---
title: "First Fresh E-commerce Company Goes Bankrupt: Applied for Bankruptcy Reorganization! From Favorite to Discard, Too Fast"
description: "According to multiple media reports, Yiguo Fresh, Yunxiang Supply Chain, and Anxianda entered voluntary bankruptcy reorganization on July 30. Shanghai Yiguo E-commerce Co., Ltd. has applied to the Shanghai Third Intermediate People's Court for bankruptcy reorganization, with a hearing scheduled for November 3, 2020."
author: "文景"
publisher: "New Distribution"
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published: "2020-10-17"
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# First Fresh E-commerce Company Goes Bankrupt: Applied for Bankruptcy Reorganization! From Favorite to Discard, Too Fast

> According to multiple media reports, Yiguo Fresh, Yunxiang Supply Chain, and Anxianda entered voluntary bankruptcy reorganization on July 30. Shanghai Yiguo E-commerce Co., Ltd. has applied to the Shanghai Third Intermediate People's Court for bankruptcy reorganization, with a hearing scheduled for November 3, 2020.

Source: China Fund News
**In the current landscape, China's fresh e-commerce industry is highly concentrated, with the head effect becoming increasingly evident.**
**According to multiple media reports, Yiguo Fresh, Yunxiang Supply Chain, and Anxianda entered voluntary bankruptcy reorganization on July 30.** Fund Jun checked Tianyancha and found that Shanghai Yiguo E-commerce Co., Ltd. has applied to the Shanghai Third Intermediate People's Court for bankruptcy reorganization, with applicants Ni Lijing and Feng Xiangdong, and the hearing scheduled for November 3, 2020.
**-01-
****China's first fresh e-commerce company, Yiguo Fresh, applies for bankruptcy reorganization**
According to the ruling document of the "bankruptcy review case," as of June 30, 2020, Shanghai Yiguo E-commerce Co., Ltd. had total book assets of 3.43 billion yuan (including external investments of 2.103 billion yuan), total liabilities of 2.3 billion yuan, and net assets of 1.126 billion yuan. However, the main assets were long-term equity investments and accounts receivable from subsidiaries, and the important subsidiaries Anxianda Gunaisi (involving external investments of 317 million yuan) and Yunxiang Company (involving external investments of 287 million yuan) had both been applied for bankruptcy reorganization, making it difficult to recover and realize these assets.
**The court believed that Yiguo Company failed to repay debts when due, and according to relevant legal provisions, ruled to accept the bankruptcy reorganization application of applicants Ni Lijing and Feng Xiangdong against the respondent Shanghai Yiguo E-commerce Co., Ltd.**
In January this year, the company's equity and other investment rights worth 10.2972 million yuan were frozen by the Shanghai Changning District Court, with the frozen entity being Shanghai Anxianda Logistics Technology Co., Ltd., and the freezing period from January 14, 2020, to January 13, 2023. Equity information shows that Yunxiang Supply Chain and Anxianda are both wholly-owned subsidiaries of Yiguo Fresh. Public information shows that Yiguo Fresh, Yunxiang Supply Chain, and Anxianda entered voluntary bankruptcy reorganization on July 30.
On October 14, Yiguo Fresh was listed as a person subject to execution by the Shanghai Changning District People's Court, with an execution amount of 722,700 yuan.
According to Wind Enterprise Database, Shanghai Yiguo E-commerce Co., Ltd. was established on February 16, 2007, with a registered capital of 36.103923 million yuan. Taobao (China) Software Co., Ltd. is its largest shareholder, holding 16.56%.
**-02-****After 7 rounds of financing, favored by Alibaba, Suning, Goldman Sachs, private equity giant KKR, etc.**
**Before the crisis, Yiguo Fresh was also glorious.**
As China's first fresh e-commerce platform, Yiguo Fresh was established in 2005, committed to providing premium fresh ingredients to urban middle and high-end families who value quality of life. **It had completed 7 rounds of financing and was always in the first tier of fresh e-commerce.**
Tianyancha information shows that in 2013, it received a strategic investment of tens of millions of dollars from Alibaba in Series A, and in 2014, Alibaba and Yunfeng jointly invested in Series B, after which it obtained the exclusive operation rights for Tmall's fresh food section.
Moreover, on November 28, 2016, Yiguo Fresh received investments from Suning, private equity giant KKR, Goldman Sachs, Credit Suisse, etc., with Suning leading the Series C round. Yiguo Fresh operated its online fresh brand "Su Xiansheng" and supplied goods to Suning Xiaodian. In August 2017, Yiguo Fresh received a $300 million Series D investment from Tmall. Since then, there has been no financing news.
**-03-****From "favorite" to "discard"**
**With Alibaba's support, Yiguo Fresh's order volume grew significantly, and performance rose steadily.** According to Beijing Daily, Jin Guanglei, co-founder of Yiguo Group, once revealed that in 2017, Yiguo Group's GMV reached 10 billion yuan, an increase of 178% from the 3.6 billion yuan disclosed in fiscal year 2016, and it was expected to achieve profitability in 2018. According to 2017 data, 90% of Yiguo Fresh's orders came from Tmall Supermarket, showing a high degree of dependence.
But the turning point came later. **In December 2018, Alibaba adjusted its organizational structure, and Yiguo Fresh handed over the operation of Tmall Supermarket's fresh food section to Hema Fresh, deepening cooperation with Hema to further integrate online and offline, accelerate the construction and upgrade of the fresh supply chain system, and promote Alibaba's full-chain fresh capabilities.** At this point, the outside world believed that Yiguo Fresh had gone from "favorite" to "discard."
At the beginning of this year, the operating entity of Yiguo Fresh, Shanghai Yiguo E-commerce Co., Ltd., had its equity and other investment rights worth 10.2972 million yuan frozen by the Shanghai Changning District Court, with the executing court being the Shanghai Changning District People's Court, and the freezing period from January 14, 2020, to January 13, 2023.
At the same time, Yiguo Fresh was also involved in multiple legal lawsuits and administrative penalties. Tianyancha information shows that as of now, Shanghai Yiguo E-commerce Co., Ltd. has been involved in 30 legal lawsuits, mainly contract disputes. In addition, it has been subject to administrative penalties for violations of tax regulations and other reasons.
According to the financial report released by Yiguo Fresh's Singapore subsidiary, Shanmeng Food, as of the end of June this year, the total receivables from all individuals related to Yiguo minus payables owed to the group amounted to approximately 13.2 million Singapore dollars (approximately 65.6264 million yuan), of which 12.4 million Singapore dollars (approximately 61.6491 million yuan) came from Yiguo Fresh, Yunxiang Supply Chain, and Anxianda. The board of Shanmeng Food believes that the bankruptcy reorganization of Yiguo Fresh, Yunxiang Supply Chain, and Anxianda will have a significant impact on the group's continued operations.
By checking Yiguo Fresh's official WeChat public account, it was found that the last update stopped on July 10 this year. The Yiguo Fresh mall can still be accessed normally, but currently the platform mainly sells hairy crab coupons and steak, with only a few products remaining.
**-04-****The head effect in fresh e-commerce is becoming increasingly evident**
**In the past two years, the battle for fresh e-commerce has been fierce, and the poor industry environment has become a consensus. At the end of 2019, fresh e-commerce experienced a cold winter, with many platforms closing down or being exposed to operational difficulties.**
According to Shangyou News, on November 22, 2019, the fresh e-commerce platform Dailuobo announced that poor management led to a capital chain rupture, triggering a store closure crisis.
On November 29, 2019, community fresh e-commerce Miaoshenghuo was reported to have completed liquidation last month, closing all stores and quietly exiting.
On December 6, 2019, fresh e-commerce Jijixian held an all-staff meeting, where the CEO announced that the company's financing had failed, scale profitability did not meet expectations, and large-scale layoffs and warehouse closures would be carried out.
On December 11, 2019, the fresh e-commerce platform "Wochu," which focuses on clean vegetable delivery services, was found to have suspended services on its official website and APP.
In the current landscape, China's fresh e-commerce industry is highly concentrated, with the head effect becoming increasingly evident. According to statistics, in December 2019, the major fresh e-commerce platforms with significant monthly active users were Duodian, Hema, Meiri Youxian, and Dingdong Maicai, with monthly active users of 14.9173 million, 13.7273 million, 8.8636 million, and 7.0303 million respectively.
Due to the epidemic this year, factors such as home isolation and depletion of New Year reserves have led to continued growth in demand for fresh food procurement, significantly increasing the user scale and stickiness of fresh e-commerce. QuestMobile data shows that during the Spring Festival, the daily active user scale of fresh e-commerce apps exceeded 10 million, and after the Spring Festival, it continued to grow for two weeks, exceeding 12 million.
iiMedia Research data shows that the market size of China's fresh e-commerce industry is expected to reach 263.84 billion yuan in 2020.
Source: China Fund News
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