- 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 JD.com, Inc’s (NASDAQ: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 (NYSE: BABA) 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 (NASDAQ: PDD), Alibaba’s Taobao, and Baidu Inc’s (NASDAQ: BIDU) cloud-storage service Baidu Wangpan and e-commerce service provider DHgate.com 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.
Cox Automotive Forecasts Annual U.S. Vehicle Sales Pace In December To Be Near 15.1M, Up 1.6M From Last December’s 13.5M Pace
https://www.coxautoinc.com/news/cox-automotive-forecast-december-2023-u-s-auto-sales-forecast/#:~:text=Full%2Dyear%202023%20U.S.%20auto%20sales%2C%20based%20on%20vehicle%20counts,forecast%20from%20one%20year%20agoDecembe
