Yuwell Group, a medical equipment manufacturer in Zhenjiang, Jiangsu province, was fined 2.7 million yuan ($402,030) for jacking up the price of oximeters when the Omicron virus strain was rattling China, the Zhenjiang Market Supervision Bureau said.

Since December, Yuwell raised the price of oximeters by 131.78 percent, while the products' cost increased by only 47 percent over the same period, the bureau said.

The price increase was significantly greater than the increase in cost, which caused the price of oximeters in China to increase too fast, thus disrupting the whole market, it added.

Yuwell said on Wednesday that it will cooperate with the investigation, correct its misconduct and strengthen the company's management.

It also said that its punishment will not affect the operation of the company or significantly affect its performance.