Source: Tech – South China Morning PostChina’s state media has denounced the group buying industry’s cash burn strategy as a number of start-ups have either filed for bankruptcy or reduced operations amid the financial hardship caused by their “subsidy wars” to seize market share.“Burning cash has not only failed to create a prosperous market, but has resulted in a series of chaos,” said a commentary published on Wednesday by the Economic Daily, a newspaper directly under the Central Committee of the Chinese Communist Party.The…Read More