Chinese online discount retailer Vipshop has refuted claims that it is selling counterfeit items on its platform, citing an authentication report from a government-backed enterprise as proof.
Chinese market regulators on Monday issued a 3 million yuan ($464,000) fine to online discount retailer Vipshop Holdings Ltd for unfair competition.
Three leading Chinese technology firms, Tencent Music Entertainment Group, online retailer Vipshop, and live-streaming platform Joyy, are currently seeking secondary listings in Hong Kong.
China’s market regulator said it fined operators of Alibaba’s Tmall, JD.com and Vipshop for mispricing products in November and early December, as Beijing steps up regulation of the e-commerce sector.
Chinese cosmetics brand Perfect Diary has completed a new round of financing worth $140 million, and it plans to have an initial public offering in the US by the end of this year
Vipshop Holdings Ltd. said on Wednesday that Yang Donghao, its CFO, will step down from the position in November 2020 for “personal reasons.”
These Chinese shopping apps are now the most popular way for people to buy almost anything online.
Chinese online retailer Vipshop reported sliding revenues and profit in the first quarter of 2020 as the COVID-19 pandemic disrupts logistic services and supply chains.
Tencent, JD.com and Vipshop announced that Tencent and JD.com would invest US $863 million in Vipshop. After investment, JD.com is making a leap toward its goal of “selling clothes on JD.com”.