By the end of September 2021, Meituan’s fixed assets, including properties, warehouses and equipment, rose to 22.5 billion yuan from 8.6 billion yuan a year ago, according to company’s financial reports. Since the July 2nd statement mentioned the National Security Law it was initially speculated that Didi might have already shared sensitive data with foreign parties. These speculations how to fix outlook might be partially based on information that the US Public Company Accounting Oversight Board wants Chinese companies might have to supply when doing a US listing. In the Tech Buzz China Insider community Rui Ma pointed out that under these new rules, which go in effect in 2023 only, auditors would be based in China and the US would not have access to the audit paper.
It said Didi’s carpool service Hitch lacked adequate safety measures, which could result in significant hazards. Over the previous four years, at least 50 sexual harassment and assault incidents by Didi drivers were reported by local media and relevant authorities. Of the 50 drivers involved, at least 3 had previous criminal records, but still managed to pass Didi’s driver identity check procedure.
With FMCG prices rising slower than inflation, volume gains—not prices—contributed the most to overall value growth in China. Policy environment has not been in complete favour of community group buying because the business model displaces the local vegetable vendors from their daily livelihoods. Important to note that well-funded tech companies have to be summoned to the policy environment in China, in spite of their stage or scale. The WeChat ecosystem has also made the community buying process really easy for the end users, where they can receive exciting deals of the products they need on a daily basis and can place orders with community leaders on the app itself. It’s important to note that the market is still predominantly offline, and most shoppers are from tier 1 and tier 2 cities accessing online grocery shopping.
This is the primary distribution model adopted by Missfresh, Dingdong Maicai and Meituan Maicai, in which each prepositioned store or distributed warehouse is a small to medium-sized distribution centre. Typically, each prepositioned warehouse carries about 5,000 different items to meet the demand for about two days and could serve customers within a range of 1 to 3 kilometers. You can ask for a replacement or refund if you receive a damaged, defective or incorrect product.
1, identified four category growth patterns at the peak of the Covid-19 pandemic in China . Kantar—Understand People, Inspire Growth Kantar is one of the world’s leading evidence-based insights and consulting companies. Kantar has a complete, unique and rounded understanding of how people think, feel and act, globally and locally in over 90 markets. By combining the deep expertise of Kantar’s people with its data resources, benchmarks, innovative analytics and technology, Kantar helps clients understand people and inspire growth. Along with that increase, FMCG is expected to continue regaining momentum, boosted by the changes introduced by Covid-19 as well and the return of fundamental prepandemic trends. For example, Chinese consumers’ pursuit of health and hygiene, which existed before Covid-19 and accelerated during the pandemic, is likely to be around for the long haul.
With an annual active user base of 867 million, Duo Duo Grocery aimed to achieve a transaction target of 400 billion yuan to 500 billion yuan in 2021, about one-fifth of the total transactions on Pinduoduo’s main site in 2020, the person said. In the fourth quarter of 2020, the loss-to-revenue ratio of Meituan’s new business segment, including the community group-buying business, jumped to 64.9% from 25% and further rose to 75% in following quarters. On Monday, Alibaba-backed community grocery platform Nice Tuan shut down all of its operations after months of struggles and shrinking business, according to the Jiemian News.
The company weighed whether to go public in Hong Kong or the U.S., and was seeking a valuation of as much as $100 billion. July 2015 – Chinese state news agency Xinhua collaborated with Didi’s big data analytics department on a report focusing on commuting patterns of state staff working for different Chinese ministries. This has recently been mentioned by media as an early example of the sensitivity of Didi’s data gathering. Crypto prices have risen since parts of crypto lender Genesis filed for chapter 11 bankruptcy last month, lifting the value of customers’ crypto assets stuck in Genesis accounts. Develop tools to track rapidly evolving market, consumer, and channel trends.