Der Traum vom IPO ist gescheitert, der berühmte E-Commerce-Unternehmen ist pleite gegangen.

However, the quiet internet has struck the first blow.

Investor.cn has learned that recently, an explosive piece of news came from the internet industry. The once - popular and heavily - funded industrial star - e - commerce "My Everything Collection" (hereinafter referred to as "Everything Collection") suddenly faced a liquidity crunch, resulting in the inability to pay hundreds of millions of yuan in goods prices. More than 200 employees had to be laid off, and the company is on the verge of bankruptcy. According to other media reports, the office of Everything Collection is empty, and the whereabouts of the CEO are a mystery.

The bankruptcy of Everything Collection has made waves like a stone thrown into a still pond. Official information shows that Everything Collection was founded in 2020 by Zhou Yanhua, a "tech genius". Zhou Yanhua has an outstanding "legendary" career. In college, she was "one of only two girls in the class" and "the goddess in the hearts of male classmates". After graduation, she worked at the foreign giant Grainger and has focused on the industrial MRO field for nearly 20 years. During this time, she was highly regarded by foreign executives and helped Grainger to expand into the Chinese market.

In 2020, Zhou Yanhua carried out the management buy - out transaction of Grainger's Chinese business, and the company was renamed Everything Collection. Zhou Yanhua, as the founder, became the owner and took on the positions of chairman and CEO. At that time, two industrial platforms in China were particularly remarkable: one was JD Industrial, created by Liu Qiangdong, the founder of JD.com, and the other was Everything Collection, led by CEO Zhou Yanhua. Everything Collection had a lot of glory from the start and quickly received more than five rounds of financing from "top" VC/PE and industrial capital, such as Dayang Motors, China Merchants Capital, Sinovation Ventures, Gopher Asset, Hongtai Fund, Fangyuan Capital, Guangzhou Fund, Deyue Investment, CSG Fund, and Huiyin Aofeng.

In 2025, Everything Collection finalized the plan for an IPO and planned to go public in the same year. After that, the company carried out a series of promotional activities and won "awards" on various platforms. At the World Internet Conference, it was recognized by KPMG as a "potential gazelle company in the digital economy of the Yangtze River Delta". No one could have imagined that in 2026, this star e - commerce highly praised by Zhou Yanhua would be in ruins.

01

The empty office of Everything Collection is the "biggest internet event" in 2026.

In 2025, Everything Collection was frequently reported by the media, which said it would be the "first industrial e - commerce" to go public before JD Industrial. But in 2026, it suddenly became the "first big bang in industrial e - commerce". The rise and fall of Zhou Yanhua's career are more exciting than a short TikTok series.

The bankruptcy of Everything Collection was very strange. It seemed as if they had "completely disappeared overnight". However, the downfall of Everything Collection did not come out of nowhere. In 2025, when it was over - promoting, the media reported that "Everything Collection had pledged about 100 million yuan in receivables to the bank." This means that Everything Collection had borrowed a lot of money from the bank and was in debt. It was all just a facade, and the company was at the end of its rope.

However, this event did not attract wide attention. First, they were preparing for an IPO. Once the company goes public, there will be no shortage of money, and there will also be investors to take over the shares. Second, Everything Collection received hundreds of millions of yuan in Series B++ financing in July, supported by Hongtai Fund, a well - known early - stage VC in China. Sheng Xitai, the founder of Hongtai Fund, is very well - known and distinctive in the venture - capital industry. He advocates "investment throughout the entire life cycle" and emphasizes "respecting common sense" and "focusing on wolverine entrepreneurs". He also said: "Anything that cannot be understood with common sense, Hongtai Fund will not invest in."

Sheng Xitai is a good speaker and can be regarded as one of the few "investment philosophers" in the venture - capital industry. He has also left many famous quotes. He said: "Investing is like falling in love, you have to be fast." Sheng Xitai has made a name for himself in the venture - capital industry by having a "unique" sense. He once invested in a "PPT company". Although he knew that the chance of success was only 1%, he bravely supported it for 10 years and finally achieved an IPO. Hongtai Fund surely also invested in Everything Collection with the goal of an IPO. But Sheng Xitai could not have imagined that Zhou Yanhua could "deceive" him.

Not only Hongtai Fund, but somehow this "tech genius" managed to "deceive" nearly 20 "top" VC/PE and industrial capitals in five years. The long list of investors also includes the well - known Sinovation Ventures and Fangyuan Capital. Sinovation Ventures is a VC institution founded by Li Kaifu, the "father of Chinese AI". It has played a major role in the early stages of internet and technology companies.

Companies like Meituan, Didi Chuxing, Zhihu, ByteDance, Xiaomi, Meitu, and many others cover all aspects of daily life and work. In recent years, since Li Kaifu became the "father of Chinese AI", Sinovation Ventures has set its investment direction on AI and hard tech. Companies like Megvii Technology, Horizon Robotics, Fourth Paradigm, Innovation Intelligence, Insilico Medicine, and Origin Point are also works of Sinovation Ventures.

If we say that Sequoia China and Hillhouse Capital are the "two mountains in the Chinese VC/PE industry", then Sinovation Ventures and ZhenFund are the "pioneers of early - stage Chinese investments". Regardless of how different venture - capital platforms evaluate the "best early - stage Chinese investment institutions" each year, Sinovation Ventures will always appear. The investment in Everything Collection was originally an important arrangement of Sinovation Ventures in the field of the industrial internet.

The industrial internet has been an emerging trend since 2017 and fully developed in 2020. According to a report on Baidu Library, the gross value - added of the Chinese industrial internet industry in 2020 was about 916.48 billion yuan, and the gross value - added including the indirect effect was about 3.1 trillion yuan. The industrial internet offers huge business potential, and whoever can succeed will be the "industrial JD.com or Taobao/Tmall".

With such a large market and broad prospects, it's not surprising that VC/PE are envious. Who would want to miss a "female Liu Qiangdong"?

02

Liu Qiangdong was one of the first to understand industrial e - commerce.

According to JD.com's historical documents, JD Industrial was founded in 2017 when the industrial internet emerged. At that time, Liu Qiangdong was full of enthusiasm and designed two broad business plans for JD.com. One was the consumer - oriented internet field, which he mastered very well, including consumer e - commerce and the logistics system. The other was the industrial internet field, which connected Chinese industry, manufacturing, and hard tech into a large network.

It can be said that Liu Qiangdong was very successful in the consumer field. He created "JD.com, China's private company with the highest turnover". But on the industrial level, Liu Qiangdong was like someone who "stumbles over stones in the river". He believed that the best way to achieve something was to "transfer the experience and logistics system from the consumer field to the industry". This was supposed to help modernize Chinese industry, manufacturing, and hard tech, or reduce costs and increase efficiency.

The partners and B - customers were just other companies. In the consumer field, they were consumer companies; in the industrial field, they were industrial enterprises. The delivered goods changed from small items to large items. When JD Industrial operated independently, Liu Qiangdong's idea was supported by "top" VC/PE. In addition to JD Industrial, JD.com also spun off JD Property Development. These two companies complement each other and complete Liu Qiangdong's industrial dream project.

The two companies have attracted "heavy - weight" investors such as Sequoia China, GGV Capital, CPE Source Summit, Hillhouse Capital, and Warburg Pincus. In fact, due to Liu Qiangdong's and JD.com's position in the Chinese economy, JD Industrial could have attracted more financing. But Liu Qiangdong is very individualistic. The projects of the "JD family" never accept external financing arbitrarily. The VC/PE that can invest in these projects are not necessarily the best, but most of them have done JD.com a favor.

Liu Qiangdong attaches great importance to "loyalty". The VC/PE that have helped JD.com in difficult times will get opportunities in the projects of the "JD family". The projects of the "JD family" have a high market value and also high entry barriers. If one cannot invest in JD Industrial, one has to find a "substitute product". A large VC investor once told Investor.cn about the methodology of top - level institutions in finding good projects. "When a good project is well - known, the price for investment is very high. Smart investors have to learn to discover potential entrepreneurs early."

What does this mean? According to the explanation of this large VC investor, "top - level institutions often select entrepreneurs before they have even founded their companies." For example, a high - level manager of a large company talks to a friend (investor) and says that he doesn't want to work anymore and would rather start his own business. At the moment, he has nothing. Then the friend says: "You don't have to worry. You just need to start your own business, and I'll tell you how to build your company." This sounds like "advertising", but it's a strategy of "top" institutions to secure a position early. So, who is the "substitute product" for JD Industrial?

Probably it is Everything Collection. The transformation of Grainger China, where Zhou Yanhua worked, into Everything Collection was very fast, and in the same year, it received financing from industrial capital. There isn't much information about Zhou Yanhua in the venture - capital industry. She is a "tech genius" and was the "goddess admired by male classmates" in college. She was one of only two girls in the class and was highly regarded. After graduation, she went to the foreign giant Grainger.

Grainger is a world - leading distributor of maintenance, repair, and operating supplies and is committed to providing one - stop solutions for the procurement and supply chain of industrial goods. It has nearly 600 branches and 18 shipping centers worldwide. Zhou Yanhua worked at Grainger for nearly 20 years and was highly regarded by foreign executives. She helped Grainger expand into the Chinese market and is one of the pioneers of the Chinese industrial internet.

Apart from Liu Qiangdong, Zhou Yanhua is the one who can make the industrial internet successful.

03

If one cannot invest in Liu Qiangdong's company, they instead "vigorously" invest in Zhou Yanhua.

The large - scale investment of capital has also laid the foundation for later conflicts.

Naturally, the capital providers are not "fools". They mainly see in Zhou Yanhua that "Everything Collection is built on the basis of Grainger's Chinese business". JD Industrial is also built on JD.com. In the year...