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- dennis0127dennis0127
  ·2021-07-30
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  What does Ningde sodium-ion battery mean to the industry? Impact or opportunity?
  今年以来新能源产业链全线爆发，终端新能源汽车销量仅上半年累计销就几乎追平去年全年的销量，同时中游电池厂商也是加足马力在扩产备战，这也刺激的上游材料厂商争相扩产，资源端价格大涨。在这个高景气时点，钠离子
  What does Ningde sodium-ion battery mean to the industry? Impact or opportunity?
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- dennis0127dennis0127
  ·2021-07-26
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  Business divestiture or transformation? After the "double reduction" policy, education and training institutions have reached a fork in the road
  上周五（7月23日），港股中概股教育股价纷纷跳水，一天后，引发行业震荡的“双减”政策正式落地。 “双减”意见明确，各地不再审批新的面向义务教育阶段学生的学科类校外培训机构，现有学科类培训机构统一登记为
  Business divestiture or transformation? After the "double reduction" policy, education and training institutions have reached a fork in the road
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- dennis0127dennis0127
  ·2021-07-25
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  Being subject to administrative punishment! Tencent was ordered to lift the exclusive copyright of online music
  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。
  Being subject to administrative punishment! Tencent was ordered to lift the exclusive copyright of online music
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- dennis0127dennis0127
  ·2021-07-24
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  Sorry, this post has been deleted
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- dennis0127dennis0127
  ·2021-07-24
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  Sorry, this post has been deleted
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Impact or opportunity?","url":"https://stock-news.laohu8.com/highlight/detail?id=2155135706","media":"华尔街见闻","summary":"今年以来新能源产业链全线爆发，终端新能源汽车销量仅上半年累计销就几乎追平去年全年的销量，同时中游电池厂商也是加足马力在扩产备战，这也刺激的上游材料厂商争相扩产，资源端价格大涨。在这个高景气时点，钠离子","content":"<p>Since the beginning of this year, the new energy industry chain has exploded across the board. The cumulative sales of terminal new energy vehicles in the first half of the year alone have almost equal the sales of last year. At the same time, midstream battery manufacturers are also stepping up their horsepower to expand production and prepare for war. This has also stimulated upstream material manufacturers to compete. With the expansion of production, resource-side prices have soared. At this time of high prosperity, sodium-ion batteries, a new type of battery different from the current mainstream lithium batteries, quickly entered the market's field of vision, which not only aroused heated discussions among investors, but also aroused widespread attention in the industry.</p><p>On July 29<a href=\"https://laohu8.com/S/300750\">Ningde era</a>At the sodium-ion battery launch conference, it not only showed the world CATL's first-generation sodium-ion battery with the world's highest energy density of 160Wh/kg, but also creatively mixed sodium-ion batteries and lithium-ion batteries. What exceeds expectations is that sodium-ion batteries will be commercialized as soon as 2023.</p><p><h2>Analyzing the performance of sodium-ion batteries</h2>The emergence of sodium-ion batteries will undoubtedly be compared with the currently relatively mature lithium-ion batteries. Take the first-generation sodium-ion battery announced by CATL as an example, and compare it with the current mainstream lithium iron phosphate batteries. Compare:</p><p>1) The single cell energy density of the first generation sodium-ion battery has reached 160Wh/kg, which is currently the highest level in the world. Although it is slightly lower than lithium iron phosphate batteries, there is still room for breakthroughs. The energy density of the next generation sodium-ion battery will exceed 200Wh/kg;</p><p>2) The first-generation sodium-ion battery can reach 80% after 15 minutes of charging at room temperature, and has fast charging capabilities;</p><p>3) The first-generation sodium-ion battery still has a discharge retention rate of more than 90% in a low temperature environment of minus 20 °C, while the attenuation of lithium iron phosphate battery will reach 30% at low temperature.</p><p>4) The system integration efficiency of the first generation sodium-ion battery can reach more than 80%;</p><p>5) The first-generation sodium-ion battery has excellent thermal stability and has exceeded the safety requirements of the national power battery strong standard.</p><p><img src=\"https://static.tigerbbs.com/95cee98e4445e855f9f3bc8f0205da0d\" tg-width=\"693\" tg-height=\"389\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><h2>Sodium-ion batteries have little impact on the lithium battery industry chain</h2>Previously, the market was worried about whether the launch of sodium-ion batteries would have a certain impact on the current lithium-ion industry chain and have a greater impact on the upstream and downstream of the entire industry chain. The Wall Street Insights and Wisdom Research Institute believes that the overall impact is not significant through research and comparison.</p><p>From the upstream resource side, sodium-ion batteries use little sodium ions or hardly use rare metals, and mainly use sodium carbonate instead of lithium carbonate or lithium hydroxide commonly used in lithium batteries. Everyone knows that the latter two are extremely expensive, and the price has soared to about 90,000 yuan/ton, while the price of sodium carbonate, the main raw material of sodium-ion batteries, is only 2-3,000 yuan/ton, and the resources are extremely abundant.</p><p>However, from the perspective of preparation process and equipment, there is actually not much difference between sodium-ion batteries and lithium batteries. Even the four main materials and related auxiliary materials are not completely subverted, but only slightly changed:</p><p><b>(1) Cathode Material:</b></p><p>Lithium-ion batteries: mainly lithium iron phosphate and ternary batteries.</p><p>Sodium-ion batteries: There are many systems, including transition metal oxides, polyanionic compounds, Prussian blue compounds and molten sulfur. Currently, companies are trying all major systems.</p><p>CATL stated at the press conference that Prussian white and layered oxide materials have the most potential commercial value, and their gram capacity has reached 160mAh/g, which is equivalent to existing lithium-ion battery cathode materials.</p><p><b>2) Negative electrode material:</b></p><p>Lithium-ion battery: Lithium battery mainly uses artificial graphite, and the future development direction is silicon-carbon anode. However, due to the expansion of silicon and the consumption of lithium ions due to the first effect of lithium, the problem has not been perfectly solved and has not yet been scaled up;</p><p>Sodium-ion batteries: Graphite cannot be used, there are 3 main types, namely embedded-preferably carbon materials, alloy-based reaction and conversion-based.</p><p>Contemporary Amperex Technology Co., Limited stated at the press conference that it has developed a hard carbon material with a unique pore structure that can allow a large amount of sodium ions to be stored and quickly passed. The gram capacity of this hard carbon material can reach more than 350mAh/g, and it also has excellent cycle performance. The overall performance indicators are comparable to existing graphite.</p><p><b>3) Electrolyte:</b></p><p>Lithium-ion battery: The solvent is carbonate, the lithium salt is mainly lithium hexafluorophosphate, and the additives include film-forming additives, flame retardant additives, etc.</p><p>Sodium-ion battery: The solvent also uses carbonate, and the lithium salt is converted into sodium hexafluorophosphate. The additive is a core process and needs to solve the problem of sodium branch crystals.</p><p>Contemporary Amperex Technology Co., Limited stated at the press conference that it has developed a new and unique electrolyte system suitable for such positive and negative materials.</p><p><b>4) Septum:</b></p><p>There is no problem in sodium-ion batteries using the current mainstream separators of lithium batteries, and they can be seamlessly connected.</p><p><b>5) Other materials:</b></p><p>Lithium-ion battery: aluminum foil is used for the positive electrode current collector, and copper foil is used for the negative electrode.</p><p>Sodium-ion batteries: Aluminum foil can be used for both positive and negative electrodes. Since the price of aluminum foil is much lower than that of copper foil, the cost is much cheaper. At the same time, replacing sodium batteries with aluminum will also make the weight lighter.</p><p><img src=\"https://static.tigerbbs.com/8fd3e3708079ccac2d581086af187546\" tg-width=\"693\" tg-height=\"335\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><h2>Sodium and lithium batteries do not constitute major competition, but can be mixed and complement each other</h2>The market previously expected that the performance of sodium-ion batteries themselves determined that it was difficult for them to make a difference in industries with high energy density requirements, and could only be used in low-capacity density fields such as two-wheeled vehicles, energy storage, data centers and other fields. However, CATL It is innovatively stated that it can realize the integrated hybrid sharing of sodium-ion batteries and lithium-ion batteries, with complementary advantages.</p><p>In the AB battery solution developed by CATL, sodium-ion batteries and lithium-ion batteries can be integrated into the same battery system at the same time. By mixing and matching the two batteries in a certain proportion and arrangement, they are integrated in series and parallel, and then Balanced control of different battery systems through BMS's precise algorithm can learn from each other's strengths and complement each other's weaknesses, which not only makes up for the energy density shortcomings of sodium-ion batteries at this stage, but also gives full play to its advantages of high power and low temperature performance. Such a lithium-sodium battery system can adapt to more application scenarios.<img src=\"https://static.tigerbbs.com/6a8d27fa100301326c4daa65863956a1\" tg-width=\"693\" tg-height=\"438\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Moreover, the performance of sodium-ion battery itself determines that it is not a replacement for lithium-ion battery. The energy density and cycle life of sodium-ion battery itself are definitely not as good as that of lithium battery. Even the first generation sodium-ion battery of CATL is 160Wh/kg. The energy density is much higher than that of ordinary sodium-ion batteries, but compared with lithium batteries, even lithium iron phosphate batteries, which are not known for their capacity density, can currently achieve about 180Wh/kg, let alone ternary batteries.</p><p>However, it is not inferior to lithium batteries in terms of rate performance, high and low temperature performance, and safety performance, and it has extremely considerable advantages in cost and easy availability of resources. You must know that 70% of my country's lithium resources need to be imported, so the development of sodium-ion batteries is also for the future. Our country will not change from the previous oil to the current lithium resource limitation. At the same time, theoretically, the cost of sodium-ion batteries can reach 0.2-0.3 yuan/wh (the current cost is 1 yuan/wh higher, and the cost of lithium batteries is 0.5-0.7 yuan/wh). Therefore, in comparison, apart from the competition with lithium iron phosphate batteries in terms of energy storage, sodium-ion batteries do not have much impact on the main application fields of lithium batteries at present.<img src=\"https://static.tigerbbs.com/c8f9c83ccd43a0c950b3c7d9205ebada\" tg-width=\"693\" tg-height=\"212\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><h2>Sodium-ion batteries may make a big breakthrough in energy storage</h2>In April this year, the new energy storage guidance proposed by my country's Energy Administration and the National Development and Reform Commission included sodium-ion batteries for the first time, selecting a new technology for energy storage batteries. On the one hand, as mentioned above, the characteristics of sodium-ion batteries themselves are suitable for the field of energy storage; on the other hand, the cost of lithium batteries currently used for energy storage may increase.</p><p>On June 22, the National Energy Administration issued the \"Management Specifications for New Energy Storage Projects (Interim) (Draft for Comments)\", proposing that in principle, no new large-scale power battery cascade utilization energy storage projects should be built. Originally, these lithium batteries that are no longer suitable for automobile use will be used in the next step. Go to the energy storage power station to utilize waste heat, which increases the utilization value of lithium batteries and reduces the cost of lithium batteries. However, due to potential safety hazards, the policy stipulates that in the future, energy storage can only purchase new power batteries because recycled retired power batteries cannot be used. Although my country is not mainly based on ternary batteries like foreign energy storage, even if the cost is Lower lithium iron phosphate batteries will also increase the cost of energy storage.<img src=\"https://static.tigerbbs.com/ed8582d2db40614290622b22ce3fd137\" tg-width=\"618\" tg-height=\"268\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>This is also the butterfly effect of the Beijing energy storage power station explosion accident on April 16 that began to appear two months later. This will have a big blow to retired power batteries, because the power battery performance of new energy vehicles will increase with the number of times of use. When the performance drops to 80% of the initial performance, it will mean the end of the service life of new energy vehicles. Then multiple complete battery packs could be combined together to store energy for wind, photovoltaic and other scenarios. At present, this road is about to be broken. According to data from the China Automotive Technology and Research Center, the cumulative retirement volume of power batteries in my country in 2020 is about 200,000 tons, and the cumulative retirement volume in 2025 is about 780,000 tons. This vacant market may be covered by sodium-ion batteries in the future.</p><p>Of course, although there are certain risks in the development process of energy storage, my country has not weakened its emphasis on the energy storage industry while strengthening safety standards. On July 23, the National Development and Reform Commission and the National Energy Administration issued guidance on accelerating the development of new energy storage. While clarifying the dominant position of energy storage, it is no longer a subsidiary function of thermal power and new energy, but an independent power system. While participating in various power markets such as medium-and long-term transactions, spot and ancillary services, it is also proposed to realize the transformation of new energy storage from the early stage of commercialization to large-scale development by 2025, and achieve an installed capacity of new energy storage exceeding 30GW in the next five years.</p><p>And according to<a href=\"https://laohu8.com/S/000931\">Zhongguancun</a>According to data from the Energy Storage Industry Technology Alliance, as of 2020, the cumulative installed capacity of new energy storage in China is only 3.27 GW, and the cumulative installed capacity is expected to reach 5.79 GW in 2021, which means that the cumulative installed capacity of domestic electrochemical energy storage will be compounded annually in the next five years. The growth rate (CAGR) is 57.4%, and the average annual newly installed capacity exceeds 5.4 GW.<img src=\"https://static.tigerbbs.com/96b0843a024a37f2fa250bb92fd7c488\" tg-width=\"692\" tg-height=\"249\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>At the same time, the document also clearly mentioned that we should adhere to the diversification of energy storage technology and accelerate the large-scale test demonstration of sodium-ion batteries and other technologies. Considering that sodium-ion batteries have low cost, wide sources of raw materials, high safety, low temperature and fast charging performance. It is clear that the construction of power-side energy storage projects will be vigorously promoted in the future. In the next five years when energy storage explodes, sodium-ion batteries are very likely to achieve greater development.<img src=\"https://static.tigerbbs.com/34a1ceb6c4002d42e97bf3ba29000469\" tg-width=\"693\" tg-height=\"259\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><h2>Domestic and foreign companies are actively deploying sodium-ion batteries</h2>The emphasis on the development of sodium-ion batteries is not a whim of Chinese battery manufacturers. In fact, nearly 30 companies at home and abroad have already begun to make relevant arrangements for the industrialization of sodium-ion batteries. Abroad, they mainly include the British FARADION Company and the American Natron Energy., Aquion Energy Company, French Tiamat Company, Japan's Kishida Chemical Company,<a href=\"https://laohu8.com/S/PC\">Panasonic</a>, Mitsubishi Chemical, domestically, companies such as CATL, Zhongke Haina, Na Innovation Energy, and Xingkong Sodium Power are also at the forefront of the industry:</p><p>1) The energy density of the first generation sodium-ion battery in CATL is 160Wh/kg, and the next generation will reach 200 Wh/kg. For the first time, it innovatively proposed the hybrid use of sodium-ion batteries and lithium-ion batteries;</p><p>2) The energy density of the latest products of Sodium Innovation Energy is 120Wh/kg and has been cycled more than 1,000 times; July 7th,<a href=\"https://laohu8.com/S/603529\">Emma Technology</a>At the dealer conference, the sodium-ion battery was released, which is responsible for by Sodium Innovation Energy and will be installed on its own electric two-wheeled vehicle in the future;</p><p>3) Zhongke Haina's battery also has an energy density of 135Wh/kg, and the cycle is even greater than 2,000 times; On June 27, the world's first set of<a href=\"https://laohu8.com/S/002906\">Huayang Group</a>The 1 MW sodium-ion energy storage system jointly built with Zhongke Haina Company was officially put into operation in Taiyuan, Shanxi;</p><p>4) In September 2020, the U.S. DOE (Department of Energy) has clearly regarded sodium-ion batteries as the next development direction;</p><p>5) In the 2030 battery plan launched by Europe in March 2020, sodium batteries are also the first to bear the brunt as an alternative to lithium batteries.<img src=\"https://static.tigerbbs.com/ab933e32bf5094cf3cf14a8fba46f2a5\" tg-width=\"693\" tg-height=\"273\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><h2>Sodium-ion batteries will form a basic industrial chain in 2023</h2>Previously, the market expected that the commercialization of sodium-ion batteries would take at least 3-5 years, but at this sodium-ion battery launch conference of CATL, it was stated that a basic industrial chain will be formed as soon as 2023.<img src=\"https://static.tigerbbs.com/9f0c1c5c494b20d47e6fccad6e0b314e\" tg-width=\"693\" tg-height=\"354\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Chinese companies are in a leading position in the world in the lithium battery industry chain. Among them, CATL occupies a dominant position with a global market share of nearly 30%, which shows that my country has the capabilities and technologies to lead the world in terms of batteries. At this moment, CATL is once again one step ahead of the world, and Chinese companies will once again occupy a favorable position in the layout and development of sodium-ion batteries in the future. With the technological progress of new energy batteries, this revolution of replacing fossil energy with clean energy is accelerating.</p>","source":"wallstreetcn_api","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>What does Ningde sodium-ion battery mean to the industry? Impact or opportunity?</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\">\nWhat does Ningde sodium-ion battery mean to the industry? Impact or opportunity?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-07-30 13:38</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Since the beginning of this year, the new energy industry chain has exploded across the board. The cumulative sales of terminal new energy vehicles in the first half of the year alone have almost equal the sales of last year. At the same time, midstream battery manufacturers are also stepping up their horsepower to expand production and prepare for war. This has also stimulated upstream material manufacturers to compete. With the expansion of production, resource-side prices have soared. At this time of high prosperity, sodium-ion batteries, a new type of battery different from the current mainstream lithium batteries, quickly entered the market's field of vision, which not only aroused heated discussions among investors, but also aroused widespread attention in the industry.</p><p>On July 29<a href=\"https://laohu8.com/S/300750\">Ningde era</a>At the sodium-ion battery launch conference, it not only showed the world CATL's first-generation sodium-ion battery with the world's highest energy density of 160Wh/kg, but also creatively mixed sodium-ion batteries and lithium-ion batteries. What exceeds expectations is that sodium-ion batteries will be commercialized as soon as 2023.</p><p><h2>Analyzing the performance of sodium-ion batteries</h2>The emergence of sodium-ion batteries will undoubtedly be compared with the currently relatively mature lithium-ion batteries. Take the first-generation sodium-ion battery announced by CATL as an example, and compare it with the current mainstream lithium iron phosphate batteries. Compare:</p><p>1) The single cell energy density of the first generation sodium-ion battery has reached 160Wh/kg, which is currently the highest level in the world. Although it is slightly lower than lithium iron phosphate batteries, there is still room for breakthroughs. The energy density of the next generation sodium-ion battery will exceed 200Wh/kg;</p><p>2) The first-generation sodium-ion battery can reach 80% after 15 minutes of charging at room temperature, and has fast charging capabilities;</p><p>3) The first-generation sodium-ion battery still has a discharge retention rate of more than 90% in a low temperature environment of minus 20 °C, while the attenuation of lithium iron phosphate battery will reach 30% at low temperature.</p><p>4) The system integration efficiency of the first generation sodium-ion battery can reach more than 80%;</p><p>5) The first-generation sodium-ion battery has excellent thermal stability and has exceeded the safety requirements of the national power battery strong standard.</p><p><img src=\"https://static.tigerbbs.com/95cee98e4445e855f9f3bc8f0205da0d\" tg-width=\"693\" tg-height=\"389\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><h2>Sodium-ion batteries have little impact on the lithium battery industry chain</h2>Previously, the market was worried about whether the launch of sodium-ion batteries would have a certain impact on the current lithium-ion industry chain and have a greater impact on the upstream and downstream of the entire industry chain. The Wall Street Insights and Wisdom Research Institute believes that the overall impact is not significant through research and comparison.</p><p>From the upstream resource side, sodium-ion batteries use little sodium ions or hardly use rare metals, and mainly use sodium carbonate instead of lithium carbonate or lithium hydroxide commonly used in lithium batteries. Everyone knows that the latter two are extremely expensive, and the price has soared to about 90,000 yuan/ton, while the price of sodium carbonate, the main raw material of sodium-ion batteries, is only 2-3,000 yuan/ton, and the resources are extremely abundant.</p><p>However, from the perspective of preparation process and equipment, there is actually not much difference between sodium-ion batteries and lithium batteries. Even the four main materials and related auxiliary materials are not completely subverted, but only slightly changed:</p><p><b>(1) Cathode Material:</b></p><p>Lithium-ion batteries: mainly lithium iron phosphate and ternary batteries.</p><p>Sodium-ion batteries: There are many systems, including transition metal oxides, polyanionic compounds, Prussian blue compounds and molten sulfur. Currently, companies are trying all major systems.</p><p>CATL stated at the press conference that Prussian white and layered oxide materials have the most potential commercial value, and their gram capacity has reached 160mAh/g, which is equivalent to existing lithium-ion battery cathode materials.</p><p><b>2) Negative electrode material:</b></p><p>Lithium-ion battery: Lithium battery mainly uses artificial graphite, and the future development direction is silicon-carbon anode. However, due to the expansion of silicon and the consumption of lithium ions due to the first effect of lithium, the problem has not been perfectly solved and has not yet been scaled up;</p><p>Sodium-ion batteries: Graphite cannot be used, there are 3 main types, namely embedded-preferably carbon materials, alloy-based reaction and conversion-based.</p><p>Contemporary Amperex Technology Co., Limited stated at the press conference that it has developed a hard carbon material with a unique pore structure that can allow a large amount of sodium ions to be stored and quickly passed. The gram capacity of this hard carbon material can reach more than 350mAh/g, and it also has excellent cycle performance. The overall performance indicators are comparable to existing graphite.</p><p><b>3) Electrolyte:</b></p><p>Lithium-ion battery: The solvent is carbonate, the lithium salt is mainly lithium hexafluorophosphate, and the additives include film-forming additives, flame retardant additives, etc.</p><p>Sodium-ion battery: The solvent also uses carbonate, and the lithium salt is converted into sodium hexafluorophosphate. The additive is a core process and needs to solve the problem of sodium branch crystals.</p><p>Contemporary Amperex Technology Co., Limited stated at the press conference that it has developed a new and unique electrolyte system suitable for such positive and negative materials.</p><p><b>4) Septum:</b></p><p>There is no problem in sodium-ion batteries using the current mainstream separators of lithium batteries, and they can be seamlessly connected.</p><p><b>5) Other materials:</b></p><p>Lithium-ion battery: aluminum foil is used for the positive electrode current collector, and copper foil is used for the negative electrode.</p><p>Sodium-ion batteries: Aluminum foil can be used for both positive and negative electrodes. Since the price of aluminum foil is much lower than that of copper foil, the cost is much cheaper. At the same time, replacing sodium batteries with aluminum will also make the weight lighter.</p><p><img src=\"https://static.tigerbbs.com/8fd3e3708079ccac2d581086af187546\" tg-width=\"693\" tg-height=\"335\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><h2>Sodium and lithium batteries do not constitute major competition, but can be mixed and complement each other</h2>The market previously expected that the performance of sodium-ion batteries themselves determined that it was difficult for them to make a difference in industries with high energy density requirements, and could only be used in low-capacity density fields such as two-wheeled vehicles, energy storage, data centers and other fields. However, CATL It is innovatively stated that it can realize the integrated hybrid sharing of sodium-ion batteries and lithium-ion batteries, with complementary advantages.</p><p>In the AB battery solution developed by CATL, sodium-ion batteries and lithium-ion batteries can be integrated into the same battery system at the same time. By mixing and matching the two batteries in a certain proportion and arrangement, they are integrated in series and parallel, and then Balanced control of different battery systems through BMS's precise algorithm can learn from each other's strengths and complement each other's weaknesses, which not only makes up for the energy density shortcomings of sodium-ion batteries at this stage, but also gives full play to its advantages of high power and low temperature performance. Such a lithium-sodium battery system can adapt to more application scenarios.<img src=\"https://static.tigerbbs.com/6a8d27fa100301326c4daa65863956a1\" tg-width=\"693\" tg-height=\"438\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Moreover, the performance of sodium-ion battery itself determines that it is not a replacement for lithium-ion battery. The energy density and cycle life of sodium-ion battery itself are definitely not as good as that of lithium battery. Even the first generation sodium-ion battery of CATL is 160Wh/kg. The energy density is much higher than that of ordinary sodium-ion batteries, but compared with lithium batteries, even lithium iron phosphate batteries, which are not known for their capacity density, can currently achieve about 180Wh/kg, let alone ternary batteries.</p><p>However, it is not inferior to lithium batteries in terms of rate performance, high and low temperature performance, and safety performance, and it has extremely considerable advantages in cost and easy availability of resources. You must know that 70% of my country's lithium resources need to be imported, so the development of sodium-ion batteries is also for the future. Our country will not change from the previous oil to the current lithium resource limitation. At the same time, theoretically, the cost of sodium-ion batteries can reach 0.2-0.3 yuan/wh (the current cost is 1 yuan/wh higher, and the cost of lithium batteries is 0.5-0.7 yuan/wh). Therefore, in comparison, apart from the competition with lithium iron phosphate batteries in terms of energy storage, sodium-ion batteries do not have much impact on the main application fields of lithium batteries at present.<img src=\"https://static.tigerbbs.com/c8f9c83ccd43a0c950b3c7d9205ebada\" tg-width=\"693\" tg-height=\"212\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><h2>Sodium-ion batteries may make a big breakthrough in energy storage</h2>In April this year, the new energy storage guidance proposed by my country's Energy Administration and the National Development and Reform Commission included sodium-ion batteries for the first time, selecting a new technology for energy storage batteries. On the one hand, as mentioned above, the characteristics of sodium-ion batteries themselves are suitable for the field of energy storage; on the other hand, the cost of lithium batteries currently used for energy storage may increase.</p><p>On June 22, the National Energy Administration issued the \"Management Specifications for New Energy Storage Projects (Interim) (Draft for Comments)\", proposing that in principle, no new large-scale power battery cascade utilization energy storage projects should be built. Originally, these lithium batteries that are no longer suitable for automobile use will be used in the next step. Go to the energy storage power station to utilize waste heat, which increases the utilization value of lithium batteries and reduces the cost of lithium batteries. However, due to potential safety hazards, the policy stipulates that in the future, energy storage can only purchase new power batteries because recycled retired power batteries cannot be used. Although my country is not mainly based on ternary batteries like foreign energy storage, even if the cost is Lower lithium iron phosphate batteries will also increase the cost of energy storage.<img src=\"https://static.tigerbbs.com/ed8582d2db40614290622b22ce3fd137\" tg-width=\"618\" tg-height=\"268\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>This is also the butterfly effect of the Beijing energy storage power station explosion accident on April 16 that began to appear two months later. This will have a big blow to retired power batteries, because the power battery performance of new energy vehicles will increase with the number of times of use. When the performance drops to 80% of the initial performance, it will mean the end of the service life of new energy vehicles. Then multiple complete battery packs could be combined together to store energy for wind, photovoltaic and other scenarios. At present, this road is about to be broken. According to data from the China Automotive Technology and Research Center, the cumulative retirement volume of power batteries in my country in 2020 is about 200,000 tons, and the cumulative retirement volume in 2025 is about 780,000 tons. This vacant market may be covered by sodium-ion batteries in the future.</p><p>Of course, although there are certain risks in the development process of energy storage, my country has not weakened its emphasis on the energy storage industry while strengthening safety standards. On July 23, the National Development and Reform Commission and the National Energy Administration issued guidance on accelerating the development of new energy storage. While clarifying the dominant position of energy storage, it is no longer a subsidiary function of thermal power and new energy, but an independent power system. While participating in various power markets such as medium-and long-term transactions, spot and ancillary services, it is also proposed to realize the transformation of new energy storage from the early stage of commercialization to large-scale development by 2025, and achieve an installed capacity of new energy storage exceeding 30GW in the next five years.</p><p>And according to<a href=\"https://laohu8.com/S/000931\">Zhongguancun</a>According to data from the Energy Storage Industry Technology Alliance, as of 2020, the cumulative installed capacity of new energy storage in China is only 3.27 GW, and the cumulative installed capacity is expected to reach 5.79 GW in 2021, which means that the cumulative installed capacity of domestic electrochemical energy storage will be compounded annually in the next five years. The growth rate (CAGR) is 57.4%, and the average annual newly installed capacity exceeds 5.4 GW.<img src=\"https://static.tigerbbs.com/96b0843a024a37f2fa250bb92fd7c488\" tg-width=\"692\" tg-height=\"249\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>At the same time, the document also clearly mentioned that we should adhere to the diversification of energy storage technology and accelerate the large-scale test demonstration of sodium-ion batteries and other technologies. Considering that sodium-ion batteries have low cost, wide sources of raw materials, high safety, low temperature and fast charging performance. It is clear that the construction of power-side energy storage projects will be vigorously promoted in the future. In the next five years when energy storage explodes, sodium-ion batteries are very likely to achieve greater development.<img src=\"https://static.tigerbbs.com/34a1ceb6c4002d42e97bf3ba29000469\" tg-width=\"693\" tg-height=\"259\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><h2>Domestic and foreign companies are actively deploying sodium-ion batteries</h2>The emphasis on the development of sodium-ion batteries is not a whim of Chinese battery manufacturers. In fact, nearly 30 companies at home and abroad have already begun to make relevant arrangements for the industrialization of sodium-ion batteries. Abroad, they mainly include the British FARADION Company and the American Natron Energy., Aquion Energy Company, French Tiamat Company, Japan's Kishida Chemical Company,<a href=\"https://laohu8.com/S/PC\">Panasonic</a>, Mitsubishi Chemical, domestically, companies such as CATL, Zhongke Haina, Na Innovation Energy, and Xingkong Sodium Power are also at the forefront of the industry:</p><p>1) The energy density of the first generation sodium-ion battery in CATL is 160Wh/kg, and the next generation will reach 200 Wh/kg. For the first time, it innovatively proposed the hybrid use of sodium-ion batteries and lithium-ion batteries;</p><p>2) The energy density of the latest products of Sodium Innovation Energy is 120Wh/kg and has been cycled more than 1,000 times; July 7th,<a href=\"https://laohu8.com/S/603529\">Emma Technology</a>At the dealer conference, the sodium-ion battery was released, which is responsible for by Sodium Innovation Energy and will be installed on its own electric two-wheeled vehicle in the future;</p><p>3) Zhongke Haina's battery also has an energy density of 135Wh/kg, and the cycle is even greater than 2,000 times; On June 27, the world's first set of<a href=\"https://laohu8.com/S/002906\">Huayang Group</a>The 1 MW sodium-ion energy storage system jointly built with Zhongke Haina Company was officially put into operation in Taiyuan, Shanxi;</p><p>4) In September 2020, the U.S. DOE (Department of Energy) has clearly regarded sodium-ion batteries as the next development direction;</p><p>5) In the 2030 battery plan launched by Europe in March 2020, sodium batteries are also the first to bear the brunt as an alternative to lithium batteries.<img src=\"https://static.tigerbbs.com/ab933e32bf5094cf3cf14a8fba46f2a5\" tg-width=\"693\" tg-height=\"273\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><h2>Sodium-ion batteries will form a basic industrial chain in 2023</h2>Previously, the market expected that the commercialization of sodium-ion batteries would take at least 3-5 years, but at this sodium-ion battery launch conference of CATL, it was stated that a basic industrial chain will be formed as soon as 2023.<img src=\"https://static.tigerbbs.com/9f0c1c5c494b20d47e6fccad6e0b314e\" tg-width=\"693\" tg-height=\"354\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Chinese companies are in a leading position in the world in the lithium battery industry chain. Among them, CATL occupies a dominant position with a global market share of nearly 30%, which shows that my country has the capabilities and technologies to lead the world in terms of batteries. At this moment, CATL is once again one step ahead of the world, and Chinese companies will once again occupy a favorable position in the layout and development of sodium-ion batteries in the future. With the technological progress of new energy batteries, this revolution of replacing fossil energy with clean energy is accelerating.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3636729\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6a8d27fa100301326c4daa65863956a1","relate_stocks":{"300750":"宁德时代"},"source_url":"https://wallstreetcn.com/articles/3636729","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2155135706","content_text":"今年以来新能源产业链全线爆发，终端新能源汽车销量仅上半年累计销就几乎追平去年全年的销量，同时中游电池厂商也是加足马力在扩产备战，这也刺激的上游材料厂商争相扩产，资源端价格大涨。在这个高景气时点，钠离子电池这个有别于目前主流锂电池的新型电池迅速进入了市场的视野中，不仅激起了投资者的热议，更是引发了业内的广泛关注。\n在7月29日宁德时代的钠离子电池发布会上，不仅向全世界展示了宁德时代这款全球最高水平160Wh/kg能量密度的第一代钠离子电池，更是创造性的将钠离子电池和锂离子电池混搭使用，最超预期的是钠离子电池最快会在2023年商业化。\n剖析钠离子电池性能\n钠离子电池的横空出世，毫无疑问将会拿来和目前较为成熟的锂离子电池做对比，就以宁德时代公布的第一代钠离子电池为例，和目前主流的磷酸铁锂电池进行对比：\n1）第一代钠离子电池的电芯单体能量密度已经达到了160Wh/kg，这也是目前全球最高水平，虽然略低于磷酸铁锂电池，但尚有突破空间，下一代钠离子电池能量密度将突破200Wh/kg；\n2）第一代钠离子电池常温下充电15分钟电量就可以达到80%，具备了快充能力；\n3）第一代钠离子电池在零下20°C低温的环境下，仍然有90%以上的放电保持率，而磷酸铁锂电池在低温下衰减将达到30%。\n4）第一代钠离子电池在系统集成效率方面，可以达到80%以上；\n5）第一代钠离子电池有着优异的热稳定性，已经超越了国家动力电池强标的安全要求。\n\n钠离子电池对锂电产业链影响不大\n此前市场担心钠离子电池的推出是否会对目前的锂离子产业链产生一定的冲击，对整条产业链上下游有较大影响，华尔街见闻·见智研究所通过研究对比认为整体影响并不大。\n从最上游资源端来看，由于钠离子电池钠离子少用或者几乎不用稀有金属，主要使用的是碳酸钠而不是锂电池常用的碳酸锂或氢氧化锂，后两者大家都清楚价格极其昂贵，价格已经飙升到9万元/吨左右，而钠离子电池的主要原材料碳酸钠价格才2-3千元/吨，且资源极其丰富，未来也不会受到大宗商品价格的波动影响，所以资源端来看还是有不小的变化。\n但是从制备工艺和设备来看，其实钠离子电池和锂电池差别并不大，即使是主要的四大材料和相关辅助材料上也并不是完全颠覆，而只是有些许变化：\n（1）正极材料：\n锂离子电池：主要是磷酸铁锂和三元两大块。\n钠离子电池：体系则较多，包括过渡金属氧化物、聚阴离子型化合物、普鲁士蓝化合物和熔融硫，目前各大体系都有公司在尝试。\n宁德时代发布会上表示普鲁士白和层状氧化物两类材料最具有潜在商业化价值，其克容量已经达到了160mAh/g，与现有的锂离子电池正极材料相当。\n2）负极材料：\n锂离子电池：锂电池主要使用人造石墨，未来发展方向是硅碳负极，但由于硅的膨胀和锂首效会消耗锂离子问题没有完美解决，还未能规模化；\n钠离子电池：不能使用石墨，主要有3种类型，分别是嵌入式-最好是碳材料、合金类反应和转化类。\n宁德时代发布会上表示开发了能够让大量的钠离子存储和快速通行，具有独特孔隙结构的硬碳材料，这种硬碳材料克容量可达350mAh/g以上，还具备优异的循环性能，整体性能指标与现有的石墨是相当。\n3）电解液：\n锂离子电池：溶剂使用的是碳酸酯，锂盐主要是六氟磷酸锂，添加剂包括成膜添加剂、阻燃添加剂等。\n钠离子电池：溶剂也使用的是碳酸酯，锂盐则转为是六氟磷酸钠，添加剂是一个核心工艺，需要解决钠支晶的问题。\n宁德时代发布会上表示开发了适配这样的正极负极材料的新型独特电解液体系。\n4）隔膜：\n钠离子电池使用目前锂电池的主流隔膜是没有任何问题的，可以做到无缝衔接。\n5）其他材料：\n锂离子电池：正极集流体用铝箔，负极则用铜箔。\n钠离子电池：正负极都可以使用铝箔，由于铝箔价格远低于铜箔，成本上来看要便宜很多，同时钠电换成铝重量也会变轻。\n\n钠、锂电池不构成较大竞争，反而能混合互补\n市场此前预期钠离子电池本身的性能就决定了它难以在高能量密度要求的行业有所作为，只能用于低能力密度的领域如二轮车、储能、数据中心等领域，但是宁德时代却创新性的表示可以实现钠离子电池与锂离子电池的集成混合共用，优势互补。\n在宁德时代开发的开发了AB电池解决方案中，钠离子电池与锂离子电池能够同时集成到同一个电池系统里，通过将两种电池按一定的比例和排列进行混搭，串联、并联集成，然后通过BMS的精准算法进行不同电池体系的均衡控制，这样可以实现取长补短，既弥补了钠离子电池在现阶段的能量密度短板，也发挥出了它高功率、低温性能的优势，这样的锂-钠电池系统，就能适配更多应用场景。\n而且钠离子电池本身的性能就决定了它就不是去替代锂离子电池，钠离子电池本身能量密度和循环寿命肯定是都不如锂电池的，即使是宁德时代第一代钠离子电池160Wh/kg的能量密度，比一般钠离子电池高出不少，但是和锂电池相比，哪怕是不以能力密度著称的的磷酸铁锂电池，其能量密度目前也可以做到180Wh/kg左右，更不用说三元电池。\n但在倍率性能、高低温性能、安全性能方面却不输锂电池，而且有着极其可观的成本和资源易得优势，要知道我国锂资源70%都需要进口，所以钠离子电池的发展也是为了未来我国不会从以前石油转为现在锂资源限制。同时理论上钠离子电池成本可以做到0.2-0.3元/wh（目前成本较高1元/wh，锂电成本0.5-0.7元/wh）。所以对比下来看下来除了储能方面会和磷酸铁锂电池有所竞争，钠离子电池针对目前锂电池的主要应用领域并没有太大的冲击。\n钠离子电池或将在储能上有不小的突破\n今年4月份我国能源局和发改委提出的新型储能指导意见里就首次包括了钠离子电池，给储能电池选取一个新的技术。一方面正如上文提到钠离子电池本身的特性适合储能领域，另一方面目前储能使用的锂电池成本或将提升。\n6月22日国家能源局发布《新型储能项目管理规范（暂行）（征求意见稿）》，提出原则上不得新建大型动力电池梯次利用储能项目，本来这些不再适合汽车使用的锂电池下一步到储能电站发挥余热，提高了锂电池的利用价值，也可以降低了锂电池成本。但由于安全隐患使得政策做了规定，未来储能这块由于不能使用回收的退役动力电池使得只能购买全新动力电池，虽然我国不像国外储能以三元电池为主，但即使是成本较低的磷酸铁锂电池也会加大储能的成本。\n这也是4月16日北京储能电站爆炸事故的蝴蝶效应在2个月后开始显现，这对退役的动力电池会有很大的打击，因为新能源汽车的动力电池性能会随着使用次数的增加而衰减，当性能下降到初始性能80％时，将意味着在新能源汽车上的使用寿命终止，然后本来是可以将多个完整的电池包并在一起，为风、光电等场景储能，目前来看这条路就要断了。而根据中国汽车技术研究中心数据显示，2020年我国动力电池累计退役量约20万吨，2025年累计退役量约为78万吨，这块空出来的市场或将在未来被钠离子电池覆盖。\n当然，储能在发展的过程中虽然出现了一定的风险，但是我国在加强安全标准的同时并没有减弱对储能行业的重视。7月23日，国家发改委、国家能源局发布关于加快推动新型储能发展的指导意见，在明确储能的主体地位，不再是作为火电、新能源的附属功能，而是以电力系统独立身份参与中长期交易、现货和辅助服务等各类电力市场的同时，也提出了到2025 年，实现新型储能从商业化初期向规模化发展转变，未来五年内实现新型储能规模超过30GW的装机量。\n而根据中关村储能产业技术联盟数据，截止2020年中国新型储能累计装机才3.27GW，而2021年预计累计装机规模将达到5.79GW，也就意味着未来5年国内电化学储能累计装机规模年复合增长率（CAGR）为57.4%，年均新增装机量超5.4GW。\n同时在文件中也明确提到了坚持储能技术多元化，加快钠离子电池等技术开展规模化试验示范，考虑到钠离子电池具有成本低廉、原材料来源广泛、安全性高、低温和快充性能好等优点，在见明确未来将大力推进电源侧储能项目建设，未来储能大爆发的5年中，钠离子电池极有可能获得较大发展。\n国内外企业均在积极布局钠离子电池\n对钠离子电池发展的重视并不是我国电池厂商心血来潮，其实国内外早已有已经有近三十家企业开始对钠离子电池进行产业化进行相关布局，国外来看主要包括英国FARADION公司、美国Natron Energy、Aquion Energy公司、法国Tiamat公司、日本岸田化学、松下、三菱化学，国内来看宁德时代、中科海钠、钠创新能源、星空钠电等公司也是走在行业前线：\n1）宁德时代第一代钠离子电池能量密度160Wh/kg，下一代将达到200 Wh/kg，并首度创新性的提出了钠离子电池和锂离子电池的混搭使用；\n2）钠创新能源最新产品的能量密度120Wh/kg，循环超过1000次；7月7日，爱玛科技在经销商大会上，发布钠离子电池，该电池由钠创新能源负责，未来将搭载在自己的电动两轮车上；\n3）中科海钠的电池也有能量密度135Wh/kg，循环甚至大于2000次；6月27日，全球首套由华阳集团联合中科海纳公司共同打造的1兆瓦钠离子储能系统在山西太原正式投运；\n4）2020年9月美国的DOE（能源部）就已经明确把钠离子电池作为下一个发展方向；\n5）2020年3月欧洲出台的2030电池计划，钠电也是首当其冲作为锂电的替代。\n钠离子电池2023年形成基本产业链\n此前市场预期钠离子电池的商业化最少也需要3-5年，但在这次宁德时代的钠离子电池发布会上表示最快将在2023年就形成基本产业链。\n我国企业在锂电池产业链上在全球就处于领先地位，其中宁德时代在全球市占率更是接近30%占据霸主地位，说明在电池方面我国是有着领先全球的能力和技术的，此时此刻宁德时代又一次快全球一步，未来在钠离子电池的布局和发展上我国企业将再次占据有利地位。伴随着新能源电池的技术进步，这场以清洁能源替代化石能源的革命正加速到来。","news_type":1,"symbols_score_info":{"300750":0.9}},"isVote":1,"tweetType":1,"viewCount":1919,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":800138759,"gmtCreate":1627285524571,"gmtModify":1703486709185,"author":{"id":"4089212975502280","authorId":"4089212975502280","name":"dennis0127","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089212975502280","idStr":"4089212975502280"},"themes":[],"htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/800138759","repostId":"2154956883","repostType":4,"repost":{"id":"2154956883","kind":"news","pubTimestamp":1627285278,"share":"https://ttm.financial/m/news/2154956883?lang=en_US&edition=fundamental","pubTime":"2021-07-26 15:41","market":"hk","language":"zh","title":"Business divestiture or transformation? After the \"double reduction\" policy, education and training institutions have reached a fork in the road","url":"https://stock-news.laohu8.com/highlight/detail?id=2154956883","media":"观察者网","summary":"上周五（7月23日），港股中概股教育股价纷纷跳水，一天后，引发行业震荡的“双减”政策正式落地。\n“双减”意见明确，各地不再审批新的面向义务教育阶段学生的学科类校外培训机构，现有学科类培训机构统一登记为","content":"<p>Last Friday (July 23), the stock prices of Hong Kong stocks and Chinese concept stocks education plunged one after another. One day later, the \"double reduction\" policy that triggered industry shocks was officially implemented.</p><p>The opinion of \"double reduction\" is clear. All localities will no longer approve new discipline-based off-campus training institutions for students in compulsory education, and existing discipline-based training institutions will be uniformly registered as non-profit institutions; Discipline training institutions are not allowed to go public for financing, and capitalization operations are strictly prohibited; Listed companies are not allowed to invest in discipline training institutions through stock market financing, and are not allowed to purchase assets of discipline training institutions by issuing shares or paying cash.</p><p>The \"double reduction\" was officially issued, and education stocks continued to fall collectively at the opening on Monday. Faced with the industry changes that have arrived, many education and training institutions have already responded.</p><p>Among them, New Oriental's latest announcement stated that the company is now considering taking appropriate compliance measures, which are expected to have a significant adverse impact on off-campus tutoring services related to subjects in China's compulsory education system. The company will actively seek guidance from the government and cooperate with the government's actions to comply with the Opinions on Further Reducing the Burden of Homework and Off-campus Training of Students in Compulsory Education and any relevant rules and regulations.</p><p>Furthermore,<a href=\"https://laohu8.com/S/GOTU\">High Road</a>Group,<a href=\"https://laohu8.com/S/TAL\">TAL</a>, Elite high-end tutoring, homework help, Yuanfudao, Gaosi Education,<a href=\"https://laohu8.com/S/XUE\">University Education</a>, Learn online school together, Netease Youdao and<a href=\"https://laohu8.com/S/300010\">Bean God Education</a>When they released responses on Weibo, they all indicated that they would implement relevant regulations and requirements and adhere to compliance operations.</p><p><img src=\"https://static.tigerbbs.com/dc277f172bbdde780ff32b6e2fff04b0\" tg-width=\"720\" tg-height=\"724\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Regarding the impact of the \"double reduction\" policy, a number of listed companies also issued announcements in response, and some companies indicated that they were significantly adversely affected.</p><p>Among them, Doushen Education stated that considering that the company's existing large language learning service business income accounts for an increasing proportion of the company's operating income year by year, the \"double reduction\" policy will have a significant adverse impact on the company's operating income and profits.<a href=\"https://laohu8.com/S/000607\">China Media Holdings</a>The announcement stated that the company and its subsidiaries do not operate subject training business, and the \"double reduction\" opinion will not have a significant impact on the company's operating conditions and financial status.</p><p><a href=\"https://laohu8.com/S/000526\">University Education</a>It also said that the company's main K12 education and training business is expected to be affected, among which the subject training business in the compulsory education stage is expected to be greatly affected. The company's education and training business operating income accounts for nearly 99%, of which the high school operating income accounts for about 60% of the education and training business income, and the compulsory education operating income accounts for about 40% of the education and training business income.</p><p>However, some education and training companies believe that the policy has limited impact on the company's operations. Wherein,<a href=\"https://laohu8.com/S/300192\">Cord Education</a>He said that the company's current main business is mainly for students in the non-compulsory stage. According to the published policies, the company's business operations are limited by industry policies.</p><p><a href=\"https://laohu8.com/S/601555\">Soochow Securities</a>It is believed that the opinion of \"double reduction\" mainly focuses on K12 subject training. Institutions with this as their main business may face transformation in the future, while quality and adult vocational training institutions will be less affected, such as postgraduate entrance examinations, chef training, and arts and sports education. Training institutions can still conduct business normally. It is expected that institutions similar to New Oriental, TAL and other institutions whose main business is K12 education and training may face a certain degree of risks and may undergo transformation in the future.</p><p><a href=\"https://laohu8.com/S/600030\">CITIC Securities</a>It is predicted that subject training may be partially transformed into quality education, and the remaining training institutions will be fragmented. In the future, some discipline training institutions may be forced to transform, including engaging in quality training and strengthening cooperation with schools. The research report believes that the existence of the college entrance examination baton and the improvement of family income level will make the demand for off-campus discipline training continue to exist, and this policy will have more impact on industry supply.</p><p>For the capitalization of education and training institutions,<a href=\"https://laohu8.com/S/06030\">CITIC Securities</a>It is believed that listed institutions may face the risk of delisting or divesting discipline businesses. From the perspective of capitalization, this document clearly restricts the listing financing of off-campus discipline training institutions or the investment by listed companies, which leads to the traditional capital operation model that relies on capital advantages to subsidize and seize the market and then seeks to withdraw. It is difficult to replicate in the education and training industry.</p><p>From the perspective of business operations, the policy has imposed stricter regulations on the teaching hours in the education and training industry, and large chain institutions will receive more regulatory attention, which will have a greater impact on their actual operations.</p>","source":"gczw","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>Business divestiture or transformation? After the \"double reduction\" policy, education and training institutions have reached a fork in the road</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\">\nBusiness divestiture or transformation? After the \"double reduction\" policy, education and training institutions have reached a fork in the road\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">观察者网</strong><span class=\"h-time small\">2021-07-26 15:41</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Last Friday (July 23), the stock prices of Hong Kong stocks and Chinese concept stocks education plunged one after another. One day later, the \"double reduction\" policy that triggered industry shocks was officially implemented.</p><p>The opinion of \"double reduction\" is clear. All localities will no longer approve new discipline-based off-campus training institutions for students in compulsory education, and existing discipline-based training institutions will be uniformly registered as non-profit institutions; Discipline training institutions are not allowed to go public for financing, and capitalization operations are strictly prohibited; Listed companies are not allowed to invest in discipline training institutions through stock market financing, and are not allowed to purchase assets of discipline training institutions by issuing shares or paying cash.</p><p>The \"double reduction\" was officially issued, and education stocks continued to fall collectively at the opening on Monday. Faced with the industry changes that have arrived, many education and training institutions have already responded.</p><p>Among them, New Oriental's latest announcement stated that the company is now considering taking appropriate compliance measures, which are expected to have a significant adverse impact on off-campus tutoring services related to subjects in China's compulsory education system. The company will actively seek guidance from the government and cooperate with the government's actions to comply with the Opinions on Further Reducing the Burden of Homework and Off-campus Training of Students in Compulsory Education and any relevant rules and regulations.</p><p>Furthermore,<a href=\"https://laohu8.com/S/GOTU\">High Road</a>Group,<a href=\"https://laohu8.com/S/TAL\">TAL</a>, Elite high-end tutoring, homework help, Yuanfudao, Gaosi Education,<a href=\"https://laohu8.com/S/XUE\">University Education</a>, Learn online school together, Netease Youdao and<a href=\"https://laohu8.com/S/300010\">Bean God Education</a>When they released responses on Weibo, they all indicated that they would implement relevant regulations and requirements and adhere to compliance operations.</p><p><img src=\"https://static.tigerbbs.com/dc277f172bbdde780ff32b6e2fff04b0\" tg-width=\"720\" tg-height=\"724\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Regarding the impact of the \"double reduction\" policy, a number of listed companies also issued announcements in response, and some companies indicated that they were significantly adversely affected.</p><p>Among them, Doushen Education stated that considering that the company's existing large language learning service business income accounts for an increasing proportion of the company's operating income year by year, the \"double reduction\" policy will have a significant adverse impact on the company's operating income and profits.<a href=\"https://laohu8.com/S/000607\">China Media Holdings</a>The announcement stated that the company and its subsidiaries do not operate subject training business, and the \"double reduction\" opinion will not have a significant impact on the company's operating conditions and financial status.</p><p><a href=\"https://laohu8.com/S/000526\">University Education</a>It also said that the company's main K12 education and training business is expected to be affected, among which the subject training business in the compulsory education stage is expected to be greatly affected. The company's education and training business operating income accounts for nearly 99%, of which the high school operating income accounts for about 60% of the education and training business income, and the compulsory education operating income accounts for about 40% of the education and training business income.</p><p>However, some education and training companies believe that the policy has limited impact on the company's operations. Wherein,<a href=\"https://laohu8.com/S/300192\">Cord Education</a>He said that the company's current main business is mainly for students in the non-compulsory stage. According to the published policies, the company's business operations are limited by industry policies.</p><p><a href=\"https://laohu8.com/S/601555\">Soochow Securities</a>It is believed that the opinion of \"double reduction\" mainly focuses on K12 subject training. Institutions with this as their main business may face transformation in the future, while quality and adult vocational training institutions will be less affected, such as postgraduate entrance examinations, chef training, and arts and sports education. Training institutions can still conduct business normally. It is expected that institutions similar to New Oriental, TAL and other institutions whose main business is K12 education and training may face a certain degree of risks and may undergo transformation in the future.</p><p><a href=\"https://laohu8.com/S/600030\">CITIC Securities</a>It is predicted that subject training may be partially transformed into quality education, and the remaining training institutions will be fragmented. In the future, some discipline training institutions may be forced to transform, including engaging in quality training and strengthening cooperation with schools. The research report believes that the existence of the college entrance examination baton and the improvement of family income level will make the demand for off-campus discipline training continue to exist, and this policy will have more impact on industry supply.</p><p>For the capitalization of education and training institutions,<a href=\"https://laohu8.com/S/06030\">CITIC Securities</a>It is believed that listed institutions may face the risk of delisting or divesting discipline businesses. From the perspective of capitalization, this document clearly restricts the listing financing of off-campus discipline training institutions or the investment by listed companies, which leads to the traditional capital operation model that relies on capital advantages to subsidize and seize the market and then seeks to withdraw. It is difficult to replicate in the education and training industry.</p><p>From the perspective of business operations, the policy has imposed stricter regulations on the teaching hours in the education and training industry, and large chain institutions will receive more regulatory attention, which will have a greater impact on their actual operations.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/chanjing/cyxw/2021-07-26/doc-ikqcfnca9117181.shtml\">观察者网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/2a65ddf73055baf7ee7e017124875990","relate_stocks":{"09901":"新东方-S","TAL":"好未来"},"source_url":"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/chanjing/cyxw/2021-07-26/doc-ikqcfnca9117181.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2154956883","content_text":"上周五（7月23日），港股中概股教育股价纷纷跳水，一天后，引发行业震荡的“双减”政策正式落地。\n“双减”意见明确，各地不再审批新的面向义务教育阶段学生的学科类校外培训机构，现有学科类培训机构统一登记为非营利性机构；学科类培训机构一律不得上市融资，严禁资本化运作；上市公司不得通过股票市场融资投资学科类培训机构，不得通过发行股份或支付现金等方式购买学科类培训机构资产。\n“双减“正式印发，教育股周一开盘继续集体下挫。面对已经到来的行业变动，多家教育培训机构已经做出回应。\n其中，新东方最新公告称，公司现在正考虑采取适当的合规措施，预期该等措施将对与中国义务教育制度学科有关的校外辅导服务产生重大不利影响。公司将就致力遵守《关于进一步减轻义务教育阶段学生作业负担和校外培训负担的意见》及任何相关规则及法规积极寻求政府的指导及配合政府的行动。\n此外，高途集团、好未来、精锐高端辅导、作业帮、猿辅导、高思教育、学大教育、一起学网校、网易有道和豆神教育等在微博发布回应，均表示将执行相关规定与要求，坚持合规经营。\n\n对于“双减”政策带来的影响，多家上市公司也发布公告作出回应，部分企业表示受到重大不利影响。\n其中，豆神教育表示，考虑到公司现有大语文学习服务业务收入占公司营业收入比例逐年增高，“双减”政策将对公司营业收入、利润产生重大不利影响。华媒控股公告称，公司及子公司未经营学科类培训业务，“双减”意见不会对公司的经营情况和财务状况产生重大影响。\n学大教育也表示，公司主营的K12教育培训业务预计将受到影响，其中义务教育阶段的学科培训业务预计受到影响可能较大。公司教育培训业务营业收入占比近99%，其中，高中阶段营业收入占教育培训业务收入约60%，义务教育阶段营业收入占教育培训业务收入约40%。\n但也有部分教培企业认为政策对公司经营影响有限。其中，科德教育表示，公司目前主营业务以非义务阶段升学学生为主。根据已公布的政策，公司经营业务受到行业政策影响有限。\n东吴证券认为，“双减”意见主要集中在K12学科类培训，以此为主要业务的机构未来或许面临转型，素质类和成人职业类的培训机构受影响较小，比如考研，厨师培训，艺体教育等培训机构仍可正常开展业务，预计类似于新东方，好未来等以K12 教培为主要业务的机构，或面临一定程度的风险，未来或许进行转型。\n中信证券预测，学科类培训或有部分转型素质教育，剩余培训机构将呈现碎片化状态。未来部分学科类培训机构或被倒逼转型，包括从事素质培训、与学校加强合作等。研报认为，高考指挥棒的存在和家庭收入水平的提高会使得对校外学科类培训的需求继续存在，而本次政策更多影响的是行业供给。\n对于教培机构的资本化，中信证券认为，已上市的机构或面临退市或者剥离学科类业务的风险。从资本化的角度看，本次文件对于校外学科类培训机构的上市融资或被上市公司投资等进行了明确的限制，这就导致传统的依靠资本优势进行补贴抢占市场，进而谋求退出的资本运作模式难以在教培行业复制。\n而从企业经营角度看，政策对于教培行业的授课时长等进行了更加严格的规定，大型连锁机构将受到更多监管关注，对其实际经营的影响将更大。","news_type":1,"symbols_score_info":{"09901":0.9,"TAL":0.9}},"isVote":1,"tweetType":1,"viewCount":1259,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177679300,"gmtCreate":1627216840600,"gmtModify":1703485655635,"author":{"id":"4089212975502280","authorId":"4089212975502280","name":"dennis0127","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089212975502280","idStr":"4089212975502280"},"themes":[],"htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/177679300","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":"us","language":"zh","title":"Being subject to administrative punishment! Tencent was ordered to lift 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 being ordered to lift the exclusive copyright of online music: the company will conscientiously abide by the decision, strictly implement regulatory requirements, operate in compliance with laws and regulations, earnestly fulfill social responsibilities, and maintain healthy competition in the market. Tencent will consolidate its responsibilities, formulate corrective measures plans with affiliated companies such as Tencent Music within the prescribed time limit, and complete them to the letter 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 made an administrative penalty decision in accordance with the law, ordering Tencent and its affiliated companies to cancel exclusive music copyrights within 30 days, stop paying copyright fees such as high prepayments, and not require upstream copyright owners to give them conditions that are superior to competitors without justifiable reasons. and other measures to restore market competition. In January 2021, according to the report, the State Administration for Market Regulation launched an investigation into Tencent Holdings Co., Ltd. (hereinafter referred to as Tencent) 's acquisition of equity in China Music Group in July 2016 for suspected illegal concentration of operators.</p><p>In accordance with the Anti-Monopoly Law, the State Administration for Market Regulation found out the fact that this transaction illegally implemented concentration, and fully evaluated factors such as the share, control, concentration of the operators participating in the concentration in the relevant market, as well as the impact of concentration on market entry and consumers. At the same time, it extensively solicited opinions from relevant government departments, industry associations, experts and scholars, and competitors in the same industry, and listened to Tencent's statements many times.</p><p>The investigation shows that the relevant market in this case is the online music playback platform market in China. Genuine music copyright is the core asset and key resource of the operation of online music playing platform. In 2016, Tencent and China Music Group had about 30% and 40% in the relevant market shares, respectively. Tencent gained a higher market share by merging with its main competitors in the market. After concentration, the entity occupied more than 80% of the exclusive music library resources, which may be able to urge the upstream copyright owners to reach more exclusive copyright agreements with them, or require them to be given better trading conditions than their competitors, or raise market entry barriers by paying high advance payment and other copyright payment modes, which has or may have the effect of excluding and restricting competition in the relevant market.</p><p>According to Article 48 of the Anti-Monopoly Law and Article 57 of the Interim Provisions on the Examination of Concentration of Business Enterprises, and in accordance with the principle of paying equal attention to development and standardization, the State Administration for Market Regulation made an administrative penalty decision in accordance with the law, ordering Tencent and its affiliated companies to take measures to restore market competition, such as canceling exclusive music copyright within 30 days, stopping payment methods of copyright fees such as high advance payments, and not requiring upstream copyright owners to give them conditions superior to competitors without justifiable reasons. Tencent will report the performance of its obligations to the State Administration for Market Regulation every year within 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 China's Anti-Monopoly Law in which necessary measures have been taken to restore market competition against the illegal concentration of business operators. Measures such as ordering Tencent to lift exclusive copyright will reshape the competition order in relevant markets, lower barriers to market entry, and give competitors a fair opportunity to reach upstream copyright resources, which will help return the focus of competition from using capital advantages to grab copyright resources to innovative service level and improve the rational track of user experience; It is conducive to promoting a reasonable way to calculate copyright fees in line with international standards and reduce downstream operating costs; It is conducive to cultivating new market entrants, creating a fairer competitive environment for existing enterprises, protecting consumers' right to choose, ultimately benefiting consumers, and promoting the standardized, innovative and healthy development of online music industry.</p><p>The following is the full text of the penalty letter:</p><p>State Administration for Market Regulation</p><p>Decision on administrative penalty</p><p>Guo Municipal Supervision Office [2021] No. 67</p><p>Parties: Tencent Holdings Limited</p><p>Residence: Creech Place, 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 Examination of Concentration of Business Enterprises\", on January 25, 2021, this agency investigated the acquisition of China Music Group's equity by Tencent Holdings Co., Ltd. (hereinafter referred to as Tencent) for suspected illegal implementation of concentration of business operators.</p><p>After investigation, the case constitutes an illegal concentration of business operators, which has or may have the effect of excluding or restricting competition. In accordance with the provisions of the Administrative Punishment Law of the People's Republic of China (hereinafter referred to as the Administrative Punishment Law), this organ serves the Notice of Administrative Punishment to Tencent, informing it of the content, facts, reasons and basis of the proposed administrative punishment, and informing it of its legal rights to make statements, defend and request a hearing. Tencent did not make a statement, defense or request a hearing within the prescribed time limit. The investigation and trial of this case have been concluded.</p><p><ul><li>Basic information</li></ul><b>(1) Transaction parties.</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, listed on the Hong Kong Stock Exchange in June 2004, and controlled Shenzhen Tencent Computer Systems Co., Ltd., the main domestic operating entity, through an agreement. The main businesses include social and communication services, social networking platforms, online music platforms, games, online video services, interactive entertainment live broadcasts, etc. In 2015, the global turnover was 102.863 billion yuan (the same currency below), and the domestic turnover in China was 96.251 billion yuan.</p><p><b>Acquired party: China Music Group.</b>Incorporated in the Cayman Islands in 2012, it controls Ocean Interactive (Beijing) Information Technology Co., Ltd., a major domestic operating entity, through an agreement. The main business includes online music platform, record company publishing business, copyright agency business, etc. Natural persons (omitted) have joint control as parties acting in concert. In 2015, the global and domestic turnover in China were (omitted).</p><p><b>(2) Transaction overview.</b></p><p>On July 12, 2016, Tencent invested in China Music Group with its valued (omitted) business (mainly QQ music business), acquired 61.64% equity of China Music Group, and obtained sole control of China Music Group. In December 2016, the integrated China Music Group was renamed Tencent Music Entertainment Group. On December 6, 2017, the transaction completed the registration procedures for equity change.</p><p>II. Illegal facts and reasons</p><p><b>(1) This case constitutes an illegal concentration of business operators.</b></p><p>Article 20 of the Anti-Monopoly Law stipulates that \"concentration of operators refers to the following situations: (1) merger of operators; (2) Operators obtain control over other operators by acquiring equity or assets; (3) Operators obtain control over other operators through contracts or other means or can exert decisive influence on other operators\". Before this concentration, China Music Group was jointly controlled by natural persons (omitted). After this concentration, Tencent acquired 61.64% equity of China Music Group and obtained sole control over China Music Group, which belongs to the concentration of operators stipulated in Article 20 of the Anti-Monopoly Law.</p><p>Tencent's global turnover in 2015 was 102.863 billion yuan, and its domestic turnover in China was 96.251 billion yuan. China Music Group's global and domestic turnover in 2015 were both (omitted), meeting the reporting standards stipulated in Article 3 of the Regulations of the State Council on the Declaration Standards for Concentration of Business Operators, which is a situation that should be reported.</p><p>Article 21 of the Anti-Monopoly Law stipulates that \"if the concentration of business operators meets the reporting standards prescribed by the State Council, the business operators shall report to the anti-monopoly law enforcement agency of the State Council in advance, and the concentration shall not be implemented if the concentration is not reported\". On December 6, 2017, Tencent completed the registration of equity change. Before that, it failed to report to this authority, which violated the provisions of Article 21 of the Anti-Monopoly Law and constituted an illegal concentration of operators.</p><p>The above facts are proved by evidence such as a copy of Tencent's business license, organizational structure chart, equity relationship chart, Declaration Form for Anti-monopoly Examination of Concentration of Business Operators, Tencent's annual report, Written Explanation of Tencent's Relevant Issues, and Share Subscription Agreement.</p><p><b>(2) This case has or may have the effect of excluding or restricting competition.</b></p><p>According to the provisions of the Anti-Monopoly Law and the Guidelines of the Anti-Monopoly Committee of the State Council on the Definition of Relevant Markets, and taking into account the characteristics of the platform economy, based on economic analysis and questionnaire survey, 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>It refers to a platform that provides consumers with complete copyrighted music recording playback services through online playback or download through programs or websites of computers, mobile phones or other intelligent terminals. Although online karaoke, live webcast, short video platforms, etc. also provide services related to online music, their core functions, application scenarios, business models, market entry, etc. do not have a close substitution relationship with the online music playback platform market, and do not belong to the same related commodity market. As the authorization of music copyright is restricted by the copyright laws of various countries, and there are obvious regional differences, the scope of music copyright dissemination authorized by online music playing platforms in China is generally within China, and it is mainly for users within China, so the relevant geographical market is defined as within China.</p><p>After in-depth research, this concentration has or may have the effect of eliminating and restricting competition in the online music playing platform market in China:</p><p><ol><li><b>After concentration, the entity has a higher market share in the relevant market.</b></li></ol>When the concentration occurred in July 2016, the number of monthly active users of Tencent and China Music Group was 160 million and 230 million respectively, with market shares of 33.96% and 49.07% respectively; The monthly usage time of users is 805 million hours and 698 million hours respectively, and the market shares are 45.77% and 39.65% respectively. Both parties in the concentration rank among the top two in the market, with a total market share of more than 80%. In 2016, the total sales amount of both parties in the relevant market was (omitted), accounting for about 70% of the total revenue of the relevant market. Calculated by the share of music copyright core resources, the number of music libraries of Tencent and China Music Group is 12.1 million and 8.21 million respectively, of which 3.14 million and 1.3 million are exclusive music libraries, and the market share of music libraries and exclusive resources exceeds 80%.</p><p>From the analysis of the Herfindahl-Hirschman Index (HHI Index) of this market, it is 6950 after trading, which is a highly concentrated market, and the increment generated by concentration is 3350. The transaction has further increased the concentration of the relevant market and further weakened competition.</p><p><ol><li><b>Focus on reducing major competitors in relevant markets.</b></li></ol>According to the survey, before the transaction, the concentrated parties ranked the top two in the market, with equal competitive strength and close competition with each other. According to consumers' choice of flow between alternative platforms, 73.6% of users of QQ Music owned by Tencent have flowed to Kugou Music and Kuwo Music owned by China Music Group, indicating that if QQ Music raises prices or lowers service levels, 73.6% of users may flow to the platforms owned by China Music Group, and the two sides are relatively close competitors with each other. Focus on reducing major competitors in relevant markets and further weakening market competition.</p><p><ol><li><b>Concentration may further increase barriers to entry in relevant markets.</b></li></ol><b>First, it is possible to raise barriers to copyright resources.</b>When the entity locks in more exclusive copyright resources after concentration, new entrants have to rely on their sub-licensing, which makes it difficult to enter the relevant market. The market size brought about by concentration also enables it to pay copyright fees to upstream copyright owners by paying high non-refundable prepayments in advance, which may further increase market entry barriers.</p><p><b>Second, it may increase user conversion costs.</b>Focus on bringing Tencent more abundant music library resources, a larger user scale and sufficient usage data. Compared with new platforms, it can recommend songs that meet consumers' preferences better, resulting in a reduction in users' willingness to switch platforms, thereby further expanding the user scale, which may prevent other competitors from reaching or maintaining critical scale.</p><p><b>Third, after concentration, the market entry activity is not high.</b>The data shows that the main entry of the online music playback platform market occurred from the beginning of 2016 to July 2017. After the centralized completion at the end of 2017, the market entry activity dropped significantly.</p><p>To sum up, Tencent has a high market share in the online music playing platform market in China through this item, which may enable it to urge the upstream copyright owner to grant it exclusive copyright authorization, or provide it with conditions superior to competitors, or may enable Tencent to raise market entry barriers by paying high advance payments, etc., which has or may have the effect of excluding and restricting competition in relevant markets.</p><p>At the same time, the survey found that China's online music playback platform market has developed rapidly, and the market share of Tencent's main competitors (omitted) has also shown a rapid growth, from less than 6% at the time of concentration to nearly 18%, an increase of about 200%, indicating that competitors have a tendency to strengthen their competitive constraints. In addition, there has been a certain trend of dynamic competition and cross-border integration between online music playback platforms and other platforms in recent years. Some short video platforms with a wide user base may become competitors in related markets in the future if they obtain a sufficient number of music copyright resources.</p><p>The above facts are proved by statistical data and industry analysis reports of third-party organizations, Questionnaire Survey Report, Economic Analysis Report, Authorization Agreement and Sub-Authorization Agreement provided by Tencent and related parties, and replies from relevant parties such as industry authorities.</p><p>III. Basis and decision of administrative punishment</p><p>Article 48 of the Anti-Monopoly Law stipulates that \"if an operator violates the provisions of this Law to implement concentration, the anti-monopoly law enforcement agency of the State Council shall order it to stop the concentration, dispose of shares or assets within a time limit, transfer business within a time limit, and take other necessary measures to restore it to the pre-concentration state, and may be fined not more than 500,000 yuan.\" Article 49 of the Anti-Monopoly Law stipulates that \"for the fines stipulated in Articles 46, 47 and 48 of this Law, the anti-monopoly law enforcement agency shall consider the nature, degree and duration of the illegal act when determining the specific amount of the fine\".</p><p>According to the above provisions, based on the above investigation and evaluation conclusion, this authority has made the following decisions on Tencent:</p><p><b>(1) Order Tencent and its affiliated companies to take the following measures to restore competition in relevant markets:</b></p><p>1. An exclusive copyright agreement (the copyright scope includes the information network dissemination right of all music works and sound recordings) or other exclusive agreements shall not be reached or reached in disguised form with the upstream copyright owner. If it has been reached, it shall be terminated within 30 days from the date of promulgation of this decision, except for the exclusive cooperation with independent musicians (natural persons who have authorized the copyright with the music platform in their own name and have never signed an agreement with any record company or brokerage company) or new songs. The exclusive cooperation period with independent musicians shall not exceed three years, and the exclusive cooperation period with new songs shall not exceed thirty days.</p><p>2. Without justifiable reasons, the upstream copyright owner shall not be required or disguised to give the parties conditions that are superior to other competitors, including but not limited to the scope of authorization, the amount of authorization, the period of authorization, etc., or any agreement or agreement terms related to it. If it has been reached, it shall be cancelled within 30 days from the date of promulgation of this decision.</p><p>3. Quote the upstream copyright owner based on factors such as the actual use of the copyright, user payment, unit price of the song, application scenarios, contract period, etc., and do not increase the cost of competitors in disguised form through high prepayments, etc., and exclude or restrict competition.</p><p><b>(2) A fine of 500,000 yuan shall be imposed.</b></p><p><b>(3) Declaring concentration of business operators in accordance with the law.</b></p><p>1. If the concentration of business operators meets the reporting standards stipulated by the State Council, it shall be reported to the State Administration for Market Regulation in advance, and the concentration shall not be implemented if the concentration is not reported.</p><p>2. If the concentration of business operators does not meet the reporting standards, but the concentration of business operators has or may have the effect of excluding or restricting competition, it shall be reported to the State Administration for Market Regulation in advance, and the concentration shall not be implemented if the concentration is not reported.</p><p>3. If the transaction does not constitute a concentration of operators, except for matters stipulated by law to protect the rights and interests of minority shareholders, it shall not participate in the business decision-making of relevant enterprises, and report the basic situation of the transaction to the State Administration for Market Regulation in the annual report.</p><p><b>(4) Operate in compliance with laws and regulations, and establish and improve a long-term mechanism for fair participation in market competition.</b></p><p>1. Comprehensively standardize its own competitive behavior, conduct comprehensive and in-depth self-examination according to the Anti-Monopoly Law, and examine and standardize its own business behavior.</p><p>2. Strictly implement the main responsibilities of platform enterprises, constantly improve the internal governance rules of the platform, and cooperate with other operators in accordance with the principles of fairness, reasonableness, and non-discrimination.</p><p>3. Improve the internal compliance control system of enterprises, establish and effectively implement the anti-monopoly compliance system, and consciously safeguard fair competition.</p><p>4. Protect the legitimate rights and interests of consumers. Fully protect consumers' rights, reasonably set charging prices, and protect consumers' privacy.</p><p>5. Actively maintain fair competition and promote industry innovation and development.</p><p>The period of the above measures starts from the date of issuance of the \"Administrative Punishment Decision\". Tencent and its affiliated companies must formulate a rectification plan based on the above measures within ten days and submit it to the State Administration for Market Regulation for review. The State Administration for Market Regulation has the right to inspect the performance of the above obligations by Tencent and its affiliated companies through supervising the trustee or self-supervision within three years. Tencent will report the performance of its obligations to the State Administration for Market Regulation every year within three years, and will not report after the expiration of three years.</p><p>Article 67 of the Administrative Punishment Law stipulates that \"the administrative organ that makes the fine decision shall be separated from the institution that collects the fine. Except for the fine collected on the spot in accordance with the provisions of Articles 68 and 69 of this Law, the administrative organ that makes the administrative punishment decision and its law enforcement officers shall not collect the fine by themselves. The party concerned shall pay the fine at the designated bank or through the electronic payment system within 15 days from the date of receiving the administrative punishment decision. The bank shall accept the fine and turn it over directly to the state treasury. \"</p><p>Within fifteen days from the date of receipt of this administrative penalty decision, the party concerned shall, in accordance with this administrative penalty decision, bring the payment code to any of the 12 central fiscal non-tax revenue collection agent banks (Industry, Agriculture, China, Construction, Communications, CITIC, Everbright, China Merchants, Postal Savings, Huaxia, Ping An, Industrial) or online banking to pay the fine. Payment code: * * *.</p><p>If the party concerned is dissatisfied with the above-mentioned administrative penalty decision, it may apply to the State Administration for Market Regulation for administrative reconsideration within 60 days from the date of receipt of this administrative penalty decision; Or within six months from the date of receipt of this administrative penalty decision, file an administrative lawsuit with the Beijing Intellectual Property Court according to law. During the period of administrative reconsideration or administrative litigation, the execution of this administrative punishment decision shall not be suspended.</p><p>State Administration for Market Regulation</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>Being subject to administrative punishment! Tencent was ordered to lift 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\">\nBeing subject to administrative punishment! Tencent was ordered to lift 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 being ordered to lift the exclusive copyright of online music: the company will conscientiously abide by the decision, strictly implement regulatory requirements, operate in compliance with laws and regulations, earnestly fulfill social responsibilities, and maintain healthy competition in the market. Tencent will consolidate its responsibilities, formulate corrective measures plans with affiliated companies such as Tencent Music within the prescribed time limit, and complete them to the letter 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 made an administrative penalty decision in accordance with the law, ordering Tencent and its affiliated companies to cancel exclusive music copyrights within 30 days, stop paying copyright fees such as high prepayments, and not require upstream copyright owners to give them conditions that are superior to competitors without justifiable reasons. and other measures to restore market competition. In January 2021, according to the report, the State Administration for Market Regulation launched an investigation into Tencent Holdings Co., Ltd. (hereinafter referred to as Tencent) 's acquisition of equity in China Music Group in July 2016 for suspected illegal concentration of operators.</p><p>In accordance with the Anti-Monopoly Law, the State Administration for Market Regulation found out the fact that this transaction illegally implemented concentration, and fully evaluated factors such as the share, control, concentration of the operators participating in the concentration in the relevant market, as well as the impact of concentration on market entry and consumers. At the same time, it extensively solicited opinions from relevant government departments, industry associations, experts and scholars, and competitors in the same industry, and listened to Tencent's statements many times.</p><p>The investigation shows that the relevant market in this case is the online music playback platform market in China. Genuine music copyright is the core asset and key resource of the operation of online music playing platform. In 2016, Tencent and China Music Group had about 30% and 40% in the relevant market shares, respectively. Tencent gained a higher market share by merging with its main competitors in the market. After concentration, the entity occupied more than 80% of the exclusive music library resources, which may be able to urge the upstream copyright owners to reach more exclusive copyright agreements with them, or require them to be given better trading conditions than their competitors, or raise market entry barriers by paying high advance payment and other copyright payment modes, which has or may have the effect of excluding and restricting competition in the relevant market.</p><p>According to Article 48 of the Anti-Monopoly Law and Article 57 of the Interim Provisions on the Examination of Concentration of Business Enterprises, and in accordance with the principle of paying equal attention to development and standardization, the State Administration for Market Regulation made an administrative penalty decision in accordance with the law, ordering Tencent and its affiliated companies to take measures to restore market competition, such as canceling exclusive music copyright within 30 days, stopping payment methods of copyright fees such as high advance payments, and not requiring upstream copyright owners to give them conditions superior to competitors without justifiable reasons. Tencent will report the performance of its obligations to the State Administration for Market Regulation every year within 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 China's Anti-Monopoly Law in which necessary measures have been taken to restore market competition against the illegal concentration of business operators. Measures such as ordering Tencent to lift exclusive copyright will reshape the competition order in relevant markets, lower barriers to market entry, and give competitors a fair opportunity to reach upstream copyright resources, which will help return the focus of competition from using capital advantages to grab copyright resources to innovative service level and improve the rational track of user experience; It is conducive to promoting a reasonable way to calculate copyright fees in line with international standards and reduce downstream operating costs; It is conducive to cultivating new market entrants, creating a fairer competitive environment for existing enterprises, protecting consumers' right to choose, ultimately benefiting consumers, and promoting the standardized, innovative and healthy development of online music industry.</p><p>The following is the full text of the penalty letter:</p><p>State Administration for Market Regulation</p><p>Decision on administrative penalty</p><p>Guo Municipal Supervision Office [2021] No. 67</p><p>Parties: Tencent Holdings Limited</p><p>Residence: Creech Place, 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 Examination of Concentration of Business Enterprises\", on January 25, 2021, this agency investigated the acquisition of China Music Group's equity by Tencent Holdings Co., Ltd. (hereinafter referred to as Tencent) for suspected illegal implementation of concentration of business operators.</p><p>After investigation, the case constitutes an illegal concentration of business operators, which has or may have the effect of excluding or restricting competition. In accordance with the provisions of the Administrative Punishment Law of the People's Republic of China (hereinafter referred to as the Administrative Punishment Law), this organ serves the Notice of Administrative Punishment to Tencent, informing it of the content, facts, reasons and basis of the proposed administrative punishment, and informing it of its legal rights to make statements, defend and request a hearing. Tencent did not make a statement, defense or request a hearing within the prescribed time limit. The investigation and trial of this case have been concluded.</p><p><ul><li>Basic information</li></ul><b>(1) Transaction parties.</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, listed on the Hong Kong Stock Exchange in June 2004, and controlled Shenzhen Tencent Computer Systems Co., Ltd., the main domestic operating entity, through an agreement. The main businesses include social and communication services, social networking platforms, online music platforms, games, online video services, interactive entertainment live broadcasts, etc. In 2015, the global turnover was 102.863 billion yuan (the same currency below), and the domestic turnover in China was 96.251 billion yuan.</p><p><b>Acquired party: China Music Group.</b>Incorporated in the Cayman Islands in 2012, it controls Ocean Interactive (Beijing) Information Technology Co., Ltd., a major domestic operating entity, through an agreement. The main business includes online music platform, record company publishing business, copyright agency business, etc. Natural persons (omitted) have joint control as parties acting in concert. In 2015, the global and domestic turnover in China were (omitted).</p><p><b>(2) Transaction overview.</b></p><p>On July 12, 2016, Tencent invested in China Music Group with its valued (omitted) business (mainly QQ music business), acquired 61.64% equity of China Music Group, and obtained sole control of China Music Group. In December 2016, the integrated China Music Group was renamed Tencent Music Entertainment Group. On December 6, 2017, the transaction completed the registration procedures for equity change.</p><p>II. Illegal facts and reasons</p><p><b>(1) This case constitutes an illegal concentration of business operators.</b></p><p>Article 20 of the Anti-Monopoly Law stipulates that \"concentration of operators refers to the following situations: (1) merger of operators; (2) Operators obtain control over other operators by acquiring equity or assets; (3) Operators obtain control over other operators through contracts or other means or can exert decisive influence on other operators\". Before this concentration, China Music Group was jointly controlled by natural persons (omitted). After this concentration, Tencent acquired 61.64% equity of China Music Group and obtained sole control over China Music Group, which belongs to the concentration of operators stipulated in Article 20 of the Anti-Monopoly Law.</p><p>Tencent's global turnover in 2015 was 102.863 billion yuan, and its domestic turnover in China was 96.251 billion yuan. China Music Group's global and domestic turnover in 2015 were both (omitted), meeting the reporting standards stipulated in Article 3 of the Regulations of the State Council on the Declaration Standards for Concentration of Business Operators, which is a situation that should be reported.</p><p>Article 21 of the Anti-Monopoly Law stipulates that \"if the concentration of business operators meets the reporting standards prescribed by the State Council, the business operators shall report to the anti-monopoly law enforcement agency of the State Council in advance, and the concentration shall not be implemented if the concentration is not reported\". On December 6, 2017, Tencent completed the registration of equity change. Before that, it failed to report to this authority, which violated the provisions of Article 21 of the Anti-Monopoly Law and constituted an illegal concentration of operators.</p><p>The above facts are proved by evidence such as a copy of Tencent's business license, organizational structure chart, equity relationship chart, Declaration Form for Anti-monopoly Examination of Concentration of Business Operators, Tencent's annual report, Written Explanation of Tencent's Relevant Issues, and Share Subscription Agreement.</p><p><b>(2) This case has or may have the effect of excluding or restricting competition.</b></p><p>According to the provisions of the Anti-Monopoly Law and the Guidelines of the Anti-Monopoly Committee of the State Council on the Definition of Relevant Markets, and taking into account the characteristics of the platform economy, based on economic analysis and questionnaire survey, 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>It refers to a platform that provides consumers with complete copyrighted music recording playback services through online playback or download through programs or websites of computers, mobile phones or other intelligent terminals. Although online karaoke, live webcast, short video platforms, etc. also provide services related to online music, their core functions, application scenarios, business models, market entry, etc. do not have a close substitution relationship with the online music playback platform market, and do not belong to the same related commodity market. As the authorization of music copyright is restricted by the copyright laws of various countries, and there are obvious regional differences, the scope of music copyright dissemination authorized by online music playing platforms in China is generally within China, and it is mainly for users within China, so the relevant geographical market is defined as within China.</p><p>After in-depth research, this concentration has or may have the effect of eliminating and restricting competition in the online music playing platform market in China:</p><p><ol><li><b>After concentration, the entity has a higher market share in the relevant market.</b></li></ol>When the concentration occurred in July 2016, the number of monthly active users of Tencent and China Music Group was 160 million and 230 million respectively, with market shares of 33.96% and 49.07% respectively; The monthly usage time of users is 805 million hours and 698 million hours respectively, and the market shares are 45.77% and 39.65% respectively. Both parties in the concentration rank among the top two in the market, with a total market share of more than 80%. In 2016, the total sales amount of both parties in the relevant market was (omitted), accounting for about 70% of the total revenue of the relevant market. Calculated by the share of music copyright core resources, the number of music libraries of Tencent and China Music Group is 12.1 million and 8.21 million respectively, of which 3.14 million and 1.3 million are exclusive music libraries, and the market share of music libraries and exclusive resources exceeds 80%.</p><p>From the analysis of the Herfindahl-Hirschman Index (HHI Index) of this market, it is 6950 after trading, which is a highly concentrated market, and the increment generated by concentration is 3350. The transaction has further increased the concentration of the relevant market and further weakened competition.</p><p><ol><li><b>Focus on reducing major competitors in relevant markets.</b></li></ol>According to the survey, before the transaction, the concentrated parties ranked the top two in the market, with equal competitive strength and close competition with each other. According to consumers' choice of flow between alternative platforms, 73.6% of users of QQ Music owned by Tencent have flowed to Kugou Music and Kuwo Music owned by China Music Group, indicating that if QQ Music raises prices or lowers service levels, 73.6% of users may flow to the platforms owned by China Music Group, and the two sides are relatively close competitors with each other. Focus on reducing major competitors in relevant markets and further weakening market competition.</p><p><ol><li><b>Concentration may further increase barriers to entry in relevant markets.</b></li></ol><b>First, it is possible to raise barriers to copyright resources.</b>When the entity locks in more exclusive copyright resources after concentration, new entrants have to rely on their sub-licensing, which makes it difficult to enter the relevant market. The market size brought about by concentration also enables it to pay copyright fees to upstream copyright owners by paying high non-refundable prepayments in advance, which may further increase market entry barriers.</p><p><b>Second, it may increase user conversion costs.</b>Focus on bringing Tencent more abundant music library resources, a larger user scale and sufficient usage data. Compared with new platforms, it can recommend songs that meet consumers' preferences better, resulting in a reduction in users' willingness to switch platforms, thereby further expanding the user scale, which may prevent other competitors from reaching or maintaining critical scale.</p><p><b>Third, after concentration, the market entry activity is not high.</b>The data shows that the main entry of the online music playback platform market occurred from the beginning of 2016 to July 2017. After the centralized completion at the end of 2017, the market entry activity dropped significantly.</p><p>To sum up, Tencent has a high market share in the online music playing platform market in China through this item, which may enable it to urge the upstream copyright owner to grant it exclusive copyright authorization, or provide it with conditions superior to competitors, or may enable Tencent to raise market entry barriers by paying high advance payments, etc., which has or may have the effect of excluding and restricting competition in relevant markets.</p><p>At the same time, the survey found that China's online music playback platform market has developed rapidly, and the market share of Tencent's main competitors (omitted) has also shown a rapid growth, from less than 6% at the time of concentration to nearly 18%, an increase of about 200%, indicating that competitors have a tendency to strengthen their competitive constraints. In addition, there has been a certain trend of dynamic competition and cross-border integration between online music playback platforms and other platforms in recent years. Some short video platforms with a wide user base may become competitors in related markets in the future if they obtain a sufficient number of music copyright resources.</p><p>The above facts are proved by statistical data and industry analysis reports of third-party organizations, Questionnaire Survey Report, Economic Analysis Report, Authorization Agreement and Sub-Authorization Agreement provided by Tencent and related parties, and replies from relevant parties such as industry authorities.</p><p>III. Basis and decision of administrative punishment</p><p>Article 48 of the Anti-Monopoly Law stipulates that \"if an operator violates the provisions of this Law to implement concentration, the anti-monopoly law enforcement agency of the State Council shall order it to stop the concentration, dispose of shares or assets within a time limit, transfer business within a time limit, and take other necessary measures to restore it to the pre-concentration state, and may be fined not more than 500,000 yuan.\" Article 49 of the Anti-Monopoly Law stipulates that \"for the fines stipulated in Articles 46, 47 and 48 of this Law, the anti-monopoly law enforcement agency shall consider the nature, degree and duration of the illegal act when determining the specific amount of the fine\".</p><p>According to the above provisions, based on the above investigation and evaluation conclusion, this authority has made the following decisions on Tencent:</p><p><b>(1) Order Tencent and its affiliated companies to take the following measures to restore competition in relevant markets:</b></p><p>1. An exclusive copyright agreement (the copyright scope includes the information network dissemination right of all music works and sound recordings) or other exclusive agreements shall not be reached or reached in disguised form with the upstream copyright owner. If it has been reached, it shall be terminated within 30 days from the date of promulgation of this decision, except for the exclusive cooperation with independent musicians (natural persons who have authorized the copyright with the music platform in their own name and have never signed an agreement with any record company or brokerage company) or new songs. The exclusive cooperation period with independent musicians shall not exceed three years, and the exclusive cooperation period with new songs shall not exceed thirty days.</p><p>2. Without justifiable reasons, the upstream copyright owner shall not be required or disguised to give the parties conditions that are superior to other competitors, including but not limited to the scope of authorization, the amount of authorization, the period of authorization, etc., or any agreement or agreement terms related to it. If it has been reached, it shall be cancelled within 30 days from the date of promulgation of this decision.</p><p>3. Quote the upstream copyright owner based on factors such as the actual use of the copyright, user payment, unit price of the song, application scenarios, contract period, etc., and do not increase the cost of competitors in disguised form through high prepayments, etc., and exclude or restrict competition.</p><p><b>(2) A fine of 500,000 yuan shall be imposed.</b></p><p><b>(3) Declaring concentration of business operators in accordance with the law.</b></p><p>1. If the concentration of business operators meets the reporting standards stipulated by the State Council, it shall be reported to the State Administration for Market Regulation in advance, and the concentration shall not be implemented if the concentration is not reported.</p><p>2. If the concentration of business operators does not meet the reporting standards, but the concentration of business operators has or may have the effect of excluding or restricting competition, it shall be reported to the State Administration for Market Regulation in advance, and the concentration shall not be implemented if the concentration is not reported.</p><p>3. If the transaction does not constitute a concentration of operators, except for matters stipulated by law to protect the rights and interests of minority shareholders, it shall not participate in the business decision-making of relevant enterprises, and report the basic situation of the transaction to the State Administration for Market Regulation in the annual report.</p><p><b>(4) Operate in compliance with laws and regulations, and establish and improve a long-term mechanism for fair participation in market competition.</b></p><p>1. Comprehensively standardize its own competitive behavior, conduct comprehensive and in-depth self-examination according to the Anti-Monopoly Law, and examine and standardize its own business behavior.</p><p>2. Strictly implement the main responsibilities of platform enterprises, constantly improve the internal governance rules of the platform, and cooperate with other operators in accordance with the principles of fairness, reasonableness, and non-discrimination.</p><p>3. Improve the internal compliance control system of enterprises, establish and effectively implement the anti-monopoly compliance system, and consciously safeguard fair competition.</p><p>4. Protect the legitimate rights and interests of consumers. Fully protect consumers' rights, reasonably set charging prices, and protect consumers' privacy.</p><p>5. Actively maintain fair competition and promote industry innovation and development.</p><p>The period of the above measures starts from the date of issuance of the \"Administrative Punishment Decision\". Tencent and its affiliated companies must formulate a rectification plan based on the above measures within ten days and submit it to the State Administration for Market Regulation for review. The State Administration for Market Regulation has the right to inspect the performance of the above obligations by Tencent and its affiliated companies through supervising the trustee or self-supervision within three years. Tencent will report the performance of its obligations to the State Administration for Market Regulation every year within three years, and will not report after the expiration of three years.</p><p>Article 67 of the Administrative Punishment Law stipulates that \"the administrative organ that makes the fine decision shall be separated from the institution that collects the fine. Except for the fine collected on the spot in accordance with the provisions of Articles 68 and 69 of this Law, the administrative organ that makes the administrative punishment decision and its law enforcement officers shall not collect the fine by themselves. The party concerned shall pay the fine at the designated bank or through the electronic payment system within 15 days from the date of receiving the administrative punishment decision. The bank shall accept the fine and turn it over directly to the state treasury. \"</p><p>Within fifteen days from the date of receipt of this administrative penalty decision, the party concerned shall, in accordance with this administrative penalty decision, bring the payment code to any of the 12 central fiscal non-tax revenue collection agent banks (Industry, Agriculture, China, Construction, Communications, CITIC, Everbright, China Merchants, Postal Savings, Huaxia, Ping An, Industrial) or online banking to pay the fine. Payment code: * * *.</p><p>If the party concerned is dissatisfied with the above-mentioned administrative penalty decision, it may apply to the State Administration for Market Regulation for administrative reconsideration within 60 days from the date of receipt of this administrative penalty decision; Or within six months from the date of receipt of this administrative penalty decision, file an administrative lawsuit with the Beijing Intellectual Property Court according to law. During the period of administrative reconsideration or administrative litigation, the execution of this administrative punishment decision shall not be suspended.</p><p>State Administration for Market Regulation</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","QNETCN":"纳斯达克中美互联网老虎指数","00700":"腾讯控股"},"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":{"00700":0.9,"TCEHY":0.9,"QNETCN":0.9}},"isVote":1,"tweetType":1,"viewCount":974,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174217089,"gmtCreate":1627101065441,"gmtModify":1703484300164,"author":{"id":"4089212975502280","authorId":"4089212975502280","name":"dennis0127","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089212975502280","idStr":"4089212975502280"},"themes":[],"htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/174217089","repostId":"2153933420","repostType":4,"isVote":1,"tweetType":1,"viewCount":1510,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174215779,"gmtCreate":1627100973991,"gmtModify":1703484298152,"author":{"id":"4089212975502280","authorId":"4089212975502280","name":"dennis0127","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4089212975502280","idStr":"4089212975502280"},"themes":[],"htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/174215779","repostId":"2153933726","repostType":4,"isVote":1,"tweetType":1,"viewCount":1372,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":true}