Missfresh Ltd. (United Kingdom)

The Company primarily engaged in providing fresh produce and fast-moving consumer goods to customers through its self-owned online ecommerce platform and distributed mini warehouse (“DMW”) networks through its subsidiaries and consolidated variable interest entities. The Company also offered next-day delivery to supplement its DMWs' offerings.
The Company is an innovator in China's neighborhood retail industry. Its businesses started in October 2014 by launching on-demand DMW retail business. To further digitalize the neighborhood retail industry end-to-end, the Company launched its intelligent fresh market business in the second half of 2020 and started its retail cloud business initiative in 2021. Since July 2022, the Company has adopted a series of significant adjustments to its business strategy for sustainability, including the shutdown of our on-demand DMW retail business, staff optimization, the shutdown of the Next-Day Delivery BU, the termination of its intelligent fresh market business and its retail cloud business.
The Company was a pioneer in on-demand DMW retail, offering hourly delivery of high-quality grocery from its technology-enabled DMWs to consumers' doorsteps. Most goods on its “Missfresh” mobile application and mini program were directly sourced and individually managed to ensure high quality and safety standards. Its on-demand DMW retail business was powered by its AI-powered, end-to-end Retail AI Network, which focused on direct procurement and quality standardization, covering the entire value chain from origin, quality control centers and DMWs to consumers, ensuring the high quality of its products.
The Company prioritized building Retail AI Network, its proprietary technology platform, with its technology and data-driven mindset to improve user experience, optimize operational efficiency and increase scale. After over five years of iteration, in 2021, its proprietary Retail AI Network automated over 90 of the decisions in inventory replenishment, procurement and promotional pricing.
The Company has only one reportable segment.
HISTORY
2014 The Company was founded in October 2014. From its inception to June 2017, it operated its on-demand DMW retail business through Beijing Missfresh E-commerce Co., Ltd., or Beijing Missfresh, and its subsidiaries, and the Company used Beijing Missfresh as its holding company to raise early-stage equity financings.
2015 In April 2015, the Company was incorporated in the Cayman Islands, and Missfresh HK Limited was then established by Missfresh Limited as a wholly owned subsidiary in Hong Kong.
In July 2015, Qingdao Missfresh E-commerce Co., Ltd., or Qingdao Missfresh, was established by Missfresh HK Limited as a wholly foreign-owned enterprise in the PRC to expand its business in the neighborhood retail industry.
2021 The Company s ADSs, each currently representing ninety of its Class B ordinary shares, have been listed on the Nasdaq Global Market since June 25, 2021. Its ADSs trade under the symbol “MF.”