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China fines Vipshop almost $500,000 for unfair competition acts

· 02/07/2021 20:02
China fines Vipshop almost $500,000 for unfair competition acts

- China's market regulator on Monday said it has fined online discount retailer Vipshop Holdings Ltd VIPS.N 3 million yuan ($463,936.66) for committing unfair competition acts.

An investigation found that from August through December last year, Vipshop had developed a system to obtain information on brands it and competitors sold which gave Vipshop a competitive advantage, the State Administration for Market Regulation said on its website.


($1 = 6.4664 Chinese yuan renminbi)


(Reporting by Brenda Goh; Editing by Christopher Cushing)

((brenda.goh@thomsonreuters.com; +86 (0) 21 2083 0088; Reuters Messaging: brenda.goh.thomsonreuters.com@reuters.net))