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June 10, 2021

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Online grocery retailers file IPOs in US

Two Chinese online grocery retailers have filed for IPOs in the US as they fight for more users and market share in a crowded market.

Tencent-backed MissFresh, which has filed for a NASDAQ listing, reported US$236 million in revenue in the first three months, with a net loss of 598 million yuan. It counted 8.7 million active users, with 21 percent of them making four or more purchases in a month.

The online grocery market became crowded after Alibaba and Meituan rushed to ride on the wave of daily deliveries of food and other necessities. They are competing aggressively to grab a slice of the fast-growing market.

Shanghai-headquartered Dingdong Maicai also filed for listing on the New York Stock Exchange after raising US$330 million last month. It claimed 6.9 million monthly active shoppers in the first quarter.

MissFresh reported an adjusted net loss of 598 million yuan while Dingdong had a net loss of 1.39 billion yuan in the first quarter.

Both sites have been relying on discounts to woo new buyers.




 

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