China fines JD.Com, Alibaba's Tmall, Vipshop for irregular pricing
Reuters
Published Dec 30, 2020 06:29AM ET
Updated Dec 30, 2020 07:16AM ET
BEIJING (Reuters) -China's market regulator said on Wednesday it has fined JD (NASDAQ:JD).Com Inc, Alibaba (NYSE:BABA)'s Tmall and Vipshop (NYSE:VIPS) 500,000 yuan ($76,657) each for irregular pricing.
The State Administration of Market Regulation (SAMR) said in a social media post that it had taken the decision after it received consumer complaints over the companies' pricing strategies related to Nov. 11 shopping events.
China has stepped up regulations on internet giants in recent weeks.
Beijing issued draft rules last month aimed at preventing monopolistic behaviour by internet firms, marking China's first serious regulatory move against the sector.
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.
Alibaba and JD.Com did not immediately respond to requests for comment.
Vipshop, also backed by Tencent, said in a statement it would comprehensively address the matter and further standardise its business operations.
($1 = 6.5226 Chinese yuan renminbi)
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Written By: Reuters
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