Nike, the world's leading sportswear manufacturer, has been fined 4.87 million yuan (about $ 770,000) for deceptive advertizing in China.

According to the Beijing Administration for Industry and Commerce (BACI), Nike set the price for one of its high-end basketball shoes, which it advertized with double air cushion inside, at 1,299 yuan (about 206 dollars) in China, more than 500 yuan higher than the same model in other markets. It was later discovered that the company misled Chinese customers with an advertizement as the footwear only contained one air cushion.

"Nike applied double standards between Chinese consumers and foreign consumers. Such behavior cannot be tolerated," Liu Jian, the spokesman for the BACI was quoted as saying by the Beijing News.

Nike China had earlier apologized and offered refund for the consumers who bought the shoes with one air cushion, according to the Beijing News.