China's Tech Titans Suppressed by New Antitrust Guideline

On 10 November, the Chinese State Administration for Market Regulation published the draft version of 'Antitrust Guidelines on the Platform Economy,' targeting the largest Chinese tech titans like Alibaba, Tencent, Meituan's market power in some areas. The guideline is to curb monopolistic behaviors in the field of the Internet platform economy. It set out unregulated conducts, for example, unfair prices, lower than the cost selling, deal decline and different treatment to consumers. Behavior such as WeChat (from Tencent) banning Tik Tok's or Taobao's links may be illegal, according to the draft. The guideline has resulted in BABA declining by around 9.5%, Tencent dropping by about 9.4%, Meituan and JD.com sinking by 9%, 7.3% respectively within two days from the time of the report. Alibaba and Meituan are the 'victims' because of their incredible market shares and power. According to Equalocean's research, Alibaba owned 50.1% cake of China's E-commerce business in 2019. Based on Trustdata, Meituan grabbed the lion's share of 65% in the Chinese delivery food area over the same period. Alternatively, CITIC Securities' analysts believe that the announcement harms Tencent the least as its market shares in related sectors have not let the company reach significant monopolistic positions. It may affect WeChat, but in gaming, advertisement, and finance landscapes, the social media giant hasn't dominated these spaces.

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On September 18, Jingxi, a social e-commerce platform backed by JD.com, announced the publication of its one-year transcript. Since its launch on September 19, 2019, Jingxi has deployed 183 industrial belts, helping more than 1,000 merchants achieve sales of more than CNY 10 million. 70% of Jingxi's users are from Tier 3-6 cities, and these users bring nearly 60% of orders. In the second quarter of 2020, Jingxi stated that the number of orders from users in sinking emerging markets increased by 84.2% from the first quarter. During the '618 Festival,' Jingxi's daily orders exceeded 10 million. There were over 1,000 merchants on the platform, with sales exceeding CNY 10 million. It sold 800,000 tons of agricultural products and 6 billion factory products. Besides, Jingxi launched more than 10,000 traceable live broadcasts, and the order volume increased by 5.3 times. At the same time, Jingxi also introduced a large number of social games to attract consumers to participate, with a total of over 1 billion participants.

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