Chinas Market Regulator Says Pinduoduo To Step Up Product Vetting

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Chinas Market Regulator Says Pinduoduo To Step Up Product Vetting

BEIJING – China’s market regulator said on Friday that after a meeting with online discounter Pinduoduo Inc the company agreed to step up vetting of the products listed on its platform amid reports of counterfeiting.

In a statement on its website, the State Administration for Market Regulation said Pinduoduo should “strengthen platform management, regulate business activities of third-party vendors, stick to law and maintain a healthy, fast and sustainable development.”

Huang Zheng, Pinduoduo’s chief executive officer, vowed to “thoroughly rectify and reform,” and cooperate with regulators’ investigation, according to the statement. The company is backed by Chinese video and internet company Tencent Holdings Ltd and was valued at $23.8 billion last week in an initial public offering (IPO) in New York.

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