- The U.S. added Alibaba Group Holding Ltd's (NYSE:BABA) AliExpress and Tencent Holdings Ltd's (OTC:TCEHY) WeChat messaging platforms to its list of notorious markets for counterfeiting and piracy Bloomberg reports.
- The messaging platforms were "two significant China-based online markets that reportedly facilitate substantial trademark counterfeiting," the Office of the U.S. Trade Representative said.
- WeChat and Weixin, its China-facing version, are viewed as among the largest platforms for counterfeit goods in China, with more than 1.2 billion active users worldwide in 2021, USTR said.
- The e-commerce system that works within WeChat is of particular concern, with rights holders identifying weakness in WeChat's seller vetting as a significant problem.
- Pinduoduo Inc (NASDAQ:PDD), a leading Chinese online retailer, continues to be listed since its inclusion in 2019.
- Alibaba's Taobao and Baidu Inc (NASDAQ:BIDU) cloud-storage service Baidu Wangpan and e-commerce service provider DHgate.com Inc are also still on the list.
- Price Action: BABA shares traded lower by 0.95% at $124.37 on the last check Thursday.
