JD, TMall fined over pricing irregularities

Reuters
China's market regulator said yesterday that it has fined JD.com Inc, Alibaba's Tmall and Vipshop 500,000 yuan (US$76,657) each for irregular pricing.
Reuters

China’s market regulator said yesterday that it has fined JD.com Inc, Alibaba’s Tmall and Vipshop 500,000 yuan (US$76,657) each for irregular pricing.

The State Administration of Market Regulation said in a social media post that it had taken the decision after receiving complaints over the companies’ pricing strategies related to the November 11 shopping events.

China has stepped up regulations on Internet giants in recent weeks.

China issued draft rules last month aimed at preventing monopolistic behavior 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 that it would comprehensively address the matter and further standardize its business operations.

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