Shanghai tax authority fines discount e-commerce firm PDD Holdings
SHANGHAI, Jan 21 (Reuters) - A Shanghai district taxation bureau has fined e-commerce firm PDD Holdings PDD.O 100,000 yuan ($14,359) for failing to submit tax information in accordance with requirements, Chinese state media outlet Xinhua reported on Wednesday.
The company, which operates the platforms Pinduoduo within China and Temu internationally, did not immediately respond to a request for comment.
The company has been under pressure recently and domestic competition among e-commerce firms has led PDD executives to repeatedly warn of slowing growth in the coming quarters.
Chinese regulators have also been more overt in warning about price wars in the e-commerce and food-delivery sectors in recent months.
Even though PDD has not played a key role in China's " instant retail wars " over the past 12 months, Bloomberg reported on Monday, citing sources, that regulators have dispatched more than 100 investigators from various agencies to PDD's Shanghai headquarters in recent weeks as part of an ongoing probe into alleged misconduct.
($1 = 6.9640 Chinese yuan renminbi)
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