China: Offline store Huimin acquires Sequoia-Backed Beequick

Beequick, an online to offline one hour long delivery service has been bought by Huimin, a Beijing-based neighborhood store start-up, a result of a lack of funding opportunity for the latter, the China Money Network reported.

The acquisition will help Beequick “survive as an independent unit under Huimin” but puts an end to Beequick’s aspirations for an initial public offering.

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