China hands Alibaba-backed Nice Tuan new 1.5 mln yuan fine

Reuters
2 minute read
The logo of Alibaba Group is seen at its office in Beijing, China January 5, 2021. REUTERS/Thomas Peter/File Photo/File Photo
The Chinese market regulator has asked Alibaba-backed (9988.HK) Nice Tuan to suspend its operations in Jiangsu province for three days and fined it 1.5 million yuan ($235,302) for failing to take action over product dumping practices and pricing fraud.
The State Administration for Market Regulation (SAMR) said in a statement on its website that the community group buying service provider had failed to correct wrongdoings in some areas since it was fined by the regulator in March, despite company claims of active rectification.

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