China Cracks Down On Counterfeit Investment Platforms

  • China's cyberspace regulator has cracked down on counterfeit investment platforms, Reuters reports.
  • The Cyberspace Administration of China (CAC) investigated and cracked down on some 42,000 counterfeit apps since 2022 and incorporated them into the national fraud-related database.
  •  It found multiple cases involving scammers creating fraudulent investment platforms by emulating popular tech companies, including, Inc's JD fintech arm JD Finance.
  • Also Read: Alibaba And Other Chinese Stocks Go Jittery As China Tightens Rules On Overseas Data Transfer
  • "App stores and other platforms should also strengthen the security scrutiny of App download to prevent fake Apps from fishing in troubled water to harm internet users," CAC said.
  • Earlier this year, the U.S. added Alibaba Group Holding Ltd's (NYSEBABA) AliExpress and Tencent Holdings Ltd's (OTC: TCEHY) WeChat messaging platforms to its list of notorious markets for counterfeiting and piracy.
  • WeChat and Weixin, its China-facing version, were considered among the largest platforms for counterfeit goods in China, with more than 1.2 billion active users worldwide in 2021.
  • The list also included Chinese online retailer Pinduoduo Inc PDD, Alibaba's Taobao, and Baidu Inc's (NASDAQBIDU) cloud-storage service Baidu Wangpan and e-commerce service provider Inc. 
  • According to a global survey, China is the number one producer of fake products and the largest online retailer of counterfeit goods.
  • Price Action: BABA shares closed lower by 2% at $113.71 on Thursday.

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