Missfresh CEO Xu Zheng Refutes Funding Rumors

On August 2, Xu Zheng, founder and CEO of Missfresh, published a message on his personal social media account that denied rumors that Missfresh, a fresh food e-commerce platform, had a broken capital chain and was unable to operate. Xu said that the company was actively addressing the supermarket business of its users, employees, and suppliers to cope with the problem, while other businesses would maintain normal operations. Missfresh has reserved its right to pursue legal means for malicious falsifiers.

On July 28, it was reported that Missfresh announced the dissolution of the company in bankruptcy due to a broken capital chain which subsequently sent the company’s stock price down by more than 40%. On August 1, a document was circulating on the internet showing that the company issued an announcement that the capital chain was broken and could not operate normally while the funds regulator had negotiated for the company to organize a special group to begin  a cost clearing account for the majority of its suppliers.

In response, Missfresh told Chinese media that “the company has not made any announcement, and the Notice on Missfresh’s Broken Funds and Inability to Operate circulating on the Internet was false information. People should not be fooled.” When asked about the company’s current situation and future plans, one person familiar with the matter said that, in addition to temporarily closing down the company’s rapid delivery business, the company is currently trying to secure several other business operations, and other issues are not currently disclosed.

SEE ALSO: Missfresh Responds to Rumors of Financing Failure and Company Dissolution

On August 2, Tianyancha, a commercial inquiry platform, showed that Missfresh (Chengmai) Technology Co., Ltd. had recently changed its industrial and commercial registration information. The legal representative, executive director and general manager changed from Ma Lei to Sun Yuying. The subsidiary of Missfresh was established in May 2021 with a registered capital of 5 million yuan, and is wholly owned by Beijing Missfresh E-Commerce Co., Ltd.

It is worth mentioning that on July 18, the legal representative of Beijing Missfresh E-Commerce Co., Ltd. changed from Zeng Bin to Sun Yuying, and Sun would serve as executive director and manager. In addition, Zeng Bin and Xu Zheng, co-founders of Missfresh, are no longer serving as key personnel of the company.