Core Viewpoint - The company Haipai Ke, a maternal and infant e-commerce platform, is facing significant challenges including allegations of selling counterfeit products and declining growth, raising questions about its readiness for an upcoming IPO [1][12]. Group 1: Company Overview - Haipai Ke was established in 2015 and has received multiple rounds of investment from notable backers including Lei Jun's Shunwei Capital [1]. - The platform primarily serves the lower-tier market, connecting suppliers with maternal and infant stores, and has expanded its offerings to include beauty, health products, and digital appliances [1][9]. - The company claims to connect approximately 29,000 offline retail stores, but the authenticity of this figure is under scrutiny [7]. Group 2: Allegations of Counterfeit Products - Investigations revealed that Haipai Ke has been accused of selling counterfeit products, with specific instances reported by consumers [1][6]. - A test purchase of a product from Haipai Ke resulted in a counterfeit finding, raising concerns about the company's supplier management and product authenticity [2][4]. - The platform's customer service has been unable to provide satisfactory resolutions regarding counterfeit claims, indicating potential weaknesses in its operational protocols [4][6]. Group 3: Financial Performance and Challenges - Haipai Ke's revenue has shown signs of decline, with reported figures of 8.95 billion yuan, 10.67 billion yuan, and 10.32 billion yuan from 2022 to 2024 [12]. - The company has accumulated losses of 18.54 billion yuan, despite a shift in focus from scale to profitability [12][13]. - The company has faced multiple rounds of shareholder withdrawals, complicating its financial stability and IPO prospects [12][13]. Group 4: Research and Development Concerns - The company's investment in research and development for its private label products is significantly lower compared to industry peers, raising concerns about its ability to innovate [10][11]. - The average R&D expenditure per SKU is alarmingly low, questioning the company's capacity for breakthrough innovations [11]. Group 5: Regulatory and Compliance Issues - The platform's supplier vetting process appears to be inadequate, allowing unauthorized products to be listed [4][6]. - There are indications that the registration process for retail stores on the platform is not as stringent as claimed, leading to potential misrepresentation of its operational metrics [8].
海拍客“带病”闯关港交所：假货争议频现 关键运营指标成疑
Zheng Quan Shi Bao·2025-08-20 18:45