Market Overview - On February 2, the market experienced fluctuations with all three major indices falling over 2%, and the Sci-Tech 50 Index dropping over 3%. The Shanghai Composite Index closed down 2.48%, the Shenzhen Component Index down 2.69%, and the ChiNext Index down 2.46% [1] - The total trading volume in A-shares was 2.61 trillion yuan, a decrease of 255.83 billion yuan compared to the previous trading day. Over 4,700 stocks in the market declined, with 125 stocks hitting the daily limit down [1] Sector Performance - The liquor sector showed resilience, with Huangtai Liquor achieving three consecutive trading limits, and Jin Hui Liquor hitting two limits in three days. Water Well Liquor also reached the daily limit [2] - Conversely, the non-ferrous metals, oil and gas, chemicals, coal, and semiconductor sectors faced significant declines. The non-ferrous metals sector was particularly hard hit, with multiple gold stocks such as Zhaojin Gold and Sichuan Gold experiencing limit downs [2] - The oil and gas sector also faced severe losses, with domestic crude oil and fuel futures contracts hitting the limit down, both dropping approximately 7%. Brent crude futures fell to $66 per barrel, down 4.67%, while WTI crude futures dropped below $62 per barrel, down 4.94% [4][5] Hong Kong Market - The Hong Kong stock market opened lower and continued to decline, with the Hang Seng Technology Index dropping by 4% in the afternoon. The Hang Seng Index closed down 2.23%, and the Hang Seng Technology Index fell 3.36% [5][6] - The precious metals sector also suffered, with significant declines in stocks like Shandong Gold and Chifeng Jilong Gold, both dropping over 12% [6] - The three major telecom operators in China collectively weakened, with China Unicom down over 6%, China Telecom down over 5%, and China Mobile down over 2%. This was attributed to an adjustment in the value-added tax rate from 6% to 9%, which will impact their revenues and profits [6] Technology Sector - The technology sector saw widespread declines, with stocks such as Huahong Semiconductor down over 11%, BYD down over 6%, and XPeng Motors down 6.77%. Other notable declines included Bilibili down 4.9%, and major companies like Alibaba and Meituan also experiencing losses [6][7]

Core Viewpoint - Kuaishou announced a special governance initiative targeting "AI-modified" videos, set to begin on January 1, 2026, focusing on combating malicious alterations and inappropriate adaptations of classic films and animations [1] Group 1: Governance Initiative - The special governance will last for one month, specifically addressing violations related to the use of AI technology [1] - During the governance period, Kuaishou has already dealt with 5,576 pieces of violating content and issued warnings to 11 accounts [1] - The platform plans to implement ongoing governance measures for "AI-modified" videos following the initial initiative [1]

| 百度集团-SW | 146.650 | -6.150 | -4.02% | | --- | --- | --- | --- | | 地平线机器人-W | 7.930 | -0.300 | -3.65% | | 商汤-W | 2.380 | -0.090 | -3.64% | | 京东健康 | 60.950 | -2.300 | -3.64% | | 理想汽车-W | 63.600 | -2.350 | -3.56% | | 网易-S | 198.200 | -6.800 | -3.32% | | 金蝶国际 | 12.540 | -0.410 | -3.17% | | 小米集团-W | 34.520 | -0.980 | -2.76% | | 美团-W | 94.650 | -2.550 | -2.62% | 编辑｜钉钉 2月2日，港股低开低走，恒生科技指数午后跌幅扩大至4%；恒指现跌近3%。 科网股集体下跌，华虹半导体跌超12%，比亚迪股份跌超8%，哔哩哔哩跌超5%，快手、阿里巴巴、百 度集团跌逾4%，网易、小米集团、美团均走低。 | 名称 | 现价 | 涨跌 | 涨跌幅 ~ | | --- | --- ...

Core Viewpoint - Kuaigou, a subsidiary of Kuaishou Technology, has been fined 26.7 million yuan (approximately US$3.84 million) by Chinese regulators for various illegal activities, including unreasonable charges and inadequate consumer protection [1][6]. Group 1: Allegations Against Kuaigou - Kuaigou was accused of levying unreasonable charges and failing to provide proper consumer protection [2][6]. - The company did not take appropriate measures against the sale of counterfeit goods on its platform [2][6]. - Kuaigou allowed misleading or false marketing practices to occur on its platform [2][6]. - Additional accusations included publishing illegal advertisements and failing to disclose mandatory information [4][7]. - The company was implicated in facilitating services for the illegal sale or purchase of wild animals and their products, as well as prohibited hunting tools [4][7]. Group 2: Regulatory Investigation - The fine resulted from an investigation by the State Administration for Market Regulation, initiated in September due to alleged illegal activities, including false marketing and counterfeit goods distribution [3][6]. - The investigation highlighted issues particularly prevalent in the live-streaming e-commerce industry [3]. Group 3: Kuaigou's Response - Kuaigou accepted the penalties and expressed compliance with the regulator's decision [5][8]. - The company pledged to improve its operations in accordance with the law and enhance its compliance level [5][8]. - Kuaigou committed to collaborating with businesses on its platform to provide better services to consumers [5][8].

市场监管总局网监司副司长舒玲敏表示，此案是市场监管总局加强平台经济常态化监管，营造安全放心的消费环境和维护公平竞争市场秩序的具体体现， 是在平台经济领域综合运用电子商务法等多部法律查处违法行为的典型案件，对促进平台企业合规经营，保护广大经营者和消费者合法权益，推动直播电 商行业创新健康发展具有积极意义。 市场监管部门对直播电商领域存在的虚假营销、假冒伪劣等突出问题，始终保持"零容忍"。本次案件查处，通过重点核查当事人是否履行对商家的资质核 验义务、是否侵害中小微商家合法权益、是否对侵害消费者权益行为采取有效处置措施等关键环节，依法认定当事人的违法事实，并作出处罚决定，释放 了以监管促发展的强烈信号。（经济日报记者 李思雨） （来源：经济日报） 转自：经济日报 1月30日，市场监管总局集中发布第五批直播电商领域典型案例。其中，包括近期依法查处快手电商平台运营主体成都快购科技有限公司违法案。经查， 当事人存在未依法履行信息公示义务，向平台内经营者收取不合理费用，对消费者未尽到安全保障义务，对实施侵犯知识产权行为未依法采取必要措施， 发布违法广告，帮助其他经营者实施虚假或者引人误解的商业宣传，为违法出售、购买野生动 ...

Core Viewpoint - The State Administration for Market Regulation (SAMR) has officially announced the administrative penalty against Chengdu Kuai Gou Technology Co., Ltd. for various violations in the live e-commerce sector, imposing a fine of approximately 26.69 million yuan [2][4]. Group 1: Violations and Penalties - Chengdu Kuai Gou was found to have failed to fulfill information disclosure obligations, charge unreasonable fees to platform operators, and neglect consumer safety guarantees [2][7]. - The company was penalized for not taking necessary actions against intellectual property infringement and for publishing illegal advertisements [2][7]. - The total fine imposed on Chengdu Kuai Gou amounts to 26,692,904.62 yuan [2]. Group 2: Legal Basis - The penalties were based on multiple laws, including the E-commerce Law, Advertising Law, Anti-Unfair Competition Law, and Wildlife Protection Law [3]. Group 3: Regulatory Approach - The case exemplifies a "zero tolerance" enforcement signal from market regulators, emphasizing the need for compliance in the live e-commerce sector [4][5]. - The regulatory approach includes a "full-chain" enforcement direction, ensuring comprehensive oversight of business operations and internal management processes [5]. - A "penetrating" regulatory model was applied, utilizing extensive data analysis to strengthen evidence collection and support the identification of violations [5][6]. Group 4: Future Regulatory Expectations - The case reflects a commitment to "normalizing" regulatory expectations, with ongoing monitoring and compliance guidance for platform enterprises [6]. - The SAMR aims to enhance the regulatory framework for live e-commerce through the development of specific management measures [6].

舒玲敏指出，此次查处成都快购科技有限公司违法案件，释放了"零容忍"的执法信号。"本次案件查 处，通过重点核查当事人是否履行对商家的资质核验义务、是否侵害中小微商家合法权益、是否对侵害 消费者权益行为采取有效处置措施等关键环节，依法认定当事人的违法事实，并作出处罚决定，释放了 以监管促发展的强烈信号。" 四川省市场监管局二级巡视员杨键表示，作为属地监管部门，四川省市场监管局将严格督促成都快购科 技有限公司对照市场监管总局处罚决定深刻反思，对查处的违法行为及暴露的风险隐患立行立改，并以 此为契机，举一反三，加强四川省平台经济常态化监管，提升网络交易平台合规监管水平，促进平台经 济创新和健康发展。 针对此次案件查处中反映出的平台信息公示、费用收取、消费者安全保障、知识产权保护、广告审核、 商业宣传和禁限售商品管控等系列问题，四川省市场监管局将组织对快手电商等属地重点平台开展"体 检式"合规评价，采取"资料核查+现场访谈+系统监测"方式，逐项评估平台合规水平，同步开具"合规整 改清单"，明确问题、时限、责任主体，以问题为导向倒逼整改，切实将监管压力转化为平台合规动 力。 舒玲敏表示，经过一年的直播电商专项治理，直播电 ...

Core Viewpoint - The Chinese regulator has imposed a fine of 26.7 million yuan ($3.84 million) on Kuaigou, an e-commerce unit of Kuaishou Technology, for several illegal acts [1] Group 1 - The fine reflects the regulatory scrutiny faced by e-commerce platforms in China [1] - Kuaigou is part of Kuaishou Technology, which is known for its live-streaming services [1] - The amount of the fine indicates the seriousness of the violations identified by the regulator [1]

Core Viewpoint - The recent administrative penalty imposed on Chengdu Kuaigou Technology Co., Ltd., a subsidiary of Kuaishou Technology, highlights significant regulatory scrutiny in the live e-commerce sector, aiming to enforce compliance and protect consumer rights [1][2]. Group 1: Regulatory Actions - The State Administration for Market Regulation has announced an administrative penalty of 26,692,904.62 yuan against Chengdu Kuaigou Technology for multiple violations of laws and regulations [1]. - The company failed to fulfill its obligation to publicly disclose information and did not take necessary actions against intellectual property infringements [1]. - The penalty reflects the regulatory body's assessment of the nature of the violations and their social harm, indicating a push for better governance in the live e-commerce industry [2]. Group 2: Company Background - Chengdu Kuaigou Technology was established on October 31, 2019, and is headquartered in Chengdu, Sichuan, with Yang Yuanxi as its legal representative [2]. - As a wholly-owned subsidiary of Kuaishou Technology, the company operates the e-commerce platform "Kuaishou Xiaodian," providing services for suppliers, service providers, and live broadcast bases [2]. Group 3: Violations and Issues - The company was found to have charged unreasonable fees to platform operators and failed to meet consumer safety obligations [1]. - It was also confirmed that the company published illegal advertisements and assisted other operators in conducting false or misleading commercial promotions [1]. - Additionally, the regulatory investigation revealed that the company provided services for the illegal sale and purchase of wild animals and their products, as well as prohibited hunting tools [1].

Core Viewpoint - The Market Regulation Administration has announced the administrative penalties against Chengdu KuaiGou Technology Co., Ltd. for multiple violations in the live e-commerce sector, emphasizing a zero-tolerance approach to false marketing and counterfeit products [1][4]. Summary by Categories Company Overview - Chengdu KuaiGou, established in 2019, is a wholly-owned subsidiary of the short video platform Kuaishou, primarily responsible for Kuaishou's e-commerce business "Kuaishou Xiaodian" [1][6]. Violations Identified - Chengdu KuaiGou failed to fulfill information disclosure obligations, including not prominently displaying license information and not updating administrative license information in a timely manner, violating Article 15 and Article 33 of the E-commerce Law [1][2]. - The company charged unreasonable fees to platform operators, imposing punitive non-fixed penalties that exceeded reasonable limits, violating Article 35 of the E-commerce Law [1][2]. - There were failures in ensuring consumer safety, with various products on the platform not meeting safety requirements, violating Article 38 of the E-commerce Law [2][7]. - Chengdu KuaiGou did not take necessary actions against intellectual property infringement after receiving notifications from trademark holders, violating Articles 42 and 45 of the E-commerce Law [2][7]. - The company published illegal advertisements, with discrepancies between actual ad content and approved samples, violating Articles 9, 16, and 46 of the Advertising Law [2][7]. - Chengdu KuaiGou assisted other operators in misleading commercial promotions by displaying fictitious sales data, violating Article 8 of the Anti-Unfair Competition Law [3][8]. - The company provided services for the illegal sale of wildlife and prohibited hunting tools without verifying necessary permits, violating Article 33 of the Wildlife Protection Law [3][8]. Penalties Imposed - In December 2025, the Market Regulation Administration ordered Chengdu KuaiGou to rectify its illegal activities and imposed a fine of 26,692,904.62 yuan [3][8]. Regulatory Approach - The Market Regulation Administration emphasizes a strong regulatory stance, focusing on verifying merchant qualifications and protecting the rights of small and medium-sized businesses [4][9]. - The administration utilized extensive data analysis to strengthen evidence collection and ensure comprehensive regulatory oversight [5][9]. - Ongoing compliance guidance for platform enterprises is being enhanced alongside the development of the "Live E-commerce Supervision Management Measures" to clarify legal responsibilities [10].