{"id":111785,"date":"2021-02-08T03:51:16","date_gmt":"2021-02-08T03:51:16","guid":{"rendered":"https:\/\/precoinnews.com\/?p=111785"},"modified":"2021-02-08T03:51:16","modified_gmt":"2021-02-08T03:51:16","slug":"chinese-authorities-slap-vipshop-with-large-fine-as-regulatory-arsenal-expanded","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/chinese-authorities-slap-vipshop-with-large-fine-as-regulatory-arsenal-expanded\/","title":{"rendered":"Chinese authorities slap Vipshop with large fine as regulatory arsenal expanded"},"content":{"rendered":"
FILE PHOTO: An app of the Chinese discount online retailer Vipshop Holdings Ltd is seen on a mobile phone in this illustration picture taken December 18, 2017. REUTERS\/Florence Lo\/Illustration<\/figcaption>

SHANGHAI (Reuters) – Chinese regulators have hit online discount retailer Vipshop Holdings Ltd with a 3 million yuan ($464,000) fine, the biggest to date in a recent clampdown on anti-competitive behaviour among internet firms.<\/p>\n

In a sign that regulators are increasingly willing to use more tools in a newfound zeal to rein in monopolistic behaviour in the tech sector, Vipshop was punished for violations of a law prohibiting unfair competition, which allows for fines of up to 5 million yuan.<\/p>\n

By comparison, other firms that have been hit with penalties since late last year were fined under China\u2019s 2008 anti-monopoly law, which allows for a much lower maximum fine of 500,000 yuan.<\/p>\n

The Vipshop fine comes on the heels of State Administration for Market Regulation (SAMR) publishing updated guidelines on how the anti-monopoly law affects internet firms, which said regulators were keen to prevent price fixing as well as the use of data and algorithms to manipulate the market.<\/p>\n

SAMR said on Monday that from August through December last year, Vipshop had developed a system to obtain information on brands that gave Vipshop a competitive advantage. It added that Vipshop used its system to influence user choices, transaction opportunities and to block sales of particular brands.<\/p>\n

New York-listed Vipshop, which has a market value of about $22 billion, said on Monday that it accepted SAMR\u2019s findings and would strengthen compliance.<\/p>\n

The heightened scrutiny by Chinese regulators since December has included the announcement of a probe into e-commerce giant Alibaba, penalising Alibaba-backed and Tencent-backed firms for not seeking anti-trust reviews for deals, while other firms have also been fined for irregular pricing.<\/p>\n

($1 = 6.4664 Chinese yuan)<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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