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 JD.com, Inc's JD fintech arm JD Finance.
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"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 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.