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China’s market regulator said on Wednesday it has fined JD.Com Inc, Alibaba’s Tmall and Vipshop 500,000 yuan (US $ 76,656.55) each for irregular prices.
FILE PHOTO: The JD.com logo is seen on the helmet of a delivery man in Beijing, China, June 16, 2014. Picture taken June 16, 2014. REUTERS / Jason Lee
BEIJING: China’s market regulator said on Wednesday that it has fined JD.Com Inc, Alibaba’s Tmall and Vipshop 500,000 yuan (US $ 76,656.55) each for irregular prices.
The State Administration for Market Regulation said in a social media post that it had made the decision after receiving complaints from consumers about companies’ pricing strategies surrounding the Nov.11 shopping events.
Alibaba and JD.Com did not immediately respond to requests for comment, while Vipshop could not immediately be reached for comment.
