Ele.me, one of the largest food ordering mobile app operators in China, faces an uncertain future as the company has reportedly missed key performance metrics embedded in an agreement when Alibaba Group Holding Ltd. and its affiliate Ant Financial invested US$1.25 billion in the company earlier this year.
The company may have failed reaching certain performance targets including the timing of an initial public offering, market share and revenues, according to Chinese media reports.
As per a valuation adjustment mechanism clause, which gives investors the right to adjust the valuation when certain conditions are satisfied, Alibaba and Ant Financial could take over Ele.me...
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