China Roundup: Alibaba, Meituan warned against unfair competition, and more

Local regulator warns Alibaba, Meituan against unfair competition

• The Guangdong Administration for Market Regulation warned 16 ecommerce players, including those under Alibaba and Meituan, of “unfair competition” ahead of the annual Singles’ Day sale. The regulator has established guidelines to keep firms from committing “malpractice.”
• The local regulator’s accusations against ecommerce firms include false advertising and dismal customer service, on top of selling fake products on their platforms.
• This is the first Singles’ Day sale since state regulatory and competitive crackdowns started hitting tech companies across sub-industries. Earlier this year, Alibaba and Meituan were slapped with fines of US$2.8 billion and US$533 million, respectively, after anti-monopoly probes.

Healthtech app Boohee raises US$15.6 million

• Boohee has raised fresh funds from Shenzhen Capital Group Company as part of its series D2 financing round.
• Established in 2008, the app provides customized health courses including weight loss programs, and it also manages food brands tailored for health-conscious consumers.
• The app has 130 million users, with its ecommerce unit hitting US$15.6 million per month in sales.

Quantum chip maker TuringQ bags fresh funds in pre-series A money

• TuringQ has raised “hundreds of millions of yuan” in its pre-series A round led by Legend Capital.
• Established in February, the chip developer has been creating a research-to-production process, with plans of shifting from quantum computer research to general computer research.
• The firm will pour its fresh funds into programmable optical quantum chip research and development, as well as in the commercialization of quantum algorithms.

Currency converted from Chinese yuan to US dollar: US$1 = 6.4 yuan.