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CatherineL
2021-02-21

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Startup Meicai’s CFO Departure Adds Uncertainty to IPO Plans

(Bloomberg) -- Meicai, a Chinese startup that connects vegetable farmers with restaurants, has recen

Startup Meicai’s CFO Departure Adds Uncertainty to IPO Plans

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The Beijing-based startup is now looking for a new CFO, according to people familiar with the matter.</p><p>Wang’s departure could potentially affect Meicai’s first-time share sale plans, which had been at an exploratory stage, the people said. The startup was considering raising about $300 million but hasn’t decided on a listing venue, said the people, who asked not to be identified as the information is private.</p><p>A representative for Meicai said there’s no timeline for the company’s IPO.</p><p>Meicai, which means “beautiful vegetable,” was founded in 2014 by rocket scientist Liu Chuanjun. Using a smartphone app, its customers can order produce such as bok choy and Sichuan peppercorns directly from farms, disrupting traditional wholesaling by cutting out middlemen. The company said it serviced more than 2 million restaurants in over 300 Chinese cities as of the end of 2020.</p><p>The startup raised about $800 million in 2018 for a post-money valuation of $7 billion. 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Meicai experimented with delivering fresh produce to retail clients’ doorsteps during the onset of the Covid-19 outbreak, but has since halted those operations to refocus on servicing restaurants.</p><p>(Adds Tencent’s Xingsheng Youxuan investment in seventh paragraph.)</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Startup Meicai’s CFO Departure Adds Uncertainty to IPO Plans</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nStartup Meicai’s CFO Departure Adds Uncertainty to IPO Plans\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-19 11:17 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/chinese-startup-meicai-cfo-departure-104107157.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- Meicai, a Chinese startup that connects vegetable farmers with restaurants, has recently lost its chief financial officer, casting uncertainty over its potential initial public offering...</p>\n\n<a href=\"https://finance.yahoo.com/news/chinese-startup-meicai-cfo-departure-104107157.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/22fb0a544aa253b668379d9f58bbe5a9","relate_stocks":{},"source_url":"https://finance.yahoo.com/news/chinese-startup-meicai-cfo-departure-104107157.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1149189859","content_text":"(Bloomberg) -- Meicai, a Chinese startup that connects vegetable farmers with restaurants, has recently lost its chief financial officer, casting uncertainty over its potential initial public offering.Wang Can, who was an executive director at Fosun International Ltd. and joined Meicai in July, left due to family reasons, the company said on Thursday. The Beijing-based startup is now looking for a new CFO, according to people familiar with the matter.Wang’s departure could potentially affect Meicai’s first-time share sale plans, which had been at an exploratory stage, the people said. The startup was considering raising about $300 million but hasn’t decided on a listing venue, said the people, who asked not to be identified as the information is private.A representative for Meicai said there’s no timeline for the company’s IPO.Meicai, which means “beautiful vegetable,” was founded in 2014 by rocket scientist Liu Chuanjun. Using a smartphone app, its customers can order produce such as bok choy and Sichuan peppercorns directly from farms, disrupting traditional wholesaling by cutting out middlemen. The company said it serviced more than 2 million restaurants in over 300 Chinese cities as of the end of 2020.The startup raised about $800 million in 2018 for a post-money valuation of $7 billion. 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Meicai experimented with delivering fresh produce to retail clients’ doorsteps during the onset of the Covid-19 outbreak, but has since halted those operations to refocus on servicing restaurants.(Adds Tencent’s Xingsheng Youxuan investment in seventh paragraph.)","news_type":1},"isVote":1,"tweetType":1,"viewCount":131,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}

Startup Meicai’s CFO Departure Adds Uncertainty to IPO Plans

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