Beijing Authorities Address Issues of “Involution” Competition Among Major Online Platforms

Beijing’s Market Supervision Bureau, in collaboration with the Municipal Bureau of Commerce and the Municipal Bureau of Culture and Tourism, held discussions with 12 platform companies on March 23, 2026. The companies involved include Ctrip, Qunar, Gaode, JD.com, Taobao, Meituan, Fliggy, Tongcheng, Tujia, Xiaozhu, Douyin, and Kuaishou. This meeting focused on the first set of issues identified since the implementation of comprehensive measures to rectify “involutionary” competition among platforms, and corrective actions were required.

In light of recent geopolitical tensions, particularly the escalating conflict between the U.S. and Iran, international crude oil prices have surged significantly, with increases exceeding 40% across various regions, especially in the Middle East where prices have hit record highs above $150 per barrel, a rise of over 130% since before the conflict. According to Tian Lei, Deputy Director of the Economic Center at the Energy Research Institute of the China Macroeconomic Research Institute, this increase has directly affected China’s import and fuel costs. To mitigate these adverse effects and alleviate the burden on downstream users, the National Development and Reform Commission announced temporary regulatory measures on fuel prices, highlighting the advantages of the socialist system with Chinese characteristics and its role in maintaining stable domestic economic operations.

In response to the legal situation surrounding DJI, Liu Jingkang, founder of Yingstone Innovation, stated that DJI’s claim is that patents filed by former employees within a year of their departure should belong to DJI. However, investigations indicate that the ideas and innovations resulting in those patents were developed while at Yingstone. Liu emphasized that the lawsuits from GoPro and DJI are understandable, given the competitive dynamics in the tech industry.

On March 23, the silver market experienced a dramatic drop, falling approximately 10%, while gold prices plummeted by around 8%. The Asia-Pacific markets also suffered, with South Korea’s stock market declining over 6% and Japan’s by more than 3%. European stock futures opened lower, with the Euro Stoxx 50 futures down nearly 2%, and losses exceeding 2% for Germany’s DAX and France’s CAC 40 indices. In the U.S., pre-market trading saw a significant decline. Among the A-share indices, all three major indices fell by over 3%, with the Shanghai Composite Index just above the critical 3800-point mark, closing down 3.63%. This sell-off is largely attributed to heightened tensions between the U.S. and Iran, which have raised concerns over inflation and economic growth.

As of the afternoon of March 23, gold prices had dropped more than 4.66%, falling below $4300 per ounce and erasing earlier gains for the year. Silver prices dipped to $63 per ounce, down 7%. Numerous brands adjusted their gold ornament prices, with major firms reporting prices below 1400 yuan per gram.

On March 17, Lululemon released its fourth-quarter and annual results for 2025, marking a challenging year. The fourth-quarter revenue increased by 1% to $3.6 billion, slightly above adjusted market expectations. However, this growth rate is the slowest in nearly three years, with previous quarters achieving higher growth rates of 13%, 16%, and 30%. Despite surpassing $10 billion in global net revenue for the first time in fiscal 2025, the growth rate of 5% is the lowest since going public, with the North American market stagnating. The company’s net profit attributable to shareholders fell by 12.97% to $1.579 billion. Fortunately, the Chinese market provided a significant boost, with net revenue in mainland China increasing by 24% year-on-year in the fourth quarter and 29% for the entire fiscal year, bringing the total number of stores in mainland China to over 170.

On March 23, Aima Technology’s stock surged, reaching 31.11 yuan per share. Analysts suggest that rising costs for traditional fuel motorcycles due to increased oil prices in Southeast Asia have led to greater demand for electric motorcycles. Aima confirmed its strategy to expand internationally, with production bases in Vietnam and Indonesia and efforts to develop its own brand distribution channels.

Following the price adjustment of refined oil on March 9, the National Development and Reform Commission noted that due to the rising international oil prices driven by the U.S.-Iran conflict, they have implemented temporary measures to stabilize domestic fuel prices. Starting from March 23 at midnight, gasoline and diesel prices will increase by approximately 0.87 yuan and 0.95 yuan per liter, respectively, compared to what they would have been without intervention.

On March 23, well-known LED manufacturer Sanan Optoelectronics saw its stock drop to the daily limit due to news that its actual controller, Lin Xiucheng, was detained as part of a corruption investigation. The notification from the National Supervisory Commission indicated that Lin had not held any positions at the company since July 2017, and the company’s operations remain stable.

On March 22, Weining Health announced a second-instance ruling reducing the sentence of its controlling shareholder, Zhou Wei, to one year and three months for bribery. Zhou has resigned from his position and is no longer involved in daily operations, although he will serve as an advisor.

As of March 23, domestic gold prices fell below 1000 yuan per gram, with current spot prices at 975.5 yuan per gram. Notable jewelry brands have also adjusted their prices downward, reflecting the broader trend in precious metals.

On March 23, shares of electric two-wheeled vehicle companies surged, with Aima Technology and New Day shares hitting their limits. The domestic fuel price adjustment expected to take place on March 23 at midnight could see gasoline prices rise significantly, with forecasts indicating a return to over 9 yuan per liter for 95-octane gasoline.