Showing 12 of 16 posts with this tag
Chinese regulators imposed the maximum penalty of 1.5 million yuan ($235,257) on Alibaba-backed community group-buying platform Nice Tuan after the company failed to rectify product dumping and pricing fraud.
ByteDance's Douyin, the sister app of TikTok for mainland China, has set up a new branch responsible for local life business in Chengdu, Sichuan Province and has also set up on-demand delivery and community group-buying distribution businesses.
China’s market regulator has imposed fines totalling 6.5 million yuan ($1 million) on five community group-buying platforms affiliated with leading domestic internet companies, on allegations of price dumping and cheating.
Many real estate brokerage stores in Beijing had assumed dual roles as package delivery and pick up stations for community group buying platform Meituan Youxuan.
On October 11, Meituan Select, a community group buying platform under Chinese tech firm Meituan, adjusted its brand positioning to a "supermarket with next-day delivery services."
JD.com's community group purchasing platform, Jingxi Pinpin, is further shrinking its business lines and may only retain operations in the cities of Beijing and Zhengzhou.
Jingxi, the community and discount purchasing arm of Chinese e-commerce giant JD.com, is reportedly planning to lay off 10-15% of its staff members.
Community group buying platform Nice Tuan had shut down all of its operations in cities across the country. The company has entered an aftermath stage in which it is dealing with payments to suppliers and settlements with employees.
Pinduoduo, China’s largest e-commerce platform for agricultural products, has announced its Q3 earning last night and its user number has strongly increased to over 730 million buyers.
In Meituan Dianping’s earnings announcement last week, the company said profit increased to 875.8 million yuan ($123.66 million) in the three months ending June 30.
ChengXin YouXuan, a community group buying platform owned by Didi, has resumed its operations in Lanzhou, Gansu province.
Pinduoduo will subscribe to $200 million in GOME convertible bonds and integrate GOME’s product range, logistics and after-sales customer service with its platform.