Chinese grocery app Missfresh rises on report of possible unit stake sale

Missfresh

20/07/2022 11:51

** Shares of China-based online grocery firm Missfresh
 MF.O  up more than 4% at $0.35 before the bell 
    ** Stock on course to rise for the first day in three
sessions, if gains hold
    ** Tencent-backed Missfresh is considering selling stakes in
its intelligent fresh market unit for funds, Bloomberg News
reported late on Tuesday, citing people familiar with the matter
(https://bloom.bg/3yVYtSb)
    ** Missfresh is seeking a valuation of about $100 mln for
the business, the sources said, adding the process began late
last year; MF has a market cap of $79.04 mln
    ** Launched in the second half of 2020, the unit provides
online and omnichannel support services to traditional fresh
produce sellers 
    ** MF, which went public in June 2021, has shed more than
93% of its value so far this year, as of last close

 (Reporting by Deborah Sophia in Bengaluru)
 ((DeborahMary.Sophia@thomsonreuters.com;))