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

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

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

China’s state media has denounced the group buying industry’s cash burn strategy as a number of start-ups have either filed for bankruptcy or reduced operations amid the financial hardship caused by their “subsidy wars” to seize market share.“Burning cash has not only failed to create a prosperous market, but has resulted in a series of chaos,” said a commentary published on Wednesday by the Economic Daily, a newspaper directly under the Central Committee of the Chinese Communist Party.The…

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By | 2021-08-25T11:45:58+00:00 August 25th, 2021|Business|Comments Off on China’s state media blasts troubled community group buying companies for ‘burning cash’