If users sell things on your platform, you must verify and register them, report their information, and keep records for three years

In plain words

If you let others sell on your platform, you must first check the seller's identity, address, contact details and licenses, then register and set up a file. After the file is set up, check again at least every six months. Who the sellers are is reported to the market regulator (市场监管), and tax information is reported to the tax authority every quarter. Product and transaction records are kept for three years. If you miss any one item, you are first ordered to correct it, and if you don't, you are fined 20,000 (2万) to 100,000 (10万) CNY.