China fines JD.Com, Alibaba's Tmall, Vipshop for irregular pricing

China's market regulator said on Wednesday it has fined JD.Com, Alibaba's Tmall and Vipshop 500,000 yuan ($76,657) each for irregular pricing.

The State Administration of Market Regulation (SAMR) said in

a statement

that it had taken the decision after it received consumer complaints over the companies' pricing strategies related to Double-11 shopping spree on November 11, including increasing prices prior to offering discounts, false promotion and inducing transactions.

China has stepped up regulations on internet giants in recent weeks, issuing draft rules last month aimed at preventing monopolistic behavior by internet firms, marking the country's first serious regulatory move against the sector.

The SAMR this month said it would fine Alibaba, Tencent Holdings-backed China Literature and Shenzhen Hive Box 500,000 yuan each for not reporting deals properly for anti-trust reviews.

Vipshop, backed by Tencent, said in a statement it would comprehensively address the matter and further standardize its business operations.

(with input from Reuters)

(Cover image: JD.com's logo. /CFP)