Chinese market regulator informed that it has imposed fines on “JD.Com Inc, Alibaba’s Tmall and Vipshop” under “irregular pricing” whereby each of them have to pay “500,000 yuan” equal to “$76,657”.
Taking to social media, the “State Administration of Market Regulation”, SAMR stated that the above mentioned decision came after receiving the “consumer complaints” mentioning the companies’ “pricing strategies” to be related to “Nov. 11 shopping events”.
In fact, in recent weeks, China has also tightened regulations for the internet giants. Last month, Beijing published draft rules which aimed to prevent “monopolistic behaviour” of the internet firms, which marked the “first serious regulatory move” by China against the internet sector. According to Reuters report:
“The SAMR this month said it would fine Alibaba, Tencent Holdings-backed China Literature and Shenzhen Hive Box 500,000 yuan each for not reporting deals properly for anti-trust reviews”.
However, neither JD.Com nor Alibaba provided any immediate reply to Reuters’ “requests for comment” on the matter. While, in a statement, “Vipshop, also backed by Tencent”, informed that it is going to “comprehensively address the matter” besides further standardising the business operations.
References:
reuters.com
Taking to social media, the “State Administration of Market Regulation”, SAMR stated that the above mentioned decision came after receiving the “consumer complaints” mentioning the companies’ “pricing strategies” to be related to “Nov. 11 shopping events”.
In fact, in recent weeks, China has also tightened regulations for the internet giants. Last month, Beijing published draft rules which aimed to prevent “monopolistic behaviour” of the internet firms, which marked the “first serious regulatory move” by China against the internet sector. According to Reuters report:
“The SAMR this month said it would fine Alibaba, Tencent Holdings-backed China Literature and Shenzhen Hive Box 500,000 yuan each for not reporting deals properly for anti-trust reviews”.
However, neither JD.Com nor Alibaba provided any immediate reply to Reuters’ “requests for comment” on the matter. While, in a statement, “Vipshop, also backed by Tencent”, informed that it is going to “comprehensively address the matter” besides further standardising the business operations.
References:
reuters.com
