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Caixin retreats again from money-losing group-buying business

Early gains prove transitory; e-commerce giant to end service in 7 provinces

An ad promoting China's "618" shopping event. Company sources at say its community group-buying business, Jingxi Pinpin, is unsustainable. (Photo by Shunsuke Tabeta). has shrunk its community group-buying offshoot Jingxi Pinpin for the second time this year, closing shop in Hubei and Shandong provinces as it struggles to break through in an industry dominated by Pinduoduo and Meituan.

It comes after Jingxi Pinpin withdrew from several other provinces including Sichuan and Hebei in March. The company cut around 15% of its workforce that month, a source at said.

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