“我店”宣称会员3000万，被曝积分返利延迟，公开募集原始股

Core Insights - The company "WoDian" is rapidly expanding its platform, aiming to reach over 30 million members by the end of 2025 and achieve an annual transaction volume of over 100 billion yuan by 2026 [2][4] - Despite impressive growth metrics, users are increasingly reporting issues with delayed or suspended reward points, leading to investor concerns and calls for withdrawal from the platform [2][5] Group 1: Business Model and Growth - "WoDian" operates on a model of "consumption returns points, points exchange for benefits," which has gained traction in the retail market [2] - As of the latest data, "WoDian" has opened 7 direct supermarkets and over 1,800 cooperative supermarkets, with more than 1,600 partner merchants on its "WoDian Life" app [2][4] - The platform's goal for 2026 includes achieving a net profit of 2 billion yuan [2] Group 2: Changes in Reward System - In the second half of 2025, "WoDian" unilaterally extended the reward point redemption period from the initially promised 36 periods to 120 periods, significantly impacting merchants' cash flow expectations [5] - Users have reported delays in cashing out their reward points, with some waiting for over two months for their funds to be processed [5][6] Group 3: Regulatory and Operational Challenges - The company has faced scrutiny due to its operational changes, including relocating its headquarters from Shanghai to Hainan, which some industry voices suggest is an attempt to evade regulatory pressures [8][11] - The platform's payment system underwent a significant upgrade, limiting payment options to only redeemable coupons for an extended period, which has raised concerns among users [11] Group 4: Investment and Financing Concerns - "WoDian" has announced plans to go public on the Hong Kong Stock Exchange, with a listing expected in July 2026, which has raised questions about its financing methods [13] - The company has been criticized for its approach to selling original shares, which may not comply with regulatory standards, as it appears to attract public investment under the guise of a private offering [15]