PDD Holdings (PDD) executives are being pressed by China's top markets watchdog to fix the online retailing platforms' refunds policy, Bloomberg reported Wednesday, citing people familiar with the matter.
China's State Administration of Market Regulation and Ministry of Commerce recently told PDD officials its Pinduoduo online shopping platform's policy of allowing consumers to claim refunds without returning items imposes undue pressure on the merchants who sell through the site, the report said.
The regulators requested that PDD resolve the issue but did not bar the practice, Bloomberg said.
PDD did not reply to MT Newswires' request for comment.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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