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Alibaba, JD.com and others cautioned by regulators on sales practices ahead of "Singes' Day"

Published 11/08/2016, 09:27 AM
Alibaba, JD.com and others cautioned by regulators on sales practices ahead of "Singes' Day"
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  • Issued as notice China's State Administration for Industry and Commerce will be monitoring merchants throughout the high-stakes, high-competition shopping festival.
  • Concerns involving counterfeit products, falsifying of sales figures, misrepresented advertising and other unfair practices are cited. Additionally, the agency has offered caution in previous years, though increased scrutiny for this cycle is considered in part attributable to the SEC's investigation into Alibaba 's accounting procedures and whether company-reported sales figures are truly accurate (over $14B last year).
  • Reuters also has Amazon (NASDAQ:AMZN) (which just launched Prime in China), Baidu and Tencent Holdings as other recipients of similar warning.
  • Alibaba (NYSE:BABA): "We are the industry leader in combating unfair and illicit practices; We never tolerate malpractices by merchants on our marketplaces."
  • JD.com (NASDAQ:JD): "Our commitment to quality products and service has always been a key differentiator for us in this market and we employ additional resources for major sales to keep that promise even during the busiest periods."
  • "Singles' Day" to come this Friday, November 11.
  • Yesterday: Alibaba looks to expand Singles Day

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