Filed for bankruptcy (July 2021); China's first community group-buying unicorn to collapse
The rise & fall
5 moments Β· 2018β2021
The key moments.
2018
π±
2018
Founded in Suzhou
Suzhou Fresh Orange Technology's group-buying platform grows into one of China's 'big three' alongside Xingsheng Youxuan and Nice Tuan.
TechNode
2020
π¦
2020
Joins the unicorn club
More than $300M in venture funding carries the community group-buying leader across the $1B line.
SCMP
2021
π
2021
The peak: ~$1B at the height of the subsidy wars$1B
Community group-buying is China's hottest sector β and its most brutal.
SCMP
2021
2021
The price war drains the tank
Subsidy battles against deep-pocketed rivals burn through the cash faster than the groceries move.
TechNode
Jul 2021
πͺ¦
Jul 2021
Bankruptcy β joins the Unitard Club π
Parent Suzhou Fresh Orange files owing ~RMB 200M to more than 1,000 suppliers β the first Chinese community group-buying unicorn to fall.
SCMP
$1Bof peak value erased Β· 3 years
How it happened
Tongcheng Life (εη¨ηζ΄»), run by Suzhou Fresh Orange Technology, was one of China's 'big three' community group-buying platforms alongside Xingsheng Youxuan and Nice Tuan. Founded in 2018 and backed by more than $300M in venture funding, it reached a valuation of roughly $1B before a brutal price war and heavy subsidies drained its cash.
In July 2021 it filed for bankruptcy owing about 200 million yuan to more than 1,000 suppliers β becoming the first community group-buying unicorn in China to collapse.
Source: TechNode / DealStreetAsia / SCMP (founded 2018, raised >$300M VC, valued ~$1B; parent Suzhou Fresh Orange filed bankruptcy Jul 2021 owing ~RMB 200M to 1,000+ suppliers; first Chinese community group-buying unicorn to fall)
