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.
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.
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).
Alibaba's grocery chain Freshippo is reportedly seeking to raise funds at a valuation of about $6 billion, much lower than a hoped-for valuation of up to $10 billion earlier this year.
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.
Shanghai is making every effort to accelerate its economic recovery. Hou Yi, CEO of Hema Fresh, said that nearly 80% of the company's stores have resumed online operations.
Reports have surfaced in Chinese media lately alleging that Meituan has initiated a round of layoffs covering its online ride-hailing department, its grocery e-commerce platform Youxuan, and its hotel and travel division.
A warehouse operated by grocery-buying platform Dingdong Maicai in the capital city's Haidian District cheated consumers by claiming dead fish were fresh and fabricating labels.
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.
With several top players withdrawing from the competition, the bloated market is entering a new phase of consolidation.
According to DoNews on June 23rd, Meituan announced that it will launch a "Food Delivery Butler Service" to provide free take-away operation support to small and medium-sized restaurants across the country.