Three Chinese retailers admitted that they had not given consumers promised discounts in a much-publicized price war, after regulators released the results of an investigation into their practices, The Wall Street Journal reported. Suning Appliance (002024.SZ), Gome Elctrical Appliances (0493.HKG) and Beijing Jingdong Century Trading, which owns 360buy.com, admitted that they had not discounted products as promised, in some instances. A spokeswoman for Suning cited “management flaws,” while Jingdong blamed”technology and operational difficulties.” China’s National Development and Reform Commission said the companies had not matched each others’ low prices as promised and in some cases promised products that were out of stock, according to a report aired on China Central Television on Wednesday. The NDRC also ordered the companies to stop raising prices before discounting them. Jingdong started the price war last month with an announcement that it would undercut rival prices by at least 10%.
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