《大行》花旗:內地出台對網絡平台向商戶收取費用監管指引 美團(03690.HK)受影響最大
花旗發表報告指,國家市場監管總局最新出台的《網絡交易平台收費行為合規指南(徵求意見稿)》,是監管機構為確保平台經濟健康、可持續發展而進行的一個持續過程。
具體而言,該行認為內地政府的最終目標是改善商戶的經營環境和增加商戶收入,因此預期為小規模商戶提供服務和促進交易的平台可能會面臨更大的壓力。絕大多數平台已經實施各種費用減免計劃、商戶支持補貼和補救措施,因此該行認為平台需要進一步做出的改變可能有限。
該行覆蓋中國互聯網平台範圍內,預期隨著時間的推移,提成率和變現率將會下降。受影響最大的平台依次為美團(03690.HK)、拼多多(PDD.US)、阿里(09988.HK)及京東(09618.HK)。
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