Tiger Global-backed grocery delivery start-up Missfresh is fighting to survive as it shuts operations across China, wallows in an accounting scandal and searches for capital to sustain its business.
Shares of the Nasdaq-listed company have lost 97 per cent of their value since its IPO in June last year, and this week announced it would dilute ailing shareholders further by issuing 300mn shares to a Shanxi coal mining group for Rmb200mn ($30mn).
The sale will hand Shanxi Donghui Group a roughly 30 per cent stake in Missfresh and it will be able to appoint two directors as part of the transaction.
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