JD.com Retreats Again From Money-Losing Group-Buying Business
JD.com Inc. has shrunk its community group-buying offshoot Jingxi Pinpin for the second time this year, shutting up shop in Hubei and Shandong provinces as it struggles to break through in an industry dominated by Pinduoduo and Meituan.
It comes after Jingxi Pinpin withdrew from several other provinces including Sichuan and Hebei in March. The firm cut around 15% of its workforce that month, a source at JD.com said.
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