"BEIJING, Jan 30 (Reuters) - Chinese regulator fined Kuaigou, an e-commerce unit of live-streaming service provider Kuaishou Technology, 26.7 million yuan ($3.84 million) over what it described as several "illegal acts." Kuaigou charged "unreasonable" fees, failed to protect consumers or take action on counterfeit products being sold on its platform, and facilitated false or misleading marketing practices, according to a statement China's market regulator released on Friday."
"The company also published "illegal advertising," failed to disclose required information and provided services "for the illegal sale or purchase of wild animals and their products or prohibited hunting tools," the regulator said. In a statement released later on Friday, Kuaigou said it "sincerely accept(s) and will resolutely obey" regulator's decision and penalty. "We will strengthen operations in accordance with the law, further improve compliance level ... and work together with the businesses on the platform to provide better services to consumers," the company said."
China's market regulator fined Kuaigou, an e-commerce unit of Kuaishou Technology, 26.7 million yuan ($3.84 million) for multiple illegal acts. Regulators found Kuaigou charged unreasonable fees, failed to protect consumers, did not act on counterfeit products sold on its platform, and facilitated false or misleading marketing practices. The company published illegal advertising, failed to disclose required information, and provided services that enabled the illegal sale or purchase of wild animals and prohibited hunting tools. The fine followed a probe launched in September into false marketing and counterfeit issues in the live-streaming e-commerce industry. Kuaigou said it accepts the decision and will strengthen compliance and operations.
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