China's market regulator said Wednesday it has fined JD.Com Inc, Alibaba's Tmall and Vipshop 500,000 yuan (US$76,657) each for irregular pricing, Reuters reports. Beijing issued draft rules last month aimed at preventing monopolistic behaviour by internet firms, marking China's first serious regulatory move against the sector. The SAMR this month said it would fine Alibaba, Tencent Holdings-backed China Literature and Shenzhen Hive Box 500,000 yuan each for not reporting deals properly for anti-trust reviews. Alibaba and JD.Com did not immediately respond to requests for comment. Vipshop, also backed by Tencent, said in a statement it would comprehensively address the matter and further standardise its business operations.

Source: The Standard December 30, 2020 11:59 UTC