Before the recent setbacks of start-ups Nice Tuan and Tongcheng Life, China’s community group buying market was expected to be worth US$16 billion this year. Photo: Shutterstock
Before the recent setbacks of start-ups Nice Tuan and Tongcheng Life, China’s community group buying market was expected to be worth US$16 billion this year. Photo: Shutterstock
E-commerce
Tech /  Tech Trends

China’s state media blasts troubled community group buying companies for ‘burning cash’

  • A number of start-ups have either filed for bankruptcy or reduced operations amid the ‘subsidy wars’ in the community group buying market
  • No player in this market is expected to turn a profit in the short term

Jane ZhangTracy Qu
Jane Zhang in Hong Kongand Tracy Qu in Shanghai

Updated: 11:04pm, 25 Aug, 2021

Why you can trust SCMP
Before the recent setbacks of start-ups Nice Tuan and Tongcheng Life, China’s community group buying market was expected to be worth US$16 billion this year. Photo: Shutterstock
Before the recent setbacks of start-ups Nice Tuan and Tongcheng Life, China’s community group buying market was expected to be worth US$16 billion this year. Photo: Shutterstock
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