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Chinese regulators fine Alibaba-backed browser for false advertising
- Thursday | 15th April, 2021
BEIJING (Reuters) -Local market regulators in China on Tuesday fined subsidiaries of Alibaba Group Holding Ltd and 360 Security Technology Inc for engaging in false advertising. The punishments follow negative media exposure on the divisions and increasing pressure on tech companies from China’s State Administration for Market Regulation (SAMR). The local market regulator in the southern city of Guangzhou fined UC Browser, a subsidiary of Alibaba, 2,091,636 yuan ($319,470) for false advertising, according to a statement on its website. Additionally, the market regulator in Beijing fined a subsidiary of 360 Search, a popular search engine, 2 million yuan ($306,000) for false advertising, state-owned newspaper Beijing Youth Daily reported. The fines were announced on the same day that SAMR warned nearly three dozen Chinese internet companies to cease engaging in anti-competitive business practices.
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