The Anti Monopoly Shock Wave Of Platform Economy Has Not Changed Since The "Double 11" Carnival, And The Trillion Market Value Of Internet Giant Has Evaporated

However, under the "double selling" of Alibaba and other e-commerce platforms in the current 11 days, the e-commerce companies have been hit hard. Behind this strange contrast, the subtle edge of the anti-monopoly sword of platform economy is looming.

On November 10, American stock prices of Alibaba, Jingdong and other giants all fell. Among them, Alibaba Hong Kong stock fell 8.26%, Jingdong fell 5.63%, pinduoduo fell 2.87%, and dada group fell 15.08%. After the opening of the Hong Kong stock market on November 11, Alibaba Hong Kong stock, Jingdong Hong Kong stock and meituan review continued to fall, with a decline of 9.8%, 9.20% and 9.67% respectively.

"To sum up, there are four reasons for this stock price decline: the first is that China's regulatory policy" anti monopoly guide on the field of platform economy "has been published for public opinions; the second is the impact of internationalization, and Amazon has been accused of antitrust; the third is China's effective prevention and control of the epidemic, which has led to the performance of e-commerce in the" double 11 "campaign is not so bright; and fourth, China's effective prevention and control of the epidemic situation One is the huge growth potential of new social tools and content platforms in the field of e-commerce. " Zhuang Shuai, founder of Bailian consulting and director of the research center of listed companies, told reporters of the 21st century economic report.

Trillion market value evaporates

In the face of the frequent "double 11" and "good news", the concept stocks of "double 11" in the U.S. stock market are competing to lower.

Alibaba fell more than 8% on the same day, and its total market value evaporated by about 64.3 billion US dollars (about 425.3 billion yuan) overnight; Jingdong fell more than 5% and its market value evaporated by 7.356 billion US dollars (about 48.8 billion yuan); pinduoduo fell more than 2%, the market value evaporated by 3.618 billion US dollars (about 23.866 billion yuan); dada group fell more than 15%, and its market value evaporated by 1.122 billion US dollars (about 7.403 billion yuan) ）。

On the same day, European Union competition commissioner Margrethe vestager officially announced the antitrust charges against Amazon. At the same time, on the eve of the "double 11" campaign, the State Administration of Market Supervision issued the anti-monopoly guide on the field of platform economy (Draft for comments) (hereinafter referred to as the "guide").

The promulgation of the guidelines aims to prevent and stop monopoly behaviors in the field of platform economy, guide operators in the field of platform economy to operate in accordance with the law, and promote the sustainable and healthy development of online economy.

The monopoly behaviors mainly include "abusing the dominant position of the market", "concentration of operators", "abusing administrative power to exclude" and "restricting competition". Among them, the abuse of market dominant position includes unfair price behavior, selling below cost, refusing to trade, restricting transaction, tying or attaching unreasonable transaction conditions, differential treatment and so on.

As soon as the news came out, the market was worried about the Internet technology giants.

"This kind of" one out of two "and big data" killing "and other behaviors are clearly pointed out in the anti-monopoly guidelines as illegal and illegal competition behaviors. Therefore, the release of the guide has a great impact on the whole e-commerce market, especially the share prices of the giants in the e-commerce field. " Senior industry economic observer Liang Zhenpeng pointed out to reporters.

After the US stock market value evaporated by more than 500 billion yuan, the same stock price decline occurred in Hong Kong stock market.

On November 11, the share price of Alibaba Hong Kong stock fell 9.8%, and the evaporated market value was HK $583.1 billion (about RMB 495.8 billion); Jingdong Hong Kong stock fell by more than 9%, and the evaporated market value of meituan review was HK $170.6 billion (about RMB 145.9 billion); Tencent holdings fell 7.39% and its market value evaporated by HK $421.74 billion (about RMB 360.7 billion). The four giants have accumulated a market value of more than one trillion yuan.

Market assessment guide impact

According to the statistics of CITIC Securities, since the beginning of this year, Alibaba, Tencent holdings, meituan, Jingdong and pinduo have increased by 122% on average since the beginning of the year, with a total market value of 13.6 trillion yuan, which is 16% of the total market value of Wande quana.

However, with the strengthening of anti-monopoly supervision and the faster than expected progress of new crown vaccine research and development, the valuation of relevant leading companies may be suppressed in the short term.

"At present, the role of e-commerce in promoting the economy is obviously declining. On the one hand, the epidemic situation in China is well controlled, and the offline recovery is very fast, basically reaching more than 95%. Today, consumers are more likely to choose to consume online than offline. " Zhuang Shuai pointed out.

In addition, Zhuang Shuai also predicted that under the influence of consumer demand and social service system, the growth of e-commerce "double 11" this year is not as good as expected. "From the data, I think the growth rate of 10% - 20% is already very high. In addition, there are some new competitors, such as Shuo Yin, Kuaishou, Tencent's e-commerce apps, etc., which obviously have a great impact on e-commerce platforms such as Jingdong, Ali, pinduoduo and meituan. ".

In addition, the domestic market for excessive consumption vigilance, or on the online market to bring a certain suppression.

"During the" double 11 "campaign, major businesses and financial service platforms have been encouraging and inducing consumers to spend too much money ahead of time and in debt. From the state's official position on ant financial services and the guidance of policy public opinion, we can see that the state does not advocate high debt consumption. " Liang Zhenpeng said.

However, some market participants believe that in the long run, the investment value of leading enterprises will not be greatly impacted.

"In the long run, the high concentration of Internet platforms is the result of the natural development of consumer Internet, which conforms to the basic logic of industrial development. It is expected that more regulation will promote platform companies to improve business rules and product services, without changing their long-term market position and investment value. In terms of long-term development of Internet giants, it is suggested that they should pay attention to the Internet giants in the long-term As pointed out by CITIC Securities Industry analysis team.

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