Many Chinese cross-border e-commerce companies are planning to reduce their reliance on Amazon in anticipation of increasingly stringent regulations, according to the Shenzhen Cross-Border E-Commerce Association.
On Monday, Suning.com, the retail arm of Suning Group, announced that two state-backed investors took the lead to establish the second phase of Jiangsu Xinxin Retail Innovation Fund, which would acquire 16.96% equity of Suning.com at a price of 5.59 yuan per share, marking the latest move by China to rescue debt-ridden conglomerate.
Chinese market regulators on Monday issued a 3 million yuan ($464,000) fine to online discount retailer Vipshop Holdings Ltd for unfair competition.
Police in China revealed a scheme where gambling operators used fraudulent online fronts and delivery tracking numbers to create e-commerce records and disguise illegal money flows.
Chinese online retailer Vipshop reported sliding revenues and profit in the first quarter of 2020 as the COVID-19 pandemic disrupts logistic services and supply chains.
Chinese online retailer Jumei announced on Feb. 25 that it has accepted a merger deal with Super ROI Global Holding Limited (Parent) and Jumei Investment Holding Limited (Purchaser).