I received a short message from Beijing Taobao Company saying that I would be sued for compensation of 50,000-200,000 yuan if I didn't cancel the contract, which is true.

It is a common network/telecom fraud. The usual means of this kind of fraud is to induce you to "register your personal information" and "sign a contract" in the name of winning a prize, getting a loan, getting a card, etc., and then make up various reasons to cheat money. If you refuse to be cheated, the swindler will tell you that you have been charged with unwarranted charges such as breach of contract (impersonating a court), falsely claiming to send you a subpoena, and even take coercive measures to scare you into paying the so-called fees. ......