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

SHANGHAI (Reuters) – China’s market regulator on Monday said it has fined online discount retailer Vipshop Holdings Ltd 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)

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