A Year After Splashy IPO, Missfresh Looks Well Past Its ‘Sell Date’

The online grocer has just announced a major board reshuffle as it faces an existential crisis with ballooning losses and no relief in sight Key Takeaways: Missfresh announced a major reshuffle of its top ranks, including the resignation of both of its co-CFOs, one of whom was also among three board members to resign The changes came as the company faces a cash crunch caused by swelling losses, big debt and massive back wages owed to former employees By Warren Yang What a difference a year makes. It was just…

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FAST NEWS: VNET Receives Founder-Led Buyout Offer

The latest: Data center operator VNET Group Inc. (VNET.US) announced Tuesday its founder Chen Sheng has submitted an offer to acquire all of the company’s outstanding stock for $8.20 in cash per American depositary share (ADSs), or approximately US$1.3667 per ordinary share. Looking up: The buyout price represents a major premium over the last ADS close of $4.69 before the offer. As helmsman of VNET, Chen’s successfully acquisition of all the company’s shares would also have a minimal impact on its operations. Take Note: The company received a takeover bid from private equity firm Hina…

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Property Downturn Undermines Onewo in Run-up to Hong Kong IPO

The real estate management spin-off of property giant Vanke has been approved to list in Hong Kong and reportedly aims to raise at least $2 billion Key Takeaways: Property management firm Onewo, which is boasting high-tech elements, could become the largest IPO in Hong Kong this year Underperformance by its industry peers has undermined company’s chances of getting a strong valuation By Emily Chan It’s boasting high-tech credentials, as it aims to make what could become Hong Kong’s largest IPO so far this year. But the property management arm of…

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