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Quick Take: Court Upholds Infringement Award Against Market Data Provider

Photo: IC
Photo: IC

A Shanghai court has upheld a 3.35 million-yuan ($506,000) infringement award against a major real-time market information provider in China.

However, the court did not say whether Zhejiang Hithink Flush Information Network Co. Ltd. had to discontinue using the software that was the center of the lawsuit.

Zhejiang Hithink was sued by larger rival Wind Information Technology Co. Ltd. in 2012. Widely known as China’s equivalent of Bloomberg, Wind Information claimed that Zhejiang Hithink was imitating its product, and that Zhejiang Hithink had to stop using the iFinD software that Wind said was essentially a copy of Wind’s operating software.

Shanghai No.1 Intermediate People’s Court had ruled against Zhejiang Hithink nearly a year ago. The court said Zhejiang Hithink had engaged in “improper competitive behavior” and that it had to stop producing, selling and authorizing others to use “the copied product.” The court also ordered Zhejiang Hithink to pay compensation of 3.35 million yuan to Wind.

The Shanghai High People’s Court recently upheld that ruling, Caixin learned. But in its verdict, the court did not say whether Zhejiang Hithink could continue to use the iFinD software, which Zhejiang Hithink claims has been greatly modified since 2012, when Wind filed the lawsuit.

Zhejiang Hithink told Caixin that it might continue with further legal proceedings to clarify the legality of the underlying iFinD software.

Hangzhou-based Zhejiang Hithink, established in 2001, offers comprehensive real-time market information to financial market participants. Shanghai-based Wind Information, set up in 1994, provides real-time market information as well as a communication platform for financial professionals.

Contact reporter Aries Poon (ariespoon@caixin.com)

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