Alibaba-Linked Shanghai Razzas Fined RMB 6.55 Million Over Platform Checks

Shanghai Razzas Information Technology, a company linked to Taobao Flash Sale and wholly owned by Hangzhou Alibaba Venture Capital Management, was ordered to rectify violations and fined RMB 6.55 million by the Shanghai Municipal Administration for Market Regulation, according to ETNet. The company was penalized for failing to properly review the qualifications of 51 catering service providers on its platform. It was founded in July 2010, has registered capital of RMB 10 million, and its business scope includes advertising production, advertising distribution and sales of knitted and textile products.