Chinese app story

Two investors have announced they will fund a Chinese grocery delivery app, valued at $3 billion.

Tencent Holdings Limited, which also backs grocery delivery MissFresh, and private equity firm Primavera Capital, are behind the funding of Xingsheng Youxuan.

The funding comes amidst a spike in demand for grocery delivery due in part to COVID-19 lockdown restrictions.

The story was first reported by Bloomberg.

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