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China fines Alibaba $129,000 for pricing violations

April 18, 2015 8:02 AM
16 0
China fines Alibaba $129,000 for pricing violations

SHANGHAI (Reuters) - China's e-commerce giant, Alibaba Group, has been fined 800,000 yuan ($129,000) by the price bureau in eastern Zhejiang province for violations by third-party sellers during promotions on its e-commerce platforms.

Since Alibaba turned "Singles' Day", a November 11 Chinese response to Valentine's Day, into an online shopping festival in 2009, the event has grown to similar proportions as Cyber Monday and Black Friday in the United States.

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