The dream of IPO shattered, and the star e-commerce company went bankrupt.
The quiet internet has suddenly been shaken by a thunderbolt.
According to Touzijia.com, recently, a shocking piece of news has emerged in the internet industry. The once-popular industrial e-commerce star, "My Everything Collection" (hereinafter referred to as "Everything Collection"), which was highly sought after by capital, has suddenly faced a broken capital chain. As a result, hundreds of millions of yuan in payment for goods could not be paid, and more than 200 employees were forced to be laid off, leading to the company's impending collapse. Other media reported that the offices of Everything Collection were empty, and the whereabouts of its female boss remained a mystery.
The collapse of Everything Collection has caused quite a stir. Public information shows that Everything Collection was founded in 2020 by Zhou Yanhua, a "female engineering prodigy." Zhou Yanhua's experience is quite "legendary." In college, she was "one of the only two girls in the class" and "the goddess in the hearts of male classmates." After graduation, she joined Grainger, a foreign giant, and worked in the industrial MRO field for nearly 20 years. During this period, she was highly appreciated by foreign executives and helped Grainger penetrate the Chinese market.
In 2020, under her leadership, Grainger's Chinese business completed a management buyout and was renamed Everything Collection. Zhou Yanhua, as the founder, "promoted" to the actual controller, serving as the chairman and general manager. At that time, there were two prominent industrial platforms in China. One was JD Industrial, created by Liu Qiangdong, the founder of JD. The other was Everything Collection, led by the female boss Zhou Yanhua. Everything Collection started with a bang and quickly received more than five rounds of financing from top VC/PE and industrial investors such as Dayang Motor, China Merchants Group Venture Capital, Sinovation Ventures, Gopher Asset, Hongtai Fund, Fangyuan Capital, Guangzhou Fund, Deyue Investment, China Southern Power Grid Fund, and Huiyin Aofeng.
In 2025, Everything Collection put its IPO on the agenda, planning to go public within the year. After that, the company carried out a wave of publicity and "won awards" on various platforms. At the World Internet Conference, it was also selected by KPMG as a "potential gazelle enterprise in the digital economy of the Yangtze River Delta." Who would have thought that by 2026, this star e-commerce company, which Zhou Yanhua had hyped up, would end up in a mess.
01
The empty offices of Everything Collection can be regarded as the "biggest event" in the internet industry in 2026.
In 2025, Everything Collection was frequently reported by the media, saying that it would become the "first industrial e-commerce stock" before JD Industrial. However, by 2026, it became the "first thunderbolt" in the industrial e-commerce industry. The ups and downs of one's career are more exciting than short dramas on Douyin.
The collapse of Everything Collection was so strange that it seemed to "vanish into thin air" overnight. However, the downfall of Everything Collection was not without reason. In 2025, when they were over - promoting, some media reported that "Everything Collection had pledged about 100 million yuan in accounts receivable to the bank." This means that Everything Collection had borrowed a lot of money from the bank and was in debt. All these were just appearances, and the company was at the end of its rope.
However, this incident did not attract wide attention. First, they were preparing for an IPO. Once the company went public, it would not be short of money, and there would be more stockholders to take over. Second, Everything Collection received hundreds of millions of yuan in Series B++ financing in July, with the strong support of Hongtai Fund, a well - known early - stage VC in China. Sheng Xitai, the founder of Hongtai Fund, is very famous and distinctive in the venture capital circle. He adheres to the concept of "full - life - cycle investment" and emphasizes respecting common sense and focusing on wolf - like entrepreneurs. He also said, "If something cannot be understood by common sense, Hongtai Fund will not invest."
Sheng Xitai is very eloquent and can be regarded as a rare "investment philosopher" in the venture capital circle. He has also left many golden quotes in the venture capital circle. He said, "Investment is like falling in love. You have to be fast." Sheng Xitai became well - known in the venture capital circle because of his "unique" sense of smell. He once invested in a "PPT company." Although he knew that the success rate was only 1%, he boldly persisted for 10 years and finally achieved an IPO. It is presumed that Hongtai Fund invested in Everything Collection with the hope of an IPO. However, Sheng Xitai did not expect that Zhou Yanhua could "deceive" him.
Not only Hongtai Fund, but this "female engineering prodigy" seemed to have some kind of charm. In her five - year entrepreneurial journey, she "deceived" nearly 20 top VC/PE and industrial capitals. On that long list of investors, there were also well - known names like Sinovation Ventures and Fangyuan Capital. Sinovation Ventures is a VC institution founded by Li Kaifu, the "Godfather of Chinese AI," which has invested in many early - stage internet and technology companies.
Companies like Meituan, Didi Chuxing, Zhihu, ByteDance, Xiaomi, and Meitu cover all aspects of people's daily work and life. In recent years, as Li Kaifu has become the "Godfather of Chinese AI," Sinovation Ventures has focused its investment on AI and hard technology. Companies like Megvii Technology, Horizon Robotics, Fourth Paradigm, Innovation Intelligence, Insilico Medicine, and Jidian Qiyuan are also masterpieces of Sinovation Ventures.
If Sequoia China and Hillhouse are "two mountains in the Chinese VC/PE industry," then Sinovation Ventures and ZhenFund are the "authorities in early - stage investment in China." No matter how various venture capital platforms evaluate the "Best Early - stage Investment Institutions in China" every year, Sinovation Ventures will always be on the list. Investing in Everything Collection was originally a key layout of Sinovation Ventures in the industrial internet field.
The industrial internet emerged as a trend in 2017 and exploded in 2020. According to a report from Baidu Wenku, in 2020, the scale of China's industrial internet industry was about 916.48 billion yuan, and the added - value scale of the industry including the integrated driving effect was about 3.1 trillion yuan. The industrial internet is driving a huge business. Whoever can stand out will become the "industrial - level JD, Taobao, or Tmall."
With such a large market and broad prospects, it's no wonder that VC/PE are jealous. Who would want to miss a "female Liu Qiangdong"?
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Liu Qiangdong was one of the first to figure out the industrial e - commerce business.
According to JD's historical records, JD Industrial was founded in 2017 when the industrial internet was on the rise. At that time, Liu Qiangdong was full of ambition and designed two vast business maps for JD. One was the consumer internet, which he was very familiar with, including consumer e - commerce and the logistics system. The other was the industrial internet, which connected China's industry, manufacturing, and hard technology into a large network.
It can be said that Liu Qiangdong has been very successful in the consumer - level market. He created JD, the "No. 1 private enterprise in terms of revenue in China." However, in the industrial - level field, Liu Qiangdong was "crossing the river by feeling the stones." He thought that the most favorable condition for him to succeed was to "replicate the consumer - level experience and logistics system to the industrial field" to help China's industry, manufacturing, and hard technology upgrade or reduce costs and increase efficiency.
The cooperative customers and B - end are just different types of companies. In the consumer - level market, they are consumer enterprises, while in the industrial - level market, they are industrial enterprises. The goods transported have changed from small items to large items. When JD Industrial was independently operated, Liu Qiangdong's idea was supported by top VC/PE. In addition to JD Industrial, JD separated JD Property Development. These two companies complement each other, fulfilling Liu Qiangdong's industrial dream.
The two companies have attracted heavyweight investors such as Sequoia China, GGV Capital, CPE Yuanfeng, Hillhouse, and Warburg Pincus. In fact, with Liu Qiangdong and JD's status in the Chinese business world, JD Industrial could attract more financing. However, Liu Qiangdong is very individualistic. The "JD - affiliated" projects never raise funds casually from the outside. The VC/PE that can participate may not be the best, but most of them have shown kindness to JD.
Liu Qiangdong attaches great importance to "loyalty." The VC/PE that helped JD in times of crisis will be given a share in the "JD - affiliated" projects one after another. The valuation of "JD - affiliated" projects is high, and the threshold is even higher. If capital cannot invest in JD Industrial, it needs to find a "substitute." A VC tycoon once talked to Touzijia.com about the methodology of top - tier institutions in finding high - quality projects in the market. "If everyone knows about a good project, it will be very expensive to invest in it. Smart investors should learn to develop potential entrepreneurs in advance."
What does this mean? According to the interpretation of this VC tycoon, "Top - tier institutions often choose to invest in entrepreneurs before they start their businesses." For example, an executive of a large company chats with a friend (an investor) and says that he doesn't want to work for others anymore and wants to start a business. At present, he has nothing. Then the friend says, "You don't have to worry about anything. Just go out and start your own business, and I'll tell you how to run the company next." This may seem like "poaching," but it is actually a strategy of top - tier institutions to occupy a position in advance. So, who is the "substitute" for JD Industrial?
Most likely, it is Everything Collection. The transformation of Grainger China, where Zhou Yanhua worked, into Everything Collection was very rapid, and it received a round of financing from industrial capital in the same year. There is not much information about Zhou Yanhua in the venture capital circle. She is a "female engineering prodigy" and was the "goddess adored by male classmates" in college. She was one of the only two girls in the class and was very popular. After graduation, Zhou Yanhua joined Grainger, a foreign giant.
Grainger is a global leading distributor of industrial products for equipment maintenance, repair, and operation, committed to providing one - stop industrial product procurement and supply - chain solutions for enterprises. It has nearly 600 stores and 18 distribution centers around the world. Zhou Yanhua worked at Grainger for nearly 20 years and was highly favored by foreign executives. She led Grainger to develop its business in China and is one of the pioneers of China's industrial internet.
Besides Liu Qiangdong, Zhou Yanhua is the one who has the ability to make a big success in the industrial internet field.
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If they can't invest in Liu Qiangdong, they "rush to invest" in Zhou Yanhua.
The rush of capital to invest blindly also laid the groundwork for future conflicts.
Of course, capital is not "stupid." They value Zhou Yanhua mainly because "Everything Collection has the foundation of Grainger's Chinese business." JD Industrial also has the foundation of JD. In 2021, Zhou Yanhua envisioned the appearance of the Everything Collection industrial e - commerce platform. "It is necessary to build 18 major product lines, with a self - operated product library of nearly tens of millions of items, covering the entire process of selection, purchase, management, and optimization, and realizing the full - process onlineization of industrial procurement."
The idea is good, but it requires money. The most money - burning part of the internet is e - commerce, and the most money - burning part of e - commerce is industrial - level e - commerce. Zhou Yanhua chose the most money - burning direction. When she was exploring Grainger's Chinese business, she had the support of Grainger. Without this support, she was "very confident" in capital. VC/PE invested billions of yuan without hesitation in the "common dream," hoping to burn their way to become the "top first."
Zhou Yanhua is also a tough person. She successively developed the MyMRO system that realizes the onlineization, standardization, and intelligence of the procurement process, an AI - driven demand forecasting and inventory management system, a national - wide intelligent warehousing network, and a self - operated product library covering 18 major product lines. After achieving all these, Everything Collection recruited a large number of salespeople, and she personally trained the sales team to "sell products."
After a series of aggressive actions, in 2025, some media reported that "the revenue scale of Everything Collection was about 1 billion yuan." According to the data of its "competitor" JD Industrial, in 2025, the company's total revenue was 23.95 billion yuan, a year - on - year increase of 17.4%. After several years of operation, the revenue of Everything Collection was less than one - twentieth of that of JD Industrial. VC/PE were very angry when they saw such results. The good news was that "they were preparing for an IPO."
If Everything Collection could really go public, it would be the "first industrial e - commerce stock." All problems would be temporarily solved. Before the IPO, entrepreneurs and investors were "100% on the same page." To build momentum for the IPO, Everything Collection spent a lot of money on publicity and frequently "won awards." The "authoritative" institution KPMG gave it the title of "potential gazelle enterprise in the digital economy of the Yangtze River Delta." While "winning awards," Zhou Yanhua took a bold move.
She came up with a "mysterious move." Everything Collection entered the consumer - level "night market." This is a "divine move" that ordinary industrial - level entrepreneurs would never think of, and it was extremely strange. In 2025, in addition to its main business, Everything Collection launched the "Everything Collection Night Market" project. It set up offline night markets in many places across the country, with each night market having more than 240 stalls, covering types such as food, cultural and creative products, and toys.
Everything Collection recruited a group of internet celebrities to "hyped it up." The intention was to use traffic to increase the scale. Under this "divine reversal," the IPO dream of Everything Collection was shattered. The latest news about this company is that its offices are empty. According to multiple reports, in 2026, the capital chain of Everything Collection suddenly broke. They were raising funds while borrowing from the bank, burning through all the capital. More than 200 employees were laid off, and the whereabouts of Zhou Yanhua remained a mystery.
The answer given by AI tools is that "Zhou Yanhua is currently out of contact." According to rumors, before the collapse of Everything Collection, Zhou Yanhua had a "quarrel" with the capital. The shareholders demanded the repurchase of their equity, "wanting to stay away from this female boss with mysterious moves." Later, a "short drama" circulated in the industry: Zhou Yanhua broke down emotionally and cried in public during a remote video conference. She said that "she suffered from depression under great pressure." She claimed that "she was worthy of her employees," but she failed to provide an effective solution to the suppliers' arrears and the shareholders' repurchase demands.
After that, she could not be found. Zhou Yanhua "disappeared" from the public eye, setting off the first thunderbolt in the internet industry in 2026.
This article is from the WeChat official account "Touzijia," written by Yun Fan and published by 36Kr with permission.