Youpin Youyu, an e-commerce platform owned by Xiaomi, announced on Monday that it will terminate its operation at 10 am on March 17, 2022. At that time, the company will stop cash withdrawal services and shut down the server. After the shutdown, users will not be able to access the Youpin Youyu App nor its mini program.
Youpin Youyu is affiliated to Youpin Information Technology Co., Ltd., and is a new Chinese goods membership e-commerce platform under Xiaomi. The company was established in April 2018 with a registered capital of 50 million yuan ($7.88 million). Lei Jun is the largest shareholder of the company, holding 70% of the shares, while Li Wanqiang is the second largest shareholder with 10% of the company’s shares.
Relying on Xiaomi‘s ecological chain and copying its consumer good production model, Youpin Youyu has now produced consumer goods in major categories such as household and daily use, kitchen and home appliances, smart technology in addition to audio and video products.
Youpin Youyu apologized to members, users and consumers for the sudden announcement of the suspension. “In the future, more people are welcome to become Xiaomi Youpin’s users to continue to enjoy the better life brought by technology.”
Officials said that the company will provide free “Xiaomi Youpin UP Membership” for Youyu members within a certain time frame so that users can continue to enjoy the membership services provided by Xiaomi Youpin. Regarding the personal virtual assets in the users’ accounts, the company will help end users resolve any lingering issues.