Business

China regulator fines 15 tutoring firms for false advertising, fraud

China's market regulator fined 15 private tutoring firms for combined 36.5 million yuan (US$5.73 million) for false advertising and pricing frauds, state media the People's Daily reported on Tuesday.

FILE PHOTO: Children leave a school in Shekou area of Shenzhen
FILE PHOTO: Children leave a school in Shekou area of Shenzhen, Guangdong province, China April 20, 2021. REUTERS/David Kirton

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BEIJING: China's market regulator fined 15 private tutoring firms for combined 36.5 million yuan (US$5.73 million) for false advertising and pricing frauds, state media the People's Daily reported on Tuesday.

The 15 companies include Tencent-backed Yuanfudao, Alibaba-backed Zuoyebang, New Oriental Education & Technology Group, the People's Daily said, citing a news briefing by the regulator.

(US$1 = 6.3667 Chinese yuan renminbi)

(Reporting by Lusha Zhang, Sophie Yu and Tony Munroe; Editing by Christian Schmollinger)

Source: Reuters