Local market regulators in China on Tuesday fined subsidiaries of Alibaba Group Holding Ltd and 360 Security Technology Inc for engaging in false advertising.
360 Security shares fall after TV report By OUYANG SHIJIA | China Daily | Updated: 2021-03-17 09:30 Share CLOSE A sign of Qihoo 360 Technology Co Ltd is pictured at Internet Security Conference 2018 in Beijing, Sept 4, 2018. [Photo/Agencies]
Shares of 360 Security Technology Inc fell by 0.36 percent to 14.02 yuan ($2.16) per share on Tuesday in Shanghai, after the Chinese security company, known for its antivirus software, was exposed during an annual consumer rights show.
China Central Television said in its 315 Evening Gala telecast on Monday that 360 Search and UC Browser had used false medical advertisements to influence user choices.
The Shanghai Stock Exchange subsequently issued a supervision letter to 360 Security Tech on the matter. 360 Security Tech said in an announcement that it is actively cooperating with the authorities concerned on the issue and has set up an investigation group to probe the third-par
(March 17): Alibaba’s UC Browser vanished from China’s largest app stores after state-backed broadcaster CCTV blasted the popular mobile browser along with other services for failing consumers.
Government-run China Central Television included the app among a number of brands it accused of flouting consumer rights in its annual name-and-shame program for March 15, World Consumer Rights Day. App stores run by Huawei Technologies Co. and Xiaomi Corp. were among the local app stores that’ve since pulled the app, though Apple Inc. continues to offer UCWeb for iOS users.
The browser was among a plethora of consumer products called out Monday. 360 Security Technology Inc.’s shares fell in Shanghai after CCTV reported that ads in its search product contained fake medical information, while the broadcaster also went after everything from Nissan Motor Co.-owned Infiniti’s customer service to face-recognition software failings.