China fines education startups Yuanfudao, Zuoyebang for misleading consumers

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.

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