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"Down the road, the retailer, the small business, the customer is going to suffer from it," Lommele said.

"Data show that about 80 to 90 percent of rural startups may be on the verge of failure at one time or another. With the contraction of the market, an overflow of returnees from urban areas may crowd the arena," he said during an interview with Time Finance, an online financial news portal.

"Farmers used to throw them on the road or in the rivers," Phatinisiri said. "But now they sell them to me to earn extra money."

"Everyone is fixated right now on the changes that Hong Kong has made to its listing standards to accommodate dual-class shares so as to be able to attract the big China tech unicorns," Bernstein said. "While I do think this makes Hong Kong more viable at the margin, there are a whole host of factors that go into choosing the best listing venue, and dual-class now creates a level playing field between the US and HKEX."

"Demand for financing and after-sales services has emerged in the used car market. It is difficult for used car e-commerce platforms to achieve profitability in a short period of time," said Zhao Xiang, an analyst at Beijing-based internet consultancy Analysys.