top of page

China Business News (2021-04-08)

1. Chinese group purchasing giants announces aggressive growth targets

After the Chinese new year, different group purchasing giants have unveiled their targets for 2021. For example, Meituan aims to achieve a GMV of CNY 200 billion this year. Pinduoduo seeks to achieve a GMV of CNY 150 billion for its Agriculture division alone. The community grocery shopping startup Xingsheng wants to achieve a GMV of CNY 80 billion. It will be interesting to see what strategies will be used by these companies to achieve their goal.


2. Ctrip launches prospectus for secondary listing in HK: up to HKD 333

Ctrip has confirmed its secondary listing on the Hong Kong Stock Exchange at HKD 333. The stock is expected to go public under the ticker symbol "9961" on 19th April. Ctrip is a Chinese company that provides travel services, accommodation reservations, transportation services, package tours, and business travel management. Its second IPO plans to use the new funds to expand its travel offerings and invest in technology to strengthen its market-leading position in products and services.


3. Chinese 30-minute online food delivery startup facing big US IPO

Tencent-backed startup MissFresh is considering a U.S. IPO that is expected to raise at least USD 500 million. MissFresh is an online food delivery startup and offers more than 4,000 food products, from vegetables and seafood to snacks and cooked meals. The company promises deliveries in as little as 30 minutes on its website. It has raised at least USD 1.5 billion since its founding in 2014 and counts Goldman Sachs Group Inc and Tiger Global Management among its backers. In December, the startup raised 2 billion CNY (USD 306 million) in a funding round led by the Qingdao government.


4. Tencent launches an electronic signatures platform using blockchain

Tencent has announced the launch of an "electronic signature platform". In this regard, the platform is expected to help provide enterprises and individual users with secure and convenient electronic contract signing and related evidence services. Through this product, users can sign online contracts with specific parties under the premise of real-name authentication and preserve the signing process and results through blockchain technology to ensure the effectiveness of the contract. This is another attempt of Tencent at their efficiency enhancement through blockchain technology.


5. Beyond Meat opens plant-based meat production facility in China

Beyond Meat announced that its plant-based meat production facility has opened in Jiaxing, a city 85 km from Shanghai. It is Beyond Meat's first end-to-end production facility outside of the U.S. The American food tech giant is working hard to localize and sell both its flagship burger patties and faux ground beef in China. In addition, Beyond Meat is also planning to enter new sales channels such as e-commerce in the future.


17 views0 comments
bottom of page