Alibaba, Jingdong, and Meituan are all competing to acquire Pop Mart, with the highest estimated valuation reaching up to 5 billion US dollars.

Media reports claim that three major Internet giants, Alibaba (09988), Meituan (03690), and JD.com (09618), are deeply involved in the bidding for the pre-built fresh food e-commerce platform "Pupu Supermarket". The asking price valuation ranges from 20 billion to 50 billion US dollars, which is more than double the previous Dingdong Buy Vegetable acquisition of 717 million US dollars, setting a new high in the fresh food industry merger and acquisition valuation. Sources revealed that Alibaba has dispatched an audit team to carry out due diligence at Pupu Supermarket; Xu Xin, founder of Today Capital, represented JD.com in negotiations; Meituan has been continuously raising its bid during the bidding process, and the competition among the three parties for high-quality pre-built warehouse assets has intensified. Pupu Supermarket responded by stating that there is currently no further information within the company. In response to this news, JD.com told the media that "JD.com has no such plan and has not been in contact with the company", while Alibaba and Meituan have not responded officially. According to publicly available information, Pupu Supermarket was founded in Fuzhou in 2016 and is a mobile Internet shopping platform that offers 30-minute instant delivery. Its business covers cities such as Fuzhou, Xiamen, Shenzhen, Guangzhou, Wuhan, and Chengdu, operating with a large pre-built warehouse model with a single warehouse area of approximately 1000 square meters and over 400 pre-built warehouses nationwide. According to Changjiang's calculations, by 2025, the pre-built warehouse track landscape has become relatively clear, with Xiaoxiang Supermarket holding a market share of about 25%-30%, Hema 20%-25%, Dingdong Buy Vegetable 15%-18%, and Pupu Supermarket ranking in the top tier with a market share of 12%-15%, with a significant advantage in the core markets of South China and Central China.