Unpaid suppliers are picketing, founders are fleeing and thousands of white-collar tech workers are being laid off as investors grow wary of China’s unprofitable consumer internet start-ups.
On a cloudy January afternoon, a honking procession of suppliers working for grocery company Nice Tuan staged a drive-in protest at an Alibaba warehouse in the central Chinese city of Changsha to demand the ecommerce giant bail out the company.
“We can’t get our money, no one at Nice Tuan is dealing with us. We’re out of options, so we’re chasing Alibaba,” said sunflower seed supplier Yang Xianli.
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