Tencent was ordered to remove the exclusive copyright of online music

Tiger Newspress2021-07-24

The China market supervision administration made an administrative punishment decision according to law, ordering Tencent and its affiliated companies to take measures to restore the state of market competition, such as canceling the exclusive music copyright within 30 days, stopping the payment of copyright fees such as high prepayment, and not requiring the upstream copyright party to give conditions superior to its competitors without justified reasons. Tencent will report the performance of its obligations to the State Administration of market supervision every year within three years, and the State Administration of market supervision will strictly supervise its implementation according to law.

This case is the first case in which necessary measures have been taken to restore the state of market competition for the illegal implementation of business concentration since the implementation of China's anti-monopoly law.

Tencent responded that the company will seriously abide by the decision, strictly implement the regulatory requirements, operate in accordance with the law, earnestly fulfill its social responsibility and maintain benign competition in the market. Tencent will take full responsibility, formulate rectification measures and plans with Tencent music and other affiliated companies within the specified time limit, and complete them completely in accordance with the requirements of the punishment decision to ensure that the rectification is in place.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

  • BhaskarB
    2021-07-26
    BhaskarB
    All Chinese stocks are going to be on sale
  • es.T
    2021-07-26
    es.T
    Good buy now?
  • Gooooooooood
    2021-07-26
    Gooooooooood
    [Happy] 
  • littlekitten
    2021-07-26
    littlekitten
    Omg!
  • 爱喝水的小猫猫
    2021-07-26
    爱喝水的小猫猫
    And I thought second half of 2021 will be the light at the end of the tunnel….
  • andrew123
    2021-07-26
    andrew123
    Wat is bringing down price recently is strong hand by regulator. How to buy china stk when we  dont know who will be next. Like n comment
Leave a comment
300