Something rotten at Missfresh
Business briefs from the Chinese media โ Wednesday November 16
Led by semiconductor and internet companies, Chinese ADRs in the U.S. rallied yesterday amid signs of easing China-U.S. tensions after the Biden-Xi meeting in Bali.
Something rotten at Missfresh: On Monday, the Nasdaq-listed MissFresh ๆฏๆฅไผ้ฒ, which claims to have invented the distributed mini-warehouse retail model, reissued its 2021 annual report, showing that the company has only 55 employees left, and is in arrears with payments to employees and suppliers. In July, MissFresh closed down its main business operations in China, and the company seems on the verge of bankruptcy.
A 47.9-hour work week: According to data released by the National Bureau of Statistics, in October, the national surveyed urban unemployment rate was 5.5%, and the rates for people aged 16-24 and 25-59 were 17.9% and 4.7%, respectively, both unchanged from September. The national average for weekly working hours of employed persons was 47.9 hours.
Big drop in the real estate market: According to the National Bureau of Statistics, from January to October, the total area of housing sales in China was 1.11 billion square meters ($11.96 billion square feet), a year-on-year decrease of 22.3%. Sales amounted to 10.88 trillion yuan ($1.53 trillion), a year-on-year decrease of 26.1%.
