BEIJING (Reuters) – China’s market regulator said on Monday it fined online education startups Yuanfudao and Zuoyebang 2.5 million yuan ($388,754) each for misleading consumers.
Alibaba-backed online tutor Zuoyebang was found to be using false advertising while Tencent-backed education technology firm Yuanfudao was found to be using misleading pricing, the regulator said in a statement.
($1 = 6.4308 Chinese yuan renminbi)
(Reporting by Yingzhi Yang and Tony Munroe in Beijing; Editing by Kim Coghill)
