The company depends on suppliers, third-party merchants, and other service providers and partners as essential elements of its business operations and competitiveness. Key factors for maintaining and enhancing the brand include delivering a superior shopping experience, ensuring product quality and authenticity, providing efficient fulfillment services, and offering positive customer service. The company faces risks related to public perception of counterfeit or defective products and customer service issues, which could harm its reputation and impact user retention and growth.
In May 2017, the company was fined approximately RMB 9.6 million (US$1.4 million) by the State Administration for Market Regulation (SAMR) in Hangzhou for sales and marketing practices prior to February 2016 that violated the Regulations on the Prohibition of Pyramid Selling. The company adjusted its business practices to comply with these regulations and fully paid the fine in June 2017. The company and its PRC legal counsel, Han Kun Law Offices, have consulted with the SAMR district branch in Hangzhou regarding its membership-based social e-commerce platform operations.
Yunji Inc's Comment on Supply Chain
The company depends on suppliers, third-party merchants, and other service providers and partners as essential elements of its business operations and competitiveness. Key factors for maintaining and enhancing the brand include delivering a superior shopping experience, ensuring product quality and authenticity, providing efficient fulfillment services, and offering positive customer service. The company faces risks related to public perception of counterfeit or defective products and customer service issues, which could harm its reputation and impact user retention and growth.
In May 2017, the company was fined approximately RMB 9.6 million (US$1.4 million) by the State Administration for Market Regulation (SAMR) in Hangzhou for sales and marketing practices prior to February 2016 that violated the Regulations on the Prohibition of Pyramid Selling. The company adjusted its business practices to comply with these regulations and fully paid the fine in June 2017. The company and its PRC legal counsel, Han Kun Law Offices, have consulted with the SAMR district branch in Hangzhou regarding its membership-based social e-commerce platform operations.
Sources:
Yunji Inc 's official press releases and regulatory filings; CSIMarket.com's supply-chain research; and the financial filings and press releases of other companies cited in this report.
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