Core Insights - The recent trend of internet platforms acquiring payment licenses is intensifying, with companies like Xiaohongshu, Tongcheng, and 58.com making significant moves in this space [1][2][3] - Following these acquisitions, compliance challenges are emerging, particularly as many acquired entities face operational weaknesses and increased scrutiny from regulators [1][6] Group 1: Acquisition Activities - Xiaohongshu's subsidiary Ningzhi Technology has fully acquired Dongfang Payment, a licensed payment institution since 2011, with a license valid until May 2026 [2] - Tongcheng Group's subsidiary, Yilong, acquired 100% of Xinsheng Payment for approximately 300 million yuan, increasing its registered capital to 330 million yuan [2] - 58.com purchased 70% of Shengya Yunding Payment for 23.85 million yuan, achieving full control through prior share pledges [2] - Douyin and Kuaishou have also made earlier acquisitions, with Douyin significantly increasing its registered capital from 150 million yuan to 3.15 billion yuan [2] Group 2: Capital Increases - Douyin Payment increased its capital by 3 billion yuan earlier this year, while Tencent's Tenpay raised its capital to 22.3 billion yuan [3] - JD's online banking service also raised its registered capital to 1.5 billion yuan, and Vipshop Payment increased its capital from 100 million yuan to 200 million yuan [3] Group 3: Strategic Importance of Payment Licenses - Internet platforms are increasingly viewing payment licenses as essential strategic assets rather than optional [4] - The growing complexity of business models necessitates a self-owned payment system to maintain transaction stability and compliance [4][5] - The new regulatory framework starting in 2024 emphasizes the need for platforms to hold licenses directly, reducing reliance on third-party payment processors [4] Group 4: Compliance Challenges - The central bank has tightened the review process for payment license renewals, with several institutions facing challenges due to historical weaknesses and insufficient technical investment [6][7] - In 2023, the central bank has already canceled 7 payment licenses, indicating a stricter regulatory environment [6] - The need for robust compliance measures across various operational aspects is emphasized, including customer identity verification and transaction monitoring [7]

Core Viewpoint - The release of the "Internet Platform Antitrust Compliance Guidelines (Draft for Comments)" marks a significant step in China's regulatory framework for platform economies, particularly following the "Double Eleven" shopping festival, addressing new competitive issues that emerged during this period [1][10]. Group 1: Regulatory Positioning - The new guidelines and the previously issued "Price Behavior Rules" form a comprehensive regulatory system, with the former focusing on platforms with significant market power while the latter applies to all operators [2][3]. - The "Price Behavior Rules" aim to maintain basic price order and transparency, while the new guidelines specifically target monopolistic risks and behaviors of dominant platforms [3]. Group 2: Key Breakthroughs in the New Guidelines - The new guidelines introduce an "ecological" perspective, emphasizing the responsibility of platform managers in maintaining healthy platform ecosystems [6]. - The guidelines require platforms to conduct self-examinations of their algorithms, addressing risks associated with algorithmic collusion and ensuring compliance through dynamic monitoring [7][8]. - Eight specific risk scenarios are provided in the guidelines, enhancing operational clarity for platforms and addressing potential anti-competitive behaviors [9]. Group 3: Addressing Issues from "Double Eleven" - The guidelines prohibit irrational price wars initiated by dominant platforms, establishing boundaries for competitive practices during promotional events [11]. - The use of AI for price discrimination and customer profiling is restricted, ensuring that platforms cannot justify differential pricing based on user data [12]. - The guidelines protect merchants' pricing autonomy, preventing platforms from coercing them into participating in promotional activities or bearing costs that should be the platform's responsibility [13][14]. - Restrictions on "blocking and shielding" behaviors are detailed, promoting interconnectivity and reducing operational costs for merchants [15]. Group 4: Conclusion - The "Internet Platform Antitrust Compliance Guidelines" establish a more refined and forward-looking compliance framework, guiding platform economies towards high-quality development driven by technology and ecological cooperation [16].

Core Viewpoint - The recently released "Antitrust Compliance Guidelines for Internet Platforms (Draft for Comments)" aims to support platform operators in effectively preventing antitrust compliance risks and promoting innovation and healthy development in the platform economy [1][2]. Group 1: Regulatory Intent and Impact - The guidelines are designed to provide a clear compliance framework, helping companies avoid risks associated with ambiguous regulations and frequent changes in policy [1]. - By outlining eight typical risk scenarios, such as below-cost sales and exclusive agreements, the guidelines enable companies to operate within a defined legal framework, fostering confidence in compliance and encouraging innovation [1][2]. Group 2: Shift in Competitive Landscape - The guidelines promote a transition from "barbaric growth" to high-quality innovation in platform competition, allowing companies to redirect resources from chaotic competition to genuine technological and service innovations [2]. - Compliance is becoming a new competitive advantage, as consumers, partners, and investors increasingly favor well-governed and responsible companies, translating good compliance records into market reputation and capital recognition [2]. Group 3: User Experience and Market Perception - The guidelines aim to address common user grievances, such as price disparities between new and existing customers and unfair search result placements, leading to improved service quality and fairer pricing for consumers [3]. - While short-term stock price fluctuations may arise from misinterpretations of policy intentions, the guidelines are ultimately positioned as a pathway to future growth rather than a restriction on business operations [3].

Core Viewpoint - The newly released "Antitrust Compliance Guidelines for Internet Platforms" aims to support platform operators in effectively preventing antitrust compliance risks and promoting innovation and healthy development in the platform economy [2][3]. Group 1: Regulatory Intent and Impact - The guidelines serve as a compliance manual to help companies avoid pitfalls, providing clear rules and stabilizing expectations, which are seen as valuable policy dividends [2]. - The guidelines translate enforcement experiences into clear compliance standards, listing eight typical risk scenarios such as below-cost sales and exclusive agreements, allowing businesses to operate within a defined framework [2]. Group 2: Shift in Competitive Landscape - The guidelines encourage a transition from "barbaric growth" to high-quality innovation, enabling companies to redirect resources from chaotic competition to genuine innovation in technology, services, and business models [3]. - Compliance is becoming a new competitive advantage, as consumers, partners, and investors increasingly favor well-governed and responsible companies, which can enhance market reputation and capital recognition [3]. Group 3: User Experience and Market Dynamics - The guidelines aim to address common consumer grievances, potentially leading to better services, fairer prices, and a more open online environment for users [4]. - Misinterpretation of policy intentions can lead to short-term stock price fluctuations, but understanding the long-term value of the guidelines is crucial for companies [4].

本报特约评论员 对于平台经济，既应支持其发展有利于方便群众生活的积极的一面，又要创新监管理念和方式，着力营 造公平竞争市场环境，实现互联网市场上开放型生态竞争系统的稳定运行。在数字经济时代，平台反垄 断需要走向多元共治，同时秉持"预防式"和"回应式"的治理理念。预防式治理是为了预防平台新型垄断 的风险，回应式治理则旨在回应市场需求的政府监管思路。在两者并重的基础上，从平台自治、社会监 督和政府监管三个层面构建平台反垄断多元共治的新局面。 我国平台经济发展正处在关键时期，如何加强平台经济领域反垄断监管备受关注。市场监管总局日前发 布《互联网平台反垄断合规指引（征求意见稿）》，面向社会公开征求意见。《指引》旨在通过构 建"风险识别—风险管理—合规保障"的合规框架，引导平台经营者建立起防范垄断行为风险的"免疫系 统"，更好为自身规范经营和市场公平竞争保驾护航。 互联网平台，是在互联网技术条件下发展起来的一种新的社会分工协作组织形式，是继市场、企业之后 的第三种资源配置方式。近年来，我国平台经济快速发展，在提高社会资源配置效率、推动技术创新和 产业变革、促进经济社会发展等方面发挥着重要作用。目前，我国平台经济发展涉及 ...

Core Points - The State Administration for Market Regulation (SAMR) released the "Antitrust Compliance Guidelines for Internet Platforms (Draft for Comments)" on November 15, seeking public feedback. The draft aims to provide clear behavioral guidelines for platform operators and responds to societal expectations [1][2] - The draft emphasizes promoting innovation and healthy development in the platform economy, which relies on a fair competitive market environment. It outlines potential antitrust compliance risks and encourages platform operators to enhance their antitrust compliance management [1] - The draft identifies new types of monopoly risks across eight scenarios, urging platform operators to conduct platform rule reviews and algorithm screenings, thereby establishing a comprehensive compliance management system [1][2] Summary by Sections Purpose and Objectives - The draft aims to foster innovation and healthy development in the platform economy by ensuring a fair competitive environment. It seeks to prevent and address monopolistic behaviors, enhancing the overall competitive level and development quality [1] Compliance Management - The draft suggests that antitrust compliance management institutions should be responsible for coordinating and advancing compliance efforts. Platform operators are encouraged to establish dedicated compliance management bodies or assign relevant departments to fulfill these responsibilities [2] - It promotes the establishment of a risk closed-loop management mechanism, including compliance reporting, training, assessment, supervision, and information technology support to ensure effective compliance management [2]

Core Viewpoint - The article discusses the significance of the "Internet Platform Antitrust Compliance Guidelines" in promoting fair competition and preventing monopolistic behaviors within the digital economy, emphasizing the need for compliance among platform operators to protect the interests of various stakeholders [2][13]. Group 1: Importance of Compliance - The compliance of platform operators is crucial to prevent violations of the Antitrust Law, which is essential for maintaining the legitimate rights of stakeholders and promoting the healthy development of the platform economy [2][5]. - The complexity of antitrust compliance for internet platforms arises from their dual-market nature, leading to higher compliance costs and the need for tailored compliance frameworks [2][3]. Group 2: Guidelines Overview - The "Guidelines" establish a compliance framework that includes risk identification, risk management, and compliance assurance, aiming to create an "immune system" for platform operators to prevent monopolistic risks [2][3]. - The Guidelines incorporate both deductive and inductive reasoning, focusing on typical scenarios where antitrust compliance risks may arise, thus providing a clearer understanding for platform operators [4][7]. Group 3: Risk Management and Compliance Mechanisms - The Guidelines outline a structured approach to risk management, emphasizing the need for platforms to conduct risk assessments and implement preventive measures across all business processes [8][9]. - Specific risk management responsibilities are detailed, including the need for platforms to establish compliance management institutions and utilize information technology to integrate compliance into daily operations [9][10]. Group 4: Internal Measures and Innovation - The article highlights the importance of regular platform rule reviews and algorithm screenings as essential internal compliance measures to mitigate antitrust risks [11][12]. - The Guidelines encourage platforms to proactively address potential monopolistic behaviors through transparent and fair algorithm practices, ensuring compliance with competition principles [12]. Group 5: Contribution to Global Governance - The Guidelines contribute to global discussions on digital competition governance by addressing common concerns regarding new forms of monopolistic risks, showcasing China's approach to platform regulation [4][13]. - By providing actionable compliance guidance, the Guidelines aim to enhance the international competitiveness of China's digital economy while promoting fair competition within the market [13].

Core Viewpoint - The State Administration for Market Regulation has released a draft of the "Antitrust Compliance Guidelines for Internet Platforms" to solicit public opinions, aiming to help platform operators identify, assess, and prevent antitrust compliance risks [1] Summary by Relevant Sections Antitrust Compliance Guidelines - The guidelines are designed to assist platform operators in recognizing and managing antitrust compliance risks, clarifying behavioral boundaries, stabilizing market expectations, and boosting development confidence [1] Risk Identification - The guidelines provide eight examples of antitrust compliance risks for platform operators, including: - Algorithm collusion between platforms - Organizing platform operators to reach monopoly agreements - Unfair high pricing by platforms - Selling below cost - Blocking or banning users - "Choose one from two" practices - "Lowest price on the entire network" claims - Differential treatment by platforms [1] Encouragement for Self-Assessment - Platform operators are encouraged to proactively conduct risk assessments and self-checks based on the examples provided in the guidelines to avoid the mentioned antitrust compliance risks [1]

Core Points - The State Administration for Market Regulation released the "Antitrust Compliance Guidelines for Internet Platforms (Draft for Comments)" to solicit public opinions [1] - The guidelines aim to help platform operators identify, assess, and prevent antitrust compliance risks, clarify behavioral boundaries, stabilize market expectations, and boost development confidence [1] Summary by Categories Antitrust Compliance Risks - The guidelines provide examples of eight types of antitrust compliance risks for platform operators, including algorithm collusion between platforms, assisting platform operators in reaching monopoly agreements, unfair high pricing, selling below cost, banning or blocking, "choose one from two" behavior, "lowest price on the entire network," and differential treatment by platforms [1] Purpose and Benefits - The guidelines are designed to enhance the readability and vividness of the regulations, encouraging platform operators to proactively conduct risk assessments and self-inspections to avoid the mentioned antitrust compliance risks [1]

来源：环球网 值得注意的是，《指引》在文件性质上定位为"不具有强制力的专项合规指引"，其核心目的并非增设义 务，而是为平台提供一般性指引。市场监管总局强调，此举是加强全链条监管的创新举措，通过帮助平 台主动识别、评估、防范风险，有效降低其合规的不确定性成本，从而稳定市场预期，提振发展信心。 这种"宽严相济"的柔性监管思路，体现了从"事后处罚"向"事前预防"的深刻转变，旨在为平台经济营造 一个更加公平、透明、可预期的发展环境。 《指引》的制定，是贯彻落实相关政策及国家"十四五"规划关于促进了平台经济创新发展、健全常态化 监管制度决策部署的具体举措。近年来，平台经济在推动社会进步的同时，其网络效应和管理者属性也 带来了独特的垄断风险，损害了平台内经营者、消费者等多方主体的利益。《指引》的出台，正是回应 了社会期待和行业需求，通过系统总结执法经验，广泛听取各方意见，为平台经营者明晰了行为边界。 【环球网财经综合报道】2025年11月15日，市场监管总局发布《互联网平台反垄断合规指引（征求意见 稿）》（简称《指引》），面向社会公开征求意见，意见反馈截止日期为11月29日。作为我国平台经济 反垄断监管领域的重要指导性文 ...