SINGAPORE—Visual China Group Co Ltd, the largest Chinese stock images provider, said on April 18 that a subsidiary has been fined by internet authorities, days after it falsely claimed copyright of prominent images.
Internet authorities in China’s Tianjin City slapped a fine of 300,000 yuan ($44,720) on the company for violating the country’s cyber security laws, Visual China said in a filing to the Shenzhen stock exchange.
On Friday, Visual China, which partners with U.S. photo agency Getty Images, shut its website and apologized after it falsely claimed copyright of images such as the first photo of a black hole and China’s national flag. The news had caused its shares to slump by the maximum 10 percent daily limit.
The topic “Visual China apologizes” was the most read one on China’s Twitter-like Weibo platform, with over 250 million views.
According to its website, Visual China has over 40 million editorial images and 1.25 million videos.
On Thursday, its shares closed 4.4 percent lower, lagging the performance of broader Chinese stock indices.
