample usage data. Compared to newcomers to the platform, it can recommend songs that meet consumer preferences, reducing users' willingness to switch platforms, thereby further expanding the user base and potentially preventing other competitors from reaching or maintaining a critical scale.</p><p><b>Third, the market entry activity was not high after the concentration.</b>Data shows that the main entry into the online music playback platform market occurred from early 2016 to July 2017. After the concentrated entry was completed at the end of 2017, the market activity declined significantly.</p><p>In summary, Tencent's high market share in the online music playback platform market in China through this concentration may enable it to persuade upstream copyright holders to grant it exclusive copyright licenses or provide it with better terms than its competitors. It may also enable Tencent to raise market entry barriers by paying high prepayments, which may or may not have the effect of excluding or restricting competition in the relevant market.</p><p>The survey also found that the Chinese online music playback platform market is developing rapidly, and the market share of Tencent's main competitors (omitted) is also growing rapidly, from less than 6% at the time of concentration to nearly 18%, an increase of about 200%, indicating that competitors are increasingly constraining its competition. In addition, online music playback platforms have shown a certain dynamic competition and cross-industry integration trend with other platforms in recent years. Some short video platforms with a broad user base may become competitors in related markets in the future if they acquire a sufficient number of music copyright resources.</p><p>The above facts are supported by evidence such as statistical data and industry analysis reports from third-party organizations, questionnaire survey reports, economic analysis reports, licensing agreements and sub-licensing agreements provided by Tencent and related parties, and responses from industry regulatory authorities and other relevant parties.</p><p>III. Basis and Decision for Administrative Penalties</p><p>Article 48 of the Anti-Monopoly Law stipulates that \"if an undertaking violates the provisions of this Law by implementing a concentration, the anti-monopoly law enforcement agency under the State Council shall order it to cease the concentration, dispose of its shares or assets within a specified period, transfer its business within a specified period, and take other necessary measures to restore it to the state before the concentration, and may impose a fine of up to 500,000 yuan.\" Article 49 of the Anti-Monopoly Law stipulates that \"when determining the specific amount of the fines stipulated in Articles 46, 47 and 48 of this Law, the anti-monopoly enforcement agency shall take into account factors such as the nature, degree and duration of the illegal act.\"</p><p>In accordance with the aforementioned regulations, and based on the aforementioned investigation findings and assessment conclusions, this agency has made the following decision regarding Tencent:</p><p><b>(i) Tencent and its affiliated companies are ordered to take the following measures to restore the relevant market competition:</b></p><p>1. No exclusive copyright agreement (the copyright scope includes the information network dissemination rights of all musical works and recordings) or other exclusive agreement may be reached or indirectly reached with upstream copyright holders. If such agreement has been reached, it must be terminated within thirty days from the date of this decision, except for exclusive collaborations with independent musicians (referring to the original rights holders of musical works or recordings who have authorized the copyright with music platforms in their own name and have never signed an agreement with any record company or brokerage company) or the premiere of new songs. Exclusive collaborations with independent musicians shall not exceed three years, and exclusive collaborations with new song premieres shall not exceed thirty days.</p><p>2. Without justifiable reason, it is prohibited to demand or indirectly demand that the upstream copyright holder grant the party conditions superior to other competitors, including but not limited to the scope of authorization, the amount of authorization, the term of authorization, etc., or any agreement or agreement terms related thereto. Any agreement already reached must be terminated within thirty days from the date of issuance of this decision.</p><p>3. Quote prices to upstream copyright holders based on factors such as actual copyright usage, user payment, song unit price, application scenarios, and contract term. Do not increase competitors' costs in disguise or exclude or restrict competition through high prepayments or other means.</p><p><b>(ii) A fine of 500,000 yuan shall be imposed.</b></p><p><b>(iii) Apply for a concentration of business operators in accordance with the law.</b></p><p>1. If a concentration of business operators meets the application standards stipulated by the State Council, it shall apply to the State Administration for Market Regulation in advance. Those who fail to apply shall not be allowed to concentrate.</p><p>2. If a concentration of undertakings does not meet the application standards, but the concentration of undertakings has or may have the effect of excluding or restricting competition, it shall be reported to the State Administration for Market Regulation in advance. Those who fail to report shall not be allowed to carry out the concentration.</p><p>3. If the transaction does not constitute a concentration of undertakings, except for matters related to the protection of minority shareholders' rights and interests as stipulated by law, the undertaking shall not participate in the relevant enterprise's business decision-making and shall report the basic information of the transaction to the State Administration for Market Regulation in its annual report.</p><p><b>(iv) Operate in accordance with laws and regulations and establish and improve a long-term mechanism for fair participation in market competition.</b></p><p>1. Comprehensively regulate its own competitive behavior, conduct a comprehensive and in-depth self-examination in accordance with the Anti-Monopoly Law, and examine and regulate its own business practices.</p><p>2. Strictly implement the primary responsibility of platform enterprises, continuously improve the platform's internal governance rules, and cooperate with other operators in accordance with the principles of fairness, reasonableness, and non-discrimination.</p><p>3. Improve the company's internal compliance control system, establish and effectively implement anti-monopoly compliance systems, and consciously safeguard fair competition.</p><p>4. Protect the legitimate rights and interests of consumers. We will fully protect consumers' rights, set reasonable prices, and safeguard consumer privacy.</p><p>5. Actively uphold fair competition and promote innovative development in the industry.</p><p>The above measures shall be implemented from the date of issuance of the Administrative Penalty Decision. Tencent and its affiliated companies shall formulate rectification plans in accordance with the above measures within ten days and submit them to the State Administration for Market Regulation for review. The State Administration for Market Regulation has the right to inspect Tencent and its affiliated companies' performance of the above obligations within three years through supervision of the trustee or its own supervision. Tencent shall report its performance of obligations to the State Administration for Market Regulation annually for three years, and shall no longer report after the expiration of three years.</p><p>Article 67 of the Administrative Penalty Law stipulates that \"the administrative organ making the fine decision shall be separated from the agency collecting the fine. Except for fines collected on the spot in accordance with Articles 68 and 69 of this Law, the administrative organ making the administrative penalty decision and its law enforcement personnel shall not collect the fine on their own. The party concerned shall pay the fine at a designated bank or through an electronic payment system within fifteen days from the date of receiving the administrative penalty decision.\" Banks should accept fines and remit them directly to the national treasury.</p><p>The party concerned shall, within fifteen days from the date of receiving this administrative penalty decision, pay the fine at any of the 12 central government non-tax revenue collection agency banks (ICBC, ABC, CCB, COCOM, CITIC, Everbright, China Merchants, Postal Savings Bank, Huaxia, Ping An, and Industrial Bank) branches or online banks in accordance with this administrative penalty decision, using the payment code. Payment code: ***.</p><p>If a party is dissatisfied with the aforementioned administrative penalty decision, they may apply for administrative reconsideration to the State Administration for Market Regulation within sixty days from the date of receiving this administrative penalty decision. Alternatively, within six months from the date of receiving this administrative penalty decision, an administrative lawsuit may be filed with the Beijing Intellectual Property Court in accordance with the law. This administrative penalty decision shall not be suspended during the period of administrative reconsideration or administrative litigation.</p><p>State Administration for Market</p><p>July 24, 2021<img src=\"https://static.tigerbbs.com/670343de69414ca1b966fc90740b6559\" tg-width=\"1020\" tg-height=\"642\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Administrative penalties were imposed! Tencent was ordered to terminate the exclusive copyright of online music.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAdministrative penalties were imposed! Tencent was ordered to terminate the exclusive copyright of online music.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-24 10:01</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Tencent responded to the order to terminate its exclusive online music copyright: The company will strictly abide by the decision, strictly implement regulatory requirements, operate in accordance with laws and regulations, earnestly fulfill its social responsibilities, and maintain healthy competition in the market. Tencent will fulfill its responsibilities, work with Tencent Music and other affiliated companies to formulate rectification measures within the prescribed time limit, and complete the rectification in full and without compromise in accordance with the requirements of the penalty decision to ensure that the rectification is in place.</p><p>The State Administration for Market Regulation has issued an administrative penalty decision in accordance with the law, ordering Tencent and its affiliated companies to take measures to restore market competition, such as terminating exclusive music copyrights within 30 days, ceasing payment of copyright fees such as high prepayments, and prohibiting upstream copyright holders from providing them with conditions better than competitors without justifiable reason. In January 2021, based on a report, the State Administration for Market Regulation initiated an investigation into Tencent Holdings Limited (hereinafter referred to as Tencent) for suspected illegal concentration of operators in its acquisition of equity in China Music Group in July 2016.</p><p>In accordance with the Anti-Monopoly Law, the State Administration for Market Regulation investigated the facts of the illegal concentration in this transaction and fully assessed the market share, control, concentration, and impact of the concentration on market entry and consumers of the operators participating in the concentration. At the same time, we widely solicited opinions from relevant government departments, industry associations, experts and scholars, and competitors, and listened to Tencent's statements on multiple occasions.</p><p>The investigation indicates that the relevant market in this case is the online music playback platform market within China. Genuine music copyright is the core asset and key resource for the operation of online music playback platforms. In 2016, Tencent and China Music Group held approximately 30% and 40% market shares in the relevant market, respectively. Tencent gained a relatively high market share by merging with its major competitors. After the merger, the physical entity would own more than 80% of the exclusive music library resources. This may have the ability to prompt upstream copyright holders to reach more exclusive copyright agreements with it, or to demand that it be given better transaction conditions than its competitors. It may also have the ability to increase market entry barriers through copyright payment models such as paying high prepayments, which has or may have the effect of excluding or restricting competition in the relevant market.</p><p>In accordance with Article 48 of the Anti-Monopoly Law and Article 57 of the Interim Provisions on the Review of Concentrations of Business Undertakings, and in accordance with the principle of giving equal importance to development and standardization, the State Administration for Market Regulation has made an administrative penalty decision, ordering Tencent and its affiliated companies to take measures to restore market competition, such as terminating exclusive music copyrights within 30 days, ceasing payment of copyright fees such as high prepayments, and prohibiting upstream copyright holders from giving them conditions that are better than those of competitors without justifiable reason. Tencent will report its fulfillment of its obligations to the State Administration for Market Regulation annually for three years, and the State Administration for Market Regulation will strictly supervise its implementation in accordance with the law.</p><p>This case is the first case since the implementation of my country's Anti-Monopoly Law in which necessary measures have been taken to restore market competition by illegally concentrating business operators. Measures such as ordering Tencent to terminate its exclusive copyright will reshape the competitive order in relevant markets, lower market entry barriers, and give competitors fair access to upstream copyright resources. This will help shift the focus of competition from leveraging capital advantages to seize copyright resources back to a rational track of innovating service levels and improving user experience. This will help promote a reasonable way to calculate copyright fees in line with international standards and reduce downstream operating costs; This will help cultivate new market entrants, create a fairer competitive environment for existing companies, protect consumers' right to choose, ultimately benefit consumers, and promote the standardized, innovative, and healthy development of the online music industry.</p><p>The following is the full text of the penalty notice:</p><p>State Administration for Market Regulation</p><p>Administrative penalty decision</p><p>State Council Market Supervision Office [2021] No.</p><p>Party: Tencent Holdings Limited</p><p>Address: Creech Plaza, Huggins Avenue, Cayman Islands</p><p>In accordance with the Anti-Monopoly Law of the People's Republic of China (hereinafter referred to as the \"Anti-Monopoly Law\") and the \"Interim Provisions on the Review of Concentration of Undertakings\", this agency has initiated an investigation into Tencent Holdings Limited's (hereinafter referred to as Tencent) acquisition of equity in China Music Group on January 25, 2021, which is suspected of illegally implementing concentration of undertakings.</p><p>An investigation revealed that the case constituted an illegal concentration of business operators, which had or may have the effect of excluding or restricting competition. In accordance with the provisions of the Administrative Penalty Law of the People's Republic of China (hereinafter referred to as the \"Administrative Penalty Law\"), this agency serves Tencent with the \"Notice of Administrative Penalty\", informing it of the content, facts, reasons and basis of the proposed administrative penalty, and informing it of its rights to make statements, defenses and request hearings in accordance with the law. Tencent did not make any statements, defenses, or request a hearing within the prescribed time limit. The investigation and trial of this case have now concluded.</p><p><ul><li>Basic Information</li></ul><b>(a) Parties to the transaction.</b></p><p><b>Acquirer: Tencent.</b>It was incorporated in the British Virgin Islands in November 1999, relocated to the British Cayman Islands in February 2004, and listed on the Hong Kong Stock Exchange in June 2004. Through an agreement, it controlled its main domestic operating entity, Shenzhen Tencent Computer Systems Co., Ltd. Its main businesses include social and communication services, social networking platforms, online music platforms, games, online video services, and interactive entertainment live streaming. In 2015, global revenue was RMB 102.863 billion (the same in currency below), while domestic revenue in China was RMB 96.251 billion.</p><p><b>Acquiree: China Music Group.</b>It was incorporated in the Cayman Islands in 2012 and controlled Ocean Interactive (Beijing) Information Technology Co., Ltd., its main domestic operating entity, through an agreement. Its main businesses include online music platforms, record company publishing, and copyright agency. Natural persons (omitted) have joint control as parties acting in concert. Both global and domestic sales in 2015 were (omitted).</p><p><b>(ii) Transaction overview.</b></p><p>On July 12, 2016, Tencent invested in China Music Group through a valuation (omitted) business (mainly QQ Music business), acquiring a 61.64% stake in China Music Group and gaining sole control of China Music Group. In December 2016, the merged China Music Group was renamed Tencent Music Entertainment Group. On December 6, 2017, the transaction completed the equity change registration procedures.</p><p>II. Illegal Facts and Reasons</p><p><b>(i) This case constitutes an illegal concentration of business operators.</b></p><p>Article 20 of the Anti-Monopoly Law stipulates that \"a concentration of undertakings refers to the following circumstances: (1) a merger of undertakings; (2) an undertaking acquiring control over other undertakings by acquiring equity or assets; (3) an undertaking acquiring control over other undertakings or being able to exert decisive influence over other undertakings through contracts or other means.\" Prior to this merger, China Music Group was jointly controlled by natural persons (omitted). Following this merger, Tencent will acquire a 61.64% stake in China Music Group and gain sole control of the group, which falls under the category of a concentration of undertakings as stipulated in Article 20 of the Anti-Monopoly Law.</p><p>Tencent's global revenue in 2015 was RMB 102.863 billion, and its domestic revenue in China was RMB 96.251 billion. China Music Group's global and domestic revenue in 2015 were both (omitted), meeting the reporting standards stipulated in Article 3 of the \"Regulations of the State Council on the Reporting Standards for Concentration of Undertakings\" and falling under the circumstances that should be reported.</p><p>Article 21 of the Anti-Monopoly Law stipulates that \"if a concentration of undertakings meets the application standards stipulated by the State Council, the undertaking shall apply to the anti-monopoly law enforcement agency of the State Council in advance, and the concentration shall not be carried out without applying.\" On December 6, 2017, Tencent completed its equity change registration. Prior to this, it failed to file a report with the authorities, which violated Article 21 of the Anti-Monopoly Law and constituted an illegal concentration of undertakings.</p><p>The above facts are supported by evidence such as a copy of Tencent's business license, organizational structure chart, equity relationship chart, \"Application Form for Anti-Monopoly Review of Concentration of Undertakings\", Tencent's annual report, \"Written Explanation of Relevant Issues of Tencent\", and \"Share Subscription Agreement\".</p><p><b>(ii) This case has or may have the effect of excluding or restricting competition.</b></p><p>In accordance with the provisions of the Anti-Monopoly Law and the Guidelines of the Anti-Monopoly Commission of the State Council on the Definition of Relevant Markets, and taking into account the characteristics of the platform economy, and based on economic analysis and questionnaire surveys, the relevant market in this case is defined as the domestic online music playback platform market in China where there is horizontal overlap between the two parties to the transaction.<b>Online music playback platform market</b>This refers to a platform that provides consumers with complete copyrighted music recording playback services through programs or websites on computers, mobile phones, or other smart terminals, either through online playback or download. Although online karaoke, online live streaming, and short video platforms also provide services related to online music, their core functions, application scenarios, business models, and market entry are not closely substituted for the online music playback platform market and do not belong to the same related product market. Because the authorization of music copyrights is restricted by the copyright laws of various countries and has significant regional differences, the authorized music copyright dissemination scope of Chinese online music playback platforms is generally within China and is mainly aimed at users within China. Therefore, the relevant regional market is defined as within China.</p><p>After in-depth research, this focus has or may have the effect of excluding or restricting competition in the domestic online music playback platform market in China:</p><p><ol><li><b>After the concentration, the entity has a higher market share in the relevant market.</b></li></ol>When the concentration occurred in July 2016, Tencent and China Music Group had 160 million and 230 million monthly active users respectively, with market shares of 33.96% and 49.07%. The monthly usage time of users was 805 million hours and 698 million hours respectively, with market shares of 45.77% and 39.65% respectively. Both parties ranked first and second in the market, with a combined market share of over 80%. In 2016, the total sales amount of the two parties in the relevant markets (omitted) accounted for approximately 70% of the total revenue in the relevant markets. Based on the market share of core music copyright resources, Tencent and China Music Group have 12.1 million and 8.21 million music libraries respectively, of which 3.14 million and 1.3 million are exclusive music libraries. The market share of both music libraries and exclusive resources exceeds 80%.</p><p>According to the Huffindal-Hirschmann Index (HHI) analysis of the market, it was 6950 after trading, indicating a highly concentrated market, with a concentrated increase of 3350. The transaction further increased the concentration of the relevant markets and further weakened competition.</p><p><ol><li><b>Concentrate on reducing major competitors in relevant markets.</b></li></ol>The survey shows that before the transaction, the two parties were the top two in the market, with equal competitive strength and close competition. According to consumers' choices between alternative platforms, 73.6% of users of Tencent's QQ Music have switched to Kugou Music and Kuwo Music, both subsidiaries of China Music Group. This indicates that if QQ Music raises prices or lowers service levels, 73.6% of users may switch to China Music Group's platforms, making them close competitors. We will focus on reducing major competitors in relevant markets and further weaken market competition.</p><p><ol><li><b>Concentration may further increase the barriers to entry in related markets.</b></li></ol><b>First, it may increase the barriers to entry for copyright resources.</b>With entities securing a significant amount of exclusive copyright resources after concentration, new entrants must rely on their sub-licensing, making it more difficult to enter the relevant market. The market size brought about by concentration also enables it to pay copyright fees to upstream copyright holders by paying large, non-refundable prepayments in advance, which may further increase market entry barriers.</p><p><b>Secondly, it may increase user conversion costs.</b>This brings Tencent a relatively rich music library, a large user base, and ample usage data. Compared to newcomers to the platform, it can recommend songs that meet consumer preferences, reducing users' willingness to switch platforms, thereby further expanding the user base and potentially preventing other competitors from reaching or maintaining a critical scale.</p><p><b>Third, the market entry activity was not high after the concentration.</b>Data shows that the main entry into the online music playback platform market occurred from early 2016 to July 2017. After the concentrated entry was completed at the end of 2017, the market activity declined significantly.</p><p>In summary, Tencent's high market share in the online music playback platform market in China through this concentration may enable it to persuade upstream copyright holders to grant it exclusive copyright licenses or provide it with better terms than its competitors. It may also enable Tencent to raise market entry barriers by paying high prepayments, which may or may not have the effect of excluding or restricting competition in the relevant market.</p><p>The survey also found that the Chinese online music playback platform market is developing rapidly, and the market share of Tencent's main competitors (omitted) is also growing rapidly, from less than 6% at the time of concentration to nearly 18%, an increase of about 200%, indicating that competitors are increasingly constraining its competition. In addition, online music playback platforms have shown a certain dynamic competition and cross-industry integration trend with other platforms in recent years. Some short video platforms with a broad user base may become competitors in related markets in the future if they acquire a sufficient number of music copyright resources.</p><p>The above facts are supported by evidence such as statistical data and industry analysis reports from third-party organizations, questionnaire survey reports, economic analysis reports, licensing agreements and sub-licensing agreements provided by Tencent and related parties, and responses from industry regulatory authorities and other relevant parties.</p><p>III. Basis and Decision for Administrative Penalties</p><p>Article 48 of the Anti-Monopoly Law stipulates that \"if an undertaking violates the provisions of this Law by implementing a concentration, the anti-monopoly law enforcement agency under the State Council shall order it to cease the concentration, dispose of its shares or assets within a specified period, transfer its business within a specified period, and take other necessary measures to restore it to the state before the concentration, and may impose a fine of up to 500,000 yuan.\" Article 49 of the Anti-Monopoly Law stipulates that \"when determining the specific amount of the fines stipulated in Articles 46, 47 and 48 of this Law, the anti-monopoly enforcement agency shall take into account factors such as the nature, degree and duration of the illegal act.\"</p><p>In accordance with the aforementioned regulations, and based on the aforementioned investigation findings and assessment conclusions, this agency has made the following decision regarding Tencent:</p><p><b>(i) Tencent and its affiliated companies are ordered to take the following measures to restore the relevant market competition:</b></p><p>1. No exclusive copyright agreement (the copyright scope includes the information network dissemination rights of all musical works and recordings) or other exclusive agreement may be reached or indirectly reached with upstream copyright holders. If such agreement has been reached, it must be terminated within thirty days from the date of this decision, except for exclusive collaborations with independent musicians (referring to the original rights holders of musical works or recordings who have authorized the copyright with music platforms in their own name and have never signed an agreement with any record company or brokerage company) or the premiere of new songs. Exclusive collaborations with independent musicians shall not exceed three years, and exclusive collaborations with new song premieres shall not exceed thirty days.</p><p>2. Without justifiable reason, it is prohibited to demand or indirectly demand that the upstream copyright holder grant the party conditions superior to other competitors, including but not limited to the scope of authorization, the amount of authorization, the term of authorization, etc., or any agreement or agreement terms related thereto. Any agreement already reached must be terminated within thirty days from the date of issuance of this decision.</p><p>3. Quote prices to upstream copyright holders based on factors such as actual copyright usage, user payment, song unit price, application scenarios, and contract term. Do not increase competitors' costs in disguise or exclude or restrict competition through high prepayments or other means.</p><p><b>(ii) A fine of 500,000 yuan shall be imposed.</b></p><p><b>(iii) Apply for a concentration of business operators in accordance with the law.</b></p><p>1. If a concentration of business operators meets the application standards stipulated by the State Council, it shall apply to the State Administration for Market Regulation in advance. Those who fail to apply shall not be allowed to concentrate.</p><p>2. If a concentration of undertakings does not meet the application standards, but the concentration of undertakings has or may have the effect of excluding or restricting competition, it shall be reported to the State Administration for Market Regulation in advance. Those who fail to report shall not be allowed to carry out the concentration.</p><p>3. If the transaction does not constitute a concentration of undertakings, except for matters related to the protection of minority shareholders' rights and interests as stipulated by law, the undertaking shall not participate in the relevant enterprise's business decision-making and shall report the basic information of the transaction to the State Administration for Market Regulation in its annual report.</p><p><b>(iv) Operate in accordance with laws and regulations and establish and improve a long-term mechanism for fair participation in market competition.</b></p><p>1. Comprehensively regulate its own competitive behavior, conduct a comprehensive and in-depth self-examination in accordance with the Anti-Monopoly Law, and examine and regulate its own business practices.</p><p>2. Strictly implement the primary responsibility of platform enterprises, continuously improve the platform's internal governance rules, and cooperate with other operators in accordance with the principles of fairness, reasonableness, and non-discrimination.</p><p>3. Improve the company's internal compliance control system, establish and effectively implement anti-monopoly compliance systems, and consciously safeguard fair competition.</p><p>4. Protect the legitimate rights and interests of consumers. We will fully protect consumers' rights, set reasonable prices, and safeguard consumer privacy.</p><p>5. Actively uphold fair competition and promote innovative development in the industry.</p><p>The above measures shall be implemented from the date of issuance of the Administrative Penalty Decision. Tencent and its affiliated companies shall formulate rectification plans in accordance with the above measures within ten days and submit them to the State Administration for Market Regulation for review. The State Administration for Market Regulation has the right to inspect Tencent and its affiliated companies' performance of the above obligations within three years through supervision of the trustee or its own supervision. Tencent shall report its performance of obligations to the State Administration for Market Regulation annually for three years, and shall no longer report after the expiration of three years.</p><p>Article 67 of the Administrative Penalty Law stipulates that \"the administrative organ making the fine decision shall be separated from the agency collecting the fine. Except for fines collected on the spot in accordance with Articles 68 and 69 of this Law, the administrative organ making the administrative penalty decision and its law enforcement personnel shall not collect the fine on their own. The party concerned shall pay the fine at a designated bank or through an electronic payment system within fifteen days from the date of receiving the administrative penalty decision.\" Banks should accept fines and remit them directly to the national treasury.</p><p>The party concerned shall, within fifteen days from the date of receiving this administrative penalty decision, pay the fine at any of the 12 central government non-tax revenue collection agency banks (ICBC, ABC, CCB, COCOM, CITIC, Everbright, China Merchants, Postal Savings Bank, Huaxia, Ping An, and Industrial Bank) branches or online banks in accordance with this administrative penalty decision, using the payment code. Payment code: ***.</p><p>If a party is dissatisfied with the aforementioned administrative penalty decision, they may apply for administrative reconsideration to the State Administration for Market Regulation within sixty days from the date of receiving this administrative penalty decision. Alternatively, within six months from the date of receiving this administrative penalty decision, an administrative lawsuit may be filed with the Beijing Intellectual Property Court in accordance with the law. This administrative penalty decision shall not be suspended during the period of administrative reconsideration or administrative litigation.</p><p>State Administration for Market</p><p>July 24, 2021<img src=\"https://static.tigerbbs.com/670343de69414ca1b966fc90740b6559\" tg-width=\"1020\" tg-height=\"642\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e7799eeb7043b8caaf3d109c3b13109e","relate_stocks":{"TCEHY":"腾讯控股ADR","00700":"腾讯控股","QNETCN":"纳斯达克中美互联网老虎指数"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170350340","content_text":"腾讯回应被责令解除网络音乐独家版权：公司将认真遵守决定，严格落实监管要求，依法合规经营，切实履行社会责任，维护市场的良性竞争。腾讯将压实责任，与腾讯音乐等关联公司在规定时限内制定整改措施方案，按照处罚决定要求全面不折不扣地完成，确保整改到位。\n\n 市场监管总局依法作出行政处罚决定，责令腾讯及关联公司采取三十日内解除独家音乐版权、停止高额预付金等版权费用支付方式、无正当理由不得要求上游版权方给予其优于竞争对手的条件等恢复市场竞争状态的措施。\n\n2021年1月，市场监管总局根据举报，对腾讯控股有限公司（以下简称腾讯）2016年7月收购中国音乐集团股权涉嫌违法实施经营者集中行为立案调查。\n市场监管总局依据《反垄断法》，查清本交易违法实施集中的事实，充分评估参与集中的经营者在相关市场的份额、控制力、集中度以及集中对市场进入和消费者影响等因素。同时，广泛征求有关政府部门、行业协会、专家学者、同业竞争者意见，并多次听取腾讯陈述意见。\n调查表明，本案相关市场为中国境内网络音乐播放平台市场。正版音乐版权是网络音乐播放平台运营的核心资产和关键性资源。2016年腾讯和中国音乐集团在相关市场份额分别为30%和40%左右，腾讯通过与市场主要竞争对手合并，获得较高的市场份额，集中后实体占有的独家曲库资源超过80%，可能有能力促使上游版权方与其达成更多独家版权协议，或要求给予其优于竞争对手的交易条件，也可能有能力通过支付高额预付金等版权付费模式提高市场进入壁垒，对相关市场具有或者可能具有排除、限制竞争效果。\n根据《反垄断法》第四十八条、《经营者集中审查暂行规定》第五十七条规定，按照发展和规范并重的原则，市场监管总局依法作出行政处罚决定，责令腾讯及关联公司采取三十日内解除独家音乐版权、停止高额预付金等版权费用支付方式、无正当理由不得要求上游版权方给予其优于竞争对手的条件等恢复市场竞争状态的措施。腾讯三年内每年向市场监管总局报告履行义务情况，市场监管总局将依法严格监督其执行情况。\n本案为我国《反垄断法》实施以来对违法实施经营者集中采取必要措施恢复市场竞争状态的第一起案件。责令腾讯解除独家版权等措施将重塑相关市场竞争秩序，降低市场进入壁垒，使竞争者均有公平触达上游版权资源的机会，有利于将竞争的焦点从利用资本优势抢夺版权资源回归到创新服务水平、提高用户体验的理性轨道上来；有利于推动与国际接轨的合理方式计算版权费用，减轻下游运营成本；有利于培育新的市场进入者，并为现存企业创造更公平的竞争环境，保障消费者选择权，最终惠及广大消费者，促进网络音乐产业规范创新健康发展。\n以下为处罚书全文:\n国家市场监督管理总局\n行政处罚决定书\n国市监处〔2021〕67号\n当事人：腾讯控股有限公司\n住 所：开曼群岛哈金斯大道克里奇广场\n根据《中华人民共和国反垄断法》（以下简称《反垄断法》）、《经营者集中审查暂行规定》，本机关于2021年1月25日对腾讯控股有限公司（以下简称腾讯）收购中国音乐集团股权涉嫌违法实施经营者集中进行立案调查。\n经查，该案构成违法实施的经营者集中，具有或者可能具有排除、限制竞争的效果。本机关按照《中华人民共和国行政处罚法》（以下简称《行政处罚法》）规定，向腾讯送达《行政处罚告知书》，告知其拟作出的行政处罚内容及事实、理由、依据，并告知其依法享有的陈述、申辩和要求听证等权利。腾讯在规定期限内没有提出陈述、申辩或要求听证。本案现已调查、审理终结。\n\n基本情况\n\n（一）交易方。\n收购方：腾讯。1999年11月于英属维尔京群岛注册成立，2004年2月迁册至英属开曼群岛，2004年6月在香港联交所上市，通过协议控制境内主要运营实体深圳市腾讯计算机系统有限公司。主要业务包括社交和通信服务、社交网络平台、网络音乐平台、游戏、网络视频服务、互动娱乐直播等。2015年全球营业额为1028.63亿元人民币（币种下同），中国境内营业额为962.51亿元。\n被收购方：中国音乐集团。2012年于开曼群岛注册成立，通过协议控制境内主要运营实体海洋互动（北京）信息技术有限公司。主要业务包括网络音乐平台、唱片公司出版业务、版权代理业务等。自然人（略）作为一致行动人拥有共同控制权。2015年全球及中国境内营业额均为（略）。\n（二）交易概况。\n2016年7月12日，腾讯以估值（略）的业务（主要是QQ音乐业务）投入中国音乐集团，获得中国音乐集团61.64%股权，取得对中国音乐集团的单独控制权。2016年12月，整合后的中国音乐集团更名为腾讯音乐娱乐集团。2017年12月6日，交易完成股权变更登记手续。\n二、违法事实及理由\n（一）本案构成违法实施的经营者集中。\n《反垄断法》第二十条规定“经营者集中是指下列情形：（一）经营者合并；（二）经营者通过取得股权或者资产的方式取得对其他经营者的控制权；（三）经营者通过合同等方式取得对其他经营者的控制权或者能够对其他经营者施加决定性影响”。本项集中前，中国音乐集团由自然人（略）共同控制。本项集中后，腾讯获得中国音乐集团61.64%股权，取得对中国音乐集团单独控制权，属于《反垄断法》第二十条规定的经营者集中。\n腾讯2015年全球营业额为1028.63亿元，中国境内营业额为962.51亿元，中国音乐集团2015年全球及中国境内营业额均为（略），达到《国务院关于经营者集中申报标准的规定》第三条规定的申报标准，属于应当申报的情形。\n《反垄断法》第二十一条规定“经营者集中达到国务院规定的申报标准的，经营者应当事先向国务院反垄断执法机构申报，未申报的不得实施集中”。2017年12月6日，腾讯完成股权变更登记，在此之前未向本机关申报，违反《反垄断法》第二十一条规定，构成违法实施的经营者集中。\n以上事实，有腾讯营业执照复印件、组织架构图、股权关系图、《经营者集中反垄断审查申报表》、腾讯年报、《腾讯相关问题的书面说明》、《股份认购协议》等证据证明。\n（二）本案具有或者可能具有排除、限制竞争的效果。\n根据《反垄断法》和《国务院反垄断委员会关于相关市场界定的指南》规定，同时考虑平台经济特点，在经济学分析和问卷调查基础上，本案相关市场界定为交易双方存在横向重叠的中国境内网络音乐播放平台市场。网络音乐播放平台市场是指通过电脑端、手机端或者其他智能终端的程序或网站，以在线播放或下载方式向消费者提供完整版权音乐录音制品播放服务的平台。网络K歌、网络直播、短视频平台等虽也提供与网络音乐相关的服务，但其核心功能、应用场景、商业模式、市场进入等与网络音乐播放平台市场不具有紧密替代关系，不属于同一相关商品市场。由于音乐版权的授权受各国著作权法规定限制，具有明显的地域差异，中国的网络音乐播放平台获得授权的音乐版权传播范围一般为中国境内，且主要面向中国境内用户，因此相关地域市场界定为中国境内。\n经深入研究，本项集中对中国境内网络音乐播放平台市场具有或者可能具有排除、限制竞争效果：\n\n集中后实体在相关市场具有较高市场份额。\n\n2016年7月集中发生时，腾讯和中国音乐集团的月活跃用户数分别为1.6亿人、2.3亿人，市场份额分别为33.96%、49.07%；用户月使用时长分别为8.05亿小时、6.98亿小时，市场份额分别为45.77%、39.65%，集中双方均列市场前两位，合计市场份额超过80%。2016年集中双方在相关市场的销售金额合计（略），约占相关市场总收入规模的70%。以音乐版权核心资源占有率计算，腾讯和中国音乐集团的曲库数量分别为1210万、821万，其中独家曲库为314万、130万，曲库和独家资源的市场占有率均超过80%。\n从该市场赫芬达尔－赫希曼指数（HHI指数）分析，交易后为6950，为高度集中市场，集中产生的增量为3350。交易导致相关市场集中度进一步提高，竞争被进一步削弱。\n\n集中减少相关市场主要竞争对手。\n\n调查显示，交易前集中双方居市场前两位，竞争实力相当，彼此竞争较为紧密。根据消费者在替代性平台之间的流向选择显示，腾讯旗下QQ音乐73.6%的用户流向了中国音乐集团旗下的酷狗音乐和酷我音乐，表明如果QQ音乐提高价格或降低服务水平，可能有73.6%的用户流向中国音乐集团旗下平台，双方互为较为紧密竞争者。集中减少相关市场主要竞争对手，进一步削弱市场竞争。\n\n集中可能进一步提高相关市场进入壁垒。\n\n一是可能提高版权资源壁垒。在集中后实体锁定较多独家版权资源的情况下，新进入者须依靠其转授权，进入相关市场较为困难。由集中带来的市场规模也使其有能力通过提前支付不可返还的高额预付金等方式向上游版权方支付版权费用，可能进一步提高市场进入壁垒。\n二是可能增加用户转换成本。集中为腾讯带来较为丰富的曲库资源、较大的用户规模及充足的使用数据，相比新进入平台更能推荐符合消费者偏好的歌曲，导致用户转换平台意愿降低，从而进一步扩大用户规模，可能阻止其他竞争者达到或维持临界规模。\n三是集中后市场进入活跃度不高。数据显示，网络音乐播放平台市场的主要进入发生在2016年初至2017年7月，2017年底集中完成后，该市场进入活跃度下降较明显。\n综上，腾讯通过本项集中在中国境内网络音乐播放平台市场具有较高市场份额，可能使其有能力促使上游版权方对其进行独家版权授权，或者向其提供优于竞争对手的条件，也可能使腾讯有能力通过支付高额预付金等方式提高市场进入壁垒，对相关市场具有或者可能具有排除、限制竞争的效果。\n调查同时发现，中国网络音乐播放平台市场发展较为迅速，腾讯主要竞争对手（略）的市场份额也呈现较快速度增长，由集中发生时的不足6%增长至近18%，增长200%左右，说明竞争对手对其竞争约束有增强的趋势。此外，网络音乐播放平台与其他平台之间近年来呈现出一定的动态竞争和跨界融合趋势，一些拥有广泛用户基础的短视频平台，如果再获得足够数量的音乐版权资源，在未来有可能成为相关市场的竞争者。\n以上事实，有第三方机构统计数据和行业分析报告、《问卷调查报告》、《经济学分析报告》、腾讯和相关方提供的《授权协议》和《转授权协议》、行业主管部门等相关方的回复意见等证据证明。\n三、行政处罚依据和决定\n《反垄断法》第四十八条规定“经营者违反本法规定实施集中的，由国务院反垄断执法机构责令停止实施集中、限期处分股份或者资产、限期转让营业以及采取其他必要措施恢复到集中前的状态，可以处五十万元以下的罚款”。《反垄断法》第四十九条规定“对本法第四十六条、第四十七条、第四十八条规定的罚款，反垄断执法机构确定具体罚款数额时，应当考虑违法行为的性质、程度和持续的时间等因素”。\n根据上述规定，基于上述调查情况和评估结论，本机关对腾讯作出如下处理决定：\n（一）责令腾讯及其关联公司采取以下措施恢复相关市场竞争状态：\n1. 不得与上游版权方达成或变相达成独家版权协议（版权范围包括所有音乐作品及录音制品的信息网络传播权）或其他排他性协议，已经达成的，须在本决定发布之日起三十日内解除，与独立音乐人（是指音乐作品或录音制品的原始权利人，并以个人名义与音乐平台进行版权授权，且从未与任何唱片公司或经纪公司签订协议的自然人）或新歌首发的独家合作除外。与独立音乐人的独家合作期限不得超过三年，与新歌首发的独家合作期限不得超过三十日。\n2. 没有正当理由，不得要求或变相要求上游版权方给予当事人优于其他竞争对手的条件，包括但不限于授权范围、授权金额、授权期限等，或与之相关的任何协议或协议条款。已经达成的，须在本决定发布之日起三十日内解除。\n3. 依据版权实际使用情况、用户付费情况、歌曲单价、应用场景、签约期限等因素向上游版权方报价，不得通过高额预付金等方式变相提高竞争对手成本，排除、限制竞争。\n（二）处以50万元罚款。\n（三）依法申报经营者集中。\n1.经营者集中达到国务院规定的申报标准的，应当事先向市场监管总局申报，未申报的不得实施集中。\n2.经营者集中未达到申报标准，但该经营者集中具有或者可能具有排除、限制竞争效果的，应当事先向市场监管总局申报，未申报的不得实施集中。\n3.交易未构成经营者集中的，除法律规定的保护小股东权益事项外，不得参与相关企业经营决策，并在每年的年度报告中向市场监管总局报告交易基本情况等内容。\n（四）依法合规经营，建立健全公平参与市场竞争的长效机制。\n1.全面规范自身竞争行为，对照《反垄断法》开展全面深入自查，检视并规范自身经营行为。\n2.严格落实平台企业主体责任，不断完善平台内部治理规则，按照公平、合理、无歧视原则与其他经营者开展合作。\n3.完善企业内部合规控制制度，建立并有效执行反垄断合规制度，自觉维护公平竞争。\n4.保护消费者合法权益。充分保障消费者各项权利，合理制定收费价格，保护消费者隐私。\n5.积极维护公平竞争，推动行业创新发展。\n以上措施期限自《行政处罚决定书》下发之日起算，腾讯及其关联公司须在十日内对照上述措施制定整改方案，并报市场监管总局审核。市场监管总局三年内有权通过监督受托人或自行监督检查腾讯及其关联公司履行上述义务的情况，腾讯三年内每年向市场监管总局报告履行义务情况，三年到期后不再报告。\n《行政处罚法》第六十七条规定“作出罚款决定的行政机关应当与收缴罚款的机构分离。除依照本法第六十八条、第六十九条的规定当场收缴的罚款外，作出行政处罚决定的行政机关及其执法人员不得自行收缴罚款。当事人应当自收到行政处罚决定书之日起十五日内，到指定的银行或者通过电子支付系统缴纳罚款。银行应当收受罚款，并将罚款直接上缴国库”。\n当事人应当自收到本行政处罚决定书之日起十五日内，根据本行政处罚决定书，携缴款码到12家中央财政非税收入收缴代理银行（工、农、中、建、交、中信、光大、招商、邮储、华夏、平安、兴业）任一银行网点或者网上银行交纳罚款。缴款码：***。\n当事人如对上述行政处罚决定不服，可以自收到本行政处罚决定书之日起六十日内，向国家市场监督管理总局申请行政复议；或者自收到本行政处罚决定书之日起六个月内，依法向北京知识产权法院提起行政诉讼。行政复议或者行政诉讼期间，本行政处罚决定不停止执行。\n市场监管总局\n2021年7月24日","news_type":1,"symbols_score_info":{"QNETCN":0.9,"TCEHY":0.9,"00700":0.9}},"isVote":1,"tweetType":1,"viewCount":3306,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174603025,"gmtCreate":1627092922567,"gmtModify":1703484109918,"author":{"id":"4087119540273580","authorId":"4087119540273580","name":"chuayonghock","avatar":"https://static.tigerbbs.com/8b76d0db3e9b22055172d1bb13319f56","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087119540273580","idStr":"4087119540273580"},"themes":[],"title":"","htmlText":"......","listText":"......","text":"......","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/174603025","repostId":"2153698973","repostType":4,"repost":{"id":"2153698973","kind":"news","pubTimestamp":1627089666,"share":"https://ttm.financial/m/news/2153698973?lang=en_US&edition=fundamental","pubTime":"2021-07-24 09:21","market":"us","language":"zh","title":"Are Intel's prospects good? Wall Street is divided after the results","url":"https://stock-news.laohu8.com/highlight/detail?id=2153698973","media":"智通财经","summary":"美东时间7月22日美股盘后，英特尔公布了2021年第二季度财报。财报公布后，多家投行表示，英特尔Q2业绩表现稳定，但对于该公司给出的业绩指引却存在不同意见。\n数据显示，在GAAP会计准则下，该公司Q2","content":"<p>After the US stock market closed on July 22, Eastern Time,<a href=\"https://laohu8.com/S/INTC\">Intel</a>The company released its financial report for the second quarter of 2021. Following the release of its financial report, several investment banks stated that Intel's Q2 performance was stable, but they had differing opinions on the company's earnings guidance.</p><p>Data shows that under GAAP accounting standards, the company's Q2 revenue was $19.631 billion, compared to $19.728 billion in the same period last year, a year-on-year decrease of 0.49%; Net profit was $5.061 billion, compared to $5.105 billion in the same period last year, a year-on-year decrease of 0.86%. Among them, the highly anticipated data center business remained weak, with revenue down 9% year-on-year to $6.455 billion.</p><p>Looking ahead, the company expects revenue of $19.1 billion, earnings per share of $1.08, and a gross margin of 53% for the third quarter of 2021 under GAAP accounting standards. The company has raised its full-year 2021 earnings guidance, expecting full-year revenue of $77.6 billion, earnings per share of $4.09, and a gross profit margin of 54.2%.</p><p>The following are the views of various investment banks:</p><p><b>Truist analyst William Stein lowered his price target for Intel from $69 to $60 while maintaining a \"hold\" rating.</b>The analyst said Intel's second-quarter results were \"solid,\" but the company's investments in technology dragged down its interim earnings per share outlook. However, Stein added that the best news for Intel is its progress in new technologies, such as its leading 7nm process and foundry capacity.</p><p><b><a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Analyst Joseph Moore lowered his price target for Intel from $72 to $70 while maintaining an \"overweight\" rating.</b>Moore stated that the company \"actually slightly lowered its expectations for the remainder of the year,\" raising questions among investors about its momentum in 2022. However, the analyst believes he will stick to his view given the stock's current P/E.</p><p><b><a href=\"https://laohu8.com/S/BCS\">Barclays Bank</a>Analyst Blayne Curtis lowered his price target for Intel from $58 to $50 while maintaining his \"underweight\" rating.</b>Curtis stated that while the company's better-than-expected second-quarter results were positive, its data center business remained weak, and the company's earnings guidance also suggested limited growth potential. The analyst stated that he expressed doubts about the company's management's optimistic outlook given the improving PC business, the difficulties in chip manufacturing, and the limited strategic significance of OEM manufacturing.</p><p><b>Benchmark analyst David Williams maintained a \"hold\" rating on Intel, saying the company's core business faces ongoing competitive challenges.</b>Williams pointed out that although Intel's second-quarter results exceeded expectations, the company's growth should not be surprising given market demand across the entire semiconductor supply chain. The analyst believes that the overall strength of the market indicates...<a href=\"https://laohu8.com/S/AMD\">AMD</a>(AMD.US) has a promising outlook, and we remain optimistic about AMD's market share growth and competitive advantage.</p><p><b>Mizuho analyst Vijay Rakesh lowered his price target for Intel from $72 to $70 while maintaining a \"buy\" rating.</b>Rakesh said the company reported “solid” quarterly results and raised its full-year guidance. Despite facing \"multiple challenges,\" Intel is still expected to achieve excellent performance in the second half of 2021 thanks to new management, new processors Ice Lake and Sapphire Rapids, and its foundry business.</p><p><b>Citigroup analyst Christopher Danely lowered his price target for Intel from $60 to $57, maintaining a \"neutral\" rating.</b>Danely stated that the company performed \"strongly\" in the second quarter, driven by its data center business. The analyst believes that although Intel raised its full-year 2021 revenue and earnings guidance, this was due to revenue growth and lower tax revenue in the second quarter. Danely expects the company's profit pressure to continue, while the slowdown in the PC terminal market will exacerbate the pressure.</p><p><b>Roth Capital analyst Suji Desilva lowered his price target for Intel from $65 to $60 while maintaining a \"neutral\" rating.</b>Desilva stated that Intel's second-quarter earnings per share and revenue exceeded market expectations, reflecting strong demand and recovery momentum in data centers and customers despite tight manufacturing supply. The analyst expects demand momentum to continue in the second half of the year, but will be offset by ongoing supply constraints.</p>","source":"stock_zhitongcaijing","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Are Intel's prospects good? Wall Street is divided after the results</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAre Intel's prospects good? Wall Street is divided after the results\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经</strong><span class=\"h-time small\">2021-07-24 09:21</span>\n</p>\n</h4>\n</header>\n<article>\n<p>After the US stock market closed on July 22, Eastern Time,<a href=\"https://laohu8.com/S/INTC\">Intel</a>The company released its financial report for the second quarter of 2021. Following the release of its financial report, several investment banks stated that Intel's Q2 performance was stable, but they had differing opinions on the company's earnings guidance.</p><p>Data shows that under GAAP accounting standards, the company's Q2 revenue was $19.631 billion, compared to $19.728 billion in the same period last year, a year-on-year decrease of 0.49%; Net profit was $5.061 billion, compared to $5.105 billion in the same period last year, a year-on-year decrease of 0.86%. Among them, the highly anticipated data center business remained weak, with revenue down 9% year-on-year to $6.455 billion.</p><p>Looking ahead, the company expects revenue of $19.1 billion, earnings per share of $1.08, and a gross margin of 53% for the third quarter of 2021 under GAAP accounting standards. The company has raised its full-year 2021 earnings guidance, expecting full-year revenue of $77.6 billion, earnings per share of $4.09, and a gross profit margin of 54.2%.</p><p>The following are the views of various investment banks:</p><p><b>Truist analyst William Stein lowered his price target for Intel from $69 to $60 while maintaining a \"hold\" rating.</b>The analyst said Intel's second-quarter results were \"solid,\" but the company's investments in technology dragged down its interim earnings per share outlook. However, Stein added that the best news for Intel is its progress in new technologies, such as its leading 7nm process and foundry capacity.</p><p><b><a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Analyst Joseph Moore lowered his price target for Intel from $72 to $70 while maintaining an \"overweight\" rating.</b>Moore stated that the company \"actually slightly lowered its expectations for the remainder of the year,\" raising questions among investors about its momentum in 2022. However, the analyst believes he will stick to his view given the stock's current P/E.</p><p><b><a href=\"https://laohu8.com/S/BCS\">Barclays Bank</a>Analyst Blayne Curtis lowered his price target for Intel from $58 to $50 while maintaining his \"underweight\" rating.</b>Curtis stated that while the company's better-than-expected second-quarter results were positive, its data center business remained weak, and the company's earnings guidance also suggested limited growth potential. The analyst stated that he expressed doubts about the company's management's optimistic outlook given the improving PC business, the difficulties in chip manufacturing, and the limited strategic significance of OEM manufacturing.</p><p><b>Benchmark analyst David Williams maintained a \"hold\" rating on Intel, saying the company's core business faces ongoing competitive challenges.</b>Williams pointed out that although Intel's second-quarter results exceeded expectations, the company's growth should not be surprising given market demand across the entire semiconductor supply chain. The analyst believes that the overall strength of the market indicates...<a href=\"https://laohu8.com/S/AMD\">AMD</a>(AMD.US) has a promising outlook, and we remain optimistic about AMD's market share growth and competitive advantage.</p><p><b>Mizuho analyst Vijay Rakesh lowered his price target for Intel from $72 to $70 while maintaining a \"buy\" rating.</b>Rakesh said the company reported “solid” quarterly results and raised its full-year guidance. Despite facing \"multiple challenges,\" Intel is still expected to achieve excellent performance in the second half of 2021 thanks to new management, new processors Ice Lake and Sapphire Rapids, and its foundry business.</p><p><b>Citigroup analyst Christopher Danely lowered his price target for Intel from $60 to $57, maintaining a \"neutral\" rating.</b>Danely stated that the company performed \"strongly\" in the second quarter, driven by its data center business. The analyst believes that although Intel raised its full-year 2021 revenue and earnings guidance, this was due to revenue growth and lower tax revenue in the second quarter. Danely expects the company's profit pressure to continue, while the slowdown in the PC terminal market will exacerbate the pressure.</p><p><b>Roth Capital analyst Suji Desilva lowered his price target for Intel from $65 to $60 while maintaining a \"neutral\" rating.</b>Desilva stated that Intel's second-quarter earnings per share and revenue exceeded market expectations, reflecting strong demand and recovery momentum in data centers and customers despite tight manufacturing supply. The analyst expects demand momentum to continue in the second half of the year, but will be offset by ongoing supply constraints.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.zhitongcaijing.com/content/detail/520512.html\">智通财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c74be4c2a08964ef2daf32217f693b44","relate_stocks":{"03086":"华夏纳指","INTC":"英特尔","09086":"华夏纳指-U"},"source_url":"http://www.zhitongcaijing.com/content/detail/520512.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2153698973","content_text":"美东时间7月22日美股盘后，英特尔公布了2021年第二季度财报。财报公布后，多家投行表示，英特尔Q2业绩表现稳定，但对于该公司给出的业绩指引却存在不同意见。\n数据显示，在GAAP会计准则下，该公司Q2营收196.31亿美元，上年同期为197.28亿美元，同比下滑0.49%;净利润50.61亿美元，上年同期为51.05亿美元，同比下滑0.86%。其中，备受关注的数据中心业务持续疲软，营收同比下降9%至64.55亿美元。\n展望未来，该公司预计，在GAAP会计准则下，2021年第三季度营收191亿美元，每股收益1.08美元，毛利率53%；上调2021年全年业绩指引，预计全年营收776亿美元，每股收益4.09美元，毛利率54.2%。\n以下是各投行观点：\nTruist分析师William Stein将英特尔目标价由69美元下调至60美元，维持“持有”评级。该分析师表示，英特尔第二季度业绩“稳健”，但该公司在技术方面的投资拖累了其中期每股收益前景。不过，Stein补充道，对英特尔而言，最好的消息是其在新技术方面的进展，如领先的7nm制程工艺、代工产能等。\n摩根士丹利分析师Joseph Moore将英特尔目标价由72美元下调至70美元，维持“增持“评级。Moore表示，该公司“实际上略微下调了对今年剩余时间的预期”，从而引发了投资者对其在2022年的发展势头的质疑。不过，该分析师认为，考虑到目前该股的市盈率，他将坚持其看法。\n巴克莱银行分析师Blayne Curtis将英特尔目标价由58美元下调至50美元，维持“减持”评级。Curtis表示，虽然该公司第二季度超预期的业绩是积极的，但数据中心业务仍然乏力，同时，该公司提供的业绩指引也暗示了其增长空间有限。该分析师称，在PC业务好转、芯片制程处于困境，代工战略意义不大的情况下，对该公司管理层的乐观前景表示怀疑。\nBenchmark分析师David Williams维持英特尔“持有”评级，并称该公司核心业务面临持续的竞争挑战。Williams指出，尽管英特尔第二季度业绩超出预期，但考虑到整个半导体供应链的市场需求，该公司的增长不应令人惊讶。该分析师认为，整体市场强劲预示着AMD(AMD.US)前景良好，继续看好AMD的市场份额增长和竞争优势。\n瑞穗分析师Vijay Rakesh将英特尔目标价由72美元下调至70美元，维持“买入”评级。Rakesh表示，该公司公布了“稳健”的季度业绩，并上调了全年指引。虽然英特尔面临“多重挑战”，但通过新管理层、新处理器Ice Lake和Sapphire Rapids以及代工业务，英特尔在2021年下半年仍有望取得优异表现。\n花旗分析师Christopher Danely将英特尔目标价由60美元下调至57美元，维持“中性”评级。Danely表示，在数据中心业务的带动下，该公司第二季度表现“强劲”。该分析师认为，虽然英特尔上调了2021年全年营收和盈利指引，但这是因为第二季度收入的增长和税收的降低。Danely预计，公司的利润压力将持续下去，而PC终端市场的减速将加剧压力。\nRoth Capital分析师Suji Desilva将英特尔目标价由65美元下调至60美元，维持“中性”评级。Desilva表示，英特尔公布第二季度每股收益和营收高于市场预期，反映出尽管制造业供应紧张，但数据中心和客户的需求和复苏势头强劲。该分析师预计，下半年的需求势头仍将持续，但将被持续的供应紧张所抵消。","news_type":1,"symbols_score_info":{"03086":0.9,"INTC":0.9,"09086":0.9}},"isVote":1,"tweetType":1,"viewCount":3486,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174991200,"gmtCreate":1627055750800,"gmtModify":1703483564720,"author":{"id":"4087119540273580","authorId":"4087119540273580","name":"chuayonghock","avatar":"https://static.tigerbbs.com/8b76d0db3e9b22055172d1bb13319f56","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087119540273580","idStr":"4087119540273580"},"themes":[],"title":"","htmlText":"....&nbsp; &nbsp;","listText":"....&nbsp; &nbsp;","text":"....","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/174991200","repostId":"1176482387","repostType":2,"repost":{"id":"1176482387","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1627051697,"share":"https://ttm.financial/m/news/1176482387?lang=en_US&edition=fundamental","pubTime":"2021-07-23 22:48","market":"us","language":"zh","title":"New Oriental responds to the \"double reduction\" document: No formal notification regarding these regulations has been received.","url":"https://stock-news.laohu8.com/highlight/detail?id=1176482387","media":"老虎资讯综合","summary":"7月23日，港股在线教育和中概教育股齐齐重挫，创历史单日最大跌幅，数十只概念股惨遭血洗。\n对此，多家机构纷纷回应：\n新东方：我们注意到，今天有部分英文及中文媒体报导称，中国监管机构正在考虑制定一套新规","content":"<p>On July 23, both Hong Kong-listed online education and Chinese concept education stocks suffered heavy losses, marking their largest single-day drop in history, and dozens of concept stocks were devastated.</p><p>In response, several institutions issued statements:</p><p>New Oriental: We have noticed that some English and Chinese media outlets reported today that Chinese regulators are considering formulating a new set of regulations regarding after-school tutoring services for school subjects taught under China's compulsory education system. These regulations have not been published and the Company has not received any formal notification in respect of these regulations.</p><p>TAL Education Group stated on its official website today that it has noticed reports from certain English and Chinese media outlets that regulators are considering a new set of regulations related to after-school tutoring services for subjects taught in the compulsory education system. In response, TAL Education Group stated that the regulations have not yet been announced, and the company has not received formal notification of the regulations. The company will not comment on market speculation.</p><p>Gaotu responded on Weibo in the evening, stating that as a social education institution, Gaotu firmly supports the double reduction work, makes a beneficial supplement to socialist education, and will increase investment in vocational education.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>New Oriental responds to the \"double reduction\" document: No formal notification regarding these regulations has been received.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNew Oriental responds to the \"double reduction\" document: No formal notification regarding these regulations has been received.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-23 22:48</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 23, both Hong Kong-listed online education and Chinese concept education stocks suffered heavy losses, marking their largest single-day drop in history, and dozens of concept stocks were devastated.</p><p>In response, several institutions issued statements:</p><p>New Oriental: We have noticed that some English and Chinese media outlets reported today that Chinese regulators are considering formulating a new set of regulations regarding after-school tutoring services for school subjects taught under China's compulsory education system. These regulations have not been published and the Company has not received any formal notification in respect of these regulations.</p><p>TAL Education Group stated on its official website today that it has noticed reports from certain English and Chinese media outlets that regulators are considering a new set of regulations related to after-school tutoring services for subjects taught in the compulsory education system. In response, TAL Education Group stated that the regulations have not yet been announced, and the company has not received formal notification of the regulations. The company will not comment on market speculation.</p><p>Gaotu responded on Weibo in the evening, stating that as a social education institution, Gaotu firmly supports the double reduction work, makes a beneficial supplement to socialist education, and will increase investment in vocational education.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/82362caba1384c0d03f1f3d1a209deae","relate_stocks":{"09901":"新东方-S","EDU":"新东方"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1176482387","content_text":"7月23日，港股在线教育和中概教育股齐齐重挫，创历史单日最大跌幅，数十只概念股惨遭血洗。\n对此，多家机构纷纷回应：\n新东方：我们注意到，今天有部分英文及中文媒体报导称，中国监管机构正在考虑制定一套新规例，内容涉及中国义务教育制度下所教授学校科目的相关课外辅导服务。该等规例尚未公布，本公司亦未收到有关该等规例的正式通知。\n好未来今日在其官网表示，公司注意到某些英文和中文媒体报道称，监管机构正在考虑制定一套新的规定，涉及与义务教育系统中所教科目相关的课后辅导服务。对此，好未来表示，该规定尚未公布，该公司也未收到该规定的正式通知，对市场投机行为该公司不予评论。\n高途晚间在微博回应称，作为社会教育机构，高途坚决拥护双减工作，做好社会主义教育的有益补充，并将加大职业教育投入力度。","news_type":1,"symbols_score_info":{"09901":0.9,"EDU":0.9}},"isVote":1,"tweetType":1,"viewCount":3945,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174904602,"gmtCreate":1627055538906,"gmtModify":1703483557799,"author":{"id":"4087119540273580","authorId":"4087119540273580","name":"chuayonghock","avatar":"https://static.tigerbbs.com/8b76d0db3e9b22055172d1bb13319f56","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087119540273580","idStr":"4087119540273580"},"themes":[],"title":"","htmlText":"...","listText":"...","text":"...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/174904602","repostId":"1176482387","repostType":4,"repost":{"id":"1176482387","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1627051697,"share":"https://ttm.financial/m/news/1176482387?lang=en_US&edition=fundamental","pubTime":"2021-07-23 22:48","market":"us","language":"zh","title":"New Oriental responds to the \"double reduction\" document: No formal notification regarding these regulations has been received.","url":"https://stock-news.laohu8.com/highlight/detail?id=1176482387","media":"老虎资讯综合","summary":"7月23日，港股在线教育和中概教育股齐齐重挫，创历史单日最大跌幅，数十只概念股惨遭血洗。\n对此，多家机构纷纷回应：\n新东方：我们注意到，今天有部分英文及中文媒体报导称，中国监管机构正在考虑制定一套新规","content":"<p>On July 23, both Hong Kong-listed online education and Chinese concept education stocks suffered heavy losses, marking their largest single-day drop in history, and dozens of concept stocks were devastated.</p><p>In response, several institutions issued statements:</p><p>New Oriental: We have noticed that some English and Chinese media outlets reported today that Chinese regulators are considering formulating a new set of regulations regarding after-school tutoring services for school subjects taught under China's compulsory education system. These regulations have not been published and the Company has not received any formal notification in respect of these regulations.</p><p>TAL Education Group stated on its official website today that it has noticed reports from certain English and Chinese media outlets that regulators are considering a new set of regulations related to after-school tutoring services for subjects taught in the compulsory education system. In response, TAL Education Group stated that the regulations have not yet been announced, and the company has not received formal notification of the regulations. The company will not comment on market speculation.</p><p>Gaotu responded on Weibo in the evening, stating that as a social education institution, Gaotu firmly supports the double reduction work, makes a beneficial supplement to socialist education, and will increase investment in vocational education.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>New Oriental responds to the \"double reduction\" document: No formal notification regarding these regulations has been received.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNew Oriental responds to the \"double reduction\" document: No formal notification regarding these regulations has been received.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-23 22:48</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 23, both Hong Kong-listed online education and Chinese concept education stocks suffered heavy losses, marking their largest single-day drop in history, and dozens of concept stocks were devastated.</p><p>In response, several institutions issued statements:</p><p>New Oriental: We have noticed that some English and Chinese media outlets reported today that Chinese regulators are considering formulating a new set of regulations regarding after-school tutoring services for school subjects taught under China's compulsory education system. These regulations have not been published and the Company has not received any formal notification in respect of these regulations.</p><p>TAL Education Group stated on its official website today that it has noticed reports from certain English and Chinese media outlets that regulators are considering a new set of regulations related to after-school tutoring services for subjects taught in the compulsory education system. In response, TAL Education Group stated that the regulations have not yet been announced, and the company has not received formal notification of the regulations. The company will not comment on market speculation.</p><p>Gaotu responded on Weibo in the evening, stating that as a social education institution, Gaotu firmly supports the double reduction work, makes a beneficial supplement to socialist education, and will increase investment in vocational education.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/82362caba1384c0d03f1f3d1a209deae","relate_stocks":{"09901":"新东方-S","EDU":"新东方"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1176482387","content_text":"7月23日，港股在线教育和中概教育股齐齐重挫，创历史单日最大跌幅，数十只概念股惨遭血洗。\n对此，多家机构纷纷回应：\n新东方：我们注意到，今天有部分英文及中文媒体报导称，中国监管机构正在考虑制定一套新规例，内容涉及中国义务教育制度下所教授学校科目的相关课外辅导服务。该等规例尚未公布，本公司亦未收到有关该等规例的正式通知。\n好未来今日在其官网表示，公司注意到某些英文和中文媒体报道称，监管机构正在考虑制定一套新的规定，涉及与义务教育系统中所教科目相关的课后辅导服务。对此，好未来表示，该规定尚未公布，该公司也未收到该规定的正式通知，对市场投机行为该公司不予评论。\n高途晚间在微博回应称，作为社会教育机构，高途坚决拥护双减工作，做好社会主义教育的有益补充，并将加大职业教育投入力度。","news_type":1,"symbols_score_info":{"09901":0.9,"EDU":0.9}},"isVote":1,"tweetType":1,"viewCount":3217,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":174904602,"gmtCreate":1627055538906,"gmtModify":1703483557799,"author":{"id":"4087119540273580","authorId":"4087119540273580","name":"chuayonghock","avatar":"https://static.tigerbbs.com/8b76d0db3e9b22055172d1bb13319f56","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087119540273580","idStr":"4087119540273580"},"themes":[],"title":"","htmlText":"...","listText":"...","text":"...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/174904602","repostId":"1176482387","repostType":4,"repost":{"id":"1176482387","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1627051697,"share":"https://ttm.financial/m/news/1176482387?lang=en_US&edition=fundamental","pubTime":"2021-07-23 22:48","market":"us","language":"zh","title":"New Oriental responds to the \"double reduction\" document: No formal notification regarding these regulations has been received.","url":"https://stock-news.laohu8.com/highlight/detail?id=1176482387","media":"老虎资讯综合","summary":"7月23日，港股在线教育和中概教育股齐齐重挫，创历史单日最大跌幅，数十只概念股惨遭血洗。\n对此，多家机构纷纷回应：\n新东方：我们注意到，今天有部分英文及中文媒体报导称，中国监管机构正在考虑制定一套新规","content":"<p>On July 23, both Hong Kong-listed online education and Chinese concept education stocks suffered heavy losses, marking their largest single-day drop in history, and dozens of concept stocks were devastated.</p><p>In response, several institutions issued statements:</p><p>New Oriental: We have noticed that some English and Chinese media outlets reported today that Chinese regulators are considering formulating a new set of regulations regarding after-school tutoring services for school subjects taught under China's compulsory education system. These regulations have not been published and the Company has not received any formal notification in respect of these regulations.</p><p>TAL Education Group stated on its official website today that it has noticed reports from certain English and Chinese media outlets that regulators are considering a new set of regulations related to after-school tutoring services for subjects taught in the compulsory education system. In response, TAL Education Group stated that the regulations have not yet been announced, and the company has not received formal notification of the regulations. The company will not comment on market speculation.</p><p>Gaotu responded on Weibo in the evening, stating that as a social education institution, Gaotu firmly supports the double reduction work, makes a beneficial supplement to socialist education, and will increase investment in vocational education.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>New Oriental responds to the \"double reduction\" document: No formal notification regarding these regulations has been received.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNew Oriental responds to the \"double reduction\" document: No formal notification regarding these regulations has been received.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-23 22:48</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 23, both Hong Kong-listed online education and Chinese concept education stocks suffered heavy losses, marking their largest single-day drop in history, and dozens of concept stocks were devastated.</p><p>In response, several institutions issued statements:</p><p>New Oriental: We have noticed that some English and Chinese media outlets reported today that Chinese regulators are considering formulating a new set of regulations regarding after-school tutoring services for school subjects taught under China's compulsory education system. These regulations have not been published and the Company has not received any formal notification in respect of these regulations.</p><p>TAL Education Group stated on its official website today that it has noticed reports from certain English and Chinese media outlets that regulators are considering a new set of regulations related to after-school tutoring services for subjects taught in the compulsory education system. In response, TAL Education Group stated that the regulations have not yet been announced, and the company has not received formal notification of the regulations. The company will not comment on market speculation.</p><p>Gaotu responded on Weibo in the evening, stating that as a social education institution, Gaotu firmly supports the double reduction work, makes a beneficial supplement to socialist education, and will increase investment in vocational education.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/82362caba1384c0d03f1f3d1a209deae","relate_stocks":{"09901":"新东方-S","EDU":"新东方"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1176482387","content_text":"7月23日，港股在线教育和中概教育股齐齐重挫，创历史单日最大跌幅，数十只概念股惨遭血洗。\n对此，多家机构纷纷回应：\n新东方：我们注意到，今天有部分英文及中文媒体报导称，中国监管机构正在考虑制定一套新规例，内容涉及中国义务教育制度下所教授学校科目的相关课外辅导服务。该等规例尚未公布，本公司亦未收到有关该等规例的正式通知。\n好未来今日在其官网表示，公司注意到某些英文和中文媒体报道称，监管机构正在考虑制定一套新的规定，涉及与义务教育系统中所教科目相关的课后辅导服务。对此，好未来表示，该规定尚未公布，该公司也未收到该规定的正式通知，对市场投机行为该公司不予评论。\n高途晚间在微博回应称，作为社会教育机构，高途坚决拥护双减工作，做好社会主义教育的有益补充，并将加大职业教育投入力度。","news_type":1,"symbols_score_info":{"09901":0.9,"EDU":0.9}},"isVote":1,"tweetType":1,"viewCount":3217,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174991200,"gmtCreate":1627055750800,"gmtModify":1703483564720,"author":{"id":"4087119540273580","authorId":"4087119540273580","name":"chuayonghock","avatar":"https://static.tigerbbs.com/8b76d0db3e9b22055172d1bb13319f56","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087119540273580","idStr":"4087119540273580"},"themes":[],"title":"","htmlText":"....&nbsp; &nbsp;","listText":"....&nbsp; &nbsp;","text":"....","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/174991200","repostId":"1176482387","repostType":2,"repost":{"id":"1176482387","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1627051697,"share":"https://ttm.financial/m/news/1176482387?lang=en_US&edition=fundamental","pubTime":"2021-07-23 22:48","market":"us","language":"zh","title":"New Oriental responds to the \"double reduction\" document: No formal notification regarding these regulations has been received.","url":"https://stock-news.laohu8.com/highlight/detail?id=1176482387","media":"老虎资讯综合","summary":"7月23日，港股在线教育和中概教育股齐齐重挫，创历史单日最大跌幅，数十只概念股惨遭血洗。\n对此，多家机构纷纷回应：\n新东方：我们注意到，今天有部分英文及中文媒体报导称，中国监管机构正在考虑制定一套新规","content":"<p>On July 23, both Hong Kong-listed online education and Chinese concept education stocks suffered heavy losses, marking their largest single-day drop in history, and dozens of concept stocks were devastated.</p><p>In response, several institutions issued statements:</p><p>New Oriental: We have noticed that some English and Chinese media outlets reported today that Chinese regulators are considering formulating a new set of regulations regarding after-school tutoring services for school subjects taught under China's compulsory education system. These regulations have not been published and the Company has not received any formal notification in respect of these regulations.</p><p>TAL Education Group stated on its official website today that it has noticed reports from certain English and Chinese media outlets that regulators are considering a new set of regulations related to after-school tutoring services for subjects taught in the compulsory education system. In response, TAL Education Group stated that the regulations have not yet been announced, and the company has not received formal notification of the regulations. The company will not comment on market speculation.</p><p>Gaotu responded on Weibo in the evening, stating that as a social education institution, Gaotu firmly supports the double reduction work, makes a beneficial supplement to socialist education, and will increase investment in vocational education.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>New Oriental responds to the \"double reduction\" document: No formal notification regarding these regulations has been received.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNew Oriental responds to the \"double reduction\" document: No formal notification regarding these regulations has been received.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-23 22:48</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 23, both Hong Kong-listed online education and Chinese concept education stocks suffered heavy losses, marking their largest single-day drop in history, and dozens of concept stocks were devastated.</p><p>In response, several institutions issued statements:</p><p>New Oriental: We have noticed that some English and Chinese media outlets reported today that Chinese regulators are considering formulating a new set of regulations regarding after-school tutoring services for school subjects taught under China's compulsory education system. These regulations have not been published and the Company has not received any formal notification in respect of these regulations.</p><p>TAL Education Group stated on its official website today that it has noticed reports from certain English and Chinese media outlets that regulators are considering a new set of regulations related to after-school tutoring services for subjects taught in the compulsory education system. In response, TAL Education Group stated that the regulations have not yet been announced, and the company has not received formal notification of the regulations. The company will not comment on market speculation.</p><p>Gaotu responded on Weibo in the evening, stating that as a social education institution, Gaotu firmly supports the double reduction work, makes a beneficial supplement to socialist education, and will increase investment in vocational education.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/82362caba1384c0d03f1f3d1a209deae","relate_stocks":{"09901":"新东方-S","EDU":"新东方"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1176482387","content_text":"7月23日，港股在线教育和中概教育股齐齐重挫，创历史单日最大跌幅，数十只概念股惨遭血洗。\n对此，多家机构纷纷回应：\n新东方：我们注意到，今天有部分英文及中文媒体报导称，中国监管机构正在考虑制定一套新规例，内容涉及中国义务教育制度下所教授学校科目的相关课外辅导服务。该等规例尚未公布，本公司亦未收到有关该等规例的正式通知。\n好未来今日在其官网表示，公司注意到某些英文和中文媒体报道称，监管机构正在考虑制定一套新的规定，涉及与义务教育系统中所教科目相关的课后辅导服务。对此，好未来表示，该规定尚未公布，该公司也未收到该规定的正式通知，对市场投机行为该公司不予评论。\n高途晚间在微博回应称，作为社会教育机构，高途坚决拥护双减工作，做好社会主义教育的有益补充，并将加大职业教育投入力度。","news_type":1,"symbols_score_info":{"09901":0.9,"EDU":0.9}},"isVote":1,"tweetType":1,"viewCount":3945,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174602783,"gmtCreate":1627093115742,"gmtModify":1703484117192,"author":{"id":"4087119540273580","authorId":"4087119540273580","name":"chuayonghock","avatar":"https://static.tigerbbs.com/8b76d0db3e9b22055172d1bb13319f56","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087119540273580","idStr":"4087119540273580"},"themes":[],"title":"","htmlText":"......","listText":"......","text":"......","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/174602783","repostId":"1196350304","repostType":4,"repost":{"id":"1196350304","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1627050334,"share":"https://ttm.financial/m/news/1196350304?lang=en_US&edition=fundamental","pubTime":"2021-07-23 22:25","market":"us","language":"zh","title":"[Focus] Snap surges 22%, Q2 revenue up 116% year-over-year","url":"https://stock-news.laohu8.com/highlight/detail?id=1196350304","media":"老虎资讯综合","summary":"7月23日，Snap大涨22%，股价盘中一度刷新历史新高。第二季度营收同比增长116%。\n财报显示：Q2营收为9.82亿美元，同比增长116%；净亏损为1.52亿美元，同比收窄53%，去年同期为3.2","content":"<p>On July 23, Snap surged 22%, hitting a record high during trading. Revenue increased by 116% year-over-year in the second quarter.</p><p>The financial report shows that Q2 revenue was $982 million, a year-on-year increase of 116%; Net loss was $152 million, a 53% decrease year-over-year, compared to $326 million in the same period last year; Diluted loss per share was $0.10, compared to a loss of $0.23 per share in the same period last year; The number of daily active users (DAU) in the second quarter was 293 million, a year-on-year increase of 23%.</p><p><img src=\"https://static.tigerbbs.com/ad75520076ba6d2801e07b631a019261\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>[Focus] Snap surges 22%, Q2 revenue up 116% year-over-year</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n[Focus] Snap surges 22%, Q2 revenue up 116% year-over-year\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-23 22:25</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 23, Snap surged 22%, hitting a record high during trading. Revenue increased by 116% year-over-year in the second quarter.</p><p>The financial report shows that Q2 revenue was $982 million, a year-on-year increase of 116%; Net loss was $152 million, a 53% decrease year-over-year, compared to $326 million in the same period last year; Diluted loss per share was $0.10, compared to a loss of $0.23 per share in the same period last year; The number of daily active users (DAU) in the second quarter was 293 million, a year-on-year increase of 23%.</p><p><img src=\"https://static.tigerbbs.com/ad75520076ba6d2801e07b631a019261\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/bd3ac286c2233d10a592ba6c388667fb","relate_stocks":{"SNAP":"Snap Inc"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196350304","content_text":"7月23日，Snap大涨22%，股价盘中一度刷新历史新高。第二季度营收同比增长116%。\n财报显示：Q2营收为9.82亿美元，同比增长116%；净亏损为1.52亿美元，同比收窄53%，去年同期为3.26亿美元；摊薄后每股亏损0.10美元，上年同期每股亏损0.23美元；二季度日活跃用户数(DAU)为2.93亿，同比增长23%。","news_type":1,"symbols_score_info":{"SNAP":0.9}},"isVote":1,"tweetType":1,"viewCount":4235,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174602212,"gmtCreate":1627093098936,"gmtModify":1703484116870,"author":{"id":"4087119540273580","authorId":"4087119540273580","name":"chuayonghock","avatar":"https://static.tigerbbs.com/8b76d0db3e9b22055172d1bb13319f56","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087119540273580","idStr":"4087119540273580"},"themes":[],"title":"","htmlText":".....","listText":".....","text":".....","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/174602212","repostId":"1196350304","repostType":4,"repost":{"id":"1196350304","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1627050334,"share":"https://ttm.financial/m/news/1196350304?lang=en_US&edition=fundamental","pubTime":"2021-07-23 22:25","market":"us","language":"zh","title":"[Focus] Snap surges 22%, Q2 revenue up 116% year-over-year","url":"https://stock-news.laohu8.com/highlight/detail?id=1196350304","media":"老虎资讯综合","summary":"7月23日，Snap大涨22%，股价盘中一度刷新历史新高。第二季度营收同比增长116%。\n财报显示：Q2营收为9.82亿美元，同比增长116%；净亏损为1.52亿美元，同比收窄53%，去年同期为3.2","content":"<p>On July 23, Snap surged 22%, hitting a record high during trading. Revenue increased by 116% year-over-year in the second quarter.</p><p>The financial report shows that Q2 revenue was $982 million, a year-on-year increase of 116%; Net loss was $152 million, a 53% decrease year-over-year, compared to $326 million in the same period last year; Diluted loss per share was $0.10, compared to a loss of $0.23 per share in the same period last year; The number of daily active users (DAU) in the second quarter was 293 million, a year-on-year increase of 23%.</p><p><img src=\"https://static.tigerbbs.com/ad75520076ba6d2801e07b631a019261\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>[Focus] Snap surges 22%, Q2 revenue up 116% year-over-year</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n[Focus] Snap surges 22%, Q2 revenue up 116% year-over-year\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-23 22:25</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On July 23, Snap surged 22%, hitting a record high during trading. Revenue increased by 116% year-over-year in the second quarter.</p><p>The financial report shows that Q2 revenue was $982 million, a year-on-year increase of 116%; Net loss was $152 million, a 53% decrease year-over-year, compared to $326 million in the same period last year; Diluted loss per share was $0.10, compared to a loss of $0.23 per share in the same period last year; The number of daily active users (DAU) in the second quarter was 293 million, a year-on-year increase of 23%.</p><p><img src=\"https://static.tigerbbs.com/ad75520076ba6d2801e07b631a019261\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/bd3ac286c2233d10a592ba6c388667fb","relate_stocks":{"SNAP":"Snap Inc"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196350304","content_text":"7月23日，Snap大涨22%，股价盘中一度刷新历史新高。第二季度营收同比增长116%。\n财报显示：Q2营收为9.82亿美元，同比增长116%；净亏损为1.52亿美元，同比收窄53%，去年同期为3.26亿美元；摊薄后每股亏损0.10美元，上年同期每股亏损0.23美元；二季度日活跃用户数(DAU)为2.93亿，同比增长23%。","news_type":1,"symbols_score_info":{"SNAP":0.9}},"isVote":1,"tweetType":1,"viewCount":3200,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174602139,"gmtCreate":1627093085321,"gmtModify":1703484116224,"author":{"id":"4087119540273580","authorId":"4087119540273580","name":"chuayonghock","avatar":"https://static.tigerbbs.com/8b76d0db3e9b22055172d1bb13319f56","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087119540273580","idStr":"4087119540273580"},"themes":[],"title":"","htmlText":"....&nbsp;","listText":"....&nbsp;","text":"....","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/174602139","repostId":"2153152938","repostType":4,"isVote":1,"tweetType":1,"viewCount":3744,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174606555,"gmtCreate":1627093071477,"gmtModify":1703484116063,"author":{"id":"4087119540273580","authorId":"4087119540273580","name":"chuayonghock","avatar":"https://static.tigerbbs.com/8b76d0db3e9b22055172d1bb13319f56","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087119540273580","idStr":"4087119540273580"},"themes":[],"title":"","htmlText":"......","listText":"......","text":"......","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/174606555","repostId":"1100647660","repostType":4,"isVote":1,"tweetType":1,"viewCount":3820,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174601987,"gmtCreate":1627092950249,"gmtModify":1703484113480,"author":{"id":"4087119540273580","authorId":"4087119540273580","name":"chuayonghock","avatar":"https://static.tigerbbs.com/8b76d0db3e9b22055172d1bb13319f56","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087119540273580","idStr":"4087119540273580"},"themes":[],"title":"","htmlText":"......","listText":"......","text":"......","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/174601987","repostId":"1170350340","repostType":4,"repost":{"id":"1170350340","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1627092098,"share":"https://ttm.financial/m/news/1170350340?lang=en_US&edition=fundamental","pubTime":"2021-07-24 10:01","market":"hk","language":"zh","title":"Administrative penalties were imposed! Tencent was ordered to terminate the exclusive copyright of online music.","url":"https://stock-news.laohu8.com/highlight/detail?id=1170350340","media":"老虎资讯综合","summary":"腾讯回应被责令解除网络音乐独家版权：公司将认真遵守决定，严格落实监管要求，依法合规经营，切实履行社会责任，维护市场的良性竞争。市场监管总局依法作出行政处罚决定，责令腾讯及关联公司采取三十日内解除独家音乐版权、停止高额预付金等版权费用支付方式、无正当理由不得要求上游版权方给予其优于竞争对手的条件等恢复市场竞争状态的措施。","content":"<p>Tencent responded to the order to terminate its exclusive online music copyright: The company will strictly abide by the decision, strictly implement regulatory requirements, operate in accordance with laws and regulations, earnestly fulfill its social responsibilities, and maintain healthy competition in the market. Tencent will fulfill its responsibilities, work with Tencent Music and other affiliated companies to formulate rectification measures within the prescribed time limit, and complete the rectification in full and without compromise in accordance with the requirements of the penalty decision to ensure that the rectification is in place.</p><p>The State Administration for Market Regulation has issued an administrative penalty decision in accordance with the law, ordering Tencent and its affiliated companies to take measures to restore market competition, such as terminating exclusive music copyrights within 30 days, ceasing payment of copyright fees such as high prepayments, and prohibiting upstream copyright holders from providing them with conditions better than competitors without justifiable reason. In January 2021, based on a report, the State Administration for Market Regulation initiated an investigation into Tencent Holdings Limited (hereinafter referred to as Tencent) for suspected illegal concentration of operators in its acquisition of equity in China Music Group in July 2016.</p><p>In accordance with the Anti-Monopoly Law, the State Administration for Market Regulation investigated the facts of the illegal concentration in this transaction and fully assessed the market share, control, concentration, and impact of the concentration on market entry and consumers of the operators participating in the concentration. At the same time, we widely solicited opinions from relevant government departments, industry associations, experts and scholars, and competitors, and listened to Tencent's statements on multiple occasions.</p><p>The investigation indicates that the relevant market in this case is the online music playback platform market within China. Genuine music copyright is the core asset and key resource for the operation of online music playback platforms. In 2016, Tencent and China Music Group held approximately 30% and 40% market shares in the relevant market, respectively. Tencent gained a relatively high market share by merging with its major competitors. After the merger, the physical entity would own more than 80% of the exclusive music library resources. This may have the ability to prompt upstream copyright holders to reach more exclusive copyright agreements with it, or to demand that it be given better transaction conditions than its competitors. It may also have the ability to increase market entry barriers through copyright payment models such as paying high prepayments, which has or may have the effect of excluding or restricting competition in the relevant market.</p><p>In accordance with Article 48 of the Anti-Monopoly Law and Article 57 of the Interim Provisions on the Review of Concentrations of Business Undertakings, and in accordance with the principle of giving equal importance to development and standardization, the State Administration for Market Regulation has made an administrative penalty decision, ordering Tencent and its affiliated companies to take measures to restore market competition, such as terminating exclusive music copyrights within 30 days, ceasing payment of copyright fees such as high prepayments, and prohibiting upstream copyright holders from giving them conditions that are better than those of competitors without justifiable reason. Tencent will report its fulfillment of its obligations to the State Administration for Market Regulation annually for three years, and the State Administration for Market Regulation will strictly supervise its implementation in accordance with the law.</p><p>This case is the first case since the implementation of my country's Anti-Monopoly Law in which necessary measures have been taken to restore market competition by illegally concentrating business operators. Measures such as ordering Tencent to terminate its exclusive copyright will reshape the competitive order in relevant markets, lower market entry barriers, and give competitors fair access to upstream copyright resources. This will help shift the focus of competition from leveraging capital advantages to seize copyright resources back to a rational track of innovating service levels and improving user experience. This will help promote a reasonable way to calculate copyright fees in line with international standards and reduce downstream operating costs; This will help cultivate new market entrants, create a fairer competitive environment for existing companies, protect consumers' right to choose, ultimately benefit consumers, and promote the standardized, innovative, and healthy development of the online music industry.</p><p>The following is the full text of the penalty notice:</p><p>State Administration for Market Regulation</p><p>Administrative penalty decision</p><p>State Council Market Supervision Office [2021] No.</p><p>Party: Tencent Holdings Limited</p><p>Address: Creech Plaza, Huggins Avenue, Cayman Islands</p><p>In accordance with the Anti-Monopoly Law of the People's Republic of China (hereinafter referred to as the \"Anti-Monopoly Law\") and the \"Interim Provisions on the Review of Concentration of Undertakings\", this agency has initiated an investigation into Tencent Holdings Limited's (hereinafter referred to as Tencent) acquisition of equity in China Music Group on January 25, 2021, which is suspected of illegally implementing concentration of undertakings.</p><p>An investigation revealed that the case constituted an illegal concentration of business operators, which had or may have the effect of excluding or restricting competition. In accordance with the provisions of the Administrative Penalty Law of the People's Republic of China (hereinafter referred to as the \"Administrative Penalty Law\"), this agency serves Tencent with the \"Notice of Administrative Penalty\", informing it of the content, facts, reasons and basis of the proposed administrative penalty, and informing it of its rights to make statements, defenses and request hearings in accordance with the law. Tencent did not make any statements, defenses, or request a hearing within the prescribed time limit. The investigation and trial of this case have now concluded.</p><p><ul><li>Basic Information</li></ul><b>(a) Parties to the transaction.</b></p><p><b>Acquirer: Tencent.</b>It was incorporated in the British Virgin Islands in November 1999, relocated to the British Cayman Islands in February 2004, and listed on the Hong Kong Stock Exchange in June 2004. Through an agreement, it controlled its main domestic operating entity, Shenzhen Tencent Computer Systems Co., Ltd. Its main businesses include social and communication services, social networking platforms, online music platforms, games, online video services, and interactive entertainment live streaming. In 2015, global revenue was RMB 102.863 billion (the same in currency below), while domestic revenue in China was RMB 96.251 billion.</p><p><b>Acquiree: China Music Group.</b>It was incorporated in the Cayman Islands in 2012 and controlled Ocean Interactive (Beijing) Information Technology Co., Ltd., its main domestic operating entity, through an agreement. Its main businesses include online music platforms, record company publishing, and copyright agency. Natural persons (omitted) have joint control as parties acting in concert. Both global and domestic sales in 2015 were (omitted).</p><p><b>(ii) Transaction overview.</b></p><p>On July 12, 2016, Tencent invested in China Music Group through a valuation (omitted) business (mainly QQ Music business), acquiring a 61.64% stake in China Music Group and gaining sole control of China Music Group. In December 2016, the merged China Music Group was renamed Tencent Music Entertainment Group. On December 6, 2017, the transaction completed the equity change registration procedures.</p><p>II. Illegal Facts and Reasons</p><p><b>(i) This case constitutes an illegal concentration of business operators.</b></p><p>Article 20 of the Anti-Monopoly Law stipulates that \"a concentration of undertakings refers to the following circumstances: (1) a merger of undertakings; (2) an undertaking acquiring control over other undertakings by acquiring equity or assets; (3) an undertaking acquiring control over other undertakings or being able to exert decisive influence over other undertakings through contracts or other means.\" Prior to this merger, China Music Group was jointly controlled by natural persons (omitted). Following this merger, Tencent will acquire a 61.64% stake in China Music Group and gain sole control of the group, which falls under the category of a concentration of undertakings as stipulated in Article 20 of the Anti-Monopoly Law.</p><p>Tencent's global revenue in 2015 was RMB 102.863 billion, and its domestic revenue in China was RMB 96.251 billion. China Music Group's global and domestic revenue in 2015 were both (omitted), meeting the reporting standards stipulated in Article 3 of the \"Regulations of the State Council on the Reporting Standards for Concentration of Undertakings\" and falling under the circumstances that should be reported.</p><p>Article 21 of the Anti-Monopoly Law stipulates that \"if a concentration of undertakings meets the application standards stipulated by the State Council, the undertaking shall apply to the anti-monopoly law enforcement agency of the State Council in advance, and the concentration shall not be carried out without applying.\" On December 6, 2017, Tencent completed its equity change registration. Prior to this, it failed to file a report with the authorities, which violated Article 21 of the Anti-Monopoly Law and constituted an illegal concentration of undertakings.</p><p>The above facts are supported by evidence such as a copy of Tencent's business license, organizational structure chart, equity relationship chart, \"Application Form for Anti-Monopoly Review of Concentration of Undertakings\", Tencent's annual report, \"Written Explanation of Relevant Issues of Tencent\", and \"Share Subscription Agreement\".</p><p><b>(ii) This case has or may have the effect of excluding or restricting competition.</b></p><p>In accordance with the provisions of the Anti-Monopoly Law and the Guidelines of the Anti-Monopoly Commission of the State Council on the Definition of Relevant Markets, and taking into account the characteristics of the platform economy, and based on economic analysis and questionnaire surveys, the relevant market in this case is defined as the domestic online music playback platform market in China where there is horizontal overlap between the two parties to the transaction.<b>Online music playback platform market</b>This refers to a platform that provides consumers with complete copyrighted music recording playback services through programs or websites on computers, mobile phones, or other smart terminals, either through online playback or download. Although online karaoke, online live streaming, and short video platforms also provide services related to online music, their core functions, application scenarios, business models, and market entry are not closely substituted for the online music playback platform market and do not belong to the same related product market. Because the authorization of music copyrights is restricted by the copyright laws of various countries and has significant regional differences, the authorized music copyright dissemination scope of Chinese online music playback platforms is generally within China and is mainly aimed at users within China. Therefore, the relevant regional market is defined as within China.</p><p>After in-depth research, this focus has or may have the effect of excluding or restricting competition in the domestic online music playback platform market in China:</p><p><ol><li><b>After the concentration, the entity has a higher market share in the relevant market.</b></li></ol>When the concentration occurred in July 2016, Tencent and China Music Group had 160 million and 230 million monthly active users respectively, with market shares of 33.96% and 49.07%. The monthly usage time of users was 805 million hours and 698 million hours respectively, with market shares of 45.77% and 39.65% respectively. Both parties ranked first and second in the market, with a combined market share of over 80%. In 2016, the total sales amount of the two parties in the relevant markets (omitted) accounted for approximately 70% of the total revenue in the relevant markets. Based on the market share of core music copyright resources, Tencent and China Music Group have 12.1 million and 8.21 million music libraries respectively, of which 3.14 million and 1.3 million are exclusive music libraries. The market share of both music libraries and exclusive resources exceeds 80%.</p><p>According to the Huffindal-Hirschmann Index (HHI) analysis of the market, it was 6950 after trading, indicating a highly concentrated market, with a concentrated increase of 3350. The transaction further increased the concentration of the relevant markets and further weakened competition.</p><p><ol><li><b>Concentrate on reducing major competitors in relevant markets.</b></li></ol>The survey shows that before the transaction, the two parties were the top two in the market, with equal competitive strength and close competition. According to consumers' choices between alternative platforms, 73.6% of users of Tencent's QQ Music have switched to Kugou Music and Kuwo Music, both subsidiaries of China Music Group. This indicates that if QQ Music raises prices or lowers service levels, 73.6% of users may switch to China Music Group's platforms, making them close competitors. We will focus on reducing major competitors in relevant markets and further weaken market competition.</p><p><ol><li><b>Concentration may further increase the barriers to entry in related markets.</b></li></ol><b>First, it may increase the barriers to entry for copyright resources.</b>With entities securing a significant amount of exclusive copyright resources after concentration, new entrants must rely on their sub-licensing, making it more difficult to enter the relevant market. The market size brought about by concentration also enables it to pay copyright fees to upstream copyright holders by paying large, non-refundable prepayments in advance, which may further increase market entry barriers.</p><p><b>Secondly, it may increase user conversion costs.</b>This brings Tencent a relatively rich music library, a large user base, and ample usage data. Compared to newcomers to the platform, it can recommend songs that meet consumer preferences, reducing users' willingness to switch platforms, thereby further expanding the user base and potentially preventing other competitors from reaching or maintaining a critical scale.</p><p><b>Third, the market entry activity was not high after the concentration.</b>Data shows that the main entry into the online music playback platform market occurred from early 2016 to July 2017. After the concentrated entry was completed at the end of 2017, the market activity declined significantly.</p><p>In summary, Tencent's high market share in the online music playback platform market in China through this concentration may enable it to persuade upstream copyright holders to grant it exclusive copyright licenses or provide it with better terms than its competitors. It may also enable Tencent to raise market entry barriers by paying high prepayments, which may or may not have the effect of excluding or restricting competition in the relevant market.</p><p>The survey also found that the Chinese online music playback platform market is developing rapidly, and the market share of Tencent's main competitors (omitted) is also growing rapidly, from less than 6% at the time of concentration to nearly 18%, an increase of about 200%, indicating that competitors are increasingly constraining its competition. In addition, online music playback platforms have shown a certain dynamic competition and cross-industry integration trend with other platforms in recent years. Some short video platforms with a broad user base may become competitors in related markets in the future if they acquire a sufficient number of music copyright resources.</p><p>The above facts are supported by evidence such as statistical data and industry analysis reports from third-party organizations, questionnaire survey reports, economic analysis reports, licensing agreements and sub-licensing agreements provided by Tencent and related parties, and responses from industry regulatory authorities and other relevant parties.</p><p>III. Basis and Decision for Administrative Penalties</p><p>Article 48 of the Anti-Monopoly Law stipulates that \"if an undertaking violates the provisions of this Law by implementing a concentration, the anti-monopoly law enforcement agency under the State Council shall order it to cease the concentration, dispose of its shares or assets within a specified period, transfer its business within a specified period, and take other necessary measures to restore it to the state before the concentration, and may impose a fine of up to 500,000 yuan.\" Article 49 of the Anti-Monopoly Law stipulates that \"when determining the specific amount of the fines stipulated in Articles 46, 47 and 48 of this Law, the anti-monopoly enforcement agency shall take into account factors such as the nature, degree and duration of the illegal act.\"</p><p>In accordance with the aforementioned regulations, and based on the aforementioned investigation findings and assessment conclusions, this agency has made the following decision regarding Tencent:</p><p><b>(i) Tencent and its affiliated companies are ordered to take the following measures to restore the relevant market competition:</b></p><p>1. No exclusive copyright agreement (the copyright scope includes the information network dissemination rights of all musical works and recordings) or other exclusive agreement may be reached or indirectly reached with upstream copyright holders. If such agreement has been reached, it must be terminated within thirty days from the date of this decision, except for exclusive collaborations with independent musicians (referring to the original rights holders of musical works or recordings who have authorized the copyright with music platforms in their own name and have never signed an agreement with any record company or brokerage company) or the premiere of new songs. Exclusive collaborations with independent musicians shall not exceed three years, and exclusive collaborations with new song premieres shall not exceed thirty days.</p><p>2. Without justifiable reason, it is prohibited to demand or indirectly demand that the upstream copyright holder grant the party conditions superior to other competitors, including but not limited to the scope of authorization, the amount of authorization, the term of authorization, etc., or any agreement or agreement terms related thereto. Any agreement already reached must be terminated within thirty days from the date of issuance of this decision.</p><p>3. Quote prices to upstream copyright holders based on factors such as actual copyright usage, user payment, song unit price, application scenarios, and contract term. Do not increase competitors' costs in disguise or exclude or restrict competition through high prepayments or other means.</p><p><b>(ii) A fine of 500,000 yuan shall be imposed.</b></p><p><b>(iii) Apply for a concentration of business operators in accordance with the law.</b></p><p>1. If a concentration of business operators meets the application standards stipulated by the State Council, it shall apply to the State Administration for Market Regulation in advance. Those who fail to apply shall not be allowed to concentrate.</p><p>2. If a concentration of undertakings does not meet the application standards, but the concentration of undertakings has or may have the effect of excluding or restricting competition, it shall be reported to the State Administration for Market Regulation in advance. Those who fail to report shall not be allowed to carry out the concentration.</p><p>3. If the transaction does not constitute a concentration of undertakings, except for matters related to the protection of minority shareholders' rights and interests as stipulated by law, the undertaking shall not participate in the relevant enterprise's business decision-making and shall report the basic information of the transaction to the State Administration for Market Regulation in its annual report.</p><p><b>(iv) Operate in accordance with laws and regulations and establish and improve a long-term mechanism for fair participation in market competition.</b></p><p>1. Comprehensively regulate its own competitive behavior, conduct a comprehensive and in-depth self-examination in accordance with the Anti-Monopoly Law, and examine and regulate its own business practices.</p><p>2. Strictly implement the primary responsibility of platform enterprises, continuously improve the platform's internal governance rules, and cooperate with other operators in accordance with the principles of fairness, reasonableness, and non-discrimination.</p><p>3. Improve the company's internal compliance control system, establish and effectively implement anti-monopoly compliance systems, and consciously safeguard fair competition.</p><p>4. Protect the legitimate rights and interests of consumers. We will fully protect consumers' rights, set reasonable prices, and safeguard consumer privacy.</p><p>5. Actively uphold fair competition and promote innovative development in the industry.</p><p>The above measures shall be implemented from the date of issuance of the Administrative Penalty Decision. Tencent and its affiliated companies shall formulate rectification plans in accordance with the above measures within ten days and submit them to the State Administration for Market Regulation for review. The State Administration for Market Regulation has the right to inspect Tencent and its affiliated companies' performance of the above obligations within three years through supervision of the trustee or its own supervision. Tencent shall report its performance of obligations to the State Administration for Market Regulation annually for three years, and shall no longer report after the expiration of three years.</p><p>Article 67 of the Administrative Penalty Law stipulates that \"the administrative organ making the fine decision shall be separated from the agency collecting the fine. Except for fines collected on the spot in accordance with Articles 68 and 69 of this Law, the administrative organ making the administrative penalty decision and its law enforcement personnel shall not collect the fine on their own. The party concerned shall pay the fine at a designated bank or through an electronic payment system within fifteen days from the date of receiving the administrative penalty decision.\" Banks should accept fines and remit them directly to the national treasury.</p><p>The party concerned shall, within fifteen days from the date of receiving this administrative penalty decision, pay the fine at any of the 12 central government non-tax revenue collection agency banks (ICBC, ABC, CCB, COCOM, CITIC, Everbright, China Merchants, Postal Savings Bank, Huaxia, Ping An, and Industrial Bank) branches or online banks in accordance with this administrative penalty decision, using the payment code. Payment code: ***.</p><p>If a party is dissatisfied with the aforementioned administrative penalty decision, they may apply for administrative reconsideration to the State Administration for Market Regulation within sixty days from the date of receiving this administrative penalty decision. Alternatively, within six months from the date of receiving this administrative penalty decision, an administrative lawsuit may be filed with the Beijing Intellectual Property Court in accordance with the law. This administrative penalty decision shall not be suspended during the period of administrative reconsideration or administrative litigation.</p><p>State Administration for Market</p><p>July 24, 2021<img src=\"https://static.tigerbbs.com/670343de69414ca1b966fc90740b6559\" tg-width=\"1020\" tg-height=\"642\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Administrative penalties were imposed! Tencent was ordered to terminate the exclusive copyright of online music.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAdministrative penalties were imposed! Tencent was ordered to terminate the exclusive copyright of online music.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-24 10:01</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Tencent responded to the order to terminate its exclusive online music copyright: The company will strictly abide by the decision, strictly implement regulatory requirements, operate in accordance with laws and regulations, earnestly fulfill its social responsibilities, and maintain healthy competition in the market. Tencent will fulfill its responsibilities, work with Tencent Music and other affiliated companies to formulate rectification measures within the prescribed time limit, and complete the rectification in full and without compromise in accordance with the requirements of the penalty decision to ensure that the rectification is in place.</p><p>The State Administration for Market Regulation has issued an administrative penalty decision in accordance with the law, ordering Tencent and its affiliated companies to take measures to restore market competition, such as terminating exclusive music copyrights within 30 days, ceasing payment of copyright fees such as high prepayments, and prohibiting upstream copyright holders from providing them with conditions better than competitors without justifiable reason. In January 2021, based on a report, the State Administration for Market Regulation initiated an investigation into Tencent Holdings Limited (hereinafter referred to as Tencent) for suspected illegal concentration of operators in its acquisition of equity in China Music Group in July 2016.</p><p>In accordance with the Anti-Monopoly Law, the State Administration for Market Regulation investigated the facts of the illegal concentration in this transaction and fully assessed the market share, control, concentration, and impact of the concentration on market entry and consumers of the operators participating in the concentration. At the same time, we widely solicited opinions from relevant government departments, industry associations, experts and scholars, and competitors, and listened to Tencent's statements on multiple occasions.</p><p>The investigation indicates that the relevant market in this case is the online music playback platform market within China. Genuine music copyright is the core asset and key resource for the operation of online music playback platforms. In 2016, Tencent and China Music Group held approximately 30% and 40% market shares in the relevant market, respectively. Tencent gained a relatively high market share by merging with its major competitors. After the merger, the physical entity would own more than 80% of the exclusive music library resources. This may have the ability to prompt upstream copyright holders to reach more exclusive copyright agreements with it, or to demand that it be given better transaction conditions than its competitors. It may also have the ability to increase market entry barriers through copyright payment models such as paying high prepayments, which has or may have the effect of excluding or restricting competition in the relevant market.</p><p>In accordance with Article 48 of the Anti-Monopoly Law and Article 57 of the Interim Provisions on the Review of Concentrations of Business Undertakings, and in accordance with the principle of giving equal importance to development and standardization, the State Administration for Market Regulation has made an administrative penalty decision, ordering Tencent and its affiliated companies to take measures to restore market competition, such as terminating exclusive music copyrights within 30 days, ceasing payment of copyright fees such as high prepayments, and prohibiting upstream copyright holders from giving them conditions that are better than those of competitors without justifiable reason. Tencent will report its fulfillment of its obligations to the State Administration for Market Regulation annually for three years, and the State Administration for Market Regulation will strictly supervise its implementation in accordance with the law.</p><p>This case is the first case since the implementation of my country's Anti-Monopoly Law in which necessary measures have been taken to restore market competition by illegally concentrating business operators. Measures such as ordering Tencent to terminate its exclusive copyright will reshape the competitive order in relevant markets, lower market entry barriers, and give competitors fair access to upstream copyright resources. This will help shift the focus of competition from leveraging capital advantages to seize copyright resources back to a rational track of innovating service levels and improving user experience. This will help promote a reasonable way to calculate copyright fees in line with international standards and reduce downstream operating costs; This will help cultivate new market entrants, create a fairer competitive environment for existing companies, protect consumers' right to choose, ultimately benefit consumers, and promote the standardized, innovative, and healthy development of the online music industry.</p><p>The following is the full text of the penalty notice:</p><p>State Administration for Market Regulation</p><p>Administrative penalty decision</p><p>State Council Market Supervision Office [2021] No.</p><p>Party: Tencent Holdings Limited</p><p>Address: Creech Plaza, Huggins Avenue, Cayman Islands</p><p>In accordance with the Anti-Monopoly Law of the People's Republic of China (hereinafter referred to as the \"Anti-Monopoly Law\") and the \"Interim Provisions on the Review of Concentration of Undertakings\", this agency has initiated an investigation into Tencent Holdings Limited's (hereinafter referred to as Tencent) acquisition of equity in China Music Group on January 25, 2021, which is suspected of illegally implementing concentration of undertakings.</p><p>An investigation revealed that the case constituted an illegal concentration of business operators, which had or may have the effect of excluding or restricting competition. In accordance with the provisions of the Administrative Penalty Law of the People's Republic of China (hereinafter referred to as the \"Administrative Penalty Law\"), this agency serves Tencent with the \"Notice of Administrative Penalty\", informing it of the content, facts, reasons and basis of the proposed administrative penalty, and informing it of its rights to make statements, defenses and request hearings in accordance with the law. Tencent did not make any statements, defenses, or request a hearing within the prescribed time limit. The investigation and trial of this case have now concluded.</p><p><ul><li>Basic Information</li></ul><b>(a) Parties to the transaction.</b></p><p><b>Acquirer: Tencent.</b>It was incorporated in the British Virgin Islands in November 1999, relocated to the British Cayman Islands in February 2004, and listed on the Hong Kong Stock Exchange in June 2004. Through an agreement, it controlled its main domestic operating entity, Shenzhen Tencent Computer Systems Co., Ltd. Its main businesses include social and communication services, social networking platforms, online music platforms, games, online video services, and interactive entertainment live streaming. In 2015, global revenue was RMB 102.863 billion (the same in currency below), while domestic revenue in China was RMB 96.251 billion.</p><p><b>Acquiree: China Music Group.</b>It was incorporated in the Cayman Islands in 2012 and controlled Ocean Interactive (Beijing) Information Technology Co., Ltd., its main domestic operating entity, through an agreement. Its main businesses include online music platforms, record company publishing, and copyright agency. Natural persons (omitted) have joint control as parties acting in concert. Both global and domestic sales in 2015 were (omitted).</p><p><b>(ii) Transaction overview.</b></p><p>On July 12, 2016, Tencent invested in China Music Group through a valuation (omitted) business (mainly QQ Music business), acquiring a 61.64% stake in China Music Group and gaining sole control of China Music Group. In December 2016, the merged China Music Group was renamed Tencent Music Entertainment Group. On December 6, 2017, the transaction completed the equity change registration procedures.</p><p>II. Illegal Facts and Reasons</p><p><b>(i) This case constitutes an illegal concentration of business operators.</b></p><p>Article 20 of the Anti-Monopoly Law stipulates that \"a concentration of undertakings refers to the following circumstances: (1) a merger of undertakings; (2) an undertaking acquiring control over other undertakings by acquiring equity or assets; (3) an undertaking acquiring control over other undertakings or being able to exert decisive influence over other undertakings through contracts or other means.\" Prior to this merger, China Music Group was jointly controlled by natural persons (omitted). Following this merger, Tencent will acquire a 61.64% stake in China Music Group and gain sole control of the group, which falls under the category of a concentration of undertakings as stipulated in Article 20 of the Anti-Monopoly Law.</p><p>Tencent's global revenue in 2015 was RMB 102.863 billion, and its domestic revenue in China was RMB 96.251 billion. China Music Group's global and domestic revenue in 2015 were both (omitted), meeting the reporting standards stipulated in Article 3 of the \"Regulations of the State Council on the Reporting Standards for Concentration of Undertakings\" and falling under the circumstances that should be reported.</p><p>Article 21 of the Anti-Monopoly Law stipulates that \"if a concentration of undertakings meets the application standards stipulated by the State Council, the undertaking shall apply to the anti-monopoly law enforcement agency of the State Council in advance, and the concentration shall not be carried out without applying.\" On December 6, 2017, Tencent completed its equity change registration. Prior to this, it failed to file a report with the authorities, which violated Article 21 of the Anti-Monopoly Law and constituted an illegal concentration of undertakings.</p><p>The above facts are supported by evidence such as a copy of Tencent's business license, organizational structure chart, equity relationship chart, \"Application Form for Anti-Monopoly Review of Concentration of Undertakings\", Tencent's annual report, \"Written Explanation of Relevant Issues of Tencent\", and \"Share Subscription Agreement\".</p><p><b>(ii) This case has or may have the effect of excluding or restricting competition.</b></p><p>In accordance with the provisions of the Anti-Monopoly Law and the Guidelines of the Anti-Monopoly Commission of the State Council on the Definition of Relevant Markets, and taking into account the characteristics of the platform economy, and based on economic analysis and questionnaire surveys, the relevant market in this case is defined as the domestic online music playback platform market in China where there is horizontal overlap between the two parties to the transaction.<b>Online music playback platform market</b>This refers to a platform that provides consumers with complete copyrighted music recording playback services through programs or websites on computers, mobile phones, or other smart terminals, either through online playback or download. Although online karaoke, online live streaming, and short video platforms also provide services related to online music, their core functions, application scenarios, business models, and market entry are not closely substituted for the online music playback platform market and do not belong to the same related product market. Because the authorization of music copyrights is restricted by the copyright laws of various countries and has significant regional differences, the authorized music copyright dissemination scope of Chinese online music playback platforms is generally within China and is mainly aimed at users within China. Therefore, the relevant regional market is defined as within China.</p><p>After in-depth research, this focus has or may have the effect of excluding or restricting competition in the domestic online music playback platform market in China:</p><p><ol><li><b>After the concentration, the entity has a higher market share in the relevant market.</b></li></ol>When the concentration occurred in July 2016, Tencent and China Music Group had 160 million and 230 million monthly active users respectively, with market shares of 33.96% and 49.07%. The monthly usage time of users was 805 million hours and 698 million hours respectively, with market shares of 45.77% and 39.65% respectively. Both parties ranked first and second in the market, with a combined market share of over 80%. In 2016, the total sales amount of the two parties in the relevant markets (omitted) accounted for approximately 70% of the total revenue in the relevant markets. Based on the market share of core music copyright resources, Tencent and China Music Group have 12.1 million and 8.21 million music libraries respectively, of which 3.14 million and 1.3 million are exclusive music libraries. The market share of both music libraries and exclusive resources exceeds 80%.</p><p>According to the Huffindal-Hirschmann Index (HHI) analysis of the market, it was 6950 after trading, indicating a highly concentrated market, with a concentrated increase of 3350. The transaction further increased the concentration of the relevant markets and further weakened competition.</p><p><ol><li><b>Concentrate on reducing major competitors in relevant markets.</b></li></ol>The survey shows that before the transaction, the two parties were the top two in the market, with equal competitive strength and close competition. According to consumers' choices between alternative platforms, 73.6% of users of Tencent's QQ Music have switched to Kugou Music and Kuwo Music, both subsidiaries of China Music Group. This indicates that if QQ Music raises prices or lowers service levels, 73.6% of users may switch to China Music Group's platforms, making them close competitors. We will focus on reducing major competitors in relevant markets and further weaken market competition.</p><p><ol><li><b>Concentration may further increase the barriers to entry in related markets.</b></li></ol><b>First, it may increase the barriers to entry for copyright resources.</b>With entities securing a significant amount of exclusive copyright resources after concentration, new entrants must rely on their sub-licensing, making it more difficult to enter the relevant market. The market size brought about by concentration also enables it to pay copyright fees to upstream copyright holders by paying large, non-refundable prepayments in advance, which may further increase market entry barriers.</p><p><b>Secondly, it may increase user conversion costs.</b>This brings Tencent a relatively rich music library, a large user base, and ample usage data. Compared to newcomers to the platform, it can recommend songs that meet consumer preferences, reducing users' willingness to switch platforms, thereby further expanding the user base and potentially preventing other competitors from reaching or maintaining a critical scale.</p><p><b>Third, the market entry activity was not high after the concentration.</b>Data shows that the main entry into the online music playback platform market occurred from early 2016 to July 2017. After the concentrated entry was completed at the end of 2017, the market activity declined significantly.</p><p>In summary, Tencent's high market share in the online music playback platform market in China through this concentration may enable it to persuade upstream copyright holders to grant it exclusive copyright licenses or provide it with better terms than its competitors. It may also enable Tencent to raise market entry barriers by paying high prepayments, which may or may not have the effect of excluding or restricting competition in the relevant market.</p><p>The survey also found that the Chinese online music playback platform market is developing rapidly, and the market share of Tencent's main competitors (omitted) is also growing rapidly, from less than 6% at the time of concentration to nearly 18%, an increase of about 200%, indicating that competitors are increasingly constraining its competition. In addition, online music playback platforms have shown a certain dynamic competition and cross-industry integration trend with other platforms in recent years. Some short video platforms with a broad user base may become competitors in related markets in the future if they acquire a sufficient number of music copyright resources.</p><p>The above facts are supported by evidence such as statistical data and industry analysis reports from third-party organizations, questionnaire survey reports, economic analysis reports, licensing agreements and sub-licensing agreements provided by Tencent and related parties, and responses from industry regulatory authorities and other relevant parties.</p><p>III. Basis and Decision for Administrative Penalties</p><p>Article 48 of the Anti-Monopoly Law stipulates that \"if an undertaking violates the provisions of this Law by implementing a concentration, the anti-monopoly law enforcement agency under the State Council shall order it to cease the concentration, dispose of its shares or assets within a specified period, transfer its business within a specified period, and take other necessary measures to restore it to the state before the concentration, and may impose a fine of up to 500,000 yuan.\" Article 49 of the Anti-Monopoly Law stipulates that \"when determining the specific amount of the fines stipulated in Articles 46, 47 and 48 of this Law, the anti-monopoly enforcement agency shall take into account factors such as the nature, degree and duration of the illegal act.\"</p><p>In accordance with the aforementioned regulations, and based on the aforementioned investigation findings and assessment conclusions, this agency has made the following decision regarding Tencent:</p><p><b>(i) Tencent and its affiliated companies are ordered to take the following measures to restore the relevant market competition:</b></p><p>1. No exclusive copyright agreement (the copyright scope includes the information network dissemination rights of all musical works and recordings) or other exclusive agreement may be reached or indirectly reached with upstream copyright holders. If such agreement has been reached, it must be terminated within thirty days from the date of this decision, except for exclusive collaborations with independent musicians (referring to the original rights holders of musical works or recordings who have authorized the copyright with music platforms in their own name and have never signed an agreement with any record company or brokerage company) or the premiere of new songs. Exclusive collaborations with independent musicians shall not exceed three years, and exclusive collaborations with new song premieres shall not exceed thirty days.</p><p>2. Without justifiable reason, it is prohibited to demand or indirectly demand that the upstream copyright holder grant the party conditions superior to other competitors, including but not limited to the scope of authorization, the amount of authorization, the term of authorization, etc., or any agreement or agreement terms related thereto. Any agreement already reached must be terminated within thirty days from the date of issuance of this decision.</p><p>3. Quote prices to upstream copyright holders based on factors such as actual copyright usage, user payment, song unit price, application scenarios, and contract term. Do not increase competitors' costs in disguise or exclude or restrict competition through high prepayments or other means.</p><p><b>(ii) A fine of 500,000 yuan shall be imposed.</b></p><p><b>(iii) Apply for a concentration of business operators in accordance with the law.</b></p><p>1. If a concentration of business operators meets the application standards stipulated by the State Council, it shall apply to the State Administration for Market Regulation in advance. Those who fail to apply shall not be allowed to concentrate.</p><p>2. If a concentration of undertakings does not meet the application standards, but the concentration of undertakings has or may have the effect of excluding or restricting competition, it shall be reported to the State Administration for Market Regulation in advance. Those who fail to report shall not be allowed to carry out the concentration.</p><p>3. If the transaction does not constitute a concentration of undertakings, except for matters related to the protection of minority shareholders' rights and interests as stipulated by law, the undertaking shall not participate in the relevant enterprise's business decision-making and shall report the basic information of the transaction to the State Administration for Market Regulation in its annual report.</p><p><b>(iv) Operate in accordance with laws and regulations and establish and improve a long-term mechanism for fair participation in market competition.</b></p><p>1. Comprehensively regulate its own competitive behavior, conduct a comprehensive and in-depth self-examination in accordance with the Anti-Monopoly Law, and examine and regulate its own business practices.</p><p>2. Strictly implement the primary responsibility of platform enterprises, continuously improve the platform's internal governance rules, and cooperate with other operators in accordance with the principles of fairness, reasonableness, and non-discrimination.</p><p>3. Improve the company's internal compliance control system, establish and effectively implement anti-monopoly compliance systems, and consciously safeguard fair competition.</p><p>4. Protect the legitimate rights and interests of consumers. We will fully protect consumers' rights, set reasonable prices, and safeguard consumer privacy.</p><p>5. Actively uphold fair competition and promote innovative development in the industry.</p><p>The above measures shall be implemented from the date of issuance of the Administrative Penalty Decision. Tencent and its affiliated companies shall formulate rectification plans in accordance with the above measures within ten days and submit them to the State Administration for Market Regulation for review. The State Administration for Market Regulation has the right to inspect Tencent and its affiliated companies' performance of the above obligations within three years through supervision of the trustee or its own supervision. Tencent shall report its performance of obligations to the State Administration for Market Regulation annually for three years, and shall no longer report after the expiration of three years.</p><p>Article 67 of the Administrative Penalty Law stipulates that \"the administrative organ making the fine decision shall be separated from the agency collecting the fine. Except for fines collected on the spot in accordance with Articles 68 and 69 of this Law, the administrative organ making the administrative penalty decision and its law enforcement personnel shall not collect the fine on their own. The party concerned shall pay the fine at a designated bank or through an electronic payment system within fifteen days from the date of receiving the administrative penalty decision.\" Banks should accept fines and remit them directly to the national treasury.</p><p>The party concerned shall, within fifteen days from the date of receiving this administrative penalty decision, pay the fine at any of the 12 central government non-tax revenue collection agency banks (ICBC, ABC, CCB, COCOM, CITIC, Everbright, China Merchants, Postal Savings Bank, Huaxia, Ping An, and Industrial Bank) branches or online banks in accordance with this administrative penalty decision, using the payment code. Payment code: ***.</p><p>If a party is dissatisfied with the aforementioned administrative penalty decision, they may apply for administrative reconsideration to the State Administration for Market Regulation within sixty days from the date of receiving this administrative penalty decision. Alternatively, within six months from the date of receiving this administrative penalty decision, an administrative lawsuit may be filed with the Beijing Intellectual Property Court in accordance with the law. This administrative penalty decision shall not be suspended during the period of administrative reconsideration or administrative litigation.</p><p>State Administration for Market</p><p>July 24, 2021<img src=\"https://static.tigerbbs.com/670343de69414ca1b966fc90740b6559\" tg-width=\"1020\" tg-height=\"642\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e7799eeb7043b8caaf3d109c3b13109e","relate_stocks":{"TCEHY":"腾讯控股ADR","00700":"腾讯控股","QNETCN":"纳斯达克中美互联网老虎指数"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170350340","content_text":"腾讯回应被责令解除网络音乐独家版权：公司将认真遵守决定，严格落实监管要求，依法合规经营，切实履行社会责任，维护市场的良性竞争。腾讯将压实责任，与腾讯音乐等关联公司在规定时限内制定整改措施方案，按照处罚决定要求全面不折不扣地完成，确保整改到位。\n\n 市场监管总局依法作出行政处罚决定，责令腾讯及关联公司采取三十日内解除独家音乐版权、停止高额预付金等版权费用支付方式、无正当理由不得要求上游版权方给予其优于竞争对手的条件等恢复市场竞争状态的措施。\n\n2021年1月，市场监管总局根据举报，对腾讯控股有限公司（以下简称腾讯）2016年7月收购中国音乐集团股权涉嫌违法实施经营者集中行为立案调查。\n市场监管总局依据《反垄断法》，查清本交易违法实施集中的事实，充分评估参与集中的经营者在相关市场的份额、控制力、集中度以及集中对市场进入和消费者影响等因素。同时，广泛征求有关政府部门、行业协会、专家学者、同业竞争者意见，并多次听取腾讯陈述意见。\n调查表明，本案相关市场为中国境内网络音乐播放平台市场。正版音乐版权是网络音乐播放平台运营的核心资产和关键性资源。2016年腾讯和中国音乐集团在相关市场份额分别为30%和40%左右，腾讯通过与市场主要竞争对手合并，获得较高的市场份额，集中后实体占有的独家曲库资源超过80%，可能有能力促使上游版权方与其达成更多独家版权协议，或要求给予其优于竞争对手的交易条件，也可能有能力通过支付高额预付金等版权付费模式提高市场进入壁垒，对相关市场具有或者可能具有排除、限制竞争效果。\n根据《反垄断法》第四十八条、《经营者集中审查暂行规定》第五十七条规定，按照发展和规范并重的原则，市场监管总局依法作出行政处罚决定，责令腾讯及关联公司采取三十日内解除独家音乐版权、停止高额预付金等版权费用支付方式、无正当理由不得要求上游版权方给予其优于竞争对手的条件等恢复市场竞争状态的措施。腾讯三年内每年向市场监管总局报告履行义务情况，市场监管总局将依法严格监督其执行情况。\n本案为我国《反垄断法》实施以来对违法实施经营者集中采取必要措施恢复市场竞争状态的第一起案件。责令腾讯解除独家版权等措施将重塑相关市场竞争秩序，降低市场进入壁垒，使竞争者均有公平触达上游版权资源的机会，有利于将竞争的焦点从利用资本优势抢夺版权资源回归到创新服务水平、提高用户体验的理性轨道上来；有利于推动与国际接轨的合理方式计算版权费用，减轻下游运营成本；有利于培育新的市场进入者，并为现存企业创造更公平的竞争环境，保障消费者选择权，最终惠及广大消费者，促进网络音乐产业规范创新健康发展。\n以下为处罚书全文:\n国家市场监督管理总局\n行政处罚决定书\n国市监处〔2021〕67号\n当事人：腾讯控股有限公司\n住 所：开曼群岛哈金斯大道克里奇广场\n根据《中华人民共和国反垄断法》（以下简称《反垄断法》）、《经营者集中审查暂行规定》，本机关于2021年1月25日对腾讯控股有限公司（以下简称腾讯）收购中国音乐集团股权涉嫌违法实施经营者集中进行立案调查。\n经查，该案构成违法实施的经营者集中，具有或者可能具有排除、限制竞争的效果。本机关按照《中华人民共和国行政处罚法》（以下简称《行政处罚法》）规定，向腾讯送达《行政处罚告知书》，告知其拟作出的行政处罚内容及事实、理由、依据，并告知其依法享有的陈述、申辩和要求听证等权利。腾讯在规定期限内没有提出陈述、申辩或要求听证。本案现已调查、审理终结。\n\n基本情况\n\n（一）交易方。\n收购方：腾讯。1999年11月于英属维尔京群岛注册成立，2004年2月迁册至英属开曼群岛，2004年6月在香港联交所上市，通过协议控制境内主要运营实体深圳市腾讯计算机系统有限公司。主要业务包括社交和通信服务、社交网络平台、网络音乐平台、游戏、网络视频服务、互动娱乐直播等。2015年全球营业额为1028.63亿元人民币（币种下同），中国境内营业额为962.51亿元。\n被收购方：中国音乐集团。2012年于开曼群岛注册成立，通过协议控制境内主要运营实体海洋互动（北京）信息技术有限公司。主要业务包括网络音乐平台、唱片公司出版业务、版权代理业务等。自然人（略）作为一致行动人拥有共同控制权。2015年全球及中国境内营业额均为（略）。\n（二）交易概况。\n2016年7月12日，腾讯以估值（略）的业务（主要是QQ音乐业务）投入中国音乐集团，获得中国音乐集团61.64%股权，取得对中国音乐集团的单独控制权。2016年12月，整合后的中国音乐集团更名为腾讯音乐娱乐集团。2017年12月6日，交易完成股权变更登记手续。\n二、违法事实及理由\n（一）本案构成违法实施的经营者集中。\n《反垄断法》第二十条规定“经营者集中是指下列情形：（一）经营者合并；（二）经营者通过取得股权或者资产的方式取得对其他经营者的控制权；（三）经营者通过合同等方式取得对其他经营者的控制权或者能够对其他经营者施加决定性影响”。本项集中前，中国音乐集团由自然人（略）共同控制。本项集中后，腾讯获得中国音乐集团61.64%股权，取得对中国音乐集团单独控制权，属于《反垄断法》第二十条规定的经营者集中。\n腾讯2015年全球营业额为1028.63亿元，中国境内营业额为962.51亿元，中国音乐集团2015年全球及中国境内营业额均为（略），达到《国务院关于经营者集中申报标准的规定》第三条规定的申报标准，属于应当申报的情形。\n《反垄断法》第二十一条规定“经营者集中达到国务院规定的申报标准的，经营者应当事先向国务院反垄断执法机构申报，未申报的不得实施集中”。2017年12月6日，腾讯完成股权变更登记，在此之前未向本机关申报，违反《反垄断法》第二十一条规定，构成违法实施的经营者集中。\n以上事实，有腾讯营业执照复印件、组织架构图、股权关系图、《经营者集中反垄断审查申报表》、腾讯年报、《腾讯相关问题的书面说明》、《股份认购协议》等证据证明。\n（二）本案具有或者可能具有排除、限制竞争的效果。\n根据《反垄断法》和《国务院反垄断委员会关于相关市场界定的指南》规定，同时考虑平台经济特点，在经济学分析和问卷调查基础上，本案相关市场界定为交易双方存在横向重叠的中国境内网络音乐播放平台市场。网络音乐播放平台市场是指通过电脑端、手机端或者其他智能终端的程序或网站，以在线播放或下载方式向消费者提供完整版权音乐录音制品播放服务的平台。网络K歌、网络直播、短视频平台等虽也提供与网络音乐相关的服务，但其核心功能、应用场景、商业模式、市场进入等与网络音乐播放平台市场不具有紧密替代关系，不属于同一相关商品市场。由于音乐版权的授权受各国著作权法规定限制，具有明显的地域差异，中国的网络音乐播放平台获得授权的音乐版权传播范围一般为中国境内，且主要面向中国境内用户，因此相关地域市场界定为中国境内。\n经深入研究，本项集中对中国境内网络音乐播放平台市场具有或者可能具有排除、限制竞争效果：\n\n集中后实体在相关市场具有较高市场份额。\n\n2016年7月集中发生时，腾讯和中国音乐集团的月活跃用户数分别为1.6亿人、2.3亿人，市场份额分别为33.96%、49.07%；用户月使用时长分别为8.05亿小时、6.98亿小时，市场份额分别为45.77%、39.65%，集中双方均列市场前两位，合计市场份额超过80%。2016年集中双方在相关市场的销售金额合计（略），约占相关市场总收入规模的70%。以音乐版权核心资源占有率计算，腾讯和中国音乐集团的曲库数量分别为1210万、821万，其中独家曲库为314万、130万，曲库和独家资源的市场占有率均超过80%。\n从该市场赫芬达尔－赫希曼指数（HHI指数）分析，交易后为6950，为高度集中市场，集中产生的增量为3350。交易导致相关市场集中度进一步提高，竞争被进一步削弱。\n\n集中减少相关市场主要竞争对手。\n\n调查显示，交易前集中双方居市场前两位，竞争实力相当，彼此竞争较为紧密。根据消费者在替代性平台之间的流向选择显示，腾讯旗下QQ音乐73.6%的用户流向了中国音乐集团旗下的酷狗音乐和酷我音乐，表明如果QQ音乐提高价格或降低服务水平，可能有73.6%的用户流向中国音乐集团旗下平台，双方互为较为紧密竞争者。集中减少相关市场主要竞争对手，进一步削弱市场竞争。\n\n集中可能进一步提高相关市场进入壁垒。\n\n一是可能提高版权资源壁垒。在集中后实体锁定较多独家版权资源的情况下，新进入者须依靠其转授权，进入相关市场较为困难。由集中带来的市场规模也使其有能力通过提前支付不可返还的高额预付金等方式向上游版权方支付版权费用，可能进一步提高市场进入壁垒。\n二是可能增加用户转换成本。集中为腾讯带来较为丰富的曲库资源、较大的用户规模及充足的使用数据，相比新进入平台更能推荐符合消费者偏好的歌曲，导致用户转换平台意愿降低，从而进一步扩大用户规模，可能阻止其他竞争者达到或维持临界规模。\n三是集中后市场进入活跃度不高。数据显示，网络音乐播放平台市场的主要进入发生在2016年初至2017年7月，2017年底集中完成后，该市场进入活跃度下降较明显。\n综上，腾讯通过本项集中在中国境内网络音乐播放平台市场具有较高市场份额，可能使其有能力促使上游版权方对其进行独家版权授权，或者向其提供优于竞争对手的条件，也可能使腾讯有能力通过支付高额预付金等方式提高市场进入壁垒，对相关市场具有或者可能具有排除、限制竞争的效果。\n调查同时发现，中国网络音乐播放平台市场发展较为迅速，腾讯主要竞争对手（略）的市场份额也呈现较快速度增长，由集中发生时的不足6%增长至近18%，增长200%左右，说明竞争对手对其竞争约束有增强的趋势。此外，网络音乐播放平台与其他平台之间近年来呈现出一定的动态竞争和跨界融合趋势，一些拥有广泛用户基础的短视频平台，如果再获得足够数量的音乐版权资源，在未来有可能成为相关市场的竞争者。\n以上事实，有第三方机构统计数据和行业分析报告、《问卷调查报告》、《经济学分析报告》、腾讯和相关方提供的《授权协议》和《转授权协议》、行业主管部门等相关方的回复意见等证据证明。\n三、行政处罚依据和决定\n《反垄断法》第四十八条规定“经营者违反本法规定实施集中的，由国务院反垄断执法机构责令停止实施集中、限期处分股份或者资产、限期转让营业以及采取其他必要措施恢复到集中前的状态，可以处五十万元以下的罚款”。《反垄断法》第四十九条规定“对本法第四十六条、第四十七条、第四十八条规定的罚款，反垄断执法机构确定具体罚款数额时，应当考虑违法行为的性质、程度和持续的时间等因素”。\n根据上述规定，基于上述调查情况和评估结论，本机关对腾讯作出如下处理决定：\n（一）责令腾讯及其关联公司采取以下措施恢复相关市场竞争状态：\n1. 不得与上游版权方达成或变相达成独家版权协议（版权范围包括所有音乐作品及录音制品的信息网络传播权）或其他排他性协议，已经达成的，须在本决定发布之日起三十日内解除，与独立音乐人（是指音乐作品或录音制品的原始权利人，并以个人名义与音乐平台进行版权授权，且从未与任何唱片公司或经纪公司签订协议的自然人）或新歌首发的独家合作除外。与独立音乐人的独家合作期限不得超过三年，与新歌首发的独家合作期限不得超过三十日。\n2. 没有正当理由，不得要求或变相要求上游版权方给予当事人优于其他竞争对手的条件，包括但不限于授权范围、授权金额、授权期限等，或与之相关的任何协议或协议条款。已经达成的，须在本决定发布之日起三十日内解除。\n3. 依据版权实际使用情况、用户付费情况、歌曲单价、应用场景、签约期限等因素向上游版权方报价，不得通过高额预付金等方式变相提高竞争对手成本，排除、限制竞争。\n（二）处以50万元罚款。\n（三）依法申报经营者集中。\n1.经营者集中达到国务院规定的申报标准的，应当事先向市场监管总局申报，未申报的不得实施集中。\n2.经营者集中未达到申报标准，但该经营者集中具有或者可能具有排除、限制竞争效果的，应当事先向市场监管总局申报，未申报的不得实施集中。\n3.交易未构成经营者集中的，除法律规定的保护小股东权益事项外，不得参与相关企业经营决策，并在每年的年度报告中向市场监管总局报告交易基本情况等内容。\n（四）依法合规经营，建立健全公平参与市场竞争的长效机制。\n1.全面规范自身竞争行为，对照《反垄断法》开展全面深入自查，检视并规范自身经营行为。\n2.严格落实平台企业主体责任，不断完善平台内部治理规则，按照公平、合理、无歧视原则与其他经营者开展合作。\n3.完善企业内部合规控制制度，建立并有效执行反垄断合规制度，自觉维护公平竞争。\n4.保护消费者合法权益。充分保障消费者各项权利，合理制定收费价格，保护消费者隐私。\n5.积极维护公平竞争，推动行业创新发展。\n以上措施期限自《行政处罚决定书》下发之日起算，腾讯及其关联公司须在十日内对照上述措施制定整改方案，并报市场监管总局审核。市场监管总局三年内有权通过监督受托人或自行监督检查腾讯及其关联公司履行上述义务的情况，腾讯三年内每年向市场监管总局报告履行义务情况，三年到期后不再报告。\n《行政处罚法》第六十七条规定“作出罚款决定的行政机关应当与收缴罚款的机构分离。除依照本法第六十八条、第六十九条的规定当场收缴的罚款外，作出行政处罚决定的行政机关及其执法人员不得自行收缴罚款。当事人应当自收到行政处罚决定书之日起十五日内，到指定的银行或者通过电子支付系统缴纳罚款。银行应当收受罚款，并将罚款直接上缴国库”。\n当事人应当自收到本行政处罚决定书之日起十五日内，根据本行政处罚决定书，携缴款码到12家中央财政非税收入收缴代理银行（工、农、中、建、交、中信、光大、招商、邮储、华夏、平安、兴业）任一银行网点或者网上银行交纳罚款。缴款码：***。\n当事人如对上述行政处罚决定不服，可以自收到本行政处罚决定书之日起六十日内，向国家市场监督管理总局申请行政复议；或者自收到本行政处罚决定书之日起六个月内，依法向北京知识产权法院提起行政诉讼。行政复议或者行政诉讼期间，本行政处罚决定不停止执行。\n市场监管总局\n2021年7月24日","news_type":1,"symbols_score_info":{"QNETCN":0.9,"TCEHY":0.9,"00700":0.9}},"isVote":1,"tweetType":1,"viewCount":3306,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174603025,"gmtCreate":1627092922567,"gmtModify":1703484109918,"author":{"id":"4087119540273580","authorId":"4087119540273580","name":"chuayonghock","avatar":"https://static.tigerbbs.com/8b76d0db3e9b22055172d1bb13319f56","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4087119540273580","idStr":"4087119540273580"},"themes":[],"title":"","htmlText":"......","listText":"......","text":"......","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/174603025","repostId":"2153698973","repostType":4,"repost":{"id":"2153698973","kind":"news","pubTimestamp":1627089666,"share":"https://ttm.financial/m/news/2153698973?lang=en_US&edition=fundamental","pubTime":"2021-07-24 09:21","market":"us","language":"zh","title":"Are Intel's prospects good? Wall Street is divided after the results","url":"https://stock-news.laohu8.com/highlight/detail?id=2153698973","media":"智通财经","summary":"美东时间7月22日美股盘后，英特尔公布了2021年第二季度财报。财报公布后，多家投行表示，英特尔Q2业绩表现稳定，但对于该公司给出的业绩指引却存在不同意见。\n数据显示，在GAAP会计准则下，该公司Q2","content":"<p>After the US stock market closed on July 22, Eastern Time,<a href=\"https://laohu8.com/S/INTC\">Intel</a>The company released its financial report for the second quarter of 2021. Following the release of its financial report, several investment banks stated that Intel's Q2 performance was stable, but they had differing opinions on the company's earnings guidance.</p><p>Data shows that under GAAP accounting standards, the company's Q2 revenue was $19.631 billion, compared to $19.728 billion in the same period last year, a year-on-year decrease of 0.49%; Net profit was $5.061 billion, compared to $5.105 billion in the same period last year, a year-on-year decrease of 0.86%. Among them, the highly anticipated data center business remained weak, with revenue down 9% year-on-year to $6.455 billion.</p><p>Looking ahead, the company expects revenue of $19.1 billion, earnings per share of $1.08, and a gross margin of 53% for the third quarter of 2021 under GAAP accounting standards. The company has raised its full-year 2021 earnings guidance, expecting full-year revenue of $77.6 billion, earnings per share of $4.09, and a gross profit margin of 54.2%.</p><p>The following are the views of various investment banks:</p><p><b>Truist analyst William Stein lowered his price target for Intel from $69 to $60 while maintaining a \"hold\" rating.</b>The analyst said Intel's second-quarter results were \"solid,\" but the company's investments in technology dragged down its interim earnings per share outlook. However, Stein added that the best news for Intel is its progress in new technologies, such as its leading 7nm process and foundry capacity.</p><p><b><a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Analyst Joseph Moore lowered his price target for Intel from $72 to $70 while maintaining an \"overweight\" rating.</b>Moore stated that the company \"actually slightly lowered its expectations for the remainder of the year,\" raising questions among investors about its momentum in 2022. However, the analyst believes he will stick to his view given the stock's current P/E.</p><p><b><a href=\"https://laohu8.com/S/BCS\">Barclays Bank</a>Analyst Blayne Curtis lowered his price target for Intel from $58 to $50 while maintaining his \"underweight\" rating.</b>Curtis stated that while the company's better-than-expected second-quarter results were positive, its data center business remained weak, and the company's earnings guidance also suggested limited growth potential. The analyst stated that he expressed doubts about the company's management's optimistic outlook given the improving PC business, the difficulties in chip manufacturing, and the limited strategic significance of OEM manufacturing.</p><p><b>Benchmark analyst David Williams maintained a \"hold\" rating on Intel, saying the company's core business faces ongoing competitive challenges.</b>Williams pointed out that although Intel's second-quarter results exceeded expectations, the company's growth should not be surprising given market demand across the entire semiconductor supply chain. The analyst believes that the overall strength of the market indicates...<a href=\"https://laohu8.com/S/AMD\">AMD</a>(AMD.US) has a promising outlook, and we remain optimistic about AMD's market share growth and competitive advantage.</p><p><b>Mizuho analyst Vijay Rakesh lowered his price target for Intel from $72 to $70 while maintaining a \"buy\" rating.</b>Rakesh said the company reported “solid” quarterly results and raised its full-year guidance. Despite facing \"multiple challenges,\" Intel is still expected to achieve excellent performance in the second half of 2021 thanks to new management, new processors Ice Lake and Sapphire Rapids, and its foundry business.</p><p><b>Citigroup analyst Christopher Danely lowered his price target for Intel from $60 to $57, maintaining a \"neutral\" rating.</b>Danely stated that the company performed \"strongly\" in the second quarter, driven by its data center business. The analyst believes that although Intel raised its full-year 2021 revenue and earnings guidance, this was due to revenue growth and lower tax revenue in the second quarter. Danely expects the company's profit pressure to continue, while the slowdown in the PC terminal market will exacerbate the pressure.</p><p><b>Roth Capital analyst Suji Desilva lowered his price target for Intel from $65 to $60 while maintaining a \"neutral\" rating.</b>Desilva stated that Intel's second-quarter earnings per share and revenue exceeded market expectations, reflecting strong demand and recovery momentum in data centers and customers despite tight manufacturing supply. The analyst expects demand momentum to continue in the second half of the year, but will be offset by ongoing supply constraints.</p>","source":"stock_zhitongcaijing","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Are Intel's prospects good? Wall Street is divided after the results</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAre Intel's prospects good? Wall Street is divided after the results\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经</strong><span class=\"h-time small\">2021-07-24 09:21</span>\n</p>\n</h4>\n</header>\n<article>\n<p>After the US stock market closed on July 22, Eastern Time,<a href=\"https://laohu8.com/S/INTC\">Intel</a>The company released its financial report for the second quarter of 2021. Following the release of its financial report, several investment banks stated that Intel's Q2 performance was stable, but they had differing opinions on the company's earnings guidance.</p><p>Data shows that under GAAP accounting standards, the company's Q2 revenue was $19.631 billion, compared to $19.728 billion in the same period last year, a year-on-year decrease of 0.49%; Net profit was $5.061 billion, compared to $5.105 billion in the same period last year, a year-on-year decrease of 0.86%. Among them, the highly anticipated data center business remained weak, with revenue down 9% year-on-year to $6.455 billion.</p><p>Looking ahead, the company expects revenue of $19.1 billion, earnings per share of $1.08, and a gross margin of 53% for the third quarter of 2021 under GAAP accounting standards. The company has raised its full-year 2021 earnings guidance, expecting full-year revenue of $77.6 billion, earnings per share of $4.09, and a gross profit margin of 54.2%.</p><p>The following are the views of various investment banks:</p><p><b>Truist analyst William Stein lowered his price target for Intel from $69 to $60 while maintaining a \"hold\" rating.</b>The analyst said Intel's second-quarter results were \"solid,\" but the company's investments in technology dragged down its interim earnings per share outlook. However, Stein added that the best news for Intel is its progress in new technologies, such as its leading 7nm process and foundry capacity.</p><p><b><a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Analyst Joseph Moore lowered his price target for Intel from $72 to $70 while maintaining an \"overweight\" rating.</b>Moore stated that the company \"actually slightly lowered its expectations for the remainder of the year,\" raising questions among investors about its momentum in 2022. However, the analyst believes he will stick to his view given the stock's current P/E.</p><p><b><a href=\"https://laohu8.com/S/BCS\">Barclays Bank</a>Analyst Blayne Curtis lowered his price target for Intel from $58 to $50 while maintaining his \"underweight\" rating.</b>Curtis stated that while the company's better-than-expected second-quarter results were positive, its data center business remained weak, and the company's earnings guidance also suggested limited growth potential. The analyst stated that he expressed doubts about the company's management's optimistic outlook given the improving PC business, the difficulties in chip manufacturing, and the limited strategic significance of OEM manufacturing.</p><p><b>Benchmark analyst David Williams maintained a \"hold\" rating on Intel, saying the company's core business faces ongoing competitive challenges.</b>Williams pointed out that although Intel's second-quarter results exceeded expectations, the company's growth should not be surprising given market demand across the entire semiconductor supply chain. The analyst believes that the overall strength of the market indicates...<a href=\"https://laohu8.com/S/AMD\">AMD</a>(AMD.US) has a promising outlook, and we remain optimistic about AMD's market share growth and competitive advantage.</p><p><b>Mizuho analyst Vijay Rakesh lowered his price target for Intel from $72 to $70 while maintaining a \"buy\" rating.</b>Rakesh said the company reported “solid” quarterly results and raised its full-year guidance. Despite facing \"multiple challenges,\" Intel is still expected to achieve excellent performance in the second half of 2021 thanks to new management, new processors Ice Lake and Sapphire Rapids, and its foundry business.</p><p><b>Citigroup analyst Christopher Danely lowered his price target for Intel from $60 to $57, maintaining a \"neutral\" rating.</b>Danely stated that the company performed \"strongly\" in the second quarter, driven by its data center business. The analyst believes that although Intel raised its full-year 2021 revenue and earnings guidance, this was due to revenue growth and lower tax revenue in the second quarter. Danely expects the company's profit pressure to continue, while the slowdown in the PC terminal market will exacerbate the pressure.</p><p><b>Roth Capital analyst Suji Desilva lowered his price target for Intel from $65 to $60 while maintaining a \"neutral\" rating.</b>Desilva stated that Intel's second-quarter earnings per share and revenue exceeded market expectations, reflecting strong demand and recovery momentum in data centers and customers despite tight manufacturing supply. The analyst expects demand momentum to continue in the second half of the year, but will be offset by ongoing supply constraints.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.zhitongcaijing.com/content/detail/520512.html\">智通财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c74be4c2a08964ef2daf32217f693b44","relate_stocks":{"03086":"华夏纳指","INTC":"英特尔","09086":"华夏纳指-U"},"source_url":"http://www.zhitongcaijing.com/content/detail/520512.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2153698973","content_text":"美东时间7月22日美股盘后，英特尔公布了2021年第二季度财报。财报公布后，多家投行表示，英特尔Q2业绩表现稳定，但对于该公司给出的业绩指引却存在不同意见。\n数据显示，在GAAP会计准则下，该公司Q2营收196.31亿美元，上年同期为197.28亿美元，同比下滑0.49%;净利润50.61亿美元，上年同期为51.05亿美元，同比下滑0.86%。其中，备受关注的数据中心业务持续疲软，营收同比下降9%至64.55亿美元。\n展望未来，该公司预计，在GAAP会计准则下，2021年第三季度营收191亿美元，每股收益1.08美元，毛利率53%；上调2021年全年业绩指引，预计全年营收776亿美元，每股收益4.09美元，毛利率54.2%。\n以下是各投行观点：\nTruist分析师William Stein将英特尔目标价由69美元下调至60美元，维持“持有”评级。该分析师表示，英特尔第二季度业绩“稳健”，但该公司在技术方面的投资拖累了其中期每股收益前景。不过，Stein补充道，对英特尔而言，最好的消息是其在新技术方面的进展，如领先的7nm制程工艺、代工产能等。\n摩根士丹利分析师Joseph Moore将英特尔目标价由72美元下调至70美元，维持“增持“评级。Moore表示，该公司“实际上略微下调了对今年剩余时间的预期”，从而引发了投资者对其在2022年的发展势头的质疑。不过，该分析师认为，考虑到目前该股的市盈率，他将坚持其看法。\n巴克莱银行分析师Blayne Curtis将英特尔目标价由58美元下调至50美元，维持“减持”评级。Curtis表示，虽然该公司第二季度超预期的业绩是积极的，但数据中心业务仍然乏力，同时，该公司提供的业绩指引也暗示了其增长空间有限。该分析师称，在PC业务好转、芯片制程处于困境，代工战略意义不大的情况下，对该公司管理层的乐观前景表示怀疑。\nBenchmark分析师David Williams维持英特尔“持有”评级，并称该公司核心业务面临持续的竞争挑战。Williams指出，尽管英特尔第二季度业绩超出预期，但考虑到整个半导体供应链的市场需求，该公司的增长不应令人惊讶。该分析师认为，整体市场强劲预示着AMD(AMD.US)前景良好，继续看好AMD的市场份额增长和竞争优势。\n瑞穗分析师Vijay Rakesh将英特尔目标价由72美元下调至70美元，维持“买入”评级。Rakesh表示，该公司公布了“稳健”的季度业绩，并上调了全年指引。虽然英特尔面临“多重挑战”，但通过新管理层、新处理器Ice Lake和Sapphire Rapids以及代工业务，英特尔在2021年下半年仍有望取得优异表现。\n花旗分析师Christopher Danely将英特尔目标价由60美元下调至57美元，维持“中性”评级。Danely表示，在数据中心业务的带动下，该公司第二季度表现“强劲”。该分析师认为，虽然英特尔上调了2021年全年营收和盈利指引，但这是因为第二季度收入的增长和税收的降低。Danely预计，公司的利润压力将持续下去，而PC终端市场的减速将加剧压力。\nRoth Capital分析师Suji Desilva将英特尔目标价由65美元下调至60美元，维持“中性”评级。Desilva表示，英特尔公布第二季度每股收益和营收高于市场预期，反映出尽管制造业供应紧张，但数据中心和客户的需求和复苏势头强劲。该分析师预计，下半年的需求势头仍将持续，但将被持续的供应紧张所抵消。","news_type":1,"symbols_score_info":{"03086":0.9,"INTC":0.9,"09086":0.9}},"isVote":1,"tweetType":1,"viewCount":3486,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}