Largest strategic investment made to date for local online fresh food grocer in China

On December 9, 2020, Miss Fresh, a portfolio company of CEC Capital Group, announced that it has received a RMB 2 billion strategic investment from Qingdao Guoxin, Sunshine Venture and Qingdao Municipal Guidance Fund. This is by far the largest strategic investment made for a local online fresh food grocery company in China.

Miss Fresh will build its national farming industrial park and headquarters and an intelligent supply chain center in Chengyang District, Qingdao City. Leveraging Qingdao’s unique "dual node" advantage, Miss Fresh will also build out upstream and downstream capabilities. Consolidating industrial clusters has accelerated the development of its fresh food e-commerce business. At the same time, Miss Fresh will deeply coordinate with Qingdao in its urban development strategy and industrial buildout, and will cover the whole country from its base in Qingdao. This will not only help develop a “smart” city infrastructure supporting multiple retail formats for the benefit of the consumer, but also upgrades the supply chain for the food and agricultural industry. In terms of technology, new “smart” retail and agricultural technologies will be used to modernize the entire value chain from fresh farming, distribution, and sales. In terms of finance, Miss Fresh’s data-driven platform will be used to help provide agricultural financing more efficiently.

Xu Zheng, founder and CEO of Miss Fresh, remarked that Qingdao will drive the Company’s nationwide strategy with outstanding industrial advantages to the region. Its food and agricultural industries are leading the modernization of the industry. Miss Fresh will integrate into the Qingdao market, increase its investment in the market there, deepen local partnerships in the region. The Company will continue to strive to become the leading domestic fresh food e-commerce business and encourage the development of Qingdao's food and agricultural industries.