All product information on the app of Missfresh, a Nasdaq-listed Chinese retailer, has been emptied out by the firm, and many user balances now display '0'.
Xu Zheng, the founder of Chinese fresh grocery e-commerce company Missfresh, which is caught up in a mounting capital crisis, has said that the firm is now intensively pushing forward a business restructuring plan.
Bianligou, a vending machine business owned by Chinese grocery delivery startup Missfresh, has been acquired by Shenzhen Daily Convenience Technology Co., Ltd.
The Beijing Consumers Association had scheduled a meeting with Beijing-based grocery delivery platform Missfresh, regarding the recent situation that the company could not continue its normal operations and which caused many consumer complaints.
On August 4, the stock price of Nasdaq-listed retailer Missfresh rose rapidly before the close of trading, posting an increase of more than 160%, amid market rumors that ByteDance's Douyin is considering an acquisition.
On August 2, Xu Zheng, founder and CEO of Missfresh, published a message on his personal social media account that denied rumors that Missfresh, a fresh food e-commerce platform, had a broken capital chain and was unable to operate.
Regarding the rumors of dissolution, Missfresh responded on the afternoon of July 28 that under the larger goal of achieving profit, the company adjusted its business and organization.
The app of Chinese grocery e-commerce platform Missfresh now shows that its 30-minute delivery service has been replaced with next-day delivery in Beijing, Tianjin, and Shanghai.
Missfresh, a Chinese fresh food e-commerce platform, plans to sell part of its business of providing business consulting and online shop construction services for merchants of fresh agricultural products, so as to solve one of its operational dilemmas.
Missfresh, a Chinese fresh food e-commerce platform, announced on Friday that it has reached a strategic investment cooperation agreement with Shanxi Donghui Group, which plans to invest equity worth 200 million yuan ($29.58 million).
Missfresh, a grocery e-commerce platform based in China, recently identified certain transactions carried out by its Next-Day Delivery BU in 2021 that exhibited characteristics suggesting questionable transactions.
Missfresh had received a notice dated June 2 from the Nasdaq, claiming that the closing bid price of the company’s ADSs during the previous 30 business days was below the minimum $1.00 per share set forth in Nasdaq's listing rules.
Missfresh, a leading local fresh grocery platform, was listed as a judgment debtor by the Chaoyang District People's Court of Beijing, obliging it to pay about 5,329,500 yuan ($799,325) in fines.
Chinese fresh grocery e-commerce retailer Missfresh announced Thursday that it has entered into a strategic partnership with Ocean Engine and has expanded its presence on TikTok’s sister app for mainland China, Douyin.
Missfresh is stepping up to improve profitability by developing in-house labels and expanding the scale of direct sourcing as the main problem China’s online grocery sector faces has changed from the last-mile logistics to the first-mile supply chain.