China’s Supermarket Chains Are Collapsing: Another Giant Faces Delisting!

China's supermarket chains are collapsing. Another giant faces delisting. Unable to melt, Shanghai woman suspected of buying fake gold bars at ICBC, the US House of Representatives made history by unanimously passing the Falun Gong Protection Act. It's all covered in today's China truths. China's supermarket chains are collapsing. Another giant faces delisting. Another major retail chain in China is on the brink of collapse. On May 7, Renrenle, once a household name in Shenzhen's retail scene, announced it had received a preliminary notice of termination of listing from the Shenzhen Stock Exchange. This marks the company's final step toward being delisted, effectively signaling the death of the brand. Founded in 1996, Renrenle was once seen as a domestic rival to global giants like Walmart At its peak, it operated hundreds of stores nationwide and maintained annual revenues exceeding 10 billion yuan. But years of poor performance, massive losses, and failed restructuring have drained the company of any remaining strength. It is now insolvent, and its net assets have been negative for two consecutive years. This is not an isolated incident. In recent years, several large supermarket chains across China, such as Yonghui, Lianhua, and even Artemart, have also closed stores, downsized or withdrawn from multiple cities. A wave of shutdowns is sweeping the retail industry, exposing the deep wounds inflicted by China's prolonged economic slowdown, weak consumer spending, and mounting debt at both the corporate and local government levels. What's worse, Renrenle's final downfall was dramatic. It had projected a profit in 2024, only to suddenly revise that into a loss. The company admitted that over 100 million yuan in advance payments may never be recovered. At the same time, 45 stores were shut down last year, and the company is now left with just 32 stores across south and northwest China. Amid this crisis, Renrenle's chairman, Hou Yanghui, suddenly resigned in March 2025, citing health reasons. His resignation came just as the company issued its fourth risk warning about possible delisting. Hou had held the position for only a year and a half, raising speculation about whether the exit was meant to avoid potential legal liabilities. Strangely, despite stepping down, he was asked to continue fulfilling his duties until a replacement was found, fueling further rumors. Observers note that this kind of resignation without leaving is not uncommon in crisis-hit state-backed firms. It signals internal disarray as Renrenle struggles to stay afloat. Renrenle's fall is emblematic of a larger trend—the dismantling of China's once-booming hypermarket empire. These chains, many backed by local governments or state-owned capital, are now unable to sustain themselves in a consumer environment plagued by weak demand and shrinking household wealth. If Renrenle's delisting proceeds as expected, it will become yet another casualty in China's retail crisis. And the question many are now asking is, who's next? Unable to melt? Shanghai woman suspected of buying fake gold bars at ICBC. There have been rumors of gold counterfeiting in mainland China for a long time. Recently, a woman in Shanghai could not melt the gold bars she bought at ICBC, and she suspected that she had bought fake gold bars, which attracted attention. A netizen named Xingma posted on the Xiaohongshu platform that her friend bought Ruyi Gold gold bars at the Nanshan Branch of ICBC in Jiading District, Shanghai, and took them to a gold shop to exchange for jewelry. During the melting process, she found that they could not be melted. Fortunately, they were not opened, and she also asked the gold shop for a video. At first, the bank did not want to admit it. Her friend provided the gold bar number and logo, and the number matched the bank slip, so the bank admitted it. The netizen said, You have exchanged before. Why don't you melt it and see? Most of you must have never melted it, so you don't know. Other netizens discussed in the comment area. Some said, This is really fake. Too exaggerated. Too bold. It is probably lead. ICBC sells fake gold bars. The metal with the closest density to gold is tungsten. It is said that there have been fake gold bars with tungsten cores plated with gold in the market, which cannot be identified by ordinary weighing. Others said, If the online store does not cooperate, you should go to the news hotline. This topic will definitely explode. ICBC's Ruyi Gold? Component placement. I feel that this matter will cause a run on the bank and push the entire gold price down sharply. After all, ICBC is a market maker for gold, and it will definitely cause other banks or institutions to question gold. News of counterfeit gold bars from Chinese banks has been frequently exposed in recent years. In October 2020, a netizen posted that the gold nuggets he bought from ICBC seven years ago were rusted, and the bank refused to recycle them. In 2016, Shenzhen citizens reported that they had bought Zodiac Gold at the Shenzhen Agricultural Bank of China Haiwang Branch for several consecutive years since 2011. Five years later, they found that several pieces of Zodiac Gold had rusted. When they asked the Agricultural Bank of China, they were told that they were genuine. In 2018, Phoenix Oriental Finance, Sina Finance, Deep Blue Finance, and other media outlets reprinted a news report about the counterfeiting of gold bars by China Construction Bank. Mr. Zhang from Fuyang, Zhejiang bought an investment gold bar at the construction bank of China Fuyang Sindeng Branch. By chance, he took a small magnet and rubbed it on the gold bar. Suddenly the magnet was attracted to the gold bar. Mr. Zhang became suspicious of the quality of the gold bar. It might be mixed with nickel. On October 8, 2012, news circulated on the mainland internet that 40% of the gold bars in the Chinese market were adulterated with iridium or tungsten. The U.S. House of Representatives made history by unanimously passing the Falun Gong Protection Act, the U.S. House of Representatives voted unanimously to pass the 2025 Act to End Organ Harvesting and Protect Falun Gong Act. Wang Jiuan, chairman of the International Organization to Investigate the Persecution of Falun Gong, which mainly investigates the persecution of Falun Gong practitioners by the Chinese Communist Party, said that this is of great historical significance, representing the consensus of the U.S. government and opposition parties on stopping the CCP's evil of organ harvesting, and also the bipartisan support of the U.S. government for Falun Gong. On the afternoon of May 5, the U.S. House of Representatives unanimously passed the 2025 Act to End Organ Harvesting and Protect Falun Gong Act, H.R. 1540. U.S. Congressman Scott Perry is the sponsor of the Falun Gong Protection Act. He said the purpose of the bill is to stop the persecuting Falun Gong and harvesting organs from Falun Gong practitioners. U.S. Congressman Scott Perry, as you vote, I urge you to join me in opposing the Chinese Communist Party's systematic persecution of Falun Gong practitioners. Since the early 1990s, Falun Gong, a spiritual practice rooted in the principles of truthfulness, compassion, and forbearance, has been persecuted by the Chinese Communist Party. The bill requires the United States to stop the Chinese Communist Party's state-sponsored live organ harvesting of Falun Gong practitioners and other prisoners of conscience, and requires the United States to impose sanctions on those who participate in and assist in live organ harvesting in China. U.S. Congressman Brian Mast, the bill instructs the U.S. government to identify and disclose individuals and entities suspected of forced organ harvesting in China. Wang Zhiyuan, chairman of the International Organization to Investigate the Persecution of Falun Gong, which mainly investigates the persecution and live organ harvesting of Falun Gong practitioners by the Chinese Communist Party authorities, expressed his sincere gratitude when he learned that the House of Representatives passed the bill unanimously. Wang Zhiyuan, chairman of the International Coalition to Investigate the Persecution of Falun Gong, said, I am very grateful to the U.S. Congress and the American people for their support for Falun Gong. I admire the United States for standing up at a time like this and taking the lead worldwide to eliminate the evil influence of the Chinese Communist Party. The bill stipulates economic and visa sanctions against individuals involved in the live organ harvesting of Falun Gong practitioners, including prohibition of entry into the United States, freezing of assets, revocation of visas, prohibition of transactions with Americans, etc. Professor Xu Kaixiong, chairman of the Taiwan Association for Rescuing Persecuted Falun Gong Practitioners. From the name, it is a choice of values and support for truthfulness, compassion and forbearance. Under the control of the Chinese Communist Party, it does not cooperate with the Chinese Communist Party in any organ transplantation, so it basically separates China and the Chinese Communist Party. Therefore, I think that in the U.S. Congress, that is, these congressmen, have reached a fairly high level of understanding of the current international situation and the Chinese Communist Party. In July last year, Falun Gong practitioners from 44 countries submitted a new list of Chinese Communist Party persecutors to their governments, calling for a ban on these people and their families from entering the country and freezing their assets. The Falun Gong Protection Act will next be voted on in the Senate. If passed by the Senate and signed by the President, it will become law and take effect immediately. U.S. Congressman Scott Perry, I believe that if the Senate passes the bill, the President will be very happy to sign it immediately, to make it into law. Cynthia Sun, an investigator at the Falun Dafa Information Center. If the Falun Gong Protection Act becomes law during this administration, it will be the first law to take action against the persecution of Falun Gong. Please share your thoughts in the comments section below. We will keep reporting on the Covid surge in China, so don't forget to subscribe to our channel and turn on the notification bell to get the latest videos. And thank you for tuning in.