Hong Kong stocks technology stocks plummeted: Tencent fell over 7%, Meituan’s market value evaporated over HK$200 billion

Meituan fell more than 15% intraday, and its market value lost HK$204.96 billion in a single day; Tencent’s stock price fell below HK$500 for the first time since August last year; Kuaishou fell below the issue price of HK$115.

Hong Kong stock technology stocks suffered a collective plunge.

As of today’s close, NetEase has fallen by more than 13%, Bilibili has fallen by more than 11%, JD has fallen by more than 7%, and Baidu and Alibaba have fallen by more than 6%. Meituan fell more than 15% in intraday trading, and finally closed down 13.76% to 235.6 Hong Kong dollars, and its market value lost 204.96 billion Hong Kong dollars in a single day; Tencent fell more than 7%, and its stock price fell below 500 Hong Kong dollars for the first time since August last year; Kuaishou fell nearly 12 %, fell below the issue price of 115 Hong Kong dollars. The Hang Seng Technology Index fell 6.57% to 6790.96 points, a new low this year.

On the news, on July 26, the official website of the State Administration for Market Regulation showed that the State Administration for Market Regulation, the State Cyberspace Administration of China, the National Development and Reform Commission, the Ministry of Public Security, the Ministry of Human Resources and Social Security, the Ministry of Commerce, and the All-China Federation of Trade Unions have jointly issued the ” The “Guiding Opinions on Implementing the Responsibilities of Online Catering Platforms and Effectively Protecting the Rights and Interests of Food Delivery Staff” (hereinafter referred to as the “Opinions”), in terms of guaranteeing labor income, ensuring labor safety, maintaining food safety, improving social security, optimizing the working environment, strengthening organizational construction, There are seven aspects of the conflict resolution mechanism, and all-round requirements are put forward to protect the legitimate rights and interests of food delivery staff.

In terms of guaranteeing labor income, the “Opinions” require the platform to establish an income distribution mechanism that matches work tasks and labor intensity to ensure that the normal labor income of food delivery workers is not lower than the local minimum wage standard. Do not use “the most stringent algorithm” as an evaluation requirement, and reasonably determine the evaluation factors such as the number of orders, punctuality rate, and online rate through methods such as “algorithm selection”, and appropriately relax the delivery time limit. 

On Saturday, the State Administration for Market Regulation issued a document stating that in 2016, Tencent and China Music Group had about 30% and 40% of the relevant market shares, respectively. Tencent obtained a higher market share by merging with major competitors in the market. The entity owns more than 80% of the exclusive music library resources. It may be able to urge upstream copyright parties to reach more exclusive copyright agreements with them, or require them to be given better trading conditions than competitors, or they may be able to pay high prepayments and other copyrights. The payment model increases market entry barriers and has or may have the effect of eliminating or restricting competition in the relevant market.

According to the “Anti-Monopoly Law” and “Interim Provisions on the Review of Concentration of Undertakings”, and in accordance with the principle of equal emphasis on development and regulation, the State Administration of Market Supervision made an administrative penalty decision in accordance with the law, ordering Tencent and its affiliates to remove exclusive music copyrights and stop high prepayments within 30 days Payment methods for copyright fees such as gold, and measures to restore the state of market competition, such as not requiring upstream copyright parties to give them conditions superior to their competitors, without justifiable reasons. Tencent will report to the State Administration of Market Regulation on the performance of its obligations every year for three years, and the State Administration of Market Regulation will strictly supervise its implementation according to law.

In response, Tencent responded that the company will earnestly abide by the decision, strictly implement regulatory requirements, operate in compliance with laws and regulations, earnestly perform social responsibilities, and maintain healthy competition in the market. Tencent will consolidate its responsibilities, formulate rectification measures with Tencent Music and other affiliated companies within the prescribed time limit, and complete them in full in accordance with the requirements of the penalty decision to ensure that the rectification is in place.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/hong-kong-stocks-technology-stocks-plummeted-tencent-fell-over-7-meituans-market-value-evaporated-over-hk200-billion/
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