Chinese e-commerce startup Pinduoduo challenger Taojiji falls into the crisis of delinquent payment after burning millions

Dec 10, 2019 PinDuoDuo

Recently, the merchants of Taojiji are in trouble. They have hundreds of thousands of yuan, or even more in Taojiji, which cannot be withdrawn.

"I have processed a one-day refund." "I've refunded nearly 200 orders and texted twice." "The platform does not collect payment, so the delivery is delayed" In QQ group, Taojiji merchants complained.

Many people have decided to take off the shelves or cancel the delivery of goods, because they have been unable to withdraw the payment on Taojiji for more than three consecutive months.

In the early morning of October 15, Zhang Zhengping, the founder of Taojiji, published "an apology letter to his partners" on Taojiji's official micro-blog. In his letter, he reviewed the experience of Taojiji in the past three months. And he admitted that he spent too much time on financing during this period, delaying the most golden period of self rescue. For the future, he said that "reorganization is the best plan".