The biggest bombshell in the Internet industry in 2026 has gone off.
In 2026, the world's attention was almost entirely drawn to the roaring wave of technology. However, against this grand backdrop of the era, the once-silent internet industry was hit by a bombshell at the beginning of the year.
Recently, the internet industry was shaken by a shocking piece of news. The industrial-grade star e-commerce platform "My Everything Collection" (hereinafter referred to as "Everything Collection"), which was once extremely popular and heavily pursued by capital, suddenly faced a broken capital chain. This crisis came extremely rapidly and severely: hundreds of millions of yuan in overdue payments to suppliers could not be paid, the company was forced to urgently lay off more than 200 employees, and ultimately ended up in bankruptcy. Some media also reported that the headquarters of Everything Collection was already empty, and the once highly - anticipated female boss, Zhou Yanhua, with numerous halos around her, has now disappeared without a trace.
This bombshell shattered Everything Collection's IPO dream and tore off the false facade of prosperity of a billion - dollar star enterprise.
The explosion of Everything Collection became the "biggest event" in the internet industry in 2026 not only because it involved billions of yuan in huge financing but also because it perfectly encapsulated the typical symptoms of "capital creating gods" and "crazy premature ripening" in China's primary market in the past few years.
The "Alternative to Big Tech" Dream of the Engineering Goddess
Everything Collection started with a proper "powerful female protagonist" script.
Public information shows that Everything Collection was founded in 2020 by Zhou Yanhua, a "female engineering prodigy". Zhou Yanhua's experience is quite "legendary". Her personal resume perfectly matches all the hard - line indicators of success in the eyes of the elite. In college, as one of only two girls in the class, she was a real academic achiever and a goddess in the hearts of male classmates. After graduation, she naturally joined Grainger, a global leading distributor of maintenance, repair, and operations (MRO) industrial products, a foreign giant.
During her nearly 20 - year tenure at Grainger in the industrial MRO field, Zhou Yanhua demonstrated extremely strong business skills. She was highly appreciated by foreign executives and helped Grainger deeply penetrate the vast Chinese market single - handedly. It is no exaggeration to say that Zhou Yanhua is one of the earliest pioneers in China's industrial internet field.
The gears of fate turned in a historic way in 2020. That year, the industrial internet witnessed a complete explosion. According to a report from Baidu Wenku, the scale of China's industrial internet industry in 2020 was about 916.48 billion yuan, and the added - value scale of the industry including the integrated driving effect was as high as about 3.1 trillion yuan. In this super - trend that could leverage huge business opportunities and even give birth to "industrial - grade JD.com, Taobao, and Tmall", Zhou Yanhua keenly caught the opportunity to start her own business.
In 2020, under Zhou Yanhua's operation, Grainger's Chinese business completed a management buy - out and was quickly renamed "Everything Collection". Through this capital operation, Zhou Yanhua "promoted" to the actual controller as the founder, serving as the company's chairman and general manager. With the supply - chain foundation accumulated from the foreign giant, Everything Collection was born at the top of the pyramid and enjoyed a high - profile start.
However, what really pushed Everything Collection to the altar was the deep - seated "fear of missing out" (FOMO) of top - tier venture capitalists in the primary market.
At that time, there were two highly - regarded industrial product platforms in China: one was JD Industrial, vigorously developed under Liu Qiangdong's personal supervision, and the other was Everything Collection led by Zhou Yanhua. Liu Qiangdong had great ambitions at the industrial - grade level. He tried to replicate JD.com's successful experience and logistics system in the consumer - grade market to China's industrial and manufacturing sectors. However, in terms of capital operation, "JD - affiliated" projects did not easily raise funds from the outside.
The extremely high threshold of JD Industrial blocked most of the top - tier institutions with large amounts of capital in the market. As a VC tycoon said, if everyone invests in a good project after it becomes well - known, the price will be very high. Smart investors should learn to discover potential entrepreneurs in advance.
Unable to invest in JD Industrial, capital urgently needed to find a "substitute". In the industrial internet field, apart from Liu Qiangdong, the most capable person to build a large - scale business seemed to be Zhou Yanhua, who had been deeply involved in the industry for 20 years. So, if they couldn't invest in Liu Qiangdong, they "aggressively invested" in Zhou Yanhua.
Within just five years of starting the business, this female engineering prodigy attracted nearly 20 top - tier VC/PE and industrial capital. The list of investors behind her was like a luxury lineup: industrial and state - owned giants such as Dayang Motor, China Merchants Group Venture Capital, Guangzhou Fund, and China Southern Power Grid Fund were prominently listed; well - known institutions like FountainVest Partners, Gopher Asset Management, Huiyin Aofeng, and Deyue Investment followed closely.
However, in the frenzy of capital, the so - called "common sense" had long been distorted. The hasty influx of capital also laid the groundwork for future conflicts.
Capital valued Everything Collection because of its "Grainger's Chinese business" foundation, but they overlooked a fatal problem: when a branch of a foreign enterprise is forcibly transplanted into a capital greenhouse full of impatience and ambition, can it still bear the fruit of the industrial internet, which takes a long cycle to mature?
The False Prosperity of Burning Money for Promotion and the Collapse of the Underlying Logic under "Traffic Anxiety"
Surrounded by billions of yuan in funds, Everything Collection embarked on a rapid and aggressive expansion. Zhou Yanhua painted a huge and extremely alluring blueprint for the capital market: in 2021, she proposed "to build 18 major product lines, a self - operated product library of nearly tens of millions of items, cover the entire process of selection, purchase, management, and optimization, and realize the full - process online of industrial procurement."
Although the idea was grand, the implementation was a veritable money - swallowing black hole. In the internet industry, e - commerce is the most money - burning sector, and among e - commerce, industrial - grade e - commerce is undoubtedly the most money - burning and has the most complex supply chain. Zhou Yanhua's exploration of the Chinese market at Grainger was supported by the financial and global supply - chain resources of the foreign giant. Now, without the protection of this giant, Everything Collection could only rely on the "shared dream" of billions of yuan from VC/PEs to forcibly forge a path, trying to burn its way to become the "top player".
To achieve this goal, Zhou Yanhua showed her tough side. She successively developed the MyMRO system to realize the online, standardized, and intelligent procurement process, an AI - driven demand forecasting and inventory management system, and a national - wide intelligent warehousing network. To digest the self - operated product library covering 18 major product lines, Everything Collection desperately recruited employees and formed a large sales team. Zhou Yanhua herself even personally trained the sales staff and "sold products".
However, despite all these efforts, the cruel truth of the business world was clearly revealed in the financial statements. In 2025, some media reported that "Everything Collection's revenue scale was about 1 billion yuan". This figure might be acceptable for an ordinary startup, but in the industrial internet track with a market size of hundreds of billions, it was a failing score. In contrast, according to the data of its competitor JD Industrial, the company's total revenue in 2025 reached 23.95 billion yuan, a year - on - year increase of 17.4%. This meant that after several years of hard work, Everything Collection's revenue scale was not even one - twentieth of that of its biggest competitor.
This huge gap made the VC/PEs, who were expecting huge returns, extremely anxious. To appease the investors, Everything Collection had to reluctantly put the IPO on the agenda and planned to go public by force in 2025, trying to claim the title of the "first industrial e - commerce stock". On the eve of the IPO, to create an illusion of high growth, Everything Collection started a very dangerous financial acrobatic act and public - opinion promotion. Entrepreneurs and investors seemed to reach a certain tacit understanding. To promote the IPO, Everything Collection burned a lot of money on publicity and frequently "won awards" on various platforms.
However, beneath this seemingly prosperous surface, Everything Collection was already at the end of its tether. As early as 2025 during the excessive promotion, a sharp - eyed media reported that "Everything Collection had pledged about 100 million yuan in accounts receivable to the bank." The information behind this statement was chilling: this seemingly glamorous star unicorn was actually running out of cash for daily operations and had to rely on high - interest loans to barely survive. But not many people paid wide attention to this because they thought that as long as the company successfully went public through IPO, it would not be short of money, and there would be more stockholders to take over.
The industrial B2B track is essentially a slow - paced business that requires a great deal of patience and heavy - asset operation. It requires enterprises to gradually win over industrial manufacturing customers one by one and optimize the long and complex supply - chain system bit by bit. However, Everything Collection, which was prematurely ripened by capital, had lost this strategic determination. Under the huge valuation pressure and the forced IPO schedule, the management's actions began to seriously deviate. They no longer focused on improving the efficiency of the MyMRO system or deeply cultivating the 18 major industrial product lines but instead fell into a deep "traffic anxiety".
This anxiety ultimately gave birth to a fatal poison. To present beautiful gross merchandise volume (GMV) data in the prospectus, Everything Collection completely deviated from the main course of the industrial internet and embarked on an irreversible wrong path.
The Billion - Dollar Bubble Pricked by the "Night Market" and the Out - of - Control Ending
Just when everyone was waiting for Everything Collection to submit its listing application, Zhou Yanhua pulled off a series of "mysterious operations" that left the entire venture - capital circle stunned.
While "winning awards" at various summits, Zhou Yanhua launched a major move. In 2025, Everything Collection suddenly announced a cross - border expansion outside its main business and entered the consumer - grade "night market" field, launching a project called "Everything Collection Night Market".
This was definitely a "divine operation" that an ordinary industrial - grade entrepreneur could never come up with, extremely strange. Imagine: a B - side industrial giant that was previously promoting heavy machine tools, industrial bearings, and precision components suddenly started setting up numerous offline street stalls across the country. According to the original design, each night market of Everything Collection had more than 240 stalls, covering extremely scattered consumer goods such as food snacks, cultural and creative handicrafts, and children's toys. Moreover, Everything Collection spent a large amount of money to recruit a large number of internet celebrities to "extol" these night markets on various social platforms.
Zhou Yanhua's intention was obvious: since the real turnover growth in the industrial B - side was extremely slow and could not support a valuation of billions of yuan, she tried to use the false prosperity of the C - side night market and traffic to exchange for a large volume (scale) to piece together good financial data and artificially boost the valuation.
However, this self - defeating approach was like digging one's own grave. The industrial logic and the consumer logic are fundamentally different. The core of the industrial internet lies in the repurchase rate, supply - chain stability, and professional services; while the night market relies on human traffic, internet - celebrity marketing, and emotional value. The Everything Collection team, which was originally supposed to serve high - end B - side customers, was forced to manage stalls selling roujiamo (Chinese hamburgers) and plastic toys. This not only led to an extreme dispersion of the company's energy but also dealt a devastating blow to its professional brand image built over the years.
What was even more fatal was that every penny spent on opening offline night markets and hiring internet celebrities for promotion was squeezed from Everything Collection's already stretched - thin cash flow. Everything Collection was like an out - of - control bulldozer. On one hand, it told the story of the industrial internet to the primary market to raise funds; on the other hand, it continuously mortgaged assets to banks for loans; and on the third hand, it burned all its capital without restraint on the night - market project.
The bubble was bound to burst one day. Under this "divine reversal", Everything Collection's IPO dream was completely shattered. In 2026, the harsh reality of a suddenly broken capital chain tore off all the disguises.
At the last moment before the explosion, the internal contradictions of the company finally erupted. Those investors who used to surround Zhou Yanhua and show their concern completely changed their attitudes after seeing the absurd nature of the "night - market experiment" and the huge deficit. According to insider rumors, on the eve of Everything Collection's explosion, Zhou Yanhua had a fierce "argument" with the investors behind her. The shareholders all demanded a mandatory buy - back of their shares.
After this fruitless confrontation, Zhou Yanhua disappeared, leaving behind a mess.
The Revelation after the Mess
The downfall of Everything Collection was so strange that it seemed to "vanish into thin air" overnight. However, if we look beyond the surface fog, we will find that its collapse was not without reason but an inevitable bitter fruit left by the era of rapid expansion in China's primary market.
In the venture - capital circle, a shiny resume often covers up many fundamental problems. Capital valued Zhou Yanhua because of the halos of "female engineering prodigy" and "foreign - enterprise executive" above her head, and more importantly, because of the support of Grainger behind her. However, the investors overlooked a very simple common sense: being a professional manager to expand the territory within a large - platform system is completely different from being an entrepreneur starting from scratch in the wild.
After being separated from the perfect underlying system, sufficient budget, and global supply - chain support of a multinational giant, one's personal halo alone cannot support a heavy - asset industrial empire in the real - life competition in the domestic market. Sheng Xitai once said, "Don't invest in projects that violate common sense." However, under the FOMO (fear of missing out) emotion of "not being able to invest in JD Industrial", the entire capital market selectively ignored this misalignment of capabilities.
The essence of the industrial internet is the hard and tiring work of industrial digitization. Liu Qiangdong was able to succeed in JD Industrial because he could endure loneliness and spent more than a decade building a huge logistics and warehousing system and consumer - grade experience as a backing. Everything Collection tried to "burn" 18 major product lines and tens of millions of SKUs in a very short time by relying on external capital injection. This was in itself a dangerous "platform illusion". The industrial supply chain cannot be rapidly ripened through subsidies like C - side taxi - hailing or food - delivery apps. When the patience of capital runs out and the enterprise is forced to rush for an IPO without profitability, it will only be forced onto an irreversible path of fraud.
What really crushed Everything Collection and made it a laughingstock in the industry was its desperate cross - border move into "street - vending". This not only reflected the serious deviation of the management's actions under great pressure but also showed the blind superstition of some traditional internet people towards the concept of "traffic is king". The industrial internet requires in - depth cultivation in vertical fields, not the noisy internet celebrities and grilled kebabs in the night market. When a B - side enterprise abandons its bottom line to cater to the shallow C - side traffic logic in order to piece together beautiful turnover figures, it has already betrayed its business soul. This cross - border move away from the main business not only exhausted the last bit of cash flow but also completely destroyed the remaining trust of shareholders and the market.
Only when the tide goes out can we see who is swimming naked. From the dream of being the "first industrial e - commerce stock" held in the palm of countless resources to the "first bombshell" with hundreds of millions of debts and a missing founder, the collapse of Everything Collection announced the end of an era of blind money - burning. In the future era of hard technology and industrial internet, the market no longer needs "myths" created by packaging but only believes in long - termists who respect common sense and deeply cultivate the industry.
This article is from the WeChat official account "Rongzhong Finance" (ID: thecapital), author: Wang Tao, published by 36Kr with authorization.