China’s second-largest e-commerce company JD.com has announced that it will shutdown its consumer-to-consumer (C2C) site PaiPai by 31 December 2015 in an attempt to limit sales of counterfeit goods.
The news comes as JD announces its third-quarter results, with net revenue up 52 per cent to RMB44.1bn (US$6.9bn) compared to the same period last year.
“The shutdown of the C2C platform is in line with the company’s policy to combat the marketing and sale of counterfeit products and the company will make persistent efforts to protect the interests of consumers and brands,” JD.com said in a company statement.
JD acquired Paipai, estimated to be worth US$400m, from WeChat’s parent company Tencent in March 2014 .
