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China’s antitrust watchdog has fined flash sales e-commerce platform Vipshop 3 million yuan ($464,000) for unfair competition.
It’s the second time Vipshop has been fined by China’s State Administration for Market Regulation in a three-month period, after the platform was slapped with a 500,000 yuan ($77,000) fine in December for pricing irregularities.
According to an official announcement from the regulator, Vipshop has been illegally obtaining information about brands that sell through its and competitor’s platforms. In a Weibo post, the company responded by saying it did not object to the facts in the ruling, and that it will “rectify and reform” to maintain market order.
