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The State Administration of Market Supervision gives penalty to JD, Tmall, and Vipshop for improper price behavior
In response to the strong feedback from consumers before and after the Double Eleven shopping festival, the State Administration of Market Supervision has dealt with JD.com, Tmall and Vipshop a penalty decision on December 24, 2020 in accordance with Article 40 of the Price Law and Article 7 of the Provisions on Administrative Penalties for Price Illegal Acts.
The enterprises were imposed administrative penalties of RMB500,000 yuan each. The three e-commerce companies were accused of making false promotions, induced transactions, and irregular price patterns.
SMIC has reportedly obtained a mature chip manufacturing process license from the United States