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Local service superapp Meituan cuts down on mobile power bank rentals while bringing back a ridesharing app, as ride-sharing market leader Didi faces cybersecurity scrutiny. The Heytea tea beverage store chain earns $ 500 million in Series D. Amazon expands crackdown on Chinese sellers.
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Meituan adjusts its offers
- Meituan plans to reduce the size of its mobile power bank rental service, Chinese media reported on Wednesday. Donews reports that Meituan sells its rental service in 33 Chinese cities to local operators. Most of these cities are second tier cities such as Jinan, Baoding, and Changsha. Gao Cheng, manager of the rental services division in Meituan, recently left the company. Many of the division’s business development employees were transferred to Meituan Youxuan, a community grocery division. [Donews, in Chinese]
- Meituan relaunched a standalone ridesharing app on Friday, three years after removing Meituan Dache to cut expansion costs. The launch came as apps from market leader Didi are banned from accepting new users during a cybersecurity review. Meituan’s ridesharing service continued to run as a mini-program within the Meituan super app during app hiatus. [SCMP]
Heytea raises half a billion
Modern tea beverage chain Heytea has completed a $ 500 million Series D. Investors include Sequoia Capital China, Hillhouse Capital, Tencent Investment and Temasek. Founded in 2012, Heytea popularized “cheese teas†and operates around 695 stores across China. The brand is popular among young urban Chinese consumers. [Ebrun, in Chinese]
Amazon steps up crackdown on Chinese sellers
Amazon closed 340 online stores operated by one of the platform’s largest Chinese retailers for allegedly breaking Amazon’s rules without specifying. Shenzhen Youkeshu Technology Co. sells a variety of products, including electronic gadgets, toys, and outdoor equipment. Amazon has frozen $ 20 million in payments owed to the retailer. The ban could cut Youkeshu’s first-half sales by 40% to 60%, according to a recent filing from the retailer’s parent company, Shenzhen-listed Tiza Information Industry Corp.. positive reviews with freebies. [SCMP]
Suning chairman resigns after bailout
Zhang Jindong, the billionaire founder of Suning, resigned as chairman of the Chinese distribution conglomerate on Monday. Zhang lost control of the company when the company sold a nearly 17% stake to a government-led consortium. On July 5, the ailing retailer secured a $ 1.36 billion bailout offer from an investor group led by the state asset management committees of the Nanjing and Jiangsu governments. Alibaba also joined the funding consortium, alongside Chinese electronics makers Midea Group, Haier Group, Xiaomi and TCL Technology Group. [Bloomberg]
Louis Hinnant contributed reporting.
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