Throwing "life-saving money" recklessly, Meituan Fresh explodes after a year: executives lose contact, net loss | accounts payable | loss of contact

Release time:Apr 15, 2024 07:58 AM

The Everyday Fresh Building located on Wangjing Street is now empty. On August 22nd, a reporter from Beijing Business Daily found during a visit that the company address displayed in the financial report of Meiri Youxian is no longer traceable. According to the property agent, Meituan Fresh still owes a total of over a million yuan in rent for over three months. At the same time, according to interviews with internal personnel of Meituan Fresh, after a year of explosive mining, the executives of Meituan Fresh have been in a state of loss since July this year, and some of the remaining employees have also resigned one after another. At present, Meiri Youxian is seeking digital transformation. However, it is difficult to say whether Meiri Youxian, whose market value has dropped by over 99% after abandoning its main business, will revive or be acquired.

Executive disconnection

Building A of Vanke Times Center in Wangjing Street, Chaoyang District, Beijing used to be the office headquarters of Everyday Fresh. On August 22nd, a Beijing Business Daily reporter visited the building and found that the rose red door sign of "Daily Fresh" at the entrance of the building has been removed. The second and fifth floors have been rented out, and the third and fourth floors are currently being leased to the public.

"When this building was at its peak, it accommodated nearly 2000 employees of Everyday Fresh." According to staff members from Beijing Yuanxing Real Estate Brokerage Co., Ltd., the property leasing agent of the building, Everyday Fresh reached a five-year fixed contract with it in 2021. After moving into the building in the second half of 2021, Everyday Fresh alone occupied all floors of the office building.

"Last year, Meiri Youxian moved to a standalone building of over 2000 square meters near Shunyi Greenland. The company was in a state of collapse before the renovation was completed, and later moved to a nearby office of about 200 square meters." The staff mentioned above said that after the Chinese New Year this year, Meiri Youxian completely moved from Building A of Vanke Times Center, and owed a total of over three months' rent of over a million yuan.

Wan Ying has been working at Meiri Youxian for over a year. According to him, in June and July of this year, the executives of Meiri Youxian experienced a "loss of contact". "After the company exploded last year, the CEO and others were still able to contact each other, and I have been helping them with some cooperation matters. It was not until June and July of this year that the executives were completely lost. Now, with the addition of procurement reimbursement, delayed salary and compensation, Meiri Youxian has owed me more than 200000 yuan in total.".

Wan Ying said that compared to the amount owed to suppliers, the above amount is still a small amount. "Currently, only the few suppliers I have contacted have nearly a million yuan in debt in the hands of Meiri Youxian, and there has been no progress from last year to this year," Wan Ying said helplessly.

"Starting from the end of 2022, the above always says' it will be better after the New Year '." Wan Ying said that many employees like him stayed up until after the New Year because of this sentence. But in reality, even until July this year, Meituan Fresh did not wait for any financing, and the promise eventually became empty talk.

In June of this year, after being unable to contact the VP, Wan Ying still chose to resign. "Now there should only be a few personnel from the finance and financing departments left in the entire Meituan Fresh, and no other employees," said Wan Ying.

Throw "life-saving money" recklessly

In early August this year, Meiri Youxian finally received a "life-saving money". In the announcement released by Meituan Fresh, the company has signed two share purchase agreements with two investment institutions, each of which will subscribe to a total of 5.4 billion shares of Meituan Fresh's B-class common stock at a cost of $27 million, equivalent to approximately RMB 194 million. According to the announcement, investors are Vigorous Global Capital Inc. and HFBusiness Management Co., Limited, who have subscribed to a total of 5.4 billion shares of Meituan Fresh, accounting for 88.1% of the total issued shares of Meituan Fresh.

The financing announcement shows that two investors have agreed to transfer all the corresponding voting rights of these stocks to Xu Zheng, Chairman and CEO of Meituan Fresh. According to financial report data, as of June 30, 2023, Freshking Limited is the largest shareholder of Meituan Fresh, holding 68.89 million ordinary shares of Meituan Fresh, with a shareholding ratio of 9.4%. And Xu Zheng is precisely the only director of the company.

However, the Daily Fresh, which received an investment of 194 million yuan, does not seem to be able to catch a breath. According to the 2022 financial report data released by Meituan Fresh in August, as of December 31, 2022, Meituan Fresh held cash, cash equivalents, and restricted cash of 48.96 million yuan. During the same period, the accounts payable of Meituan Fresh was 1.3 billion yuan. In its financial report, Meituan Fresh stated that the company is currently planning a debt restructuring, but cannot guarantee whether or when the potential debt restructuring will be completed.

In this situation, the front foot received a financing of $27 million from Meiyue Fresh, while the back foot spent nearly half to purchase all the common shares of its shareholder, Mejoy Infinite Limited, for $12 million in cash. According to official announcements, "Mejoy Infinite Limited" was founded in 2018 and is a digital marketing solution provider registered in Hong Kong, focusing on overseas advertisers such as service tools, games, and cross-border e-commerce. Daily Fresh stated that after completing the acquisition agreement for its share purchase business, the company will begin providing customized digital marketing solutions and services.

In the view of Zhuang Shuai, an expert in the retail e-commerce industry and founder of Bailian Consulting, "as a third-party service industry, the digital marketing business industry is very dispersed. Although it is fierce, the market space is large, and it belongs to the category of light assets, with small investment and easy profitability. For Everyday Fresh, it is a good choice," Zhuang Shuai said.

Profit or luxury expectations

Although the market outlook is not bad, for Meituan Fresh, whether it can regain the trust of investors depends on the actual implementation of its subsequent business.

According to financial report disclosure data, the business performance of Meituan Fresh in recent years has not been optimistic. According to the daily financial report data of Youxian, the company's revenue from 2019 to 2021 was 6 billion yuan, 6.13 billion yuan, and 6.95 billion yuan, respectively; The net losses were 2.909 billion yuan, 1.649 billion yuan, and 3.85 billion yuan, respectively. In 2022, Daily Fresh's revenue plummeted to 2.76 billion yuan, a year-on-year decrease of over 60%. At the same time, Meiri Youxian's net loss in 2022 reached 1.52 billion yuan, with a total current liabilities of 1.68 billion yuan.

It is worth mentioning that before the explosion in 2022, the underperforming Daily Fresh had already begun to attempt a transformation. In addition to the pre warehouse, Meituan Fresh also began laying out offline "smart markets" in 2021. However, in March of this year, Meituan Fresh completely terminated its intelligent fresh food market business and retail cloud business. At this point, the second growth curve that Everyday Fresh has high hopes for has come to a halt.

"Although the market for third-party digital marketing is large, competition is also fierce, so it is important to find differentiated advantages. In addition, Zhuang Shuai said that compared to heavy asset investment in front-end warehouses, light assets such as digital marketing are easier to control costs in terms of cost.". "For example, if you set up a digital marketing team with 10 or fewer people and serve brand merchants or traditional retailers on JD, Tmall, and Tiktok platforms, you can get revenue."

"For Meituan Fresh, it is possible to continue to exist in the market in a 'small and beautiful' way in the future, but it may also be acquired," said Zhuang Shuai. According to stock data from Wande, as of now, Meituan Fresh has quoted $1.14 per share, with a total market value of $9.2831 million, which is 99% lower than its IPO market value of $3.2 billion.

In response to the changes in the office address mentioned in the article, as well as the issues mentioned by Wan Ying, such as outstanding debts, executive disconnection, and delayed payment of property fees, a Beijing Business Daily reporter sent an interview outline to him through the email address in the Daily Fresh Financial Report, but as of publication, no response has been received.

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