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By Reuters Staff 2 Min Read FILE PHOTO: The logo of Alibaba Group is seen at its office in Beijing, China January 5, 2021. REUTERS/Thomas Peter/File Photo/File Photo BEIJING (Reuters) - The Chinese market regulator has asked Alibaba-backed 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. ....
China imposes upper-limit fine on community group-buying firm Xinhua 28 May 2021, 02:44 GMT+10 BEIJING, May 27 (Xinhua) China s top market watchdog Thursday imposed a maximum-level fine on the operator of community group-buying platform Nice Tuan over improper pricing that disrupted the market order. The State Administration for Market Regulation required the company to pay a fine of 1.5 million yuan (about 234,265 U.S. dollars) and stop its business for three days in Jiangsu Province and implement rectifications. According to the regulator, the platform dumped products at prices below cost to squeeze out competitors, disrupting the normal order of production and operation and damaging the legitimate rights and interests of other market players. ....
China hands Alibaba-backed Nice Tuan new 1.5 million yuan fine reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
China hands Alibaba-backed Nice Tuan new 1.5 million yuan fine channelnewsasia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from channelnewsasia.com Daily Mail and Mail on Sunday newspapers.
5 Most Valuable Internet Companies in the World Market cap: $632.3 billion Chinese e-commerce company Alibaba Group ranks 5th on the list of 15 most valuable internet companies in the world. Aside from operating its Core Commerce business, the company also engages in cloud computing, digital media and entertainment, and innovation initiatives, and others. Alibaba recently invested $750 million in Nice Tuan, a Chinese grocery app, to expand its grocery segment. In the third quarter of 2021, the company’s Core Commerce revenue came in at $30 billion while Alibaba Cloud reached $2.4 billion. Evan Lorne / Shutterstock.com Published on April 7, 2021 at 5:35 am by Inan Dogan, PhD ....