Anyone trying to predict when the salad days of Chinese tech companies will come to an end needs only to look at Meicai.
The company, whose name translates as “Beautiful Vegetables”, allows restaurants to buy directly from farmers through an app. In January, it raised $450m at a $2.8bn valuation. Last week, it raised another $600m and is now reportedly worth $7bn.
But just as private money is rushing into apps that promise to reinvent everything fromm greengrocers to food delivery to second hand car sales, the markets have taken fright.
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