COLDSKY.CN – Itjuzi.com, a structured database for Chinese enterprises mainly in the TMT sector, has opened a new channel of China’s dead companies under the category of “new economy” in six years.
The number of companies that shut down from 2014 to 2019 was 335, 1,131, 1,458, 2,145, 460 and 335, respectively.
Web International English, an English training company established in 1996 in Shanghai, was the longest-living for over 23 years before closing, followed by well-known chain brand Beijing-based Hosa Fitness after 21 years and 10 months, Zhejiang’s smart-city solution provider Zhongbie Science founded in 1995, Beijing’s Internet marketing firm Ocean Tech and Jiangsu’s financial forum 08invest.com, both after a survival of 17 years.
In the automobile field, several platforms specialized in car sales, rental and services that sometimes existed up to eight years also shut down.
On the sub-list of “burning cash,” which showed financing records, Tuandai.com, a financing platform for SMEs, closed in this April although attracting investment of 2.475 billion yuan since its establishment in Guangdong in 2011.
Online real estate listings platform and one-time unicorn Aiwu Jiwu ( iwjw.com) raised over 2.16 billion yuan before ceasing operations in January. Delivery services company qfkd.com.cn closed the door in April too after surviving for 8 years and 5 months and raising 1.681 billion yuan.
Beijing’s auto after-sales service provider zgxcw.com.cn was also on the list although it raised 1.623 billion yuan in four years of life. This list also included Panda TV, the Chinese game streaming site backed by young tycoon Wang Sicong, the son of Dalian Wanda chairman Wang Jianlin, despite its success to raise 1.063 billion yuan since 2015.
The reasons behind the collapse ranged from team management to products quality, financing, operation and changes in policy and regulation, according to the website, which requires paid subscription to download the full data.