Logistics unicorn backed by U.S. investors goes bankrupt
Business & Technology
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Yunniao Technology is a short-haul trucking platform that matches shippers with drivers. But according to several employees, the company itself is having logistics challenges:
- The manager of Yunniaoโs Weibo account used it to denounce the CEO, Hรกn Yรฌ ้ฉๆฏ , encouraging people to sue him and claiming some employees havenโt been paid for three months.
- More disgruntled employees quickly emerged, claiming they were forced to buy the companyโs financial products, and that drivers were required to pay a 4,000 yuan ($626) deposit before they could get jobs, but never had them refunded.
The context: Yunniao has over 1 million drivers, and as of 2019, it was valued at just over $1 billion, backed by investments from Warburg Pincus, Sequoia, and several Chinese players.
What’s next: The company is reportedly filing for bankruptcy. After announcing the news in a company WeChat group, the CEO withdrew from the group and has yet to make any public statements.
