Core Viewpoint - Morgan Stanley has raised the target price for iQIYI to $2.30, reflecting a more favorable policy outlook and higher growth visibility in the IP industry and related sectors [1][3]. Industry Summary - Morgan Stanley identifies the IP industry as the most promising sector within the mainland internet and media landscape, followed by live streaming, gaming, long films, and movies [1][3]. - The mainland IP goods market is considered to be in the early stages of long-term growth, with a more relaxed policy environment for long films and live streaming [1][3]. - The industry is currently valued below historical levels, indicating potential for future growth [1][3]. Company Summary - iQIYI's stock price increased by 1.97% to $2.07 prior to the market opening on October 20 [1][3]. - Morgan Stanley has also raised the target price for Mango TV to 27.6 RMB, alongside the adjustment for iQIYI [1][3].

Group 1 - The core viewpoint of the article highlights that Morgan Stanley is optimistic about the IP industry within the mainland internet and media sector, followed by live streaming, gaming, long films, and movies [1] - Morgan Stanley believes that the mainland IP merchandise market is in the early stages of long-term growth, with a more favorable policy environment for long films and live streaming industries, and that industry valuations are below historical levels [1] - The target prices for iQIYI and Mango Excellent Media have been raised to $2.30 and ¥27.60 respectively, reflecting clearer policy prospects and higher growth visibility [1] Group 2 - iQIYI's pre-market price increased by 1.97% to $2.07, with a closing price of $2.03 on October 17 [1] - The total market capitalization of iQIYI is approximately $1.955 billion, with a total share capital of 963 million shares [1] - The 52-week high for iQIYI is $2.85, while the 52-week low is $1.50, indicating significant price fluctuations [1]

Core Insights - The "China Mobile · Qicai Cloud Business - Zibo Live Economy Festival" concluded successfully, marking a significant step in Zibo's digital economy and rural revitalization efforts [1][4] - The event showcased the integration of online and offline activities, utilizing live streaming e-commerce, cloud exhibitions, and digital marketing to create new consumption scenarios and economic momentum [1][2] Event Highlights - The festival attracted over 600 participants and achieved an online viewership exceeding 500,000, significantly enhancing the influence of Zibo's live economy [2] - The establishment of the "Zibo Live Economy Support Center" provided training and support to over 200 rural leaders, strengthening the talent foundation for digital agriculture [2][3] - A "Village Has Good Projects" agricultural product exhibition was held, reaching 4.293 million users through targeted video messaging, facilitating direct connections between Zibo's products and consumers nationwide [2] Strategic Developments - The "Zibo Live Economy Alliance" was formed to foster collaboration among local live streaming professionals and businesses, aiming to break the previous isolated development model [3][4] - The alliance will focus on resource integration, technological empowerment, and talent development to create a collaborative and mutually beneficial live streaming industry ecosystem [3] Future Outlook - The integration of live streaming technology into agriculture, cultural tourism, and traditional commerce is expected to continue, enhancing Zibo's digital economy and rural revitalization efforts [4] - The initiatives aim to promote Zibo's products nationwide and clarify the path for high-quality development, ultimately achieving the long-term goal of "Live Streaming Revitalizing Zibo" [4]

Core Viewpoint - The article discusses a legal dispute involving a live-streaming host and a viewer who demands a refund of 800,000 RMB due to unmet promises made during live broadcasts, highlighting the complexities of gift versus consumption in the context of online tipping [1][3][4]. Group 1: Legal Nature of Tipping - The core issue is whether the 800,000 RMB tipping is a voluntary gift or a consumption behavior, which affects the legal standing of the refund request [3][4]. - If deemed a consumption behavior, the host's failure to fulfill promises could constitute a breach of contract; if viewed as a gift, refund claims are difficult unless fraud or coercion is proven [3][4]. - The viewer must provide evidence linking their tipping to specific promises made by the host to support their claim for a refund [3][4]. Group 2: Contractual Obligations - The validity of the host's promises as contractual obligations is another focal point, requiring clarity and relevance in the agreements made [4]. - If specific agreements regarding signed memorabilia or concert tickets exist, they may supplement the contract; vague statements may not hold legal weight [4]. - The determination of fraud requires strict criteria, including intent and the viewer's reliance on misleading information, which complicates the case [4]. Group 3: Industry Implications - The dispute reveals issues within the live-streaming industry regarding the fulfillment of promises and the regulation of tipping practices [4][5]. - There is a call for regulatory bodies to establish clearer guidelines to manage host promises and prevent misleading inducements for tipping [5]. - Consumers are urged to exercise caution and retain evidence of agreements before making significant financial contributions to live-streaming hosts [5].

Core Viewpoint - The market regulatory authority is intensifying efforts to address the rampant issues of false advertising in the private domain live streaming sector, which includes misleading marketing practices and the sale of unqualified products [1][2]. Group 1: Regulatory Actions - The State Administration for Market Regulation has initiated a nationwide special campaign to combat false advertising in private domain live streaming, targeting platforms, merchants, and related enterprises involved in illegal activities [1]. - A total of 30 cases of false advertising in private domain live streaming have been filed, with 6 cases against platforms and 24 against merchants, resulting in penalties totaling 2.93 million yuan and proposed penalties of approximately 6.63 million yuan [1]. - In Shanghai, over 50 physical sales stores have been identified and penalized as independent illegal entities, breaking the previous enforcement dilemma where stores were considered mere accomplices [2]. Group 2: Techniques and Tactics - Some unscrupulous merchants are using private group chats to lure consumers into private domain live streams, employing platforms that manipulate viewer metrics and create fake interactions [2]. - Regulatory authorities in Henan have traced responsibilities across the entire supply chain, from marketing to product quality, ensuring comprehensive oversight of all parties involved in the live streaming process [2]. Group 3: Market Oversight - The Guangdong market regulatory department has inspected 7,213 live streaming entities and 39,222 videos, generating 606 effective leads for further investigation [3]. - The market regulatory authority has advised businesses to review their practices against legal standards to ensure fair competition and warned platform operators against exploiting technology to engage in illegal activities under the guise of private domain marketing [3].

Core Points - The newly revised Anti-Unfair Competition Law of the People's Republic of China officially came into effect on October 15, 2023, aiming to address false advertising and other illegal activities targeting the elderly in the pharmaceutical and health product sectors [1] - The State Administration for Market Regulation has investigated 4,516 cases of illegal activities, imposing fines totaling 68.7691 million yuan, with 30 cases related to private domain live streaming targeting the elderly [1] - The regulatory focus is on false claims made by businesses using private domain live streaming, which poses challenges for monitoring and enforcement due to its closed and difficult-to-trace nature [1] Summary by Sections Regulatory Actions - Local market regulation departments have implemented innovative measures for comprehensive governance, with Shanghai reporting 89 cases and over 1.5 million yuan in fines by the end of September [2] - In Henan Province, a new model combining "penetrating regulation" and "collaborative enforcement" has led to 76 cases of false advertising in live streaming, with fines totaling 486.57 thousand yuan [2] - Guangdong Province has focused on key areas, resulting in 516 cases filed and 344 concluded, with investigations into two private domain live streaming platforms [2] Legal Framework - The new Anti-Unfair Competition Law enhances regulations on false advertising and strengthens the responsibilities of platform enterprises, providing solid legal support for regulatory efforts [2] - The market regulation authorities will leverage the implementation of the new law to intensify the crackdown on various unfair competition practices, aiming to protect consumer rights and foster a fair market environment [2]

Core Viewpoint - The article discusses the increasing issue of fraudulent marketing practices targeting the elderly through private domain live streaming, highlighting regulatory actions taken by the market supervision authorities to combat these illegal activities [1][5]. Group 1: Regulatory Actions - The Market Supervision Administration has initiated 30 cases related to false advertising in private domain live streaming, with 6 cases involving platforms and 24 involving merchants, resulting in penalties totaling 2.93 million yuan and proposed penalties of approximately 6.63 million yuan [1][6]. - Investigations into five private domain live streaming platforms, including Weizan and Xiaoe Tong, have concluded, indicating a focused effort to address the issue [5][6]. - The administration has collected 7,415 public complaints and has handled 4,516 illegal cases, imposing fines totaling 68.77 million yuan and requiring 3,611 entities to rectify their practices [6][7]. Group 2: Characteristics of Private Domain Live Streaming - Private domain live streaming is characterized by precise targeting of specific user groups, high conversion rates of purchase intentions, a closed and concealed nature, and diverse operational models [2][3]. - The marketing strategies often involve misleading claims, such as presenting ordinary products as miraculous cures, and utilizing fake expert personas to promote products [3][4]. Group 3: Challenges in Regulation - The regulatory authorities face challenges in monitoring and enforcing laws due to the private nature of these live streams, making evidence collection and tracing difficult [4][6]. - The new amendments to the Anti-Unfair Competition Law, effective from October 15, aim to strengthen the regulation of false advertising and enhance the responsibilities of platform companies [7].

Core Points - The newly revised Anti-Unfair Competition Law of the People's Republic of China will officially take effect on October 15, addressing challenges in the digital economy and enhancing legal protections for both businesses and consumers [1] Group 1: Regulation of Unfair Competition - The new law specifically strengthens online competition rules, prohibiting behaviors such as forced redirection, malicious uninstallation, and the improper acquisition and use of others' data [1] - It aims to directly regulate issues like "traffic hijacking," "data theft," and "internet water armies" [2] Group 2: Protection of Small and Medium Enterprises (SMEs) - The law addresses the issue of large enterprises delaying payments to SMEs, explicitly prohibiting the abuse of dominant positions to impose unreasonable trading conditions or delay payments [3] - This regulation targets unfair trading practices such as large enterprises withholding payments for over six months and arbitrary changes in acceptance standards, creating a more equitable competitive environment for SMEs [5] Group 3: Brand Protection and Misleading Practices - The law introduces detailed regulations against "brand squatting" and misleading practices in live-streaming platforms, where smaller brands mimic well-known brands to mislead consumers [6] - It prohibits unauthorized use of influential new media account names, application names, or logos, and the use of others' registered trademarks as search keywords to mislead consumers [7][9] Group 4: Combatting False Transactions and Reviews - The law explicitly bans organizing false transactions and reviews, addressing the gray market of fake reviews that mislead consumer decisions [10] - It requires platforms to establish reporting mechanisms for unfair competition and mandates timely action against violations, creating a dual defense of self-inspection and regulatory oversight [10] Group 5: Addressing Price Wars and Market Order - The law aims to curb "involution" in competition, preventing platforms from forcing or indirectly compelling sellers to sell below cost, which disrupts market order [11] - It specifically addresses extreme low pricing practices that compromise product quality and safety, such as in the power bank and tea beverage industries [10]

Core Insights - The company is enhancing its strategic focus on the female entertainment sector, aiming to improve the value experience for core female users through high-quality and innovative content [1][2] - Since launching its short video platform live streaming business in 2021, the company has established a robust operational system and gathered a large, distinctive user base primarily consisting of high-value female users aged 18 to 40 in new first-tier cities [1] - The company believes that understanding and serving its core users is crucial for future competition, leading to a deep customization of business and content tailored to the specific needs and preferences of female users [1][2] Business Matrix Development - The company plans to upgrade the entertainment live streaming experience by refining content categories, encouraging innovative interactive formats, and strengthening emotional connections among users, making the platform a key space for leisure and social interaction [1] - There will be increased investment in the entertainment live streaming and live e-commerce sectors to enhance user engagement and community belonging [1] - Customized product development will include light competitive gaming products that emphasize fun gameplay and strong community interaction, as well as female-oriented casual games designed to provide emotional comfort and a low-pressure entertainment experience [2] - The strategic focus is expected to allow the company to respond more accurately to user needs, enriching the entertainment experience and expanding new business growth opportunities while creating long-term sustainable value for shareholders [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之任何損 失承擔任何責任。 （ 根據開曼群島法律註冊成立之有限公司） （股份代號：6899） 自願公告 聚焦女性用戶價值，以內容驅動新娛樂 本公告乃由聯眾國際控股有限公司（「本公司」）自願作出。 本公司董事（「董事」）會（「董事會」）欣然宣佈，在現有業務及用戶生態持續良性發展的基礎 上，決定進一步加強女性娛樂領域的戰略佈局—聚焦持續提升核心女性用戶的價值體驗， 並以優質、創新的內容驅動新娛樂業務的增長。 自 二 零 二 一 年 開 展 短 視 頻 平 台 直 播 業 務 以 來 ， 本 公 司 已 在 抖 音 、 快 手 等 核 心 陣 地 深 耕 四 年。期間，我們不僅建立了成熟的運營體系，更重要的是，成功匯聚了規模龐大、特徵鮮 明的核心用戶群體 — 主要為新一線城市中18至40歲的高價值女性用戶。該用戶群體的形 成，為本公司未來的發展奠定了堅實的用戶基礎與數據洞察優勢。 – 1 – OURGAME INTERNATIONAL ...