Mercurity Fintech Holding (MFH) 20-F 24 Apr 18 2017 FY Annual report (foreign) Financial data

Document And Entity Information

Document And Entity Information	12 Months Ended
	Dec. 31, 2017shares
Document Information [Line Items]
Entity Registrant Name	JMU Ltd
Trading Symbol	JMU
Entity Central Index Key	1,527,762
Document Type	20-F
Document Period End Date	Dec. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	No
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding	1,475,307,852
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2017		Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 4,912,170		$ 2,604,886
Accounts receivable, net of allowance of $nil as of December 31, 2016 and 2017	3,295,818		1,645,237
Inventories	538,660		224,148
Prepaid expenses and other current assets, net	2,245,788		8,677,630
Amounts due from related parties	3,062,797		212,805
Total current assets	14,055,233		13,364,706
Non-current assets:
Property and equipment, net	1,795,233		1,977,659
Acquired intangible assets, net	10,263,941	[1]	36,274,238
Investment	768,486		720,150
Goodwill	108,940,433	[2]	221,337,157
Deferred tax assets	156,782		219,602
Other non-current assets	161,723		151,552
Total non-current assets	122,086,598		260,680,358
TOTAL ASSETS	136,141,831		274,045,064
Current liabilities:
Short-term bank borrowings (including short-term bank borrowings of VIE without recourse to the Company of $nil and $7,684,859 as of December 31, 2016 and 2017, respectively)	7,684,859		0
Accounts and notes payable (including accounts and notes payable of VIE without recourse to the Company of $2,200,292 and $3,980,560 as of December 31, 2016 and 2017, respectively)	3,980,826		2,200,451
Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of VIE without recourse to the Company of $8,198,754 and $8,345,461 as of December 31, 2016 and 2017, respectively)	9,292,260		9,033,258
Advance from customers (including advance from customers of VIE without recourse to the Company of $2,282,353 and $1,243,739 as of December 31, 2016 and 2017, respectively)	1,243,739		2,282,353
Amounts due to related parties (including amounts due to related parties of VIE without recourse to the Company of $1,650,168 and $87,385 as of December 31, 2016 and 2017, respectively)	603,883		1,711,028
Total current liabilities	22,805,567		15,227,090
Non-current liabilities:
Other non-current liabilities (including other non-current liabilities of VIE without recourse to the Company of $1,086,342 and $1,386,749 as of December 31, 2016 and 2017, respectively)	1,534,449		1,352,202
Deferred tax liabilities (including deferred tax liabilities of the VIE without recourse to the Company of $nil and $nil as of December 31, 2016 and 2017, respectively)	2,565,985		9,068,560
Amount due to related parties (including amount due to related parties of the VIE without recourse to the Company of $nil and 5,685,971 as of December 31, 2016 and 2017, respectively)	5,685,971		0
Total non-current liabilities	9,786,405		10,420,762
TOTAL LIABILITIES	32,591,972		25,647,852
Commitments and contingencies
Shareholders’ equity:
Ordinary shares ($0.00001 par value; 1,827,462,652 shares authorized, 1,476,208,670 shares issued and outstanding as of December 31, 2016 and 2017)	14,766		14,756
Additional paid-in capital	634,070,842		632,994,514
Accumulated deficit	(513,903,256)		(352,004,277)
Accumulated other comprehensive loss	(16,632,493)		(32,607,781)
Total shareholders’ equity	103,549,859		248,397,212
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 136,141,831		$ 274,045,064
[1]	Long-lived assets represent the Group’s property and equipment (Note 9), and acquired intangible assets (Note 10). The Group determined that these long-lived assets were one asset group and subject to be tested for impairment. The Group measures long-lived assets at fair value on a non-recurring basis when the carrying amount of the asset group exceeds its recoverable amount based on future projection which is consistent with its remained useful lives of the primary assets. The fair value was determined using models with significant unobservable input (Level 3 inputs) and the cash flow projections were based on past experience, actual results of operations and management best estimates about future developments as well as certain market assumptions. Impairment loss of $nil, $nil and $19,765,615 were recognized during the years ended December 31, 2015, 2016 and 2017, respectively, and included in “Impairment loss” in the Consolidated Statements of Operations.
[2]	The Group measures goodwill at fair value on a non-recurring basis when it is annually evaluated or whenever events or changes in circumstances indicate that carrying amount of a reporting unit exceeds its fair value. The fair value was determined using models with significant unobservable inputs (Level 3 inputs) which primarily included management projections on the discounted future cash flow analysis including the discount rate using the weighted average cost of capital of 17.5% and 18% as of December 31, 2016 and 2017, respectively, and expected revenue growth rates. Goodwill impairment loss of $85,934,770, $nil, and $127,252,810 were recognized for the years ended December 31, 2015, 2016 and 2017, respectively, and included in “Impairment loss” in the Consolidated Statements of Operations.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Accounts payable	$ 3,980,826	$ 2,200,451
Accrued expenses and other current liabilities	9,292,260	9,033,258
Advance from customers	1,243,739	2,282,353
Amounts due to related parties	603,883	1,711,028
Amounts due to related parties	5,685,971	0
Other non-current liabilities	1,534,449	1,352,202
Deferred tax liabilities	$ 2,565,985	$ 9,068,560
Ordinary shares, par value (in dollars per share)	$ 0.00001	$ 0.00001
Ordinary shares, shares authorized	1,827,462,652	1,827,462,652
Ordinary shares, shares issued	1,476,208,670	1,476,208,670
Common shares, shares outstanding	1,476,208,670	1,476,208,670
VIEs [Member]
Short-term loan	$ 7,684,859	$ 0
Accounts payable	3,980,560	2,200,292
Accrued expenses and other current liabilities	8,345,461	8,198,754
Advance from customers	1,243,739	2,282,353
Amounts due to related parties	87,385	1,650,168
Amounts due to related parties	5,685,971	0
Other non-current liabilities	1,386,749	1,086,342
Deferred tax liabilities	$ 0	$ 0

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Dec. 31, 2017		Dec. 31, 2016	Dec. 31, 2015
Revenues
Related parties	$ 17,485,226		$ 10,078,276	$ 541,758
Third parties	71,251,323		63,122,885	10,935,794
Total revenues	88,736,549		73,201,161	11,477,552
Cost of revenues	(88,187,781)		(72,856,808)	(13,220,386)
Gross (loss)/profit	548,768		344,353	(1,742,834)
Operating expenses:
Selling and marketing (including share-based compensation of $nil, $680,124 and $538,897 for the years ended December 31, 2015, 2016 and 2017, respectively)	(15,206,658)		(20,405,602)	(5,360,044)
General and administrative (including share-based compensation of $nil, $417,419 and $528,889 for the years ended December 31, 2015, 2016 and 2017, respectively)	(6,696,601)		(7,530,851)	(12,911,773)
Impairment loss	(147,018,425)	[1]	0	(85,934,770)
Total operating expenses	(168,921,684)		(27,936,453)	(104,206,587)
Loss from operations	(168,372,916)		(27,592,100)	(105,949,421)
Interest income/(expense), net	(411,164)		26,147	7,392
Other income, net	27,921		39,351	46,210
Loss before provision for income taxes	(168,756,159)		(27,526,602)	(105,895,819)
Income tax benefits	6,857,180		2,233,457	1,249,696
Loss from continuing operations	(161,898,979)		(25,293,145)	(104,646,123)
Discontinued operations:
Income from discontinued operations (including gain of $47,390,421 upon disposal in the year ended December 31, 2015), net of tax of $nil	0		0	11,075,935
Net loss	(161,898,979)		(25,293,145)	(93,570,188)
Net loss attributable to holders of ordinary shares of JMU Limited	$ (161,898,979)		$ (25,293,145)	$ (95,935,539)
Net loss per ordinary share
Basic	$ (0.11)		$ (0.02)	$ (0.09)
Diluted	(0.11)		(0.02)	(0.09)
Net loss per ordinary share from continuing operations
Basic	(0.11)		(0.02)	(0.1)
Diluted	(0.11)		(0.02)	(0.1)
Net (loss) income per ordinary share from discontinued operations
Basic	0		0	0.01
Diluted	$ 0		$ 0	$ 0.01
Basic
Continuing operations	1,476,144,194		1,474,087,060	1,001,754,524
Discontinued operations	0		0	1,001,754,524
Diluted
Continuing operations	1,476,144,194		1,474,087,060	1,001,754,524
Discontinued operations	0		0	1,043,473,265
Series A-1 Preferred Shares [Member]
Discontinued operations:
Accretion for convertible redeemable preferred shares	$ 0		$ 0	$ 442,409
Net loss per ordinary share
Basic	$ 0		$ 0	$ 0.14
Net (loss) income per ordinary share from discontinued operations
Net income per preferred shares-Basic	$ 0		$ 0	$ 0.14
Basic
Continuing operations	0		0	3,242,986
Weighted average shares used in calculating net loss per share
Weighted average shares used in calculating net loss per preferred shares	0		0	3,242,986
Series A-2 Preferred Shares [Member]
Discontinued operations:
Accretion for convertible redeemable preferred shares	$ 0		$ 0	$ 1,202,748
Net loss per ordinary share
Basic	$ 0		$ 0	$ 0.04
Net (loss) income per ordinary share from discontinued operations
Net income per preferred shares-Basic	$ 0		$ 0	$ 0.04
Basic
Continuing operations	0		0	32,429,858
Weighted average shares used in calculating net loss per share
Weighted average shares used in calculating net loss per preferred shares	0		0	32,429,858
Series B Preferred Shares [Member]
Discontinued operations:
Accretion for convertible redeemable preferred shares	$ 0		$ 0	$ 720,194
Net loss per ordinary share
Basic	$ 0		$ 0	$ 0.09
Net (loss) income per ordinary share from discontinued operations
Net income per preferred shares-Basic	$ 0		$ 0	$ 0.09
Basic
Continuing operations	0		0	8,107,465
Weighted average shares used in calculating net loss per share
Weighted average shares used in calculating net loss per preferred shares	0		0	8,107,465
[1]	The Group measures goodwill at fair value on a non-recurring basis when it is annually evaluated or whenever events or changes in circumstances indicate that carrying amount of a reporting unit exceeds its fair value. The fair value was determined using models with significant unobservable inputs (Level 3 inputs) which primarily included management projections on the discounted future cash flow analysis including the discount rate using the weighted average cost of capital of 17.5% and 18% as of December 31, 2016 and 2017, respectively, and expected revenue growth rates. Goodwill impairment loss of $85,934,770, $nil, and $127,252,810 were recognized for the years ended December 31, 2015, 2016 and 2017, respectively, and included in “Impairment loss” in the Consolidated Statements of Operations.

CONSOLIDATED STATEMENTS OF OPE5

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Gain on disposal			$ 47,390,421
General and administrative [Member]
Share-based compensation	$ 528,889	$ 417,419	0
Selling and marketing [Member]
Share-based compensation	$ 538,897	$ 680,124	$ 0

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Net loss	$ (161,898,979)	$ (25,293,145)	$ (93,570,188)
Other comprehensive income/(loss), net of tax of $nil:
Change in cumulative foreign currency translation adjustment	15,975,288	(33,515,974)	1,589,686
Comprehensive loss	$ (145,923,691)	$ (58,809,119)	$ (91,980,502)

CONSOLIDATED STATEMENTS OF COM7

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Other comprehensive loss, tax	$ 0	$ 0	$ 0

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY - USD ($)	Total	Ordinary shares [Member]	Additional paid-in capital [Member]	Subscription receivable [Member]	Accumulated deficit [Member]	Accumulated other comprehensive loss [Member]	Total JMU Limited shareholders' deficit [Member]	Noncontrolling interest [Member]
Beginning Balance at Dec. 31, 2014	$ (233,776,154)	$ 3,039	$ 0	$ 0	$ (233,140,944)	$ (681,493)	$ (233,819,398)	$ 43,244
Beginning Balance (in shares) at Dec. 31, 2014		303,886,640
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of ordinary shares upon initial public offering (“IPO”)	37,294,600	$ 760	37,293,840	0	0	0	37,294,600	0
Issuance of ordinary shares upon initial public offering (“IPO”), shares		75,960,000
Ordinary shares converted to ADS shares for future exercise of share options (Note 16)	0	$ 0	0	0	0	0	0	0
Ordinary shares converted to ADS shares for future exercise of share options (Note 16), shares		31,496,832
Share options exercised (Note 16)	105,908	$ 69	105,839	0	0	0	105,908	0
Share options exercised (Note 16), shares		6,866,280
Conversion of Mr. Maodong Xu (“Mr. Xu”)'s indebtness into ordinary shares (Note 16)	69,353,223	$ 1,248	69,351,975	0	0	0	69,353,223	0
Conversion of Mr. Maodong Xu (“Mr. Xu”)'s indebtness into ordinary shares (Note 16), shares		124,835,802
Conversion of Series A-1, Series A-2 and Series B convertible redeemable preferred shares into ordinary shares (Note 17)	127,019,279	$ 1,647	127,017,632	0	0	0	127,019,279	0
Conversion of Series A-1, Series A-2 and Series B convertible redeemable preferred shares into ordinary shares (Note 17), shares		164,740,336
Issuance of shares as a consideration for acquisition of JMU	376,964,937	$ 7,414	376,957,523	0	0	0	376,964,937	0
Issuance of shares as a consideration for acquisition of JMU, shares		741,422,780
Issuance of ordinary shares to Mr. Xu (Note 16)	15,000,000	$ 270	14,999,730	0	0	0	15,000,000	0
Issuance of ordinary shares to Mr. Xu (Note 16), shares		27,000,000
Share-based compensation (Note 19)	7,176,600	$ 0	7,176,600	0	0	0	7,176,600	0
Purchase the noncontrolling interests of subsidiaries	(111,250)	0	(68,006)	0	0	0	(68,006)	(43,244)
Accretion for Series A-1, Series A-2 and Series B convertible redeemable preferred shares (Note 17)	(2,365,351)	0	(2,365,351)	0	0	0	(2,365,351)	0
Net loss	(93,570,188)	0	0	0	(93,570,188)	0	(93,570,188)	0
Other comprehensive income (loss)	1,589,686	0	0	0	0	1,589,686	1,589,686	0
Ending Balance at Dec. 31, 2015	304,681,290	$ 14,447	630,469,782	0	(326,711,132)	908,193	304,681,290	0
Ending Balance (in shares) at Dec. 31, 2015		1,476,208,670
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share options exercised (Note 16)	49,995	$ 23	49,972	0	0	0	49,995	0
Share options exercised (Note 16), shares		2,294,208
Restricted share units vested (Note 16)	0	$ 286	(286)	0	0	0	0	0
Restricted share units vested (Note 16) (Shares)		28,639,900
Share-based compensation (Note 19)	1,097,543	$ 0	1,097,543	0	0	0	1,097,543	0
Obligation to issue ordinary shares (Note 3)	1,377,503	0	1,377,503	0	0	0	1,377,503	0
Net loss	(25,293,145)	0	0	0	(25,293,145)	0	(25,293,145)	0
Other comprehensive income (loss)	(33,515,974)	0	0	0	0	(33,515,974)	(33,515,974)	0
Settlement of share options exercised with shares held by depository bank (Note 16)	0	$ 0	0	0	0	0	0	0
Settlement of share options exercised with shares held by depository bank (Note 16), shares		(30,934,108)
Ending Balance at Dec. 31, 2016	$ 248,397,212	$ 14,756	632,994,514	0	(352,004,277)	(32,607,781)	248,397,212	0
Ending Balance (in shares) at Dec. 31, 2016	1,476,208,670	1,476,208,670
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share options exercised (Note 16)	$ 8,552	$ 10	8,542	0	0	0	8,552	0
Share options exercised (Note 16), shares		1,042,002
Share-based compensation (Note 19)	1,067,786	$ 0	1,067,786	0	0	0	1,067,786	0
Net loss	(161,898,979)	0	0	0	(161,898,979)	0	(161,898,979)	0
Other comprehensive income (loss)	15,975,288	0	0	0	0	15,975,288	15,975,288	0
Settlement of share options exercised with shares held by depository bank (Note 16)	0	$ 0	0	0	0	0	0	0
Settlement of share options exercised with shares held by depository bank (Note 16), shares		(1,042,002)
Ending Balance at Dec. 31, 2017	$ 103,549,859	$ 14,766	$ 634,070,842	$ 0	$ (513,903,256)	$ (16,632,493)	$ 103,549,859	$ 0
Ending Balance (in shares) at Dec. 31, 2017	1,476,208,670	1,476,208,670

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)		Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Cash flows from operating activities:
Net loss	$ (161,898,979)		$ (25,293,145)	$ (93,570,188)
Less: Net income from discontinued operations	0		0	11,075,935
Net loss from continuing operations	(161,898,979)		(25,293,145)	(104,646,123)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation	1,067,786		1,097,543	0
Depreciation and amortization	8,626,844		8,900,192	4,949,036
Provision for other receivables	584,956	[1]	0	0
Impairment loss	147,018,425	[2]	0	85,934,770
Income tax benefits	(6,857,180)		(2,233,457)	(1,249,696)
Customer credits earned under the loyalty program to be settled in shares	0		1,377,503	0
Changes in operating assets and liabilities:
Accounts receivable	(1,482,984)		1,936,461	(3,008,932)
Inventories	(288,361)		(142,273)	957,133
Prepaid expenses and other current assets	6,167,381		15,797,204	(18,524,604)
Amounts due from related parties	(2,730,537)		567,545	8,512,188
Other non-current assets	0		(158,469)	0
Accounts and notes payable	1,572,143		(1,436,785)	1,873,123
Accrued expenses and other current liabilities	(906,516)		(8,612,603)	16,708,637
Amounts due to related parties	(847,621)		1,474,304	(2,739,467)
Other non-current liabilities	100,895		899,594	502,180
Net cash used in continuing operations	(9,873,748)		(5,826,386)	(10,731,755)
Net cash used in discontinued operations	0		0	(22,799,544)
Net cash used in operating activities	(9,873,748)		(5,826,386)	(33,531,299)
Cash flows from investing activities:
Purchase of property and equipment	(741,079)		(1,860,321)	(93,317)
Payment for investment	0		(720,150)	0
Payments for acquisition of business (net of cash acquired of $20,196,362, $nil and $nil for the years ended December 31, 2015, 2016 and 2017, respectively)	0		0	(9,803,638)
Net cash used in continuing operations	(741,079)		(2,580,471)	(9,896,955)
Net cash used in discontinued operations	0		0	(1,999,364)
Net cash used in investing activities	(741,079)		(2,580,471)	(11,896,319)
Cash flows from financing activities:
Proceeds from issuance of ordinary shares upon IPO	0		0	40,294,600
Payments for IPO costs	0		0	(2,125,372)
Proceeds from issuance of ordinary shares to Mr. Xu	0		0	15,000,000
(Payment to) /cash received from related parties	5,089,207		0	(250,000)
Proceeds from short-term bank borrowings	7,553,366		0	0
Net cash provided by continuing operations	12,642,573		0	52,919,228
Net cash provided by discontinued operations	0		0	1,963,650
Net cash provided by financing activities	12,642,573		0	54,882,878
Effect of exchange rate changes	279,538		(140,157)	50,468
Increase/(decrease) in cash and cash equivalents	2,307,284		(8,547,014)	9,505,728
Cash and cash equivalents, beginning of the year	2,604,886		11,151,900	1,646,172
Cash and cash equivalents, end of the year	4,912,170		2,604,886	11,151,900
Supplement disclosure of cash flow information:
Interest paid	$ 154,295		$ 0	$ 0
[1]	In circumstances where a supplier defaults, thus the Group is claiming a breach of contract and seeking monetary recovery of the remaining deposit from the supplier, the Group reclassifies the respective advance to suppliers to other receivables within “Prepaid expenses and other current assets” in the consolidated balance sheets. A provision for loss is recognized in operating expenses when the loss on such assets is determined to be probable and amount can be reasonably estimated.
[2]	The Group measures goodwill at fair value on a non-recurring basis when it is annually evaluated or whenever events or changes in circumstances indicate that carrying amount of a reporting unit exceeds its fair value. The fair value was determined using models with significant unobservable inputs (Level 3 inputs) which primarily included management projections on the discounted future cash flow analysis including the discount rate using the weighted average cost of capital of 17.5% and 18% as of December 31, 2016 and 2017, respectively, and expected revenue growth rates. Goodwill impairment loss of $85,934,770, $nil, and $127,252,810 were recognized for the years ended December 31, 2015, 2016 and 2017, respectively, and included in “Impairment loss” in the Consolidated Statements of Operations.

CONSOLIDATED STATEMENTS OF CA10

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Payments for acquisition of business, cash acquired	$ 0	$ 0	$ 20,196,362

ORGANIZATION AND PRINCIPAL ACTI

ORGANIZATION AND PRINCIPAL ACTIVITIES	12 Months Ended
	Dec. 31, 2017
ORGANIZATION AND PRINCIPAL ACTIVITIES
ORGANIZATION AND PRINCIPAL ACTIVITIES	1. ORGANIZATION AND PRINCIPAL ACTIVITIES JMU Limited, formerly known as “Wowo Limited”, (the “Company”), was incorporated in Cayman Islands on July 13, 2011. The Company and its subsidiaries, variable interest entities (“VIEs”) and VIEs’ subsidiaries are primarily engaged in providing the e-commerce platform networking services, focusing on local entertainment and lifestyle services such as restaurants, movie theaters and beauty salons and also allow local merchants to create online stores and make direct sales to their target customers for consumption at their brick and mortar stores in the People’s Republic of China ("PRC"). On April 8, 2015, the Company completed its IPO in National Association of Securities Dealers Automated Quotation (“NASDAQ”) by offering 4 72 35.2 220,000 3.96 10 2.1 On June 5, 2015, the Company and its wholly owned subsidiary, New Admiral Limited (“New Admiral”) entered into an agreement to acquire Join Me Group (HK) Investment Company Limited and its subsidiaries, variable interest entity (“VIE”) and VIE’s subsidiaries (Collectively, “JMU Group”) with a consideration of 741,422,780 30 www.ccjoin.com On September 9, 2015, the Company sold all of its equity interests in Wowo Group Limited, a subsidiary of the Company, together with all of its subsidiaries and consolidated VIEs and their respective subsidiaries (collectively, the “Group Buying Entities”), which were engaged in the Company’s group buying business and other non-food service-related businesses. The sale was pursuant to a definitive agreement entered into between the Company and Century Winning Limited, an exempted company with limited liability incorporated under the laws of the British Virgin Islands (the “Buyer”), in exchange for the Buyer’s payment of $ 1 47,390,420 This disposal represents a strategic shift and has a major effect on the Company’s results of operations. Accordingly, assets and liabilities, revenues and expenses, and cash flows related to the Group Buying Entities have been reclassified in the accompanying consolidated financial statements as discontinued operations for all periods presented. On December 28, 2016, the Company changed its name from Wowo Limited to JMU Limited. Date of Place of Percentage of Subsidiaries: New Admiral April 27, 2015 Cayman Islands 100 % Join Me Group (HK) Investment Company Limited (“JMU Investment”) June 8, 2015 Hong Kong 100 % Join Me Group Supply Chain Management Company Limited (“JMU Supply Chain”) October 15, 2015 Hong Kong 100 % Shanghai Zhongming Supply Chain Management Co., Ltd. (“Shanghai Zhongming” or “WFOE” ) June 8, 2015 PRC 100 % VIE: Shanghai Zhongmin Supply Chain Management Co., Ltd. (“Shanghai Zhongmin” or “VIE”) June 8, 2015 PRC N/A The VIE arrangements The PRC laws and regulations currently place certain restrictions on foreign ownership of companies that engage in internet content and other restricted businesses. Specifically, foreign investors are not allowed to own more than 50 Prior to the acquisition of JMU Group, JMU Group formed contractual arrangements through its wholly owned subsidiary Shanghai Zhongming with the VIE. As a result of the Company's acquisition of JMU Group, the Company through JMU's wholly owned subsidiary, Shanghai Zhongming, has (1) power to direct the activities of the VIE that most significantly affect the entity’s economic performance and (2) the right to receive economic benefits of the VIE that could be significant to the VIE. Accordingly, the Company is considered the primary beneficiary of the VIE and has consolidated the VIE’s financial results of operations, assets, and liabilities in the Company’s consolidated financial statements. The Company also believes that this ability to exercise control ensures that the VIE will continue to execute and renew the exclusive consulting and services agreements and pay service fees to the Company. The ability to charge service fees in amounts determined at the Company’s sole discretion, and by ensuring that the exclusive services agreements are executed and renewed indefinitely, the Company has the right to receive substantially all of the economic benefits from the VIE. Additionally, the previous VIE agreements entered into between Beijing Wowo Shijie Information Technology Co., Ltd. and Beijing Wowo Tuan Information Technology Co., Ltd. and Beijing Kai Yi Shi Dai Network Technology Co., Ltd are no longer in force as result of the disposal of Group Buying Entities. The following is a summary of the various VIE agreements: ⋅ Agreements that Transfers Economic Benefits and Risks to the Company Master Exclusive Service Agreement and Business Cooperation Agreement Pursuant to the master exclusive service agreement and business cooperation agreement, VIE, including its subsidiaries or any companies or entities under its control, agrees to engage WFOE as its provider for technical and business support services. VIE shall pay to WFOE service fees determined based on the audited consolidated net profit of VIE. WFOE shall exclusively own any intellectual property arising from the performance of the services set forth in the agreement. WFOE shall provide financial support to VIE in the form of bank loans or others forms as permitted under the PRC laws. The service agreements shall remain effective upon the written confirmation issued by WFOE to VIE and/or its shareholder 30 days before the termination. VIE or its shareholder has no right to unilaterally terminate the agreement. Subsequently, the Company entered into financial support undertaking letter with VIE and pursuant to the financial support undertaking letter, the Company is obligated and hereby undertakes to provide unlimited financial support to the VIE, to the extent permissible under the applicable PRC laws and regulations, whether or not any such operational loss is actually incurred. The Company will not request repayment of the loans or borrowings if the VIE or its shareholder do not have sufficient funds or are unable to repay. ⋅ Agreements that Provide the Company with Effective Control over VIE Exclusive Option Agreement The VIE’s shareholder has entered into an exclusive option agreement with WFOE, pursuant to which WFOE has an exclusive option to purchase, or to designate other persons to purchase, to the extent permitted by applicable PRC laws, rules and regulations, all of the equity interest in VIE from the shareholder. The purchase price for the entire equity interest is to be the minimum price permitted by applicable PRC laws and administrative regulations. If there is no minimum price under PRC laws or administrative regulations, the price shall be determined by the WFOE or on a basis of the registration capital of VIE. The term of the exclusive option agreement shall remain effective upon written confirmation issued by the WFOE to VIE and its shareholder 30 days before the termination. VIE and its shareholder have no right to unilaterally terminate the agreement. Proxy and Power of Attorney Agreement The VIE’s shareholder has signed an irrevocable proxy and power of attorney agreement to appoint WFOE, or its designee, as the attorney-in-fact to act on VIE’s shareholder's behalf on all rights that the shareholder has in respect of such shareholder's equity interest in VIE conferred by relevant laws and regulations and the articles of association of VIE. The rights include but not limited to attending shareholders meeting, exercising voting rights and transferring all or a part of the equity interests of VIE held by the shareholder. The proxy and power of attorney shall remain effective upon written confirmation issued by WFOE to VIE and its shareholder 30 days before the termination. VIE and its Shareholder have no right to unilaterally terminate the agreement. Equity Interest Pledge Agreement The VIE’s shareholder has entered into an equity pledge agreement with the WFOE, under which the shareholder pledged all of the equity interests in VIE to WFOE as collateral to secure performance of all obligations under the Master Exclusive Service Agreement, Business Cooperation Agreement, Proxy and Power of Attorney Agreement and the Exclusive Option Agreement (collectively, the "Principal Agreement"). The dividends generated by the pledged equity interests shall be deposited into the account designated by the WFOE and shall be used to pay the secured indebtedness prior and in preference to any other payment during the term of the pledge. If any event of default incurred under the Principal Agreement, WFOE, as the pledgee, will be entitled to dispose of the pledged equity interests and shall be paid in priority with the proceeds recovered from the disposal. Risks in relation to the VIE structure Assessing the legal validity and compliance of these above noted arrangements are a precursor to the Company’s ability to consolidate the results of operations and financial condition of the VIE and VIE’s subsidiaries. The Company, in consultation with its PRC legal counsel, believes that:(1) the ownership structure of the Group, including its PRC subsidiary, VIE and VIE’s subsidiaries is in compliance with all existing PRC laws and regulations; (2) each of the VIE agreements amongst the WFOE, the VIE and VIE’s shareholder governed by PRC laws, are legal, valid and binding, enforceable against such parties, and will not result in any violations of PRC laws or regulations currently in effects; and (3) the Group’s PRC subsidiary, VIE and VIE’s subsidiaries have the necessary corporate power and authority to conduct its business as described in its business scope under its business licenses, which is in full force and effect, and the Group’s business operations in the PRC are in compliance with existing PRC laws and regulations. The shareholder of the VIE are also shareholders of the Company and therefore have no current interest in seeking to act contrary to the contractual arrangements. However, uncertainties in the PRC legal system could limit the Company’s ability to enforce these contractual arrangements and if the shareholders were to reduce their interest in the Company, their interests may diverge from that of the Company and that may potentially increase the risk that they would seek to act contrary to the contractual terms. The Company’s ability to control the VIE also depends on the power of attorney. The Company, through WFOE, has to vote on all matters requiring shareholder approval in the VIE entities. As noted above, the Company believes this power of attorney is legally enforceable but may not be as effective as direct equity ownership. In addition, if the legal structure and contractual arrangements were found to be in violation of any existing PRC laws and regulations, the PRC regulatory authorities could: § revoke the Group’s business and operating licenses; § require the Group to discontinue or restrict its operations; § restrict the Group’s right to collect revenues; § restrict or prohibit the Group to finance its business and operations in China; § shut down the Group’s servers or block the Group’s website; § require the Group to restructure its operations; § impose additional conditions or requirements with which the Group might not be able to comply, levy fines, confiscate the Group’s income or the income of its PRC subsidiary or affiliated PRC entities; or § take other regulatory or enforcement actions against the Group that could be harmful to its business. The imposition of any of these penalties could result in a material adverse effect on the Group’s ability to conduct the Group’s business. In addition, if the imposition of any of these penalties causes the Group to lose the rights to direct the activities of the VIE, VIE’s subsidiaries, or the right to receive their economic benefits, the Group would no longer be able to consolidate the VIE and VIE’s subsidiaries. The Group does not believe that any penalties imposed or actions taken by the PRC government would result in the liquidation or dissolution of the Company, WFOE, the VIE and their respective subsidiaries. As of December 31, 2016 2017 US$ US$ Cash and cash equivalents 1,923,903 4,802,420 Accounts receivable, net 1,645,237 3,295,818 Inventories 224,148 538,660 Prepaid expenses and other current assets, net 7,812,462 1,881,988 Amounts due from related parties 212,805 3,062,797 Total current assets 11,818,555 13,581,683 Property and equipment, net 1,864,660 1,715,795 Investment 720,150 768,486 Other non-current assets 151,553 161,723 Total non-current assets 2,736,363 2,646,004 TOTAL ASSETS 14,554,918 16,227,687 Short-term bank borrowings - 7,684,859 Accounts and notes payable 2,200,292 3,980,560 Accrued expenses and other current liabilities 8,198,754 8,345,461 Advance from customers 2,282,353 1,243,739 Amounts due to related parties 1,650,168 87,385 Total current liabilities 14,331,567 21,342,004 Other non-current liabilities 1,086,342 1,386,749 Amounts due to related parties - 5,685,971 Total non-current liabilities 1,086,342 7,072,720 TOTAL LIABILITIES 15,417,909 28,414,724 For the years ended December 31, 2015 2016 2017 US$ US$ US$ Revenues 11,477,552 66,288,019 80,668,230 Net loss (8,052,187) (17,022,631) (12,419,220) For the years ended December 31, 2015 2016 2017 US$ US$ US$ Net cash provided by/(used in) operating activities 238,302 2,657,916 (9,152,256) Net cash used in investing activities (44,228) (2,578,472) (741,079) Net cash provided by financing activities - - 12,642,573 The VIE contributed an aggregate of 100 90.6 90.9 5.3 11.9 60.1 87.2 There are no consolidated VIE’s assets that are collateral for the VIE’s obligations and can only be used to settle the VIE’s obligations. There are no creditors (or beneficial interest holders) of the VIE that have recourse to the general credit of the Company or any of its consolidated subsidiaries. There are no terms in any arrangements, considering both explicit arrangements and implicit variable interests that require the Company or its subsidiaries to provide financial support to the VIE. However, if the VIE ever need financial support, the Company’ PRC subsidiary, WOFE, shall provide financial support to VIE in the form of bank loans or other forms as permitted under PRC law. Relevant PRC laws and regulations restrict the VIE from transferring a portion of their net assets, equivalent to the balance of its statutory reserve and its share capital, to the Company in the form of loans and advances or cash dividends. Please refer to Note 24 for disclosure of restricted net assets.

GOING CONCERN

GOING CONCERN	12 Months Ended
	Dec. 31, 2017
GOING CONCERN
GOING CONCERN	2. GOING CONCERN The Group experienced a net loss of approximately $ 93.6 25.3 161.9 33.5 5.8 9.9 70.0 11.1 The Group believes that it can realize its assets and satisfy its liabilities in the normal course of business with the financial support from Ms. Zhu and Ms. Wang. As a result, the consolidated financial statements have been prepared assuming the Group will continue as a going concern. The accompanying consolidated financial statements do not reflect any adjustments relating to the recoverability and reclassification of assets and liabilities as that might be necessary if the Group is unable to continue as a going concern.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2017
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The consolidated financial statements of the Group have been prepared in accordance with the U.S. generally accepted accounting principles (‘‘US GAAP’’). The consolidated financial statements of the Group include the financial statements of the Company, its consolidated subsidiaries, VIE and VIE’s subsidiaries for which the Company is the primary beneficiary. All significant inter-company transactions and balances have been eliminated upon consolidation. Business combinations are recorded using the acquisition method of accounting. The assets acquired, the liabilities assumed, and any noncontrolling interest of the acquiree at the acquisition date, if any, are measured at their fair values as of that date. Goodwill is recognized and measured as the excess of the total consideration transferred plus the fair value of any noncontrolling interests of the acquiree, if any, at the acquisition date over the fair values of the identifiable net assets acquired. Consideration transferred in a business acquisition is measured at the fair value as at the date of acquisition. A disposal of a component of an entity or a group of components of an entity shall be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations. Classification as a discontinued operation occurs upon disposal or when the operation meets the criteria to be classified as held for sale, if earlier. Where an operation is classified as discontinued, a single amount is presented on the face of the consolidated statements of operations. The amount of total current assets, total non-current assets, total current liabilities and total non-current liabilities are presented separately on the consolidated balance sheets. The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Areas where management uses subjective judgment include, but are not limited to, provision for other receivables, estimating useful lives and impairment for property and equipment and acquired intangible assets, impairment of goodwill, valuation allowance for deferred tax assets, share-based compensation and purchase price allocation. Changes in facts and circumstances may result in revised estimates. Actual results could differ from those estimates, and as such, differences may be material to the consolidated financial statements. The functional and reporting currency of the Company is the United States dollar (“U.S. dollars”, “US$” or“$”). The functional currency of the Company's subsidiary, New Admiral, is U.S. dollars. The functional currency of the Company’s HK subsidiaries, JMU Investment and JMU Supply Chain, is Hong Kong dollars (“HK dollars”). The financial records of the Group’s subsidiaries, VIE and VIE’s subsidiaries located in the PRC are maintained in their local currencies, the Renminbi (“RMB”), respectively, which are also the functional currencies of these entities. Transactions denominated in currencies other than the respective entities’ functional currencies are re-measured into the functional currencies, in accordance with Accounting Standards Codification (“ASC”) 830 (“ASC 830”) Foreign Currency Matters Assets and liabilities are translated to the reporting currency at the exchange rates at the balance sheet date, equity accounts are translated at historical exchange rates and revenues, expenses, gains and losses are translated using the average rate for the year. Translation adjustments are reported as cumulative translation adjustments and are shown as a separate component of consolidated statements of comprehensive loss. Cash and cash equivalents consists of cash on hand and demand deposits placed with banks or other financial institutions which are unrestricted as to withdrawal and use and have original maturities less than three months. Accounts receivable represents those receivables derived in the ordinary course of business, carried at net realizable value. The Group maintains an allowance for doubtful accounts for estimated losses on uncollected accounts receivable. Management considers the following factors when determining the collectability of specific accounts: creditworthiness of customers, aging of the receivables, past transaction history with customers and their current condition, changes in customer payment terms, specific facts and circumstances, and the overall economic climate in the industries the Group serves. No allowance for doubtful accounts was recognized for each of the three years ended December 31, 2017. Inventory is stated at the lower of cost or market. Cost of inventory is determined using the weighted average cost method. Adjustments are recorded to write down the cost of inventory to the estimated market value for slow-moving merchandise and damaged goods. The amount of written-down depends upon factors such as whether the goods are returnable to vendors, historical and forecasted consumer demand, market condition and the promotional environment. Written-down amounts are recorded in cost of goods sold in the consolidated statements of operations. No inventory provision was recognized for each of the three years ended December 31, 2017. Computer equipment 3 Office equipment 5 Vehicles 4 Leasehold improvement Over the shorter of lease term or the estimated useful lives of the assets Repair and maintenance costs are charged to expense when incurred, whereas the cost of betterments that extend the useful life of property and equipment are capitalized as additions to the related assets. Retirement, sale and disposals of assets are recorded by removing the cost and related accumulated depreciation with any resulting gain or loss reflected in the consolidated statements of operations. Acquired intangible assets with finite lives are carried at cost less accumulated amortization and impairment. Amortization of finite lived intangible assets is calculated on a straight-line basis over the shorter of the contractual terms or the expected useful lives of the acquired assets. Trade name/domain name 10 Non-compete agreement 4.5 Online platform 5 Customer relationship 5 10 The Group evaluates the recoverability of its long-lived assets, including intangible assets with finite lives, whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. When these events occur, the Group measures impairment by comparing the carrying value of the assets to the estimated undiscounted future cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flow is less than the carrying amount of the assets, the Group would recognize an impairment loss based on the excess of carrying amount over the fair value of the assets. An impairment loss of $nil, $nil and $ 19,765,615 The Group annually, or more frequently if the Group believes indicators of impairment exist, reviews the carrying value of goodwill to determine whether impairment may exist. Specifically, goodwill impairment is determined using a two-step process. The first step compares the fair value of each reporting unit to its carrying amount, including goodwill. If the fair value of each reporting unit exceeds its carrying amount, goodwill is not considered to be impaired and the second step will not be required. If the carrying amount of a reporting unit exceeds its fair value, the second step compares the implied fair value of the affected reporting unit’s goodwill to the carrying value of that goodwill. The implied fair value of goodwill is determined in a manner similar to accounting for a business combination with the allocation of the assessed fair value determined in the first step to the assets and liabilities of the reporting unit. The excess of the fair value of the reporting unit over the amounts assigned to the assets and liabilities is the implied fair value of goodwill. An impairment loss is recognized for any excess in the carrying value of goodwill over the implied fair value of goodwill. Estimating fair value is performed by utilizing various valuation techniques, with the primary technique being a discounted cash flow. The Group has determined to perform the annual impairment tests on December 31 of each year. Prior to the acquisition of JMU Group, goodwill was attributable to the group buying business which is classified as discontinued operations in the year ended December 31, 2015. The goodwill as of December 31, 2016 and 2017 was attributable solely to the JMU business on which an impairment loss of $ 85,934,770 127,252,810 Cost Method Investment In accordance with ASC subtopic 325-20 (“ASC 325-20”), Investments-Other: Cost Method Investments Cost method accounting is also applied to investment that are not considered as “in-substance” common stock investment, and do not have readily determinable fair value. No impairment was recognized for each of the three years ended December 31, 2017. The Group recognizes revenue from the sales of rice, flavoring, oil, seafood, wine and other types of generic food and beverage products through its online platform www.ccjoin.com The Group recognizes revenue when the customers confirm the acceptance of the goods once they receive the delivered goods. The sales returns are considered and estimated when the related revenue was recognized. Revenue is recorded net of surcharges and value-added tax ("VAT") and related surcharges. The Group primarily generates revenue from online direct sales and online platform services. Online direct sales The Group primarily sells rice, flavoring, oil, seafood, wine and other products relating to catering and hotel industries through online direct sales. There is a separate channel on the Group’s online platform designated for the Group’s online direct sales and the Group records revenue from online direct sales on a gross basis as the Group acts as the principal in these arrangements: it is the primary obligor in the sales arrangements, has latitude in establishing prices and has discretion in suppliers' selection. On certain transactions, the Group also retains some of general inventory risk and physical inventory loss risk. Online platform services The Group also provides the online platform services to connect third-party sellers and purchasers for their transactions via its online marketplace. Online platform sales are made from the online stores under the third-party sellers’ names, and the Group records the related revenue on a net basis as the Group acts as the agent in these arrangements: it is not the primary obligor, does not bear inventory risk, and does not have the ability to establish the price or discretion in supplier selection. For the years ended December 31, 2015, 2016 and 2017, revenues related to the online platform services were $nil, as the Group did not charge any service fees to the third-party sellers and purchasers. VAT is calculated at 13 17 Cost of revenues primarily consist of purchased cost of the products sold related to online direct sales and payroll of the operating personnel. Advertising and promotional expenses, including advertisements through various form of media and kinds of marketing and promotional activities, are included in “Selling and marketing expense” in the consolidated statements of operations and are expensed when incurred. Advertising and marketing expenses for the years ended December 31, 2015, 2016 and 2017 are $ 131,486 498,045 101,232 Leases where substantially all the rewards and risks of the ownership of the assets remain with the leasing companies are accounted for as operating leases. Payments made for the operating leases are charged to the consolidated statements of operations on a straight-line basis over the lease term and have been included in the operating expenses in the consolidated statements of operations. In 2016, the Group entered into a 15 1,086,342 1,386,749 The Group follows the liability method in accounting for income taxes in accordance to ASC topic 740 (“ASC 740”), Income Taxes The Group applies the provision of ASC 740 to account for uncertainty in income taxes. ASC 740 clarifies the accounting for uncertainty in income taxes by prescribing the recognition threshold a tax position is required to meet before being recognized in the consolidated financial statements. The Group has elected to classify interest and penalties related to unrecognized tax benefits, if and when required, as part of income tax expense in the consolidated statements of operations. In 2016, the Group launched a customer loyalty program to certain qualified customers, who can earn customer credits from purchases if their annual spending with the Group exceeds RMB10 million. In 2017, the Group announced its revised customer loyalty program to certain qualified customers for granting customer credits only if their annual spending with the Group exceeds RMB100 million. During 2016, the Group negotiated settlement of earned loyalty credits with 13 of its customers in ordinary shares of the Company. As part of the settlement, the Group agreed to issue 4.42 1,377,503 Share-based payment awards with employees are measured based on the grant date fair value of the equity instrument issued, and recognized as compensation costs using the straight-line method over the requisite service period, which is generally the vesting period of the options, with a corresponding impact reflected in additional paid-in capital. For share-based payment awards with market conditions, such market conditions are included in the determination of the estimated grant-date fair value. In the second quarter of 2017, the Company elected to early adopt ASU No. 2016-09, Compensation Stock Compensation (Topic 718): Improvement to Employee Share based Payment Accounting adjustment to accumulated deficits A change in any of the terms or conditions of share-based payment awards is accounted for as a modification of awards. The Group measures the incremental compensation cost of a modification as the excess of the fair value of the modified awards over the fair value of the original awards immediately before its terms are modified, based on the share price and other pertinent factors at the modification date. For vested awards, the Group recognizes incremental compensation cost in the period the modification occurred. For unvested awards, the Group recognizes, over the remaining requisite service period, the sum of the incremental compensation cost and the remaining unrecognized compensation cost for the original award on the modification date. Basic loss per ordinary share is computed by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. The Group’s convertible redeemable participating preferred shares are participating securities as they participate in undistributed earnings on an as-if-converted basis. Accordingly, the Group uses the two-class method whereby undistributed net income is allocated on a pro rata basis to the ordinary shares and convertible redeemable participating preferred shares to the extent that each class may share in income for the period; whereas the undistributed net loss for the period is allocated to ordinary shares only because the convertible redeemable participating preferred shares are not contractually obligated to share the loss. Diluted loss per ordinary share reflects the potential dilution that could occur if securities were exercised or converted into ordinary shares. The Group had convertible redeemable participating preferred shares, which have been automatically converted into ordinary shares upon the IPO of the Company, stock options and restricted share units, which could potentially dilute basic loss per share in the future. To calculate the number of shares for diluted loss per ordinary share, the effect of the convertible redeemable participating preferred shares is computed using the as-if-converted method; the effect of the stock options and restricted share units is computed using the treasury stock method. Potential ordinary shares in the diluted net loss per share computation are excluded in periods of losses from continuing operations, as their effect would be anti-dilutive. Comprehensive loss is defined as the decrease in equity of the Company during a period from transactions and other events and circumstances excluding transactions resulting from investments by owners and distributions to owners. Comprehensive loss is reported in the consolidated statements of comprehensive loss, including net loss and foreign currency translation adjustments, presented net of tax. The Group follows ASC 280, Segment Reporting Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. Authoritative literature provides a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The level in the hierarchy within which the fair value measurement in its entirety falls is based upon the lowest level of input that is significant to the fair value measurement as follows: Level 1-inputs are based upon quoted prices for instruments traded in active markets. Level 2-inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based calculation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3-inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, cash flow models, and similar techniques. Financial instruments include cash and cash equivalents, short-term bank borrowings, amounts due from/to related parties, accounts receivable, accounts payable and investment. The carrying values of cash, short-term bank borrowings, amounts due from/to related parties, accounts receivable and accounts payable approximate their fair values reported in the consolidated balance sheets due to the short-term maturities. The Group determined that it is not practicable to estimate the fair value of its cost method investment as of December 31, 2017 and measures the cost method investment at fair value on a nonrecurring basis only if an impairment charge were to be recognized. Financial assets and liabilities measured at fair value on a non-recurring basis include acquired assets and liabilities and goodwill based on Level 3 inputs in connection with business acquisition set out in Note 5. Certain of the prior year comparative figures have been reclassified to conform to the current year’s presentation. As a company with less than US$1.07 billion in revenue for the last fiscal year, we qualify as an “emerging growth company” pursuant to the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09 (“ASU 2014-09”), Revenue from Contracts with Customers. ASU 2014-09 supersedes the revenue recognition requirements in ASC 605, and requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2015-14, Revenue from Contracts with Customers, defers the effective date of ASU 2014-09 by one year. As a result, ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2018, and interim periods within annual periods beginning after December 15, 2019. Early adoption is permitted. In March 2016, the FASB issued ASU No. 2016-08 (“ASU 2016-08”), Revenue from Contracts with Customers—Principal versus Agent Considerations Revenue from Contracts with Customers—Identifying Performance Obligations and Licensing Revenue from Contracts with Customers— Narrow-Scope Improvements and Practical Expedients The Company is in the process of developing a plan for evaluating the impact of adoption of these guidance on its consolidated financial statement, including the selection of the adoption method, the identification of differences, if any, from the application of the standard, and the impact of such differences, if any, on its consolidated financial statements. In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory In November 2015, the FASB issued ASU No. 2015-17 (“ASU 2015-17”), Income Taxes Balance Sheet Classification of Deferred Taxes 63,286 In January 2016, the FASB issued ASU No. 2016-01 (“ASU 2016-01”), Financial Instruments. ASU 2016-01 requires equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. An entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. ASU 2016-01 also simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. When a qualitative assessment indicates that impairment exists, an entity is required to measure the investment at fair value. For public business entities, the amendments are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years; and for all other entities, are effective for annual reporting periods beginning after December 15, 2018, and interim periods within annual periods beginning after December 15, 2019. Early adoption is permitted. The Company is currently evaluating the impact of adopting this standard on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases In June 2016, the FASB issued ASU No. 2016-13 (“ASU 2016-13”), Financial Instruments — Credit Losses (Topic 326), In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In January 2017, FASB has issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business In January 2017, the FASB issued Accounting Standards Update No. 2017-04 (“ASU 2017-04”), Intangibles — Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment In February 2017, the FASB issued ASU 2017-05 (“ASU 2017-05”), Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets In May 2017, the FASB issued ASU 2017-09 (“ASU 2017-09”), Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting.

CONCENTRATION OF RISK

CONCENTRATION OF RISK	12 Months Ended
	Dec. 31, 2017
Risks and Uncertainties [Abstract]
CONCENTRATION OF RISK	4. CONCENTRATION OF RISK Credit risk Financial instruments that potentially expose the Group to concentrations of credit risk consist primarily of cash and cash equivalents. The Group places its cash and cash equivalents with financial institutions with high-credit ratings and quality. Customers accounting for 10% or more of total revenue are: For the years ended December 31, Customer 2015 2016 2017 A 28.4 % * * B * 20.4 % * C * * 22.6 % Customers accounting for 10% or more of accounts receivable are: As of December 31, Customer 2016 2017 A 37.3 % * B 19.0 % * C 17.2 % 12.7 % D 11.9 % * E * 59.4 % * Less than 10% Currency convertibility risk Substantially all of the Group’s businesses are transacted in RMB, which is not freely convertible into foreign currencies. All foreign exchange transactions take place either through Bank of China or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the People’s Bank of China. Approval of foreign currency payments by the People’s Bank of China or other regulatory institutions requires submitting a payment application form together with suppliers’ invoices, shipping documents and signed contracts. Foreign currency exchange rate risk From July 21, 2005, the RMB is permitted to fluctuate within a narrow and managed band against a basket of certain foreign currencies. For RMB against U.S. dollar, there was depreciation of approximately 6.1 6.8 5.8 To the extent that the Company needs to convert U.S. dollar into RMB for capital expenditures and working capital and other business purposes, appreciation of RMB against U.S. dollar would have an adverse effect on the RMB amount the Company would receive from the conversion. Conversely, if the Company decides to convert RMB into U.S. dollar for the purpose of making payments for dividends on ordinary shares, strategic acquisitions or investments or other business purposes, appreciation of U.S. dollar against RMB would have a negative effect on the U.S. dollar amount available to the Company. In addition, a significant depreciation of the RMB against the U.S. dollar may significantly reduce the U.S. dollar equivalent of the Company’s earnings or losses.

BUSINESS ACQUISTION

BUSINESS ACQUISTION	12 Months Ended
	Dec. 31, 2017
BUSINESS ACQUISITION
BUSINESS ACQUISTION	5. BUSINESS ACQUISTION On June 5, 2015, the Company entered into an agreement to acquire JMU Investment with a consideration of 741,422,780 30,000,000 Pursuant to the share purchase agreement, 741,422,780 shares were issued as part of consideration of which 311,842,983 10.39 28 The transaction was considered as a business acquisition. The Company was determined as the accounting acquirer based on the facts and circumstances of the transaction including the Company’s payment of cash consideration for the equity interests of JMU Investment. Accordingly, the purchase method of accounting has been applied. The acquired net assets were recorded at their estimated fair values on the acquisition date. The acquired goodwill is not deductible for tax purposes. The purchase price for the acquisition was allocated as follows: US$ Amortization Period Net tangible assets 28,793,669 Intangible assets: Trade name/domain name 16,228,000 10 years Non-compete agreement 10,096,000 4.5 years Online platform 1,364,000 5 years Customer relationships 27,760,000 5-10 years Total 55,448,000 Deferred tax liabilities (13,862,000) Goodwill 336,585,270 Total consideration 406,964,939 The goodwill is mainly attributable to intangible assets that cannot be recognized separately as identifiable assets under US GAAP, and comprise of (a) the assembled work force and (b) the expected but unidentifiable business growth resulting from the Acquisition. The following unaudited pro forma information summarizes the results of operations for the year ended December 31, 2015 of the Group as if the acquisition had occurred on January 1, 2015. The following pro forma financial information is not necessarily indicative of the results that would have occurred had the acquisition been completed at the beginning of the period indicated, nor is it indicative of future operating results: For the year ended US$ (unaudited) Pro forma revenues 11,522,525 Pro forma net loss (115,066,695) Pro forma net loss per ordinary share-basic (0.09) Pro forma net loss per ordinary share-diluted (0.09)

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	12 Months Ended
	Dec. 31, 2017
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS	6. DISCONTINUED OPERATIONS The disposal described in Note 1 represents a strategic shift and has a major effect on the Group’s results of operations. The Group Buying Entities were accounted as discontinued operations in the consolidated financial statements for the year ended December 31, 2015. A gain of $ 47,390,421 The financial results of the Group Buying Entities are set out below: For the year ended US$ Net revenues 16,832,352 Cost of revenues (2,927,148) Gross profit 13,905,204 Operating expenses (50,212,995) Loss from operations (36,307,791) Gain from disposal of Group Buying Entities 47,390,421 Interest income 1,904 Interest expense - Other expenses, net (8,599) Income before income tax 11,075,935 Provision for income tax - Income from discontinuing operations attributable to owners of the Company 11,075,935

ACCOUNTS RECEIVABLE, NET

ACCOUNTS RECEIVABLE, NET	12 Months Ended
	Dec. 31, 2017
Receivables [Abstract]
ACCOUNTS RECEIVABLE, NET	7. ACCOUNTS RECEIVABLE, NET Accounts receivable and allowance for doubtful accounts consist of the following: As of December 31, 2016 2017 US$ US$ Accounts receivable 1,645,237 3,295,818 Less: allowance for doubtful accounts - - 1,645,237 3,295,818 As of December 31, 2016 and 2017, all accounts receivable are due from third party customers for online direct sales.

PREPAID EXPENSES AND OTHER CURR

PREPAID EXPENSES AND OTHER CURRENT ASSETS, NET	12 Months Ended
	Dec. 31, 2017
PREPAYMENTS AND OTHER CURRENT ASSETS
PREPAYMENTS AND OTHER CURRENT ASSETS, NET	8. PREPAID EXPENSES AND OTHER CURRENT ASSETS, NET As of December 31, 2016 2017 US$ US$ Advance to suppliers 7,124,222 1,248,701 Other receivables, net (i) 286,333 228,436 Prepaid rental expenses and other deposits 625,726 124,863 Advance to employees 215,574 118,052 Other current assets 425,775 525,736 8,677,630 2,245,788 (i) In circumstances where a supplier defaults, and where the Group is asserting a breach of contract and seeking monetary recovery of the remaining deposit from the supplier, the Group reclassifies the respective advance to suppliers to other receivables within “Prepaid expenses and other current assets” in the consolidated balance sheets. The Group provided provision of $nil, $nil and $ 584,956

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	12 Months Ended
	Dec. 31, 2017
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET	9. PROPERTY AND EQUIPMENT, NET As of December 31, 2016 2017 US$ US$ Leasehold improvement 1,583,641 1,533,673 Computer equipment 566,963 814,870 Office equipment 162,462 176,160 Vehicles - 129,907 Total 2,313,066 2,654,610 Less: accumulated depreciation (335,407) (859,377) Property and equipment, net 1,977,659 1,795,233 For the years ended December 31, 2015, 2016 and 2017, depreciation expense was $ 63,981 259,307 267,458

ACQUIRED INTANGIBLE ASSETS, NET

ACQUIRED INTANGIBLE ASSETS, NET	12 Months Ended
	Dec. 31, 2017
ACQUIRED INTANGIBLE ASSETS, NET
ACQUIRED INTANGIBLE ASSETS, NET	10. ACQUIRED INTANGIBLE ASSETS, NET Acquired intangible assets consist of the following: As of December 31, 2016 2017 US$ US$ Trade name/domain name 14,330,156 15,291,990 Non-compete agreements 8,915,286 9,513,676 Online platform 1,204,482 1,285,326 Customer relationship 24,514,105 26,158,110 Total 48,964,029 52,249,102 Less: Accumulated amortization (12,689,791) (22,219,546) Less: Accumulated impairment - (19,765,615) Acquired intangible assets, net 36,274,238 10,263,941 The movement of acquired intangible assets for the years ended December 31, 2016 and 2017 is as follows: US$ Balance as of January 1, 2016 50,562,945 Amortization (8,640,885) Foreign currency translation adjustment (5,647,822) Balance as of December 31, 2016 36,274,238 Amortization (8,359,386) Foreign currency translation adjustment 2,114,704 Impairment (19,765,615) Balance as of December 31, 2017 10,263,941 The amortization expense of acquired intangible assets was $4,885,055, $8,640,885 and $8,359,386 for the years ended December 31, 2015, 2016 and 2017, respectively. Impairment loss of $nil, $nil and $19,765,615 was provided by the Group for the years ended December 31, 2 0 During the year ended December 31, 2017, the Group provided impairment loss of $4,982,765, $4,100,522 and $10,682,328 for Trade name/domain name, Non-compete agreements and Customer relationship, respectively, to write down the carrying amount to their fair value respectively (Note 18). The estimated annual amortization expense for each of the five succeeding fiscal years is as follows: For the years ending December 31, US$ 2018 1,265,257 2019 1,265,257 2020 1,119,068 2021 1,007,485 2022 1,007,485 5,664,552

INVESTMENT

INVESTMENT	12 Months Ended
	Dec. 31, 2017
Investments, All Other Investments [Abstract]
INVESTMENT	11. INVESTMENT As of December 31, 2016 2017 US$ US$ Cost investment: Investment in Cold Chain Link (Shanghai) Internet of Things Co., Ltd. 720,150 768,486 Less: accumulated impairment - - 720,150 768,486 In May 2016, the VIE entered into a share purchase agreement with Cold Chain Link (Shanghai) Internet of Things Co., Ltd., which formerly known as Cold Chain Link Global (Shanghai) Logistic Co., Ltd., (“CCLG”) and CCLG’s original shareholders for acquiring its 10 20 3.0 As of December 31, 2017, the Group has paid RMB 5 0.7 15 2.3 No impairment loss was recognized for each of the three years ended December 31, 2017 as there were no indicators of impairment noted associated with the investment.

GOODWILL

GOODWILL	12 Months Ended
	Dec. 31, 2017
Goodwill Disclosure [Abstract]
GOODWILL	GOODWILL As of December 31, 2016 2017 US$ US$ Gross amount 307,271,927 327,895,884 Less: Accumulated impairment (85,934,770) (218,955,451) 221,337,157 108,940,433 The changes in the goodwill balance for the years ended December 31, 2016 and 2017 are as follows: US$ Balance as of January 1, 2016 250,650,500 Foreign currency translation adjustment (29,313,343) Balance as of December 31, 2016 221,337,157 Foreign currency translation adjustment 14,856,086 Impairment (127,252,810) Balance as of December 31, 2017 108,940,433 The Group has one reporting unit and applies discounted cash flows for its impairment test as of December 31 of each year. The Group recorded an impairment loss of $ 85,934,770

SHORT-TERM BANK BORROWINGS

SHORT-TERM BANK BORROWINGS	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
SHORT-TERM BANK BORROWINGS	13. SHORT-TERM BANK BORROWINGS In July 2017, the VIE, entered into a banking facility arrangement with Bank of Dalian Shanghai Branch, pursuant to which the VIE is entitled to borrow RMB denominated loan of RMB 50 7.6 July 25, 2017 July 24, 2018 The facility agreement was guaranteed by the Company’s shareholders, Ms. Zhu and Ms. Wang and Ms. Wang also provided her own property as collateral (Note 21). On August 10, 2017 and August 16, 2017, the Group drew down RMB 27 4.1 23 3.5 5.66

ACCRUED EXPENSES AND OTHER CURR

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	12 Months Ended
	Dec. 31, 2017
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	14. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consist of the following: As of December 31, 2016 2017 Payables to third-party sellers (i) 899,950 2,991,928 Accrued payroll and welfare 1,910,519 2,839,109 Provision for loyalty program 2,752,151 1,549,962 Payables for professional fees 1,261,405 784,464 Other tax payable 238,377 352,629 Accrued marketing expenses 1,555,524 329,002 Uncertain tax positions 146,368 258,532 Payables for rental fee 164,234 37,733 Others 104,730 148,901 9,033,258 9,292,260 (i) In connection with the online platform services, payable to third-party sellers represented the total amounts received from third-party purchasers on behalf of third-party sellers through the Group’s online platform in a period less than one week without any charges.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2017
INCOME TAXES
INCOME TAXES	15. INCOME TAXES Cayman Under the current laws of the Cayman Islands, the Company is not subject to tax on its income or capital gains. Hong Kong Under the Hong Kong tax laws, the Company’s subsidiaries in Hong Kong are subject to Hong Kong profits tax rate at 16.5 PRC The enterprise income tax (‘‘EIT’’) law applies a uniform 25 No taxable income was generated for both domestic and foreign entities of the Group during each of the three years ended December 31, 2017. Credit for income tax consist of the following: For the years ended December 31, 2015 2016 2017 US$ US$ US$ Income tax benefits: Current income tax expenses - (200,040) (292,436) Deferred income tax benefits 1,249,696 2,433,497 7,149,616 Total 1,249,696 2,233,457 6,857,180 The significant components of the Group’s deferred tax assets and liabilities were as follows: As of December 31, 2016 2017 US$ US$ Deferred tax assets Accruals 1,879,890 2,011,300 Net operating loss carry forwards 5,797,149 8,741,138 Valuation allowance (7,457,437) (10,595,656) Total deferred tax assets 219,602 156,782 Deferred tax liabilities Acquired intangible assets 9,068,560 2,565,985 Total deferred tax liabilities 9,068,560 2,565,985 The Group considers the following factors, among other matters, when determining whether some portion or all of the deferred tax assets will more likely than not be realized: the nature, frequency and severity of recent losses, forecasts of future profitability, the duration of statutory carry forward years, the Group’s experience with tax attributes expiring unused and tax planning alternatives. The Group’s ability to realize deferred tax assets depends on its ability to generate sufficient taxable income within the carry forward years provided for in the tax law. The Group incurred net operating losses carry forwards of $ 8,064,039 8,744,032 10,196,547 As of December 31, 2016 and 2017, valuation allowance was $ 7,457,437 10,595,656 Reconciliation between the income taxes benefits computed by applying the PRC tax rate to loss before income taxes and the actual credit for income taxes is as follows: For the year ended December 31, 2015 2016 2017 US$ US$ US$ Net loss before provision for income taxes (105,895,819) (27,526,602) (168,756,159) Statutory tax rates in the PRC 25 % 25 % 25 % Income tax at statutory tax rate (26,473,955) (6,881,651) (42,189,040) Expenses not deductible for tax purposes: Goodwill impairment loss 21,483,693 - 31,813,203 Entertainment expenses exceeded tax limit 7,687 21,533 11,783 Other expenses exceeded tax limit 226,428 - - Effect of income tax rate difference in other jurisdiction 1,551,150 633,997 102,670 Changes in unrecognized tax benefits - 200,040 292,436 Changes in valuation allowance 1,955,301 3,792,624 3,111,768 Income tax benefits (1,249,696) (2,233,457) (6,857,180) The EIT Law includes a provision specifying that legal entities organized outside the PRC will be considered residents for Chinese income tax purposes if their place of effective management or control is within the PRC. If legal entities organized outside the PRC were considered residents for Chinese income tax purpose, they would become subject to the EIT Law on their worldwide income. This would cause any income legal entities organized outside the PRC earned to be subject to the PRC’s 25% EIT. The Implementation Rules to EIT Law provide that non-resident legal entities will be considered as PRC residents if substantial and overall management and control over the manufacturing and business operations, personnel, accounting, properties, etc. reside within the PRC. Pursuant to the additional guidance released by the Chinese government on April 22, 2009 and issued bulletin on August 3, 2011 which provide more guidance on the implementation, management does not believe that the legal entities organized outside the PRC should be characterized as the PRC tax residents for EIT Law purposes. Unrecognized Tax Benefits Under the EIT Law and its implementation rules which became effective on January 1, 2008, dividends generated after January 1, 2008 and payable by a foreign-invested enterprise in the PRC to its foreign investors who are non-resident enterprises are subject to a 10% withholding tax, unless any such foreign investor’s jurisdiction of incorporation has a tax treaty with the PRC that provides for a different withholding arrangement. The Cayman Islands, where the Company are incorporated, does not have a tax treaty with the PRC. There were no aggregate undistributed earnings of the Company’s subsidiary, VIE and VIE’s subsidiaries located in the PRC available for dividend distribution. Therefore, no deferred tax liability has been accrued for the Chinese dividend withholding taxes that might be payable upon the distribution of aggregate undistributed earnings as of December 31, 2016 and 2017. The impact of an uncertain tax position on the income tax return is recognized at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant tax authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Interest and penalties on income taxes will be classified as a component of the provisions for income taxes. As of December 31, 2016 and 2017, the Group recorded an unrecognized tax benefit of $ 271,019 563,455 124,651 304,923 A roll-forward of unrecognized tax benefits is as follows: For the years ended December 31, 2016 2017 US$ US$ Balance at beginning of the year 70,979 271,019 Addition based on tax positions related to the current year 200,040 292,436 Balance at end of the year 271,019 563,455 During the years ended December 31, 2 0 26,785 Since the incorporation, the relevant tax authorities of the Group’s subsidiary, VIE and VIE’s subsidiaries located in the PRC have not conducted a tax examination. In accordance with relevant PRC tax administration laws, tax years from 2014 to 2017 of the Group’s PRC subsidiary, VIE and VIE’s subsidiaries, remain subject to tax audits as of December 31, 2017, at the tax authority’s discretion.

ORDINARY SHARES

ORDINARY SHARES	12 Months Ended
	Dec. 31, 2017
ORDINARY SHARES
ORDINARY SHARES	16. ORDINARY SHARES On April 8, 2015, the Company completed its IPO on NASDAQ by offering 4,000,000 72 10 220,000 3.96 10 37,294,600 3,000,000 Upon the completion of the IPO, all of the Company's then outstanding Series A-1, Series A-2 and Series B preferred shares were automatically converted into 12,202,988 122,029,877 30,507,471 69.4 124,835,802 On June 8, 2015, the Company issued 741,422,780 72,000,000 0.5556 40,000,000 15,000,000 27,000,000 27,000,000 On September 27, 2015, the Company issued and transferred 38,363,112 2,131,284 As of December 31, 2016 and 2017, 22,770,288 37,462,294 38,363,112 15,592,824 900,818

CONVERTIBLE REDEEMABLE PREFERRE

CONVERTIBLE REDEEMABLE PREFERRED SHARES	12 Months Ended
	Dec. 31, 2017
CONVERITBLE REDEEMABLE PREFERRED SHARES
CONVERITBLE REDEEMABLE PREFERRED SHARES	17. CONVERTIBLE REDEEMABLE PREFERRED SHARES On April 3, 2011, Wowo Group Limited ("Wowo BVI") issued an aggregate of 5,489,604 0.9108 5,000,000 18,072 On May 25, June 8, and July 5, 2011, Wowo BVI issued 30,803,678 2,053,580 18,482,206 0.9739 30,000,000 2,000,000 18,000,000 192,149 On February 29, 2012, the Company issued an aggregate of 30,507,471 0.4097 12,500,000 31,153 6,713,384 70,690,413 0.4097 43,234,050 Each Series A and Series B convertible preferred share had been automatically converted into one ordinary share upon the qualified IPO on April 8, 2015. The rights, preferences, privileges and restriction granted to and imposed on the Series A-1, A-2 (collectively referred to as ‘‘Series A Preferred Shares’’) and Series B Preferred Shares (collectively, "Preferred Shares") were as follows: Voting rights Each Preferred Share carried a number of votes equal to the number of Ordinary Shares then issuable upon its conversion into Ordinary Shares. The Preferred Shares shall generally vote together with the Ordinary Shares and not as a separate class. According to the Third Amended Memorandum and Article of Association after above issuance of Series A-1, Series A-2 and Series B Preferred Shares, the number of the Board of directors of the Company was four, including one appointed by preferred shareholders and three appointed by ordinary shareholders. Dividends No dividends shall be declared or paid on the ordinary shares or any future series of Preferred Shares, unless and until a dividend in like amount is declared and paid on each outstanding Preferred Share on an as-if converted basis. Each holder of Series B Preferred Shares shall be entitled to receive, on annual basis, preferential, non-cumulative dividends at the rate equal to the greater of (i) 8 After the full preferential dividends for Series B Preferred Shares had been paid on all outstanding Series B Preferred Shares, each holder of Series A-2 Preferred Shares shall be entitled to receive, on an annual basis, preferential, non-cumulative dividends at the rate equal to the greater of (i) 8 After the full preferential dividends for Series B and Series A-2 Preferred Shares had been paid on all outstanding Series B and Series A-2 Preferred Shares, each holder of Series A-1 Preferred Shares shall be entitled to receive, on an annual basis, preferential, non-cumulative dividends at the rate equal to the greater of (i) 8% of the Series A-1 Preferred Share Issue Price, (ii) the dividend that would be paid with respect to the Ordinary Shares into which the Series A- 1 In addition to any dividend pursuant to above, the holders of Preferred Shares shall be entitled to receive on a pari passu basis, when as and if declared at the sole discretion of the Board, but only out of funds that are legally available therefor, cash dividends at the rate or in the amount as the Board considers appropriate. Liquidation preference In the event of any liquidation, dissolution or winding up of the Company, each holder of Series B Preferred Shares shall be entitled to receive, prior to any distribution to the holders of Series A Preferred Shares, Ordinary Shares or any other class or series of shares then outstanding, an amount per Series B Preferred Share equal to 100 After the full Series B Preference Amount had been paid on all outstanding Series B Preferred Shares, the each holder of Series A-2 Preferred Shares shall be entitled to receive, prior to any distribution to the holders of Ordinary Shares or any other class or series of shares then outstanding, an amount per Series A-2 Preferred Share equal to 100 After the full Series A-2 Preference Amount had been paid on all outstanding Series A-2 Preferred Shares, the each holder of Series A-1 Preferred Shares shall be entitled to receive, prior to any distribution to the holders of Ordinary Shares or any other class or series of shares then outstanding, an amount per Series A-1 Preferred Share equal to 100 After the full Series B and Series A Preference Amount had been paid, any remaining funds or assets of the Company legally available for distribution to shareholders shall be distributed pro rata among the holders of Preferred Shares (on an as-converted basis) and the holders of the Ordinary Shares. In the event the Company proposed to distribute assets other than cash in connection with any liquidation, dissolution or winding up of the Company, the value of the assets to be distributed to the holders of Preferred Shares and Ordinary Shares shall be determined by the Board. Conversion Optional conversion Each holder of Preferred Shares shall have the right to convert all or any portion of the Preferred Shares into Ordinary Shares at any time. The conversion rate for the Series B Preferred Shares and Series A Preferred Shares shall be determined by dividing the Series B and Series A Issue Price for each of the Series B Preferred Shares and Series A Preferred Shares by its conversion price, respectively, provided that in the event of any share splits, share combinations, share dividends, recapitalizations and similar events, the initial Series B and Series A Conversion Price shall be adjusted accordingly, respectively. Automatic conversion The Preferred Shares would automatically be converted into Ordinary Shares, at its then respective Conversion Prices, upon a Qualified IPO, which is defined as an initial public offering of securities of the Company on a recognized regional or national exchange or quotation system in the United States, Hong Kong, the PRC or any other jurisdiction approved by the investors, and the aggregate proceeds to the Company in such initial public offering shall be not less than $ 100,000,000 No adjustment in the Series B Conversion Price shall be made in respect of the issuance of additional ordinary shares unless the consideration per share for an additional ordinary share issued or deemed to be issued by the Company is less than the Series B Conversion Price. If the Company issues any additional ordinary shares and 0.85 0.85 No adjustment in the Series A Preferred Shares Conversion Price shall be made in respect of the issuance of additional ordinary shares unless the consideration per share for an additional ordinary share issued or deemed to be issued by the Company is less than the Series A Conversion Price. If the Company issues any additional ordinary shares and 0.85 0.85 The conversion price will be adjusted for share dividends, subdivisions, combinations or consolidations of ordinary shares, other distributions, reclassification, exchange and substitution. The Company will protect the Conversion Rights of the holders of the Preferred Shares against impairment, and not amend its Memorandum and Articles of Association or through any reorganization, transfer of assets, consolidation, merger, dissolution, issuance or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed by the Company. The Group had determined that there was embedded beneficial conversion feature of $43,234,050 attributable to the Series A-1 and Series A-2 Preferred Shares because the adjusted conversion price of Series A-1 and Series A-2 Preferred Shares is lower than the fair value of the Group’s ordinary share as of respective issuance dates and there was no embedded beneficial conversion feature attributable to the Series B Preferred Shares because the conversion price of the Series B Preferred Shares is higher than the fair value of the Group’s ordinary share as of the issuance date. The initial conversion price of Series B and Series A Preferred Shares shall be their Issue Price, therefore, the initial conversion rate was one for one. The conversion rate for each class of preferred shares were both one for one as of December 31, 2014. The Group assessed the probability of redemption and accrues proper accretion over the period from the date of issuance to the earliest redemption date of the Series A-1 Preferred Shares, Series A-2 Preferred Shares and Series B Preferred Shares using the effective interest rate method. The Group recognized $ 40,814,509 2,365,351 On April 8, 2015, all the issued and outstanding Series A-1, Series A-2 and Series B preferred shares were automatically converted into 12,202,988 122,029,877 30,507,471

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT	12 Months Ended
	Dec. 31, 2017
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT	18. FAIR VALUE MEASUREMENT Measured at fair value on a recurring basis The Group had no financial assets and liabilities measured and recorded at fair value on a recurring basis as of December 31, 2016 and 2017. Measured at fair value on a non-recurring basis The Group measures the acquired assets and liabilities at fair value on a nonrecurring basis as result of the business acquisition as set forth in Note 5. The fair value was determined using models with significant unobservable inputs (Level 3 inputs), primarily the management projection on the future cash flow and the discount rate. The following table presents the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a non-recurring basis as of December 31, 2017, no such assets and liabilities as of December 31, 2016: Fair value measurement at December 31, 2017 Using Balance as of Quoted Prices Significant Other Significant Total losses US$ US$ US$ US$ US$ Description Assets: Long-lived assets (i) 12,059,174 12,059,174 19,765,615 Goodwill (ii) 108,940,433 108,940,433 127,252,810 (i) Long-lived assets represent the Group’s property and equipment (Note 9), and acquired intangible assets (Note 10). The Group determined that these long-lived assets were one asset group and subject to be tested for impairment. The Group measures long-lived assets at fair value on a non-recurring basis when the carrying amount of the asset group exceeds its recoverable amount based on future projection which is consistent with its remained useful lives of the primary assets. The fair value was determined using models with significant unobservable input (Level 3 inputs) and the cash flow projections were based on past experience, actual results of operations and management best estimates about future developments as well as certain market assumptions. Impairment loss of $nil, $nil and $ 19,765,615 (ii) The Group measures goodwill at fair value on a non-recurring basis when it is annually evaluated or whenever events or changes in circumstances indicate that carrying amount of a reporting unit exceeds its fair value. The fair value was determined using models with significant unobservable inputs (Level 3 inputs) which primarily included management projections on the discounted future cash flow analysis including the discount rate using the weighted average cost of capital of 17.5 18 85,934,770 and included in “Impairment loss” in the Consolidated Statements of Operations

SHARE BASED COMPENSATION

SHARE BASED COMPENSATION	12 Months Ended
	Dec. 31, 2017
SHARE-BASED COMPENSATION [Abstract]
SHARE BASED COMPENSATION	19. SHARE BASED COMPENSATION 2011 Share Incentive Plan On February 1, 2011, the Board of Directors approved the Company 2011 Share Incentive Plan (‘‘2011 Plan’’). The 2011 Plan provides for the grant of options, restricted shares, and other share-based awards. The Group recognized compensation cost on the share options to employees under 2011 Plan on a straight-line basis over the requisite service period. The options granted during 2012 and 2013 vest ratably over 48 months and the options granted during 2014 vest on the first anniversary of the date of grant. On July 27, 2015, the Board of Directors approved to grant 28,841,700 50 50 2 On September 1, 2015, the Board of Directors approved that all 3,312,618 28,639,900 On July 1, 2016, under the 2011 Plan, the Board of Directors approved to grant 32,028,700 0.20 40 30 30 On July 1, 2016, the Board of Directors also approved to grant 10,430,000 100 (a) Restricted Shares Award Granted to Employees The following table summarizes the Company’s restricted shares award issued under 2011 Plan for the year ended December 31, 2017: Outstanding RSUs Number of Weighted average Unvested as of January 1, 2017 10,430,000 0.133 Granted - - Forfeited (1,650,000) 0.133 Unvested as of December 31, 2017 8,780,000 0.133 Expect to vest as of December 31, 2017 8,780,000 0.133 (b) Options Granted to Employees The following table summarizes the Company’s employee share options under 2011 Plan for the year ended December 31, 2017: Options Number of Weighted Weighted Weighted Aggregate US$ US$ (Years) US$ Outstanding as of January 1, 2017 61,038,032 0.15 0.18 5.62 3,844,310 Granted - - - - - Forfeited and expired (7,277,510) 0.20 0.10 - - Exercised (1,042,002) 0.01 0.08 - - Outstanding as of December 31, 2017 52,718,520 0.14 0.20 4.38 793,918 Vested and expect to vest as of December 31, 2017 52,718,520 0.14 0.20 4.38 793,918 Exercisable as of December 31, 2017 27,725,820 0.09 0.28 0.67 793,918 Share-based compensation of $nil, $ 1,097,543 1,067,786 Share-based compensation of $ 7,176,600 On September 1, 2015, the Board of Directors approved that all 3,312,618 28,639,900 7,503,976 327,376 On June 20, 2017, the Company approved to extend the excisable date of these Accelerated Awards by another 1 year to September 1, 2018 32,491 The aggregated intrinsic value of stock options outstanding and exercisable as of December 31, 2016 and 2017 was calculated based on the closing price of the Company’s ordinary shares, $ 3.76 0.21 1.02 0.06 1,547,655 618,971 52,536 As of December 31, 2017, the unrecognized share-based compensation related to RSUs issued to employees was $nil; the unrecognized share-based compensation related to share options were $ 2,169,647 0 The fair value of the options granted/modified was estimated on the date of grant/modification with the assistance of an independent third-party appraiser, and was determined using binomial model with the following assumptions: September 1, July 1, June 20, 2015 2016 2017 Expected volatility (1) 60.3% - 65.1% 54.8% 41.0% Risk-free interest rate (2) 0.47% - 0.88% 1.46% 1.25% Expected dividend yield (3) nil nil nil Exercise price (4) $0.01 -$0.20 $0.20 $0.01 -$0.20 Fair value of the underlying ordinary shares (5) $0.38 $0.20 $0.12 (1) Volatility The volatility of the underlying ordinary shares during the life of the options was estimated based on average historical volatility of comparable companies for the period before the valuation date with lengths equal to the life of the options. (2) Risk-free rate Risk free rate is estimated based on yield to maturity of PRC international government bonds with maturity term close to the life of the options. (3) Dividend yield The dividend yield was estimated by the Group based on its expected dividend policy over the life of the options. (4) Exercise price The exercise price of the options was determined by the Group’s Board of Directors. (5) Fair value of underlying ordinary shares The estimated fair value of the ordinary shares underlying the options as of the respective valuation dates was determined based on a contemporaneous valuation. When estimating the fair value of the ordinary shares on the valuation dates, management has considered a number of factors, including the result of a third-party appraisal and equity transactions of the Group, while taking into account standard valuation methods and the achievement of certain events. The fair value of the ordinary shares in connection with the option grants on the valuation dates was determined with the assistance of an independent third-party appraiser. After the Company listed on NASDAQ in April 2015, the closing market price of the ordinary shares of the Company as of the grant/modification date was used as the fair value of the ordinary shares on that date.

NET LOSS PER SHARE

NET LOSS PER SHARE	12 Months Ended
	Dec. 31, 2017
NET LOSS PER SHARE [Abstract]
NET LOSS PER SHARE	20. NET LOSS PER SHARE The calculation of the net loss per share is as follows: For the years ended December 31, 2015 2016 2017 Numerator: Net loss attributable to the Company (93,570,188) (25,293,145) (161,898,979) -Continuing operations (104,646,123) (25,293,145) (161,898,979) -Discontinued operations 11,075,935 - - Accretion for Series A-1 Preferred Shares (442,409) - - Accretion for Series A-2 Preferred Shares (1,202,748) - - Accretion for Series B Preferred Shares (720,194) - - Net loss attributable to ordinary shareholders for computing basic net loss per ordinary shares (95,935,539) (25,293,145) (161,898,979) -Continuing operations (104,646,123) (25,293,145) (161,898,979) -Discontinued operations 8,710,584 - - Accretion for Series A-1 Preferred Shares 442,409 - - Net income attributable to Series A-1 P referred Shareholders for computing basic net income per Series A-1 Preferred Shares 442,409 - - Accretion for Series A-2 Preferred Shares 1,202,748 - - Net income attributable to Series A-2 P referred Shareholders for computing basic net income per Series A-2 Preferred Shares 1,202,748 - - Accretion for Series B Preferred Shares 720,194 - - Net income attributable to Series B P referred Shareholders for computing basic net income per Series B Preferred Shares 720,194 - - Denominator: Weighted average ordinary shares outstanding used in computing basic net loss per ordinary shares 1,001,754,524 1,474,087,060 1,476,144,194 Weighted average ordinary shares outstanding used in computing diluted net loss per ordinary shares 1,001,754,524 1,474,087,060 1,476,144,194 Weighted average shares outstanding used in computing basic net income per Series A-1 Preferred Shares 3,242,986 - - Weighted average shares outstanding used in computing basic net income per Series A-2 Preferred Shares 32,429,858 - - Weighted average shares outstanding used in computing basic net income per Series B Preferred Shares 8,107,465 - - For the years ended December 31, 2015 2016 2017 Net loss per ordinary share Basic (0.09) (0.02) (0.11) Diluted (0.09) (0.02) (0.11) Net loss per ordinary share from continuing operations Basic (0.10) (0.02) (0.11) Diluted (0.10) (0.02) (0.11) Net income per share from discontinued operations Basic 0.01 - - Diluted 0.01 - - Net income per Series A-1 Preferred Share-Basic 0.14 - - Net income per Series A-2 Preferred Share-Basic 0.04 - - Net income per Series B Preferred Share-Basic 0.09 - - Weighted average shares used in calculating net loss per ordinary share Basic Continuing operations 1,001,754,524 1,474,087,060 1,476,144,194 Discontinued operations 1,001,754,524 - - Diluted Continuing operations 1,001,754,524 1,474,087,060 1,476,144,194 Discontinued operations 1,043,473,265 - - Weighted average shares used in calculating net loss per Series A-1 preferred shares 3,242,986 - - Series A-2 preferred shares 32,429,858 - - Series B preferred shares 8,107,465 - - Series A-1, Series A-2 and Series B Preferred Shares were excluded from the computation of diluted net loss per ordinary share for the years ended December 31, 2015 because their effects were anti-dilutive. For the years ended December 31, 2 0 18,224,699 For the years ended December 31, 2015, 2016 and 2017, 59,943,440 35,190,467 22,195,156

RELATED PARTY BALANCES AND TRAN

RELATED PARTY BALANCES AND TRANSACTIONS	12 Months Ended
	Dec. 31, 2017
RELATED PARTY BALANCES AND TRANSACTIONS [Abstract]
RELATED PARTY BALANCES AND TRANSACTIONS	21. RELATED PARTY BALANCES AND TRANSACTIONS Name Relationship with the Company Ms. Zhu Shareholder Ms. Wang Shareholder Chung So Si Fong Dessert Limited Controlled by Ms. Zhu Cong Shao (Macao) Star Dessert Co., Ltd. Controlled by Ms. Zhu Hong Kong Sunward Fishery Restaurant Management Co., Ltd. Controlled by Ms. Zhu Nanjing Jiangdong Sunward Fishery Restaurant Co., Ltd. Controlled by Ms. Zhu Nanjing Xinzijin Sunward Fishery Restaurant Co., Ltd. Controlled by Ms. Zhu Nanjing Yongji Sunward Fishery Restaurant Co., Ltd. Controlled by Ms. Zhu Ningbo dongqian lake tourist resort Xiyue leisure tourism Co., Ltd. Controlled by Ms. Zhu Ningbo Jiangbei Sunward Fishery Restaurant Co., Ltd. Controlled by Ms. Zhu Ningbo Tianyi Sunward Fishery Restaurant Co., Ltd. Controlled by Ms. Zhu Ningbo Yinzhou Sunward Logistics Co., Ltd. Controlled by Ms. Zhu Shanghai Congshao Dessert Co., Ltd. Controlled by Ms. Zhu Shanghai Congshao Restaurant Management Co., Ltd. Controlled by Ms. Zhu Shanghai Putuo Sunward Fishery Restaurant Co., Ltd. Controlled by Ms. Zhu Shanghai Zhonghengkuaijian Brand Management Co., Ltd. Controlled by Ms. Zhu Shanghai Zhongxiao Brand Management Co., Ltd. Controlled by Ms. Zhu Shanghai Zhongyou Information Technology Co., Ltd. Controlled by Ms. Zhu Shenzhen Bangrun Commercial factoring Co., Ltd. Controlled by Ms. Zhu Shenzhen Congshao Restaurant Management Co., Ltd. Controlled by Ms. Zhu Tianjin Congshao Restaurant Management Co., Ltd. Controlled by Ms. Zhu Wuhan Congshao Restaurant Management Co., Ltd. Controlled by Ms. Zhu Zhejiang Sunward Fishery Restaurant Co., Ltd. Controlled by Ms. Zhu Zhejiang Zhonggangjumei Supply Chain Management Co., Ltd. Controlled by Ms. Zhu Shanghai MIN Hongshi Trading Co., Ltd. Controlled by Ms. Wang Shanghai MIN Zunshi Trading Co., Ltd. Controlled by Ms. Wang Shanghai Xiao Nan Guo Hai Zhi Yuan Restaurant Management Co., Ltd. Controlled by Ms. Wang Shenzhen Xiao Nan Guo Restaurant Management Co., Ltd. Controlled by Ms. Wang WM Ming Hotel Controlled by Ms. Wang Xiao Nan Guo (Group) Co., Ltd. Controlled by Ms. Wang Xiao Nan Guo Holdings Limited Controlled by Ms. Wang CCLG A company under the significant influence of the Company (a) As of December 31, 2016 and 2017, the following balances were due from/ to the related parties: Current assets As of December 31, Amount due from related parties 2016 2017 US$ US$ Zhejiang Sunward Fishery Restaurant Co., Ltd. - 1,589,780 (i) Shanghai Congshao Dessert Co., Ltd. - 373,704 (i) Shanghai Xiao Nan Guo Hai Zhi Yuan Restaurant Management Co., Ltd. - 261,399 (i) Shanghai Congshao Restaurant Management Co., Ltd. 71,031 154,276 (i) Shanghai Zhonghengkuaijian Brand Management Co., Ltd. - 136,392 (i) Shenzhen Bangrun Commercial factoring Co., Ltd. - 117,615 (i) Shanghai Zhongxiao Brand Management Co., Ltd. - 113,018 (i) Nanjing Xinzijin Sunward Fishery Restaurant Co., Ltd. 54,953 110,753 (i) Zhejiang Zhonggangjumei Supply Chain Management Co., Ltd. 14,437 59,610 (i) Nanjing Jiangdong Sunward Fishery Restaurant Co., Ltd. 22,129 32,823 (i) Shanghai Zhongyou Information Technology Co., Ltd. - 32,309 (i) Nanjing Yongji Sunward Fishery Restaurant Co., Ltd. 12,018 32,266 (i) Shanghai Putuo Sunward Fishery Restaurant Co., Ltd. 6,235 24,974 (i) CCLG 608 17,467 (i) Tianjin Congshao Restaurant Management Co., Ltd. - 3,036 (i) Ningbo Tianyi Sunward Fishery Restaurant Co., Ltd. - 1,648 (i) Shenzhen Congshao Restaurant Management Co., Ltd. - 1,517 (i) Wuhan Congshao Restaurant Management Co., Ltd. - 210 (i) Shanghai MIN Hongshi Trading Co., Ltd. 23,797 - (i) WM Ming Hotel 6,613 - (i) Ningbo Yinzhou Sunward Logistics Co., Ltd. 984 - (i) Total 212,805 3,062,797 (i) The amounts represent the receivables due from related parties relating to the online direct sales and online platform services. Current liabilities As of December 31, Amount due to related parties 2016 2017 US$ US$ Ms. Zhu - 385,123 (iii) WM Ming Hotel 3,306 89,938 (ii) Chung So Si Fong Dessert Limited 23,332 84,054 (ii) Ningbo dongqian lake tourist resort Xiyue leisure tourism Co., Ltd. - 38,424 (ii) Shanghai MIN Zunshi Trading Co., Ltd. - 3,483 (ii) Ningbo Yinzhou Sunward Logistics Co., Ltd. - 1,649 (ii) Cong Shao (Macao) Star Dessert Co., Ltd. - 1,212 (ii) Shanghai Xiao Nan Guo Hai Zhi Yuan Restaurant Management Co., Ltd. 905,260 - (ii) Shanghai Congshao Dessert Co., Ltd. 361,356 - (ii) Tianjin Congshao Restaurant Management Co., Ltd. 134,703 - (ii) Shenzhen Congshao Restaurant Management Co., Ltd. 92,369 - (ii) Shanghai Congshao Restaurant Management Co., Ltd. 69,935 - (ii) Wuhan Congshao Restaurant Management Co., Ltd. 91,845 - (ii) Nanjing Jiangdong Sunward Fishery Restaurant Co., Ltd. 11,271 - (ii) Nanjing Yongji Sunward Fishery Restaurant Co., Ltd. 8,426 - (ii) Nanjing Xinzijin Sunward Fishery Restaurant Co., Ltd. 7,811 - (ii) Hong Kong Sunward Fishery Restaurant Management Co., Ltd. 1,414 - (ii) Total 1,711,028 603,883 (ii) The amounts represent the payables due to related parties relating to online direct sales and online platform services. (iii) The amount represent the payable due to related parties relating to the daily operations. Non-current liabilities As of December 31, Amount due to related parties 2016 2017 US$ US$ Ms. Zhu - 5,685,971 (iv) Total - 5,685,971 (iv) The amount represents the balance due to related parties relating to the loan borrowed from Ms. Zhu, with interest rate of 6.0 July 1, 2019 (b) Details of related party transactions occurred during the years ended December 31, 2015, 2016 and 2017 were as follows: Revenue from For the years ended December 31, 2015 2016 2017 US$ US$ US$ Shanghai Xiao Nan Guo Hai Zhi Yuan Restaurant Management Co., Ltd. 393,147 2,296,225 8,571,389 (v) Xiao Nan Guo Holdings Limited - 6,056,439 6,108,606 (v) Chung So Si Fong Dessert Limited - 388,618 1,391,080 (v) Hong Kong Sunward Fishery Restaurant Management Co., Ltd. - 460,132 471,129 (v) Shanghai Congshao Dessert Co., Ltd. - 172,521 357,017 (v) Shanghai Congshao Restaurant Management Co., Ltd. - 160,701 189,617 (v) Nanjing Jiangdong Sunward Fishery Restaurant Co., Ltd. 32,726 26,149 118,413 (v) Nanjing Xinzijin Sunward Fishery Restaurant Co., Ltd. 38,179 82,155 60,536 (v) Cong Shao (Macao) Star Dessert Co., Ltd. - - 58,159 (v) Zhejiang Zhonggangjumei Supply Chain Management Co., Ltd. - 296,727 51,484 (v) Shanghai Putuo Sunward Fishery Restaurant Co., Ltd. - 21,631 45,468 (v) Tianjin Congshao Restaurant Management Co., Ltd. - 676 28,345 (v) Nanjing Yongji Sunward Fishery Restaurant Co., Ltd. 17,573 15,692 15,063 (v) WM Ming Hotel 1,573 37,631 11,737 (v) Shenzhen Congshao Restaurant Management Co., Ltd. - 865 5,135 (v) Ningbo Jiangbei Sunward Fishery Restaurant Co., Ltd. - - 1,428 (v) Wuhan Congshao Restaurant Management Co., Ltd. - - 620 (v) Shenzhen Xiao Nan Guo Restaurant Management Co., Ltd. - 5,392 - (v) Ningbo Yinzhou Sunward Logistics Co., Ltd. 58,560 56,722 - (v) Total 541,758 10,078,276 17,485,226 (v) The amounts represent the revenue generated from the Group’s online direct sales. Rental expense to For the years ended December 31, 2015 2016 2017 US$ US$ US$ Xiao Nan Guo (Group) Co., Ltd. 335,249 218,212 - (vi) Total 335,249 218,212 - (vi) The amount represents the rental expense paid for the Group’s office. Services fee charged by For the years ended December 31, 2015 2016 2017 US$ US$ US$ CCLG - 169,741 164,215 (vii) Total - 169,741 164,215 (vii) The amount represents the logistics fee charged by the related party for the Group’s online direct sales. Loan borrowed from For the years ended December 31, 2015 2016 2017 US$ US$ US$ Ms. Zhu - - 5,685,971 (viii) Xiao Nan Guo (Group) Co., Ltd. - 6,024,096 - (ix) Total - 6,024,096 5,685,971 (viii) The amount represents the interest-bearing loan borrowed from Ms. Zhu with interest rate of 6.0% per annum and maturity date on July 1, 2019. (ix) The amount represent the interest-free loan borrowed by the Group from related party, which has been repaid by the Group in 2016. (c) In July 2017, the VIE, entered into a banking facility agreement with Bank of Dalian Shanghai Branch, pursuant to which the VIE is entitled to borrow RMB denominated loan of RMB 50 7.6

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2017
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	22. COMMITMENTS AND CONTINGENCIES Capital Commitments The Group’s capital commitments primarily relate to commitments in connection with the investment in CCLG. Total capital commitments contracted but not yet reflected in the financial statements amounted to $ 2.2 2.3 Operating lease commitments The Group leases certain office premises under non-cancellable leases. Rental expenses under operating leases for the years ended December 31, 2015, 2016 and 2017 were $ 985,214 2,243,907 1,223,390 The future aggregate minimum lease payments under non-cancelable operating lease agreements were as follows: Years ending December 31, US$ 2018 1,622,226 2019 1,441,236 2020 1,492,308 2021 1,566,186 2022 1,645,521 Thereafter 14,329,743 Total 22,097,220

MAINLAND CHINA CONTRIBUTION PLA

MAINLAND CHINA CONTRIBUTION PLAN	12 Months Ended
	Dec. 31, 2017
MAINLAND CHINA CONTRIBUTION PLAN [Abstract]
MAINLAND CHINA CONTRIBUTION PLAN	23. MAINLAND CHINA CONTRIBUTION PLAN Full time PRC employees of the Group are eligible to participate in a government-mandated multi- employer defined contribution plan under which certain pension benefits, medical care, unemployment insurance, employee housing fund and other welfare benefits are provided to these employees. The PRC labor regulations require the Group to accrue for these benefits based on a percentage of each employee’s income. Total provisions for employee benefits were $ 902,418 1,297,485 1,656,561

STATUTORY RESERVES AND RESTRICT

STATUTORY RESERVES AND RESTRICTED NET ASSETS	12 Months Ended
	Dec. 31, 2017
STATUTORY RESERVES AND RESTRICTED NET ASSETS [Abstract]
STATUTORY RESERVES AND RESTRICTED NET ASSETS	24. STATUTORY RESERVES AND RESTRICTED NET ASSETS In accordance with the Regulations on Enterprises with Foreign Investment of China and their articles of association, the Group’s subsidiaries, VIE and VIE’s subsidiaries located in the PRC, being foreign invested enterprises established in the PRC, are required to provide for certain statutory reserves. These statutory reserve funds include one or more of the following: (i) a general reserve, (ii) an enterprise expansion fund or discretionary reserve fund, and (iii) a staff bonus and welfare fund. Subject to certain cumulative limits, the general reserve fund requires a minimum annual appropriation of 10 50 Appropriations to the enterprise expansion reserve and the staff welfare and bonus reserve are to be made at the discretion of the Board of Directors of each of the Group’s subsidiaries. The appropriation to these reserves by the Group’s PRC subsidiary, VIE and VIE’s subsidiaries were all $nil for the years ended December 31, 2015, 2016 and 2017. As a result of these PRC laws and regulations and the requirement that distributions by the PRC entities can only be paid out of distributable profits computed in accordance with the PRC GAAP, the PRC entities are restricted from transferring a portion of their net assets to the Group. Amounts restricted include paid-in capital and the statutory reserves of the Group’s PRC subsidiary, VIE and VIE’s subsidiaries. The aggregate amounts of capital and statutory reserves restricted which represented the amount of net assets of the relevant subsidiary, VIE and VIE’s subsidiaries in the Group not available for distribution were $ 28,213,892 28,213,892 1,614,140 1,614,140

SUMMARY OF SIGNIFICANT ACCOUN35

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2017
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of presentation	Basis of presentation The consolidated financial statements of the Group have been prepared in accordance with the U.S. generally accepted accounting principles (‘‘US GAAP’’).
Principle of consolidation	Principle of consolidation The consolidated financial statements of the Group include the financial statements of the Company, its consolidated subsidiaries, VIE and VIE’s subsidiaries for which the Company is the primary beneficiary. All significant inter-company transactions and balances have been eliminated upon consolidation.
Business combinations	Business combinations Business combinations are recorded using the acquisition method of accounting. The assets acquired, the liabilities assumed, and any noncontrolling interest of the acquiree at the acquisition date, if any, are measured at their fair values as of that date. Goodwill is recognized and measured as the excess of the total consideration transferred plus the fair value of any noncontrolling interests of the acquiree, if any, at the acquisition date over the fair values of the identifiable net assets acquired. Consideration transferred in a business acquisition is measured at the fair value as at the date of acquisition.
Discontinued operations	Discontinued operations A disposal of a component of an entity or a group of components of an entity shall be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations. Classification as a discontinued operation occurs upon disposal or when the operation meets the criteria to be classified as held for sale, if earlier. Where an operation is classified as discontinued, a single amount is presented on the face of the consolidated statements of operations. The amount of total current assets, total non-current assets, total current liabilities and total non-current liabilities are presented separately on the consolidated balance sheets.
Use of estimates	Use of estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Areas where management uses subjective judgment include, but are not limited to, provision for other receivables, estimating useful lives and impairment for property and equipment and acquired intangible assets, impairment of goodwill, valuation allowance for deferred tax assets, share-based compensation and purchase price allocation. Changes in facts and circumstances may result in revised estimates. Actual results could differ from those estimates, and as such, differences may be material to the consolidated financial statements.
Foreign currency	Foreign currency The functional and reporting currency of the Company is the United States dollar (“U.S. dollars”, “US$” or“$”). The functional currency of the Company's subsidiary, New Admiral, is U.S. dollars. The functional currency of the Company’s HK subsidiaries, JMU Investment and JMU Supply Chain, is Hong Kong dollars (“HK dollars”). The financial records of the Group’s subsidiaries, VIE and VIE’s subsidiaries located in the PRC are maintained in their local currencies, the Renminbi (“RMB”), respectively, which are also the functional currencies of these entities. Transactions denominated in currencies other than the respective entities’ functional currencies are re-measured into the functional currencies, in accordance with Accounting Standards Codification (“ASC”) 830 (“ASC 830”) Foreign Currency Matters Assets and liabilities are translated to the reporting currency at the exchange rates at the balance sheet date, equity accounts are translated at historical exchange rates and revenues, expenses, gains and losses are translated using the average rate for the year. Translation adjustments are reported as cumulative translation adjustments and are shown as a separate component of consolidated statements of comprehensive loss.
Cash and cash equivalents	Cash and cash equivalents Cash and cash equivalents consists of cash on hand and demand deposits placed with banks or other financial institutions which are unrestricted as to withdrawal and use and have original maturities less than three months.
Accounts receivable, net of allowance	Accounts receivable, net of allowance Accounts receivable represents those receivables derived in the ordinary course of business, carried at net realizable value. The Group maintains an allowance for doubtful accounts for estimated losses on uncollected accounts receivable. Management considers the following factors when determining the collectability of specific accounts: creditworthiness of customers, aging of the receivables, past transaction history with customers and their current condition, changes in customer payment terms, specific facts and circumstances, and the overall economic climate in the industries the Group serves. No allowance for doubtful accounts was recognized for each of the three years ended December 31, 2017.
Inventories	Inventories Inventory is stated at the lower of cost or market. Cost of inventory is determined using the weighted average cost method. Adjustments are recorded to write down the cost of inventory to the estimated market value for slow-moving merchandise and damaged goods. The amount of written-down depends upon factors such as whether the goods are returnable to vendors, historical and forecasted consumer demand, market condition and the promotional environment. Written-down amounts are recorded in cost of goods sold in the consolidated statements of operations. No inventory provision was recognized for each of the three years ended December 31, 2017.
Property and equipment	Property and equipment Computer equipment 3 Office equipment 5 Vehicles 4 Leasehold improvement Over the shorter of lease term or the estimated useful lives of the assets Repair and maintenance costs are charged to expense when incurred, whereas the cost of betterments that extend the useful life of property and equipment are capitalized as additions to the related assets. Retirement, sale and disposals of assets are recorded by removing the cost and related accumulated depreciation with any resulting gain or loss reflected in the consolidated statements of operations.
Acquired intangible assets	Acquired intangible assets Acquired intangible assets with finite lives are carried at cost less accumulated amortization and impairment. Amortization of finite lived intangible assets is calculated on a straight-line basis over the shorter of the contractual terms or the expected useful lives of the acquired assets. Trade name/domain name 10 Non-compete agreement 4.5 Online platform 5 Customer relationship 5 10
Impairment of long-lived assets other than goodwill	Impairment of long-lived assets other than goodwill The Group evaluates the recoverability of its long-lived assets, including intangible assets with finite lives, whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. When these events occur, the Group measures impairment by comparing the carrying value of the assets to the estimated undiscounted future cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flow is less than the carrying amount of the assets, the Group would recognize an impairment loss based on the excess of carrying amount over the fair value of the assets. An impairment loss of $nil, $nil and $ 19,765,615
Impairment of goodwill	Impairment of goodwill The Group annually, or more frequently if the Group believes indicators of impairment exist, reviews the carrying value of goodwill to determine whether impairment may exist. Specifically, goodwill impairment is determined using a two-step process. The first step compares the fair value of each reporting unit to its carrying amount, including goodwill. If the fair value of each reporting unit exceeds its carrying amount, goodwill is not considered to be impaired and the second step will not be required. If the carrying amount of a reporting unit exceeds its fair value, the second step compares the implied fair value of the affected reporting unit’s goodwill to the carrying value of that goodwill. The implied fair value of goodwill is determined in a manner similar to accounting for a business combination with the allocation of the assessed fair value determined in the first step to the assets and liabilities of the reporting unit. The excess of the fair value of the reporting unit over the amounts assigned to the assets and liabilities is the implied fair value of goodwill. An impairment loss is recognized for any excess in the carrying value of goodwill over the implied fair value of goodwill. Estimating fair value is performed by utilizing various valuation techniques, with the primary technique being a discounted cash flow. The Group has determined to perform the annual impairment tests on December 31 of each year. Prior to the acquisition of JMU Group, goodwill was attributable to the group buying business which is classified as discontinued operations in the year ended December 31, 2015. The goodwill as of December 31, 2016 and 2017 was attributable solely to the JMU business on which an impairment loss of $ 85,934,770 127,252,810
Investments	Investment Cost Method Investment In accordance with ASC subtopic 325-20 (“ASC 325-20”), Investments-Other: Cost Method Investments Cost method accounting is also applied to investment that are not considered as “in-substance” common stock investment, and do not have readily determinable fair value. No impairment was recognized for each of the three years ended December 31, 2017.
Revenue recognition	Revenue recognition The Group recognizes revenue from the sales of rice, flavoring, oil, seafood, wine and other types of generic food and beverage products through its online platform www.ccjoin.com The Group recognizes revenue when the customers confirm the acceptance of the goods once they receive the delivered goods. The sales returns are considered and estimated when the related revenue was recognized. Revenue is recorded net of surcharges and value-added tax ("VAT") and related surcharges. The Group primarily generates revenue from online direct sales and online platform services. Online direct sales The Group primarily sells rice, flavoring, oil, seafood, wine and other products relating to catering and hotel industries through online direct sales. There is a separate channel on the Group’s online platform designated for the Group’s online direct sales and the Group records revenue from online direct sales on a gross basis as the Group acts as the principal in these arrangements: it is the primary obligor in the sales arrangements, has latitude in establishing prices and has discretion in suppliers' selection. On certain transactions, the Group also retains some of general inventory risk and physical inventory loss risk. Online platform services The Group also provides the online platform services to connect third-party sellers and purchasers for their transactions via its online marketplace. Online platform sales are made from the online stores under the third-party sellers’ names, and the Group records the related revenue on a net basis as the Group acts as the agent in these arrangements: it is not the primary obligor, does not bear inventory risk, and does not have the ability to establish the price or discretion in supplier selection. For the years ended December 31, 2015, 2016 and 2017, revenues related to the online platform services were $nil, as the Group did not charge any service fees to the third-party sellers and purchasers.
Value-added tax	Value-added tax VAT is calculated at 13 17
Cost of revenue	Cost of revenue Cost of revenues primarily consist of purchased cost of the products sold related to online direct sales and payroll of the operating personnel.
Advertising and promotional expenses	Advertising and promotional expenses Advertising and promotional expenses, including advertisements through various form of media and kinds of marketing and promotional activities, are included in “Selling and marketing expense” in the consolidated statements of operations and are expensed when incurred. Advertising and marketing expenses for the years ended December 31, 2015, 2016 and 2017 are $ 131,486 498,045 101,232
Operating leases	Operating leases Leases where substantially all the rewards and risks of the ownership of the assets remain with the leasing companies are accounted for as operating leases. Payments made for the operating leases are charged to the consolidated statements of operations on a straight-line basis over the lease term and have been included in the operating expenses in the consolidated statements of operations. In 2016, the Group entered into a 15 1,086,342 1,386,749
Income taxes	Income taxes The Group follows the liability method in accounting for income taxes in accordance to ASC topic 740 (“ASC 740”), Income Taxes The Group applies the provision of ASC 740 to account for uncertainty in income taxes. ASC 740 clarifies the accounting for uncertainty in income taxes by prescribing the recognition threshold a tax position is required to meet before being recognized in the consolidated financial statements. The Group has elected to classify interest and penalties related to unrecognized tax benefits, if and when required, as part of income tax expense in the consolidated statements of operations.
Loyalty program	Loyalty program In 2016, the Group launched a customer loyalty program to certain qualified customers, who can earn customer credits from purchases if their annual spending with the Group exceeds RMB10 million. In 2017, the Group announced its revised customer loyalty program to certain qualified customers for granting customer credits only if their annual spending with the Group exceeds RMB100 million. During 2016, the Group negotiated settlement of earned loyalty credits with 13 of its customers in ordinary shares of the Company. As part of the settlement, the Group agreed to issue 4.42 1,377,503
Share-based payments	Share-based payments Share-based payment awards with employees are measured based on the grant date fair value of the equity instrument issued, and recognized as compensation costs using the straight-line method over the requisite service period, which is generally the vesting period of the options, with a corresponding impact reflected in additional paid-in capital. For share-based payment awards with market conditions, such market conditions are included in the determination of the estimated grant-date fair value. In the second quarter of 2017, the Company elected to early adopt ASU No. 2016-09, Compensation Stock Compensation (Topic 718): Improvement to Employee Share based Payment Accounting adjustment to accumulated deficits A change in any of the terms or conditions of share-based payment awards is accounted for as a modification of awards. The Group measures the incremental compensation cost of a modification as the excess of the fair value of the modified awards over the fair value of the original awards immediately before its terms are modified, based on the share price and other pertinent factors at the modification date. For vested awards, the Group recognizes incremental compensation cost in the period the modification occurred. For unvested awards, the Group recognizes, over the remaining requisite service period, the sum of the incremental compensation cost and the remaining unrecognized compensation cost for the original award on the modification date.
Net loss per share	Net loss per share Basic loss per ordinary share is computed by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. The Group’s convertible redeemable participating preferred shares are participating securities as they participate in undistributed earnings on an as-if-converted basis. Accordingly, the Group uses the two-class method whereby undistributed net income is allocated on a pro rata basis to the ordinary shares and convertible redeemable participating preferred shares to the extent that each class may share in income for the period; whereas the undistributed net loss for the period is allocated to ordinary shares only because the convertible redeemable participating preferred shares are not contractually obligated to share the loss. Diluted loss per ordinary share reflects the potential dilution that could occur if securities were exercised or converted into ordinary shares. The Group had convertible redeemable participating preferred shares, which have been automatically converted into ordinary shares upon the IPO of the Company, stock options and restricted share units, which could potentially dilute basic loss per share in the future. To calculate the number of shares for diluted loss per ordinary share, the effect of the convertible redeemable participating preferred shares is computed using the as-if-converted method; the effect of the stock options and restricted share units is computed using the treasury stock method. Potential ordinary shares in the diluted net loss per share computation are excluded in periods of losses from continuing operations, as their effect would be anti-dilutive.
Comprehensive loss	Comprehensive loss is defined as the decrease in equity of the Company during a period from transactions and other events and circumstances excluding transactions resulting from investments by owners and distributions to owners. Comprehensive loss is reported in the consolidated statements of comprehensive loss, including net loss and foreign currency translation adjustments, presented net of tax.
Segment reporting	Segment reporting The Group follows ASC 280, Segment Reporting
Fair value	Fair value Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. Authoritative literature provides a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The level in the hierarchy within which the fair value measurement in its entirety falls is based upon the lowest level of input that is significant to the fair value measurement as follows: Level 1-inputs are based upon quoted prices for instruments traded in active markets. Level 2-inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based calculation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3-inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, cash flow models, and similar techniques.
Fair value of financial instruments	Fair value of financial instruments Financial instruments include cash and cash equivalents, short-term bank borrowings, amounts due from/to related parties, accounts receivable, accounts payable and investment. The carrying values of cash, short-term bank borrowings, amounts due from/to related parties, accounts receivable and accounts payable approximate their fair values reported in the consolidated balance sheets due to the short-term maturities. The Group determined that it is not practicable to estimate the fair value of its cost method investment as of December 31, 2017 and measures the cost method investment at fair value on a nonrecurring basis only if an impairment charge were to be recognized. Financial assets and liabilities measured at fair value on a non-recurring basis include acquired assets and liabilities and goodwill based on Level 3 inputs in connection with business acquisition set out in Note 5.
Comparative information	Comparative information Certain of the prior year comparative figures have been reclassified to conform to the current year’s presentation.
Recently accounting pronouncements	As a company with less than US$1.07 billion in revenue for the last fiscal year, we qualify as an “emerging growth company” pursuant to the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09 (“ASU 2014-09”), Revenue from Contracts with Customers. ASU 2014-09 supersedes the revenue recognition requirements in ASC 605, and requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2015-14, Revenue from Contracts with Customers, defers the effective date of ASU 2014-09 by one year. As a result, ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2018, and interim periods within annual periods beginning after December 15, 2019. Early adoption is permitted. In March 2016, the FASB issued ASU No. 2016-08 (“ASU 2016-08”), Revenue from Contracts with Customers—Principal versus Agent Considerations Revenue from Contracts with Customers—Identifying Performance Obligations and Licensing Revenue from Contracts with Customers— Narrow-Scope Improvements and Practical Expedients The Company is in the process of developing a plan for evaluating the impact of adoption of these guidance on its consolidated financial statement, including the selection of the adoption method, the identification of differences, if any, from the application of the standard, and the impact of such differences, if any, on its consolidated financial statements. In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory In November 2015, the FASB issued ASU No. 2015-17 (“ASU 2015-17”), Income Taxes Balance Sheet Classification of Deferred Taxes 63,286 In January 2016, the FASB issued ASU No. 2016-01 (“ASU 2016-01”), Financial Instruments. ASU 2016-01 requires equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. An entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. ASU 2016-01 also simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. When a qualitative assessment indicates that impairment exists, an entity is required to measure the investment at fair value. For public business entities, the amendments are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years; and for all other entities, are effective for annual reporting periods beginning after December 15, 2018, and interim periods within annual periods beginning after December 15, 2019. Early adoption is permitted. The Company is currently evaluating the impact of adopting this standard on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases In June 2016, the FASB issued ASU No. 2016-13 (“ASU 2016-13”), Financial Instruments — Credit Losses (Topic 326), In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In January 2017, FASB has issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business In January 2017, the FASB issued Accounting Standards Update No. 2017-04 (“ASU 2017-04”), Intangibles — Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment In February 2017, the FASB issued ASU 2017-05 (“ASU 2017-05”), Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets In May 2017, the FASB issued ASU 2017-09 (“ASU 2017-09”), Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting.

ORGANIZATION AND PRINCIPAL AC36

ORGANIZATION AND PRINCIPAL ACTIVITIES (Tables)	12 Months Ended
	Dec. 31, 2017
ORGANIZATION AND PRINCIPAL ACTIVITIES
Schedule of the Group's subsidiaries, VIEs and VIEs' subsidiaries	As of December 31, 2017, the Company’s major subsidiaries, VIE and VIE’s subsidiaries (collectively, the “Group”) are as follows: Date of Place of Percentage of Subsidiaries: New Admiral April 27, 2015 Cayman Islands 100 % Join Me Group (HK) Investment Company Limited (“JMU Investment”) June 8, 2015 Hong Kong 100 % Join Me Group Supply Chain Management Company Limited (“JMU Supply Chain”) October 15, 2015 Hong Kong 100 % Shanghai Zhongming Supply Chain Management Co., Ltd. (“Shanghai Zhongming” or “WFOE” ) June 8, 2015 PRC 100 % VIE: Shanghai Zhongmin Supply Chain Management Co., Ltd. (“Shanghai Zhongmin” or “VIE”) June 8, 2015 PRC N/A
Schedule of the financial statement balances and amounts of the VIEs and VIEs' subsidiaries	The following financial statement balances and amounts of the VIE and VIE’s subsidiaries were included in the accompanying consolidated financial statements as follows after the elimination of intercompany balances and transactions among VIE and VIE’s subsidiaries within the Group: As of December 31, 2016 2017 US$ US$ Cash and cash equivalents 1,923,903 4,802,420 Accounts receivable, net 1,645,237 3,295,818 Inventories 224,148 538,660 Prepaid expenses and other current assets, net 7,812,462 1,881,988 Amounts due from related parties 212,805 3,062,797 Total current assets 11,818,555 13,581,683 Property and equipment, net 1,864,660 1,715,795 Investment 720,150 768,486 Other non-current assets 151,553 161,723 Total non-current assets 2,736,363 2,646,004 TOTAL ASSETS 14,554,918 16,227,687 Short-term bank borrowings - 7,684,859 Accounts and notes payable 2,200,292 3,980,560 Accrued expenses and other current liabilities 8,198,754 8,345,461 Advance from customers 2,282,353 1,243,739 Amounts due to related parties 1,650,168 87,385 Total current liabilities 14,331,567 21,342,004 Other non-current liabilities 1,086,342 1,386,749 Amounts due to related parties - 5,685,971 Total non-current liabilities 1,086,342 7,072,720 TOTAL LIABILITIES 15,417,909 28,414,724 For the years ended December 31, 2015 2016 2017 US$ US$ US$ Revenues 11,477,552 66,288,019 80,668,230 Net loss (8,052,187) (17,022,631) (12,419,220) For the years ended December 31, 2015 2016 2017 US$ US$ US$ Net cash provided by/(used in) operating activities 238,302 2,657,916 (9,152,256) Net cash used in investing activities (44,228) (2,578,472) (741,079) Net cash provided by financing activities - - 12,642,573

SUMMARY OF SIGNIFICANT ACCOUN37

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2017
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of property, plant and equipment, useful life	Computer equipment 3 Office equipment 5 Vehicles 4 Leasehold improvement Over the shorter of lease term or the estimated useful lives of the assets
Schedule of intangible assets, useful life	Trade name/domain name 10 Non-compete agreement 4.5 Online platform 5 Customer relationship 5 10

CONCENTRATION OF RISK (Tables)

CONCENTRATION OF RISK (Tables)	12 Months Ended
	Dec. 31, 2017
Risks and Uncertainties [Abstract]
Schedule of concentration of credit risk	Customers accounting for 10% or more of total revenue are: For the years ended December 31, Customer 2015 2016 2017 A 28.4 % * * B * 20.4 % * C * * 22.6 % Customers accounting for 10% or more of accounts receivable are: As of December 31, Customer 2016 2017 A 37.3 % * B 19.0 % * C 17.2 % 12.7 % D 11.9 % * E * 59.4 % * Less than 10%

BUSINESS ACQUISTION (Tables)

BUSINESS ACQUISTION (Tables)	12 Months Ended
	Dec. 31, 2017
BUSINESS ACQUISITION
Schedule of preliminary purchase price for the acquisition	US$ Amortization Period Net tangible assets 28,793,669 Intangible assets: Trade name/domain name 16,228,000 10 years Non-compete agreement 10,096,000 4.5 years Online platform 1,364,000 5 years Customer relationships 27,760,000 5-10 years Total 55,448,000 Deferred tax liabilities (13,862,000) Goodwill 336,585,270 Total consideration 406,964,939
Summary of unaudited pro forma information	For the year ended US$ (unaudited) Pro forma revenues 11,522,525 Pro forma net loss (115,066,695) Pro forma net loss per ordinary share-basic (0.09) Pro forma net loss per ordinary share-diluted (0.09)

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	12 Months Ended
	Dec. 31, 2017
DISCONTINUED OPERATIONS
Schedule of assets, liabilities, revenue and expenses have been reclassified as discontinued operations	For the year ended US$ Net revenues 16,832,352 Cost of revenues (2,927,148) Gross profit 13,905,204 Operating expenses (50,212,995) Loss from operations (36,307,791) Gain from disposal of Group Buying Entities 47,390,421 Interest income 1,904 Interest expense - Other expenses, net (8,599) Income before income tax 11,075,935 Provision for income tax - Income from discontinuing operations attributable to owners of the Company 11,075,935

ACCOUNTS RECEIVABLE, NET (Table

ACCOUNTS RECEIVABLE, NET (Tables)	12 Months Ended
	Dec. 31, 2017
Receivables [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable	As of December 31, 2016 2017 US$ US$ Accounts receivable 1,645,237 3,295,818 Less: allowance for doubtful accounts - - 1,645,237 3,295,818

PREPAID EXPENSES AND OTHER CU42

PREPAID EXPENSES AND OTHER CURRENT ASSETS, NET (Tables)	12 Months Ended
	Dec. 31, 2017
PREPAYMENTS AND OTHER CURRENT ASSETS
Schedule of prepayments and other current assets	As of December 31, 2016 2017 US$ US$ Advance to suppliers 7,124,222 1,248,701 Other receivables, net (i) 286,333 228,436 Prepaid rental expenses and other deposits 625,726 124,863 Advance to employees 215,574 118,052 Other current assets 425,775 525,736 8,677,630 2,245,788 (i) In circumstances where a supplier defaults, and where the Group is asserting a breach of contract and seeking monetary recovery of the remaining deposit from the supplier, the Group reclassifies the respective advance to suppliers to other receivables within “Prepaid expenses and other current assets” in the consolidated balance sheets.

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	12 Months Ended
	Dec. 31, 2017
PROPERTY AND EQUIPMENT, NET
Schedule of property and equipment, net	Property and equipment consist of the following: As of December 31, 2016 2017 US$ US$ Leasehold improvement 1,583,641 1,533,673 Computer equipment 566,963 814,870 Office equipment 162,462 176,160 Vehicles - 129,907 Total 2,313,066 2,654,610 Less: accumulated depreciation (335,407) (859,377) Property and equipment, net 1,977,659 1,795,233

ACQUIRED INTANGIBLE ASSETS, N44

ACQUIRED INTANGIBLE ASSETS, NET (Tables)	12 Months Ended
	Dec. 31, 2017
ACQUIRED INTANGIBLE ASSETS, NET
Schedule of acquired intangible assets	As of December 31, 2016 2017 US$ US$ Trade name/domain name 14,330,156 15,291,990 Non-compete agreements 8,915,286 9,513,676 Online platform 1,204,482 1,285,326 Customer relationship 24,514,105 26,158,110 Total 48,964,029 52,249,102 Less: Accumulated amortization (12,689,791) (22,219,546) Less: Accumulated impairment - (19,765,615) Acquired intangible assets, net 36,274,238 10,263,941 US$ Balance as of January 1, 2016 50,562,945 Amortization (8,640,885) Foreign currency translation adjustment (5,647,822) Balance as of December 31, 2016 36,274,238 Amortization (8,359,386) Foreign currency translation adjustment 2,114,704 Impairment (19,765,615) Balance as of December 31, 2017 10,263,941
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	For the years ending December 31, US$ 2018 1,265,257 2019 1,265,257 2020 1,119,068 2021 1,007,485 2022 1,007,485 5,664,552

INVESTMENT (Tables)

INVESTMENT (Tables)	12 Months Ended
	Dec. 31, 2017
Investments, All Other Investments [Abstract]
Schedule of Cost Method Investments	As of December 31, 2016 2017 US$ US$ Cost investment: Investment in Cold Chain Link (Shanghai) Internet of Things Co., Ltd. 720,150 768,486 Less: accumulated impairment - - 720,150 768,486

GOODWILL (Tables)

GOODWILL (Tables)	12 Months Ended
	Dec. 31, 2017
Goodwill Disclosure [Abstract]
Schedule of Goodwill	As of December 31, 2016 2017 US$ US$ Gross amount 307,271,927 327,895,884 Less: Accumulated impairment (85,934,770) (218,955,451) 221,337,157 108,940,433
Schedule Of Changes In Goodwill	US$ Balance as of January 1, 2016 250,650,500 Foreign currency translation adjustment (29,313,343) Balance as of December 31, 2016 221,337,157 Foreign currency translation adjustment 14,856,086 Impairment (127,252,810) Balance as of December 31, 2017 108,940,433

ACCRUED EXPENSES AND OTHER CU47

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2017
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Schedule of accrued expenses and other current liabilities	As of December 31, 2016 2017 Payables to third-party sellers (i) 899,950 2,991,928 Accrued payroll and welfare 1,910,519 2,839,109 Provision for loyalty program 2,752,151 1,549,962 Payables for professional fees 1,261,405 784,464 Other tax payable 238,377 352,629 Accrued marketing expenses 1,555,524 329,002 Uncertain tax positions 146,368 258,532 Payables for rental fee 164,234 37,733 Others 104,730 148,901 9,033,258 9,292,260 (i) In connection with the online platform services, payable to third-party sellers represented the total amounts received from third-party purchasers on behalf of third-party sellers through the Group’s online platform in a period less than one week without any charges.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2017
INCOME TAXES
Schedule of credit for income tax	For the years ended December 31, 2015 2016 2017 US$ US$ US$ Income tax benefits: Current income tax expenses - (200,040) (292,436) Deferred income tax benefits 1,249,696 2,433,497 7,149,616 Total 1,249,696 2,233,457 6,857,180
Schedule of significant components of the deferred tax assets and liabilities	As of December 31, 2016 2017 US$ US$ Deferred tax assets Accruals 1,879,890 2,011,300 Net operating loss carry forwards 5,797,149 8,741,138 Valuation allowance (7,457,437) (10,595,656) Total deferred tax assets 219,602 156,782 Deferred tax liabilities Acquired intangible assets 9,068,560 2,565,985 Total deferred tax liabilities 9,068,560 2,565,985
Schedule of reconciliation between the income taxes benefit computed by applying the PRC tax rate to loss before income taxes and the actual provision (credit) of income taxes	For the year ended December 31, 2015 2016 2017 US$ US$ US$ Net loss before provision for income taxes (105,895,819) (27,526,602) (168,756,159) Statutory tax rates in the PRC 25 % 25 % 25 % Income tax at statutory tax rate (26,473,955) (6,881,651) (42,189,040) Expenses not deductible for tax purposes: Goodwill impairment loss 21,483,693 - 31,813,203 Entertainment expenses exceeded tax limit 7,687 21,533 11,783 Other expenses exceeded tax limit 226,428 - - Effect of income tax rate difference in other jurisdiction 1,551,150 633,997 102,670 Changes in unrecognized tax benefits - 200,040 292,436 Changes in valuation allowance 1,955,301 3,792,624 3,111,768 Income tax benefits (1,249,696) (2,233,457) (6,857,180)
Schedule of Unrecognized Tax Benefits Roll Forward	For the years ended December 31, 2016 2017 US$ US$ Balance at beginning of the year 70,979 271,019 Addition based on tax positions related to the current year 200,040 292,436 Balance at end of the year 271,019 563,455

FAIR VALUE MEASUREMENT(Tables)

FAIR VALUE MEASUREMENT(Tables)	12 Months Ended
	Dec. 31, 2017
FAIR VALUE MEASUREMENT
Fair Value Measurements, Nonrecurring	The following table presents the placement in the fair value hierarchy of assets and liabilities that are measured at fair value on a non-recurring basis as of December 31, 2017, no such assets and liabilities as of December 31, 2016: Fair value measurement at December 31, 2017 Using Balance as of Quoted Prices Significant Other Significant Total losses US$ US$ US$ US$ US$ Description Assets: Long-lived assets (i) 12,059,174 12,059,174 19,765,615 Goodwill (ii) 108,940,433 108,940,433 127,252,810 (i) Long-lived assets represent the Group’s property and equipment (Note 9), and acquired intangible assets (Note 10). The Group determined that these long-lived assets were one asset group and subject to be tested for impairment. The Group measures long-lived assets at fair value on a non-recurring basis when the carrying amount of the asset group exceeds its recoverable amount based on future projection which is consistent with its remained useful lives of the primary assets. The fair value was determined using models with significant unobservable input (Level 3 inputs) and the cash flow projections were based on past experience, actual results of operations and management best estimates about future developments as well as certain market assumptions. Impairment loss of $nil, $nil and $ 19,765,615 (ii) The Group measures goodwill at fair value on a non-recurring basis when it is annually evaluated or whenever events or changes in circumstances indicate that carrying amount of a reporting unit exceeds its fair value. The fair value was determined using models with significant unobservable inputs (Level 3 inputs) which primarily included management projections on the discounted future cash flow analysis including the discount rate using the weighted average cost of capital of 17.5 18 85,934,770 and included in “Impairment loss” in the Consolidated Statements of Operations

SHARE BASED COMPENSATION (Table

SHARE BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2017
SHARE-BASED COMPENSATION [Abstract]
Schedule of Outstanding RSUs	Outstanding RSUs Number of Weighted average Unvested as of January 1, 2017 10,430,000 0.133 Granted - - Forfeited (1,650,000) 0.133 Unvested as of December 31, 2017 8,780,000 0.133 Expect to vest as of December 31, 2017 8,780,000 0.133
Summary of information regarding share options granted	Options Number of Weighted Weighted Weighted Aggregate US$ US$ (Years) US$ Outstanding as of January 1, 2017 61,038,032 0.15 0.18 5.62 3,844,310 Granted - - - - - Forfeited and expired (7,277,510) 0.20 0.10 - - Exercised (1,042,002) 0.01 0.08 - - Outstanding as of December 31, 2017 52,718,520 0.14 0.20 4.38 793,918 Vested and expect to vest as of December 31, 2017 52,718,520 0.14 0.20 4.38 793,918 Exercisable as of December 31, 2017 27,725,820 0.09 0.28 0.67 793,918
Schedule of fair value assumptions	September 1, July 1, June 20, 2015 2016 2017 Expected volatility (1) 60.3% - 65.1% 54.8% 41.0% Risk-free interest rate (2) 0.47% - 0.88% 1.46% 1.25% Expected dividend yield (3) nil nil nil Exercise price (4) $0.01 -$0.20 $0.20 $0.01 -$0.20 Fair value of the underlying ordinary shares (5) $0.38 $0.20 $0.12 (1) Volatility The volatility of the underlying ordinary shares during the life of the options was estimated based on average historical volatility of comparable companies for the period before the valuation date with lengths equal to the life of the options. (2) Risk-free rate Risk free rate is estimated based on yield to maturity of PRC international government bonds with maturity term close to the life of the options. (3) Dividend yield The dividend yield was estimated by the Group based on its expected dividend policy over the life of the options. (4) Exercise price The exercise price of the options was determined by the Group’s Board of Directors. (5) Fair value of underlying ordinary shares The estimated fair value of the ordinary shares underlying the options as of the respective valuation dates was determined based on a contemporaneous valuation. When estimating the fair value of the ordinary shares on the valuation dates, management has considered a number of factors, including the result of a third-party appraisal and equity transactions of the Group, while taking into account standard valuation methods and the achievement of certain events. The fair value of the ordinary shares in connection with the option grants on the valuation dates was determined with the assistance of an independent third-party appraiser. After the Company listed on NASDAQ in April 2015, the closing market price of the ordinary shares of the Company as of the grant/modification date was used as the fair value of the ordinary shares on that date.

NET LOSS PER SHARE (Tables)

NET LOSS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2017
NET LOSS PER SHARE [Abstract]
Schedule of net loss per share, basic and diluted	For the years ended December 31, 2015 2016 2017 Numerator: Net loss attributable to the Company (93,570,188) (25,293,145) (161,898,979) -Continuing operations (104,646,123) (25,293,145) (161,898,979) -Discontinued operations 11,075,935 - - Accretion for Series A-1 Preferred Shares (442,409) - - Accretion for Series A-2 Preferred Shares (1,202,748) - - Accretion for Series B Preferred Shares (720,194) - - Net loss attributable to ordinary shareholders for computing basic net loss per ordinary shares (95,935,539) (25,293,145) (161,898,979) -Continuing operations (104,646,123) (25,293,145) (161,898,979) -Discontinued operations 8,710,584 - - Accretion for Series A-1 Preferred Shares 442,409 - - Net income attributable to Series A-1 P referred Shareholders for computing basic net income per Series A-1 Preferred Shares 442,409 - - Accretion for Series A-2 Preferred Shares 1,202,748 - - Net income attributable to Series A-2 P referred Shareholders for computing basic net income per Series A-2 Preferred Shares 1,202,748 - - Accretion for Series B Preferred Shares 720,194 - - Net income attributable to Series B P referred Shareholders for computing basic net income per Series B Preferred Shares 720,194 - - Denominator: Weighted average ordinary shares outstanding used in computing basic net loss per ordinary shares 1,001,754,524 1,474,087,060 1,476,144,194 Weighted average ordinary shares outstanding used in computing diluted net loss per ordinary shares 1,001,754,524 1,474,087,060 1,476,144,194 Weighted average shares outstanding used in computing basic net income per Series A-1 Preferred Shares 3,242,986 - - Weighted average shares outstanding used in computing basic net income per Series A-2 Preferred Shares 32,429,858 - - Weighted average shares outstanding used in computing basic net income per Series B Preferred Shares 8,107,465 - - For the years ended December 31, 2015 2016 2017 Net loss per ordinary share Basic (0.09) (0.02) (0.11) Diluted (0.09) (0.02) (0.11) Net loss per ordinary share from continuing operations Basic (0.10) (0.02) (0.11) Diluted (0.10) (0.02) (0.11) Net income per share from discontinued operations Basic 0.01 - - Diluted 0.01 - - Net income per Series A-1 Preferred Share-Basic 0.14 - - Net income per Series A-2 Preferred Share-Basic 0.04 - - Net income per Series B Preferred Share-Basic 0.09 - - Weighted average shares used in calculating net loss per ordinary share Basic Continuing operations 1,001,754,524 1,474,087,060 1,476,144,194 Discontinued operations 1,001,754,524 - - Diluted Continuing operations 1,001,754,524 1,474,087,060 1,476,144,194 Discontinued operations 1,043,473,265 - - Weighted average shares used in calculating net loss per Series A-1 preferred shares 3,242,986 - - Series A-2 preferred shares 32,429,858 - - Series B preferred shares 8,107,465 - -

RELATED PARTY BALANCES AND TR52

RELATED PARTY BALANCES AND TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2017
RELATED PARTY BALANCES AND TRANSACTIONS [Abstract]
Schedule of nature of the relationships with related parties	Nature of the relationships with related parties: Name Relationship with the Company Ms. Zhu Shareholder Ms. Wang Shareholder Chung So Si Fong Dessert Limited Controlled by Ms. Zhu Cong Shao (Macao) Star Dessert Co., Ltd. Controlled by Ms. Zhu Hong Kong Sunward Fishery Restaurant Management Co., Ltd. Controlled by Ms. Zhu Nanjing Jiangdong Sunward Fishery Restaurant Co., Ltd. Controlled by Ms. Zhu Nanjing Xinzijin Sunward Fishery Restaurant Co., Ltd. Controlled by Ms. Zhu Nanjing Yongji Sunward Fishery Restaurant Co., Ltd. Controlled by Ms. Zhu Ningbo dongqian lake tourist resort Xiyue leisure tourism Co., Ltd. Controlled by Ms. Zhu Ningbo Jiangbei Sunward Fishery Restaurant Co., Ltd. Controlled by Ms. Zhu Ningbo Tianyi Sunward Fishery Restaurant Co., Ltd. Controlled by Ms. Zhu Ningbo Yinzhou Sunward Logistics Co., Ltd. Controlled by Ms. Zhu Shanghai Congshao Dessert Co., Ltd. Controlled by Ms. Zhu Shanghai Congshao Restaurant Management Co., Ltd. Controlled by Ms. Zhu Shanghai Putuo Sunward Fishery Restaurant Co., Ltd. Controlled by Ms. Zhu Shanghai Zhonghengkuaijian Brand Management Co., Ltd. Controlled by Ms. Zhu Shanghai Zhongxiao Brand Management Co., Ltd. Controlled by Ms. Zhu Shanghai Zhongyou Information Technology Co., Ltd. Controlled by Ms. Zhu Shenzhen Bangrun Commercial factoring Co., Ltd. Controlled by Ms. Zhu Shenzhen Congshao Restaurant Management Co., Ltd. Controlled by Ms. Zhu Tianjin Congshao Restaurant Management Co., Ltd. Controlled by Ms. Zhu Wuhan Congshao Restaurant Management Co., Ltd. Controlled by Ms. Zhu Zhejiang Sunward Fishery Restaurant Co., Ltd. Controlled by Ms. Zhu Zhejiang Zhonggangjumei Supply Chain Management Co., Ltd. Controlled by Ms. Zhu Shanghai MIN Hongshi Trading Co., Ltd. Controlled by Ms. Wang Shanghai MIN Zunshi Trading Co., Ltd. Controlled by Ms. Wang Shanghai Xiao Nan Guo Hai Zhi Yuan Restaurant Management Co., Ltd. Controlled by Ms. Wang Shenzhen Xiao Nan Guo Restaurant Management Co., Ltd. Controlled by Ms. Wang WM Ming Hotel Controlled by Ms. Wang Xiao Nan Guo (Group) Co., Ltd. Controlled by Ms. Wang Xiao Nan Guo Holdings Limited Controlled by Ms. Wang CCLG A company under the significant influence of the Company
Schedule of balances due from/to the related parties	Current assets As of December 31, Amount due from related parties 2016 2017 US$ US$ Zhejiang Sunward Fishery Restaurant Co., Ltd. - 1,589,780 (i) Shanghai Congshao Dessert Co., Ltd. - 373,704 (i) Shanghai Xiao Nan Guo Hai Zhi Yuan Restaurant Management Co., Ltd. - 261,399 (i) Shanghai Congshao Restaurant Management Co., Ltd. 71,031 154,276 (i) Shanghai Zhonghengkuaijian Brand Management Co., Ltd. - 136,392 (i) Shenzhen Bangrun Commercial factoring Co., Ltd. - 117,615 (i) Shanghai Zhongxiao Brand Management Co., Ltd. - 113,018 (i) Nanjing Xinzijin Sunward Fishery Restaurant Co., Ltd. 54,953 110,753 (i) Zhejiang Zhonggangjumei Supply Chain Management Co., Ltd. 14,437 59,610 (i) Nanjing Jiangdong Sunward Fishery Restaurant Co., Ltd. 22,129 32,823 (i) Shanghai Zhongyou Information Technology Co., Ltd. - 32,309 (i) Nanjing Yongji Sunward Fishery Restaurant Co., Ltd. 12,018 32,266 (i) Shanghai Putuo Sunward Fishery Restaurant Co., Ltd. 6,235 24,974 (i) CCLG 608 17,467 (i) Tianjin Congshao Restaurant Management Co., Ltd. - 3,036 (i) Ningbo Tianyi Sunward Fishery Restaurant Co., Ltd. - 1,648 (i) Shenzhen Congshao Restaurant Management Co., Ltd. - 1,517 (i) Wuhan Congshao Restaurant Management Co., Ltd. - 210 (i) Shanghai MIN Hongshi Trading Co., Ltd. 23,797 - (i) WM Ming Hotel 6,613 - (i) Ningbo Yinzhou Sunward Logistics Co., Ltd. 984 - (i) Total 212,805 3,062,797 (i) The amounts represent the receivables due from related parties relating to the online direct sales and online platform services. Current liabilities As of December 31, Amount due to related parties 2016 2017 US$ US$ Ms. Zhu - 385,123 (iii) WM Ming Hotel 3,306 89,938 (ii) Chung So Si Fong Dessert Limited 23,332 84,054 (ii) Ningbo dongqian lake tourist resort Xiyue leisure tourism Co., Ltd. - 38,424 (ii) Shanghai MIN Zunshi Trading Co., Ltd. - 3,483 (ii) Ningbo Yinzhou Sunward Logistics Co., Ltd. - 1,649 (ii) Cong Shao (Macao) Star Dessert Co., Ltd. - 1,212 (ii) Shanghai Xiao Nan Guo Hai Zhi Yuan Restaurant Management Co., Ltd. 905,260 - (ii) Shanghai Congshao Dessert Co., Ltd. 361,356 - (ii) Tianjin Congshao Restaurant Management Co., Ltd. 134,703 - (ii) Shenzhen Congshao Restaurant Management Co., Ltd. 92,369 - (ii) Shanghai Congshao Restaurant Management Co., Ltd. 69,935 - (ii) Wuhan Congshao Restaurant Management Co., Ltd. 91,845 - (ii) Nanjing Jiangdong Sunward Fishery Restaurant Co., Ltd. 11,271 - (ii) Nanjing Yongji Sunward Fishery Restaurant Co., Ltd. 8,426 - (ii) Nanjing Xinzijin Sunward Fishery Restaurant Co., Ltd. 7,811 - (ii) Hong Kong Sunward Fishery Restaurant Management Co., Ltd. 1,414 - (ii) Total 1,711,028 603,883 (ii) The amounts represent the payables due to related parties relating to online direct sales and online platform services. (iii) The amount represent the payable due to related parties relating to the daily operations. Non-current liabilities As of December 31, Amount due to related parties 2016 2017 US$ US$ Ms. Zhu - 5,685,971 (iv) Total - 5,685,971 (iv) The amount represents the balance due to related parties relating to the loan borrowed from Ms. Zhu, with interest rate of 6.0 July 1, 2019 (b) Details of related party transactions occurred during the years ended December 31, 2015, 2016 and 2017 were as follows: Revenue from For the years ended December 31, 2015 2016 2017 US$ US$ US$ Shanghai Xiao Nan Guo Hai Zhi Yuan Restaurant Management Co., Ltd. 393,147 2,296,225 8,571,389 (v) Xiao Nan Guo Holdings Limited - 6,056,439 6,108,606 (v) Chung So Si Fong Dessert Limited - 388,618 1,391,080 (v) Hong Kong Sunward Fishery Restaurant Management Co., Ltd. - 460,132 471,129 (v) Shanghai Congshao Dessert Co., Ltd. - 172,521 357,017 (v) Shanghai Congshao Restaurant Management Co., Ltd. - 160,701 189,617 (v) Nanjing Jiangdong Sunward Fishery Restaurant Co., Ltd. 32,726 26,149 118,413 (v) Nanjing Xinzijin Sunward Fishery Restaurant Co., Ltd. 38,179 82,155 60,536 (v) Cong Shao (Macao) Star Dessert Co., Ltd. - - 58,159 (v) Zhejiang Zhonggangjumei Supply Chain Management Co., Ltd. - 296,727 51,484 (v) Shanghai Putuo Sunward Fishery Restaurant Co., Ltd. - 21,631 45,468 (v) Tianjin Congshao Restaurant Management Co., Ltd. - 676 28,345 (v) Nanjing Yongji Sunward Fishery Restaurant Co., Ltd. 17,573 15,692 15,063 (v) WM Ming Hotel 1,573 37,631 11,737 (v) Shenzhen Congshao Restaurant Management Co., Ltd. - 865 5,135 (v) Ningbo Jiangbei Sunward Fishery Restaurant Co., Ltd. - - 1,428 (v) Wuhan Congshao Restaurant Management Co., Ltd. - - 620 (v) Shenzhen Xiao Nan Guo Restaurant Management Co., Ltd. - 5,392 - (v) Ningbo Yinzhou Sunward Logistics Co., Ltd. 58,560 56,722 - (v) Total 541,758 10,078,276 17,485,226 (v) The amounts represent the revenue generated from the Group’s online direct sales.
Schedule of related party transactions	Rental expense to For the years ended December 31, 2015 2016 2017 US$ US$ US$ Xiao Nan Guo (Group) Co., Ltd. 335,249 218,212 - (vi) Total 335,249 218,212 - (vi) The amount represents the rental expense paid for the Group’s office. Services fee charged by For the years ended December 31, 2015 2016 2017 US$ US$ US$ CCLG - 169,741 164,215 (vii) Total - 169,741 164,215 (vii) The amount represents the logistics fee charged by the related party for the Group’s online direct sales. Loan borrowed from For the years ended December 31, 2015 2016 2017 US$ US$ US$ Ms. Zhu - - 5,685,971 (viii) Xiao Nan Guo (Group) Co., Ltd. - 6,024,096 - (ix) Total - 6,024,096 5,685,971 (viii) The amount represents the interest-bearing loan borrowed from Ms. Zhu with interest rate of 6.0% per annum and maturity date on July 1, 2019. (ix) The amount represent the interest-free loan borrowed by the Group from related party, which has been repaid by the Group in 2016.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2017
COMMITMENTS AND CONTINGENCIES [Abstract]
The schedule of the future minimum lease payments under non-cancelable operating lease agreements	The future aggregate minimum lease payments under non-cancelable operating lease agreements were as follows: Years ending December 31, US$ 2018 1,622,226 2019 1,441,236 2020 1,492,308 2021 1,566,186 2022 1,645,521 Thereafter 14,329,743 Total 22,097,220

ORGANIZATION AND PRINCIPAL AC54

ORGANIZATION AND PRINCIPAL ACTIVITIES (Details)	12 Months Ended
	Dec. 31, 2017
New Admiral Limited [Member]
Variable Interest Entity, Qualitative or Quantitative Information, Date Involvement Began	Apr. 27, 2015
Variable Interest Entity, Qualitative or Quantitative Information, Place of Establishment	Cayman Islands
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage	100.00%
JMU Investment [Member]
Variable Interest Entity, Qualitative or Quantitative Information, Date Involvement Began	Jun. 8, 2015
Variable Interest Entity, Qualitative or Quantitative Information, Place of Establishment	Hong Kong
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage	100.00%
JMU Supply Chain [Member]
Variable Interest Entity, Qualitative or Quantitative Information, Date Involvement Began	Oct. 15, 2015
Variable Interest Entity, Qualitative or Quantitative Information, Place of Establishment	Hong Kong
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage	100.00%
Shanghai Zhongming [Member]
Variable Interest Entity, Qualitative or Quantitative Information, Date Involvement Began	Jun. 8, 2015
Variable Interest Entity, Qualitative or Quantitative Information, Place of Establishment	PRC
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage	100.00%
Shanghai Zhongmin [Member]
Variable Interest Entity, Qualitative or Quantitative Information, Date Involvement Began	Jun. 8, 2015
Variable Interest Entity, Qualitative or Quantitative Information, Place of Establishment	PRC

ORGANIZATION AND PRINCIPAL AC55

ORGANIZATION AND PRINCIPAL ACTIVITIES (Details 1) - USD ($)	Sep. 09, 2015	Jun. 08, 2015	Jun. 05, 2015	Apr. 27, 2015	Apr. 08, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Organization Consolidation And V I E Arrangements [Line Items]
Maximum foreign ownership in equity interest of PRC internet businesses (as a percent)						50.00%
Financial statement balances and amounts of the VIEs and VIEs' subsidiaries
Cash and cash equivalents						$ 4,912,170	$ 2,604,886	$ 11,151,900	$ 1,646,172
Accounts receivable, net						3,295,818	1,645,237
Inventories						538,660	224,148
Prepaid expenses and other current assets, net						2,245,788	8,677,630
Amounts due from related parties						3,062,797	212,805
Total current assets						14,055,233	13,364,706
Property and equipment, net						1,795,233	1,977,659
Investment						768,486	720,150
Other non-current assets						161,723	151,552
Total non-current assets						122,086,598	260,680,358
TOTAL ASSETS						136,141,831	274,045,064
Short-term bank borrowings						7,684,859	0
Accounts and notes payable						3,980,826	2,200,451
Accrued expenses and other current liabilities						9,292,260	9,033,258
Advance from customers						1,243,739	2,282,353
Amounts due to related parties						603,883	1,711,028
Total current liabilities						22,805,567	15,227,090
Other non-current liabilities						1,534,449	1,352,202
Amounts due to related parties						5,685,971	0
Total non-current liabilities						9,786,405	10,420,762
TOTAL LIABILITIES						32,591,972	25,647,852
Net loss						(161,898,979)	(25,293,145)	(93,570,188)
Net cash provided by/(used in) operating activities						(9,873,748)	(5,826,386)	(10,731,755)
Net cash used in investing activities						(741,079)	(2,580,471)	(9,896,955)
Net cash provided by financing activities						12,642,573	0	52,919,228
Net cash provided by operating activities						(9,873,748)	(5,826,386)	(33,531,299)
Century Winning Limited [Member] | Wowo Group Limited [Member]
Financial statement balances and amounts of the VIEs and VIEs' subsidiaries
Payment received from sale of equity interest of a subsidiary	$ 1
Payment by Buyer for net liabilities	$ 47,390,420
Ordinary shares [Member]
Financial statement balances and amounts of the VIEs and VIEs' subsidiaries
Net loss						0	0	$ 0
Shares issued								75,960,000
Ordinary shares issued for consideration		741,422,780						741,422,780
Ordinary shares [Member] | IPO [Member]
Financial statement balances and amounts of the VIEs and VIEs' subsidiaries
Shares issued					72,000,000
Ordinary shares [Member] | Over-allotment option [Member]
Financial statement balances and amounts of the VIEs and VIEs' subsidiaries
Shares issued				3,960,000
ADS [Member] | IPO [Member]
Financial statement balances and amounts of the VIEs and VIEs' subsidiaries
Shares issued					4,000,000
Net proceeds received					$ 35,200,000
Price per share				$ 10	$ 10
ADS [Member] | Over-allotment option [Member]
Financial statement balances and amounts of the VIEs and VIEs' subsidiaries
Shares issued				220,000
Net proceeds received				$ 2,100,000
Price per share				$ 10
VIEs [Member]
Financial statement balances and amounts of the VIEs and VIEs' subsidiaries
Cash and cash equivalents						4,802,420	1,923,903
Accounts receivable, net						3,295,818	1,645,237
Inventories						538,660	224,148
Prepaid expenses and other current assets, net						1,881,988	7,812,462
Amounts due from related parties						3,062,797	212,805
Total current assets						13,581,683	11,818,555
Property and equipment, net						1,715,795	1,864,660
Investment						768,486	720,150
Other non-current assets						161,723	151,553
Total non-current assets						2,646,004	2,736,363
TOTAL ASSETS						16,227,687	14,554,918
Short-term bank borrowings						7,684,859	0
Accounts and notes payable						3,980,560	2,200,292
Accrued expenses and other current liabilities						8,345,461	8,198,754
Advance from customers						1,243,739	2,282,353
Amounts due to related parties						87,385	1,650,168
Total current liabilities						21,342,004	14,331,567
Other non-current liabilities						1,386,749	1,086,342
Amounts due to related parties						5,685,971	0
Total non-current liabilities						7,072,720	1,086,342
TOTAL LIABILITIES						28,414,724	15,417,909
Revenues						80,668,230	66,288,019	$ 11,477,552
Net loss						(12,419,220)	(17,022,631)	(8,052,187)
Net cash provided by/(used in) operating activities						(9,152,256)
Net cash used in investing activities						(741,079)	(2,578,472)	(44,228)
Net cash provided by financing activities						$ 12,642,573	$ 0	$ 0
Percentage contributed to consolidated revenues						90.90%	90.60%	100.00%
Percentage contributed to consolidated total assets						11.90%	5.30%
Percentage contributed to consolidated total liabilities						87.20%	60.10%
Net cash provided by operating activities							$ 2,657,916	$ 238,302
JMU HK [Member]
Financial statement balances and amounts of the VIEs and VIEs' subsidiaries
Ordinary shares issued for consideration			741,422,780
Cash consideration			$ 30,000,000

GOING CONCERN (Details)

GOING CONCERN (Details) ¥ in Millions	Apr. 30, 2018USD ($)	Apr. 30, 2018CNY (¥)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Net loss			$ (161,898,979)	$ (25,293,145)	$ (93,570,188)
Negative cash flows from operations			$ (9,873,748)	$ (5,826,386)	$ (33,531,299)
Subsequent event [Member]
Proceeds from Short-term Debt	$ 11,100,000	¥ 70

SUMMARY OF SIGNIFICANT ACCOUN57

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	12 Months Ended
	Dec. 31, 2017
Trade name/domain name [Member]
Acquired intangible assets
Amortization years	10 years
Non-compete agreement [Member]
Acquired intangible assets
Amortization years	4 years 6 months
Online platform [Member]
Acquired intangible assets
Amortization years	5 years
Minimum [Member] | Customer relationship [Member]
Acquired intangible assets
Amortization years	5 years
Maximum [Member] | Customer relationship [Member]
Acquired intangible assets
Amortization years	10 years
Computer and equipment [Member]
Property and equipment, net [Line Items]
Estimated useful lives	3 years
Office equipment [Member]
Property and equipment, net [Line Items]
Estimated useful lives	5 years
Leasehold improvements [Member]
Property and equipment, net [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	Over the shorter of lease term or the estimated useful lives of the assets
Vehicles [Member]
Property and equipment, net [Line Items]
Estimated useful lives	4 years

SUMMARY OF SIGNIFICANT ACCOUN58

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - USD ($) shares in Thousands	12 Months Ended
	Dec. 31, 2017		Dec. 31, 2016	Dec. 31, 2015
Concentration of credit risk [Line Items]
Value Added Tax Rate On Revenue From Primary Agricultural Products	13.00%
Value Added Tax Rate On Revenue From Sale Of Other Products	17.00%
Marketing and Advertising Expense	$ 101,232
Other Liabilities, Noncurrent	$ 1,534,449		$ 1,352,202
Operating Leases, Term	15 years
Customer Loyalty Program Liability, Description	In 2016, the Group launched a customer loyalty program to certain qualified customers, who can earn customer credits from purchases if their annual spending with the Group exceeds RMB10 million.
Customer Loyalty Program, Shares To Be Issued			4,420
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs			$ 1,377,503
Impairment of Intangible Assets (Excluding Goodwill)	$ 19,765,615	[1]	0	$ 0
Goodwill, Impairment Loss	$ 147,018,425	[2]	0	85,934,770
Loyalty Program Description	In 2017, the Group announced its revised customer loyalty program to certain qualified customers for granting customer credits only if their annual spending with the Group exceeds RMB100 million.
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets	$ 0
Discription Of Emerging Growth Company	As a company with less than US$1.07 billion in revenue for the last fiscal year, we qualify as an emerging growth company pursuant to the Jumpstart Our Business Startups Act of 2012 (the JOBS Act).
Adjustments for New Accounting Principle, Early Adoption [Member]
Concentration of credit risk [Line Items]
Adjustments In Deferred Tax Assets			63,286
Additional Paid-in Capital [Member]
Concentration of credit risk [Line Items]
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs			1,377,503
Variable Interest Entity (VIE) or Potential VIE, Information Unavailability [Member]
Concentration of credit risk [Line Items]
Other Liabilities, Noncurrent	$ 1,386,749		1,086,342
Selling and Marketing Expense [Member]
Concentration of credit risk [Line Items]
Marketing and Advertising Expense			$ 498,045	$ 131,486
[1]	Long-lived assets represent the Group’s property and equipment (Note 9), and acquired intangible assets (Note 10). The Group determined that these long-lived assets were one asset group and subject to be tested for impairment. The Group measures long-lived assets at fair value on a non-recurring basis when the carrying amount of the asset group exceeds its recoverable amount based on future projection which is consistent with its remained useful lives of the primary assets. The fair value was determined using models with significant unobservable input (Level 3 inputs) and the cash flow projections were based on past experience, actual results of operations and management best estimates about future developments as well as certain market assumptions. Impairment loss of $nil, $nil and $19,765,615 were recognized during the years ended December 31, 2015, 2016 and 2017, respectively, and included in “Impairment loss” in the Consolidated Statements of Operations.
[2]	The Group measures goodwill at fair value on a non-recurring basis when it is annually evaluated or whenever events or changes in circumstances indicate that carrying amount of a reporting unit exceeds its fair value. The fair value was determined using models with significant unobservable inputs (Level 3 inputs) which primarily included management projections on the discounted future cash flow analysis including the discount rate using the weighted average cost of capital of 17.5% and 18% as of December 31, 2016 and 2017, respectively, and expected revenue growth rates. Goodwill impairment loss of $85,934,770, $nil, and $127,252,810 were recognized for the years ended December 31, 2015, 2016 and 2017, respectively, and included in “Impairment loss” in the Consolidated Statements of Operations.

CONCENTRATION OF RISK (Details)

CONCENTRATION OF RISK (Details)	12 Months Ended
	Dec. 31, 2017		Dec. 31, 2016		Dec. 31, 2015
Customer A [Member] | Sales Revenue, Net [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage		[1]		[1]	28.40%
Customer A [Member] | Accounts Receivable [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage		[1]	37.30%
Customer B [Member] | Sales Revenue, Net [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage		[1]	20.40%			[1]
Customer B [Member] | Accounts Receivable [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage		[1]	19.00%
Customer C [Member] | Sales Revenue, Net [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	22.60%			[1]		[1]
Customer C [Member] | Accounts Receivable [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	12.70%		17.20%
Customer D [Member] | Accounts Receivable [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage		[1]	11.90%
Customer E [Member] | Accounts Receivable [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	59.40%			[1]
[1]	Less than 10%

CONCENTRATION OF RISK (Details

CONCENTRATION OF RISK (Details 1)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Percentage Of Fluctuations in Foreign Exchange rate	5.80%	6.80%	6.10%

BUSINESS ACQUISTION (Details)

BUSINESS ACQUISTION (Details)	Jun. 05, 2015USD ($)$ / sharesshares
BUSINESS ACQUISITION [Line Items]
Period for which specified percentage of lock-up shares which will be removed on each anniversary date of the issuance date	3 years
Period for which specified percentage of lock-up shares which will be used to determine value of consideration date of the issuance date	3 years
JMU HK [Member]
BUSINESS ACQUISITION [Line Items]
Ordinary shares issued for consideration	741,422,780
Cash consideration | $	$ 30,000,000
Ordinary shares issued for consideration, subject to lock-up period	311,842,983
Stock price per American Depositary Shares (in dollars per share) | $ / shares	$ 10.39
Percentage of discount rate to the stock price for shares that are subject to lock-up	28.00%

BUSINESS ACQUISTION (Details 1)

BUSINESS ACQUISTION (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2017		Dec. 31, 2016	Dec. 31, 2015	Jun. 05, 2015
BUSINESS ACQUISITION [Line Items]
Goodwill	$ 108,940,433	[1]	$ 221,337,157	$ 250,650,500
Trade name/domain name [Member]
BUSINESS ACQUISITION [Line Items]
Amortization Period	10 years
Non-compete agreements [Member]
BUSINESS ACQUISITION [Line Items]
Amortization Period	4 years 6 months
Online platform [Member]
BUSINESS ACQUISITION [Line Items]
Amortization Period	5 years
Customer relationship | Minimum [Member]
BUSINESS ACQUISITION [Line Items]
Amortization Period	5 years
Customer relationship | Maximum [Member]
BUSINESS ACQUISITION [Line Items]
Amortization Period	10 years
JMU HK [Member]
BUSINESS ACQUISITION [Line Items]
Net tangible assets					$ 28,793,669
Total					55,448,000
Deferred tax liabilities					(13,862,000)
Goodwill					336,585,270
Total consideration					406,964,939
JMU HK [Member] | Trade name/domain name [Member]
BUSINESS ACQUISITION [Line Items]
Intangible assets:					16,228,000
JMU HK [Member] | Non-compete agreements [Member]
BUSINESS ACQUISITION [Line Items]
Intangible assets:					10,096,000
JMU HK [Member] | Online platform [Member]
BUSINESS ACQUISITION [Line Items]
Intangible assets:					1,364,000
JMU HK [Member] | Customer relationship
BUSINESS ACQUISITION [Line Items]
Intangible assets:					$ 27,760,000
[1]	The Group measures goodwill at fair value on a non-recurring basis when it is annually evaluated or whenever events or changes in circumstances indicate that carrying amount of a reporting unit exceeds its fair value. The fair value was determined using models with significant unobservable inputs (Level 3 inputs) which primarily included management projections on the discounted future cash flow analysis including the discount rate using the weighted average cost of capital of 17.5% and 18% as of December 31, 2016 and 2017, respectively, and expected revenue growth rates. Goodwill impairment loss of $85,934,770, $nil, and $127,252,810 were recognized for the years ended December 31, 2015, 2016 and 2017, respectively, and included in “Impairment loss” in the Consolidated Statements of Operations.

BUSINESS ACQUISTION (Details 2)

BUSINESS ACQUISTION (Details 2) - JMU HK [Member]	12 Months Ended
	Dec. 31, 2015USD ($)$ / shares
BUSINESS ACQUISITION [Line Items]
Pro forma revenues | $	$ 11,522,525
Pro forma net loss | $	$ (115,066,695)
Pro forma net loss per ordinary share-basic | $ / shares	$ (0.09)
Pro forma net loss per ordinary share-diluted | $ / shares	$ (0.09)

DISCONTINUED OPERATIONS (Detail

DISCONTINUED OPERATIONS (Details)	12 Months Ended
	Dec. 31, 2015USD ($)
DISCONTINUED OPERATIONS [Line Items]
Gain on disposal	$ 47,390,421
Wowo Group Limited [Member]
DISCONTINUED OPERATIONS [Line Items]
Gain on disposal	$ 47,390,421

DISCONTINUED OPERATIONS (Deta65

DISCONTINUED OPERATIONS (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
DISCONTINUED OPERATIONS [Line Items]
Gain from disposal of Group Buying Entities			$ (47,390,421)
Income before income tax	$ 0	$ 0	11,075,935
Income from discontinuing operations attributable to owners of the Company	$ 0	$ 0	11,075,935
Wowo Group Limited [Member]
DISCONTINUED OPERATIONS [Line Items]
Net revenues			16,832,352
Cost of revenues			(2,927,148)
Gross profit			13,905,204
Operating expenses			(50,212,995)
Loss from operations			(36,307,791)
Gain from disposal of Group Buying Entities			(47,390,421)
Interest income			1,904
Interest expense			0
Other expenses, net			(8,599)
Income before income tax			11,075,935
Provision for income tax			0
Income from discontinuing operations attributable to owners of the Company			$ 11,075,935

ACCOUNTS RECEIVABLE, NET (Detai

ACCOUNTS RECEIVABLE, NET (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
ACCOUNTS RECEIVABLE, NET [Line Items]
Accounts receivable	$ 3,295,818	$ 1,645,237
Less: allowance for doubtful accounts	0	0
Accounts Receivable, Net, Current	$ 3,295,818	$ 1,645,237

PREPAID EXPENSES AND OTHER CU67

PREPAID EXPENSES AND OTHER CURRENT ASSETS, NET (Details) - USD ($)		12 Months Ended
		Dec. 31, 2017		Dec. 31, 2016	Dec. 31, 2015
Advance to suppliers		$ 1,248,701		$ 7,124,222
Prepaid rental expenses and other deposits		124,863		625,726
Advance to employees		118,052		215,574
Other current assets		525,736		425,775
Prepaid expenses and other current assets		2,245,788		8,677,630
Increase (Decrease) in Other Receivables		(584,956)	[1]	0	$ 0
Other receivables, net	[1]	$ 228,436		$ 286,333
[1]	In circumstances where a supplier defaults, thus the Group is claiming a breach of contract and seeking monetary recovery of the remaining deposit from the supplier, the Group reclassifies the respective advance to suppliers to other receivables within “Prepaid expenses and other current assets” in the consolidated balance sheets. A provision for loss is recognized in operating expenses when the loss on such assets is determined to be probable and amount can be reasonably estimated.

PROPERTY AND EQUIPMENT, NET (De

PROPERTY AND EQUIPMENT, NET (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	$ 2,654,610	$ 2,313,066
Less: accumulated depreciation	(859,377)	(335,407)
Property and equipment, net	1,795,233	1,977,659
Depreciation of expenses	267,458	259,307	$ 63,981
Leasehold improvement [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	1,533,673	1,583,641
Computer equipment [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	814,870	566,963
Office equipment [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	176,160	162,462
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	$ 129,907	$ 0

ACQUIRED INTANGIBLE ASSETS, N69

ACQUIRED INTANGIBLE ASSETS, NET (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017		Dec. 31, 2016
Finite-Lived Intangible Assets, Gross	$ 52,249,102		$ 48,964,029
Less: Accumulated amortization	(22,219,546)		(12,689,791)
Less: Accumulated impairment	(19,765,615)		0
Acquired intangible assets, net	10,263,941	[1]	36,274,238
Trade name/domain name
Finite-Lived Intangible Assets, Gross	15,291,990		14,330,156
Non-compete agreements [Member]
Finite-Lived Intangible Assets, Gross	9,513,676		8,915,286
Online platform
Finite-Lived Intangible Assets, Gross	1,285,326		1,204,482
Customer relationship
Finite-Lived Intangible Assets, Gross	$ 26,158,110		$ 24,514,105
[1]	Long-lived assets represent the Group’s property and equipment (Note 9), and acquired intangible assets (Note 10). The Group determined that these long-lived assets were one asset group and subject to be tested for impairment. The Group measures long-lived assets at fair value on a non-recurring basis when the carrying amount of the asset group exceeds its recoverable amount based on future projection which is consistent with its remained useful lives of the primary assets. The fair value was determined using models with significant unobservable input (Level 3 inputs) and the cash flow projections were based on past experience, actual results of operations and management best estimates about future developments as well as certain market assumptions. Impairment loss of $nil, $nil and $19,765,615 were recognized during the years ended December 31, 2015, 2016 and 2017, respectively, and included in “Impairment loss” in the Consolidated Statements of Operations.

ACQUIRED INTANGIBLE ASSETS, N70

ACQUIRED INTANGIBLE ASSETS, NET (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Balance at Beginning	$ 36,274,238	$ 50,562,945
Amortization	(8,359,386)	(8,640,885)	$ (4,885,055)
Foreign currency translation adjustment	2,114,704	(5,647,822)
Impairment	(19,765,615)	0	0
Balance at End	10,263,941	$ 36,274,238	$ 50,562,945
Non-compete agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Impairment	(4,100,522)
Customer relationship [Member]
Finite-Lived Intangible Assets [Line Items]
Impairment	(10,682,328)
Trademarks [Member]
Finite-Lived Intangible Assets [Line Items]
Impairment	$ (4,982,765)

ACQUIRED INTANGIBLE ASSETS, N71

ACQUIRED INTANGIBLE ASSETS, NET (Details 2) - USD ($)	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
2,018	$ 1,265,257
2,019	1,265,257
2,020	1,119,068
2,021	1,007,485
2,022	1,007,485
Finite-Lived Intangible Assets, Net	$ 10,263,941	$ 36,274,238	$ 50,562,945

INVESTMENT (Details)

INVESTMENT (Details) ¥ in Millions	1 Months Ended
	May 31, 2016USD ($)	May 31, 2016CNY (¥)	Dec. 31, 2017USD ($)	Dec. 31, 2017CNY (¥)	Dec. 31, 2016USD ($)
INVESTMENTS [Line Items]
Investment in Cold Chain Link Global (Shanghai) Logistic Co., Ltd (“CCLG”)			$ 768,486		$ 720,150
Less: accumulated impairment			0		0
Cost Method Investments			768,486		720,150
Cost Method Investments, Original Cost			768,486		$ 720,150
Investment Company, Financial Commitment to Investee, Future Amount			2,300,000	¥ 15
CCLG [Member]
INVESTMENTS [Line Items]
Investment in Cold Chain Link Global (Shanghai) Logistic Co., Ltd (“CCLG”)			700,000	5
Business Acquisition, Percentage of Voting Interests Acquired	10.00%	10.00%
Business Combination, Consideration Transferred	$ 3,000,000	¥ 20
Cost Method Investments, Original Cost			$ 700,000	¥ 5

GOODWILL (Details)

GOODWILL (Details) - USD ($)	Dec. 31, 2017		Dec. 31, 2016	Dec. 31, 2015
Gross amount	$ 327,895,884		$ 307,271,927
Less: Accumulated impairment	(218,955,451)		(85,934,770)
Goodwill	$ 108,940,433	[1]	$ 221,337,157	$ 250,650,500
[1]	The Group measures goodwill at fair value on a non-recurring basis when it is annually evaluated or whenever events or changes in circumstances indicate that carrying amount of a reporting unit exceeds its fair value. The fair value was determined using models with significant unobservable inputs (Level 3 inputs) which primarily included management projections on the discounted future cash flow analysis including the discount rate using the weighted average cost of capital of 17.5% and 18% as of December 31, 2016 and 2017, respectively, and expected revenue growth rates. Goodwill impairment loss of $85,934,770, $nil, and $127,252,810 were recognized for the years ended December 31, 2015, 2016 and 2017, respectively, and included in “Impairment loss” in the Consolidated Statements of Operations.

GOODWILL (Details 1)

GOODWILL (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2017		Dec. 31, 2016	Dec. 31, 2015
Goodwill
Beginning Balance	$ 221,337,157		$ 250,650,500
Foreign currency translation adjustment	14,856,086		(29,313,343)
Impairment	147,018,425	[1]	0	$ 85,934,770
Ending Balance	$ 108,940,433	[1]	$ 221,337,157	$ 250,650,500
[1]	The Group measures goodwill at fair value on a non-recurring basis when it is annually evaluated or whenever events or changes in circumstances indicate that carrying amount of a reporting unit exceeds its fair value. The fair value was determined using models with significant unobservable inputs (Level 3 inputs) which primarily included management projections on the discounted future cash flow analysis including the discount rate using the weighted average cost of capital of 17.5% and 18% as of December 31, 2016 and 2017, respectively, and expected revenue growth rates. Goodwill impairment loss of $85,934,770, $nil, and $127,252,810 were recognized for the years ended December 31, 2015, 2016 and 2017, respectively, and included in “Impairment loss” in the Consolidated Statements of Operations.

SHORT-TERM BANK BORROWINGS (Det

SHORT-TERM BANK BORROWINGS (Details) ¥ in Millions	Aug. 10, 2017USD ($)	Aug. 10, 2017CNY (¥)	Aug. 16, 2017USD ($)	Aug. 16, 2017CNY (¥)	Jul. 31, 2017USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Jul. 31, 2017CNY (¥)
Debt Instrument, Face Amount					$ 7,600,000				¥ 50
Proceeds from Bank Debt	$ 4,100,000	¥ 27	$ 3,500,000	¥ 23		$ 7,553,366	$ 0	$ 0
Short-term Debt, Percentage Bearing Fixed Interest Rate						5.66%
Variable Interest Entity Primary Beneficiary [Member]
Debt Instrument, Face Amount					$ 7,600,000				¥ 50
Debt Instrument, Maturity Date Range, Start					Jul. 25, 2017
Debt Instrument, Maturity Date Range, End					Jul. 24, 2018

ACCRUED EXPENSES AND OTHER CU76

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($)		Dec. 31, 2017	Dec. 31, 2016
Payables to third-party sellers	[1]	$ 2,991,928	$ 899,950
Accrued payroll and welfare		2,839,109	1,910,519
Provision for loyalty program		1,549,962	2,752,151
Payables for professional fees		784,464	1,261,405
Other taxes payable		352,629	238,377
Accrued marketing expenses		329,002	1,555,524
Uncertain tax positions		258,532	146,368
Payables for rental fee		37,733	164,234
Others		148,901	104,730
Total accrued expenses and other current liabilities		$ 9,292,260	$ 9,033,258
[1]	In connection with the online platform services, payable to third-party sellers represented the total amounts received from third-party purchasers on behalf of third-party sellers through the Group’s online platform in a period less than one week without any charges.

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Line Items]
Income tax rate (as a percent)	25.00%	25.00%	25.00%
Income tax benefits:
Current income tax expenses	$ (292,436)	$ (200,040)	$ 0
Deferred income tax benefits	7,149,616	2,433,497	1,249,696
Total	6,857,180	2,233,457	1,249,696
Current:
Accruals				$ 2,011,300	$ 1,879,890
Valuation allowance				(10,595,656)	(7,457,437)
Non-current:
Net operating loss carry forwards				8,741,138	5,797,149
Total deferred tax assets				156,782	219,602
Deferred tax liabilities
Acquired intangible assets				2,565,985	9,068,560
Total deferred tax liabilities				2,565,985	9,068,560
Net operating losses carry forwards				10,196,547	8,744,032	$ 8,064,039
Reconciliation between the income taxes benefit computed by applying the PRC tax rate to loss before income taxes and the actual credit for income taxes [Abstract]
Net loss before provision for income taxes	$ (168,756,159)	$ (27,526,602)	$ (105,895,819)
Statutory tax rates in the PRC	25.00%	25.00%	25.00%
Income tax at statutory tax rate	$ (42,189,040)	$ (6,881,651)	$ (26,473,955)
Expenses not deductible for tax purposes:
Goodwill impairment loss	31,813,203	0	21,483,693
Entertainment expenses exceeded tax limit	11,783	21,533	7,687
Other expenses exceeded tax limit	0	0	226,428
Effect of income tax rate difference in other jurisdiction	102,670	633,997	1,551,150
Changes in unrecognized tax benefits	292,436	200,040	0
Changes in valuation allowance	3,111,768	3,792,624	1,955,301
Income tax benefits	(6,857,180)	(2,233,457)	(1,249,696)
Roll-forward of Unrecognized Tax Benefits
Balance at beginning of the year	271,019	70,979
Addition based on tax positions related to the current year	292,436	200,040
Balance at end of the year	563,455	271,019	70,979
Unrecognized Tax Benefits	$ 271,019	$ 271,019	$ 70,979	563,455	271,019	70,979
Unrecognized Tax Benefits that Would Impact Effective Tax Rate				304,923	124,651
Unrecognized Tax Benefits, Interest on Income Taxes Accrued				26,785	0	$ 0
Deferred Tax Assets, Valuation Allowance				$ 10,595,656	$ 7,457,437
HONG KONG
Roll-forward of Unrecognized Tax Benefits
Effective Income Tax Rate Reconciliation, Percent	16.50%
State Administration of Taxation, China [Member]
Income Tax Disclosure [Line Items]
Income tax rate (as a percent)	25.00%
Reconciliation between the income taxes benefit computed by applying the PRC tax rate to loss before income taxes and the actual credit for income taxes [Abstract]
Statutory tax rates in the PRC	25.00%

ORDINARY SHARES (Details)

ORDINARY SHARES (Details) - USD ($)

Sep. 27, 2015

Sep. 07, 2015

Jun. 08, 2015

Jun. 05, 2015

Apr. 27, 2015

Apr. 08, 2015

Feb. 29, 2012

Apr. 03, 2011

Jul. 05, 2011

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

ORDINARY SHARES [Line Items]

Total proceeds from issuance of ordinary shares upon IPO, after deducting the IPO related cost

$ 0

$ 0

$ 40,294,600

IPO related cost

$ 0

$ 0

2,125,372

Amount of Mr. Xu's indebtness converted into ordinary shares

69,353,223

Total purchase price

376,964,937

Shares issued pursuant to supplemental agreement

$ 15,000,000

Employees and former employees [Member]

ORDINARY SHARES [Line Items]

Common shares remain for future issuance

900,818

15,592,824

JMU [Member]

ORDINARY SHARES [Line Items]

Ordinary shares issued for consideration

741,422,780

Mr. Xu [Member] | JMU [Member]

ORDINARY SHARES [Line Items]

Ordinary shares issued for consideration

72,000,000

Purchase price (in dollars per share)

$ 0.5556

Total purchase price

$ 40,000,000

Shares issued pursuant to supplemental agreement

$ 15,000,000

Stock Issued During Period, Shares, Other

27,000,000

Ordinary shares [Member]

ORDINARY SHARES [Line Items]

Shares issued

75,960,000

Total proceeds from issuance of ordinary shares upon IPO, after deducting the IPO related cost

$ 37,294,600

IPO related cost

3,000,000

Ordinary shares issued upon automatic conversion of preferred shares, upon the completion of the IPO

164,740,336

Amount of Mr. Xu's indebtness converted into ordinary shares

$ 69,400,000

$ 1,248

Ordinary shares issued upon conversion of Mr. Xu's debt

124,835,802

124,835,802

Ordinary shares issued for consideration

741,422,780

741,422,780

Total purchase price

$ 7,414

Shares issued pursuant to supplemental agreement

$ 270

Stock Issued During Period, Shares, Other

27,000,000

Ordinary shares issued upon the exercise of their share options

1,042,002

2,294,208

6,866,280

Ordinary shares [Member] | Employees and former employees [Member]

ORDINARY SHARES [Line Items]

Shares issued and transferred to depositary bank

38,363,112

38,363,112

Ordinary shares [Member] | JMU [Member]

ORDINARY SHARES [Line Items]

Ordinary shares issued upon the exercise of their share options

37,462,294

22,770,288

Ordinary shares [Member] | IPO [Member]

ORDINARY SHARES [Line Items]

Shares issued

72,000,000

Ordinary shares [Member] | Over-allotment option [Member]

ORDINARY SHARES [Line Items]

Shares issued

3,960,000

ADS [Member] | Employees and former employees [Member]

ORDINARY SHARES [Line Items]

Shares issued and transferred to depositary bank

2,131,284

ADS [Member] | IPO [Member]

ORDINARY SHARES [Line Items]

Shares issued

4,000,000

Price per share

$ 10

$ 10

ADS [Member] | Over-allotment option [Member]

ORDINARY SHARES [Line Items]

Shares issued

220,000

Price per share

$ 10

Series A-1 Preferred Shares [Member]

ORDINARY SHARES [Line Items]

IPO related cost

$ 18,072

Ordinary shares issued upon automatic conversion of preferred shares, upon the completion of the IPO

12,202,988

Series A-2 Preferred Shares [Member]

ORDINARY SHARES [Line Items]

IPO related cost

$ 192,149

Ordinary shares issued upon automatic conversion of preferred shares, upon the completion of the IPO

122,029,877

Series B Preferred Shares [Member]

ORDINARY SHARES [Line Items]

IPO related cost

$ 31,153

Ordinary shares issued upon automatic conversion of preferred shares, upon the completion of the IPO

30,507,471

CONVERITBLE REDEEMABLE PREFERRE

CONVERITBLE REDEEMABLE PREFERRED SHARES (Details) - USD ($)

Apr. 08, 2015

Feb. 29, 2012

Jul. 05, 2011

Jun. 08, 2011

May 25, 2011

Apr. 03, 2011

Jul. 05, 2011

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2012

CONVERITBLE REDEEMABLE PREFERRED SHARES [Line Items]

IPO related costs

$ 0

$ 0

$ 2,125,372

Preferred Stocks, Outstanding [Roll Forward]

Beneficial conversion feature

$ 43,234,050

Preferred Shares [Member]

CONVERITBLE REDEEMABLE PREFERRED SHARES [Line Items]

Minimum qualified IPO proceeds to automatically convert shares to ordinary shares

$ 100,000,000

Preferred Stocks, Outstanding [Roll Forward]

Accretion for the Preferred Shares

$ 2,365,351

$ 40,814,509

Series A [Member]

CONVERITBLE REDEEMABLE PREFERRED SHARES [Line Items]

Percentage of common shares subscription price used to measure reduction of preferred shares subscription price

0.85%

Adjusted priced of preferred shares, as a percentage to additional ordinary shares issued

0.85%

Series A-1 Preferred Shares [Member]

CONVERITBLE REDEEMABLE PREFERRED SHARES [Line Items]

Convertible redeemable preferred shares, shares issued

$ 6,713,384

$ 5,489,604

Issuance price

$ 0.9108

Issuance cash proceeds

$ 5,000,000

IPO related costs

$ 18,072

Conversion price

$ 0.4097

Dividend rate

8.00%

Liquidation preference, as a percent to issue price

100.00%

Preferred Stocks, Outstanding [Roll Forward]

Ordinary shares issued upon automatic conversion of preferred shares, upon the completion of the IPO

12,202,988

Series A-2 Preferred Shares [Member]

CONVERITBLE REDEEMABLE PREFERRED SHARES [Line Items]

Convertible redeemable preferred shares, shares issued

$ 70,690,413

$ 18,482,206

$ 2,053,580

$ 30,803,678

Issuance price

$ 0.9739

Issuance cash proceeds

$ 18,000,000

$ 2,000,000

$ 30,000,000

IPO related costs

$ 192,149

Liquidation preference, as a percent to issue price

100.00%

Preferred Stocks, Outstanding [Roll Forward]

Ordinary shares issued upon automatic conversion of preferred shares, upon the completion of the IPO

122,029,877

Series B Preferred Shares [Member]

CONVERITBLE REDEEMABLE PREFERRED SHARES [Line Items]

Convertible redeemable preferred shares, shares issued

$ 30,507,471

Issuance price

$ 0.4097

Issuance cash proceeds

$ 12,500,000

IPO related costs

$ 31,153

Dividend rate

8.00%

Liquidation preference, as a percent to issue price

100.00%

Percentage of common shares subscription price used to measure reduction of preferred shares subscription price

0.85%

Adjusted priced of preferred shares, as a percentage to additional ordinary shares issued

0.85%

Conversion rate at end of year

1

Preferred Stocks, Outstanding [Roll Forward]

Ordinary shares issued upon automatic conversion of preferred shares, upon the completion of the IPO

30,507,471

FAIR VALUE MEASUREMENT (Details

FAIR VALUE MEASUREMENT (Details) - USD ($)		12 Months Ended
		Dec. 31, 2017		Dec. 31, 2016	Dec. 31, 2015
Assets and liabilities measured and recorded at fair value on a recurring and non-recurring basis [Line Items]
Intangible Assets, Net (Excluding Goodwill)		$ 10,263,941	[1]	$ 36,274,238
Goodwill		108,940,433	[2]	221,337,157	$ 250,650,500
Impairment loss of intangible assets		19,765,615	[1]	0	0
Goodwill, Impairment Loss		$ 147,018,425	[2]	$ 0	$ 85,934,770
Fair value inputs, discount rate		18.00%		17.50%
Fair Value, Inputs, Level 3 [Member]
Assets and liabilities measured and recorded at fair value on a recurring and non-recurring basis [Line Items]
Intangible Assets, Net (Excluding Goodwill)	[1]	$ 12,059,174
Goodwill	[2]	108,940,433
Fair Value, Inputs, Level 1 [Member]
Assets and liabilities measured and recorded at fair value on a recurring and non-recurring basis [Line Items]
Intangible Assets, Net (Excluding Goodwill)	[1]
Goodwill	[2]
Fair Value, Inputs, Level 2 [Member]
Assets and liabilities measured and recorded at fair value on a recurring and non-recurring basis [Line Items]
Intangible Assets, Net (Excluding Goodwill)	[1]
Goodwill	[2]
[1]	Long-lived assets represent the Group’s property and equipment (Note 9), and acquired intangible assets (Note 10). The Group determined that these long-lived assets were one asset group and subject to be tested for impairment. The Group measures long-lived assets at fair value on a non-recurring basis when the carrying amount of the asset group exceeds its recoverable amount based on future projection which is consistent with its remained useful lives of the primary assets. The fair value was determined using models with significant unobservable input (Level 3 inputs) and the cash flow projections were based on past experience, actual results of operations and management best estimates about future developments as well as certain market assumptions. Impairment loss of $nil, $nil and $19,765,615 were recognized during the years ended December 31, 2015, 2016 and 2017, respectively, and included in “Impairment loss” in the Consolidated Statements of Operations.
[2]	The Group measures goodwill at fair value on a non-recurring basis when it is annually evaluated or whenever events or changes in circumstances indicate that carrying amount of a reporting unit exceeds its fair value. The fair value was determined using models with significant unobservable inputs (Level 3 inputs) which primarily included management projections on the discounted future cash flow analysis including the discount rate using the weighted average cost of capital of 17.5% and 18% as of December 31, 2016 and 2017, respectively, and expected revenue growth rates. Goodwill impairment loss of $85,934,770, $nil, and $127,252,810 were recognized for the years ended December 31, 2015, 2016 and 2017, respectively, and included in “Impairment loss” in the Consolidated Statements of Operations.

SHARE BASED COMPENSATION (Detai

SHARE BASED COMPENSATION (Details) - USD ($)	Jun. 20, 2017	Jul. 01, 2016	Sep. 01, 2015	Jul. 27, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Weighted average grant date fair value
Share-based Compensation Arrangement by Share-based Payment Award,Vesting Period Description	another 1 year to September 1, 2018
Share-based Compensation.	$ 32,491				$ 1,067,786	$ 1,097,543	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award		The issued RSUs will vest 100% when the following two conditions are both met: a) on and after the first anniversary of the grant date and b) the market price of the Company’s ADS is not less than $7 per ADS.
2011 Plan [Member]
Number of RSUs
Expect to vest as of December 31, 2016					52,718,520
Weighted average grant date fair value
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number					52,718,520	61,038,032
2011 Plan [Member] | Options [Member]
Weighted average grant date fair value
Unvested options		32,028,700
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number		0.20
2011 Plan [Member] | Restricted Stock Units (RSUs) [Member]
SHARE-BASED COMPENSATION [Line Item]
Recognition period					2 years
Number of RSUs
Outstanding at beginning of year					10,430,000
Granted				28,841,700	0
Forfeited					(1,650,000)
Vested			28,639,900
Vested and expect to vest					8,780,000	10,430,000
Expect to vest as of December 31, 2016					8,780,000
Weighted average grant date fair value
Outstanding at beginning of year					$ 0.133
Granted					0
Forfeited					0.133
Outstanding at end of year					0.133	$ 0.133
Expect to vest as of December 31, 2016					$ 0.133
Unvested options		10,430,000
2011 Plan [Member] | First tranche [Member]
SHARE-BASED COMPENSATION [Line Item]
Vesting percentage		40.00%
Weighted average grant date fair value
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		40.00%
2011 Plan [Member] | First tranche [Member] | Restricted Stock Units (RSUs) [Member]
SHARE-BASED COMPENSATION [Line Item]
Vesting percentage		100.00%			50.00%
Weighted average grant date fair value
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		100.00%			50.00%
2011 Plan [Member] | Second tranche [Member]
SHARE-BASED COMPENSATION [Line Item]
Vesting percentage		30.00%
Weighted average grant date fair value
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		30.00%
2011 Plan [Member] | Second tranche [Member] | Restricted Stock Units (RSUs) [Member]
SHARE-BASED COMPENSATION [Line Item]
Vesting percentage					50.00%
Weighted average grant date fair value
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage					50.00%
2011 Plan [Member] | Third tranche [Member]
SHARE-BASED COMPENSATION [Line Item]
Vesting percentage		30.00%
Weighted average grant date fair value
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		30.00%

SHARE BASED COMPENSATION (Det82

SHARE BASED COMPENSATION (Details 1) - USD ($)		Jun. 20, 2017	Jul. 01, 2016	Sep. 01, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Fair value assumptions
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value					$ 52,536	$ 618,971	$ 1,547,655
Closing Price Per Share of American Depositary Shares					$ 3.76	$ 1.02
Closing Price Per Share of Ordinary Shares					$ 0.21	$ 0.06
Operating expense [Member] | Continuing operations [Member]
Other disclosures
Share-based compensation					$ 1,067,786	$ 1,097,543	0
Operating expense [Member] | Discontinued operations [Member]
Other disclosures
Share-based compensation					$ 0	$ 0	7,176,600
2011 Plan [Member]
Number of share options
Outstanding at beginning of year					61,038,032
Granted					0
Forfeited and expired					(7,277,510)
Exercised					(1,042,002)
Outstanding at end of year					52,718,520	61,038,032
Vested and expect to vest at end of year					52,718,520
Exercisable at end of year					27,725,820
Weighted average exercise price
Outstanding at beginning of year					$ 0.15
Granted					0
Forfeited and expired					0.2
Exercised					0.01
Outstanding at end of year					0.14	$ 0.15
Vested and expect to vest at end of year					0.14
Exercisable at end of year					0.09
Weighted average grant date fair value
Outstanding at beginning of year					0.18
Granted					0
Forfeited and expired					0.1
Exercised					0.08
Outstanding at end of year					0.2	$ 0.18
Vested and expect to vest at end of year					0.2
Exercisable at end of year					$ 0.28
Weighted average remaining contractual life
Outstanding at end of year					4 years 4 months 17 days	5 years 7 months 13 days
Vested and expect to vest at end of year					4 years 4 months 17 days
Exercisable at end of year					8 months 1 day
Aggregate intrinsic value
Outstanding					$ 793,918	$ 3,844,310
Vested and expect to vest at end of year					793,918
Exercisable					793,918
Other disclosures
Share-based compensation due to modification							7,503,976
Fair value assumptions
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized							$ 327,376
2011 Plan [Member] | Options [Member]
Number of share options
Outstanding at end of year			0.20
Other disclosures
Unvested options				3,312,618
Fair value assumptions
Expected volatility	[1]	41.00%	54.80%
Risk-free interest rate	[2]	1.25%	1.46%
Exercise price	[3]		$ 0.20
Fair value of the underlying ordinary shares	[4]	$ 0.12	$ 0.20	$ 0.38
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options					$ 2,169,647
2011 Plan [Member] | Options [Member] | Minimum [Member]
Fair value assumptions
Expected volatility	[1]			60.30%
Risk-free interest rate	[2]			0.47%
Exercise price	[3]	0.01		$ 0.01
2011 Plan [Member] | Options [Member] | Maximum [Member]
Fair value assumptions
Expected volatility	[1]			65.10%
Risk-free interest rate	[2]			0.88%
Exercise price	[3]	$ 0.20		$ 0.20
[1]	The volatility of the underlying ordinary shares during the life of the options was estimated based on average historical volatility of comparable companies for the period before the valuation date with lengths equal to the life of the options.
[2]	Risk free rate is estimated based on yield to maturity of PRC international government bonds with maturity term close to the life of the options.
[3]	The exercise price of the options was determined by the Group’s Board of Directors.
[4]	The estimated fair value of the ordinary shares underlying the options as of the respective valuation dates was determined based on a contemporaneous valuation. When estimating the fair value of the ordinary shares on the valuation dates, management has considered a number of factors, including the result of a third-party appraisal and equity transactions of the Group, while taking into account standard valuation methods and the achievement of certain events. The fair value of the ordinary shares in connection with the option grants on the valuation dates was determined with the assistance of an independent third-party appraiser.

NET LOSS PER SHARE (Details)

NET LOSS PER SHARE (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Numerator:
Net loss attributable to the Company	$ (161,898,979)	$ (25,293,145)	$ (93,570,188)
Continuing operations	(161,898,979)	(25,293,145)	(104,646,123)
Discontinued operations	0	0	11,075,935
Net loss attributable to ordinary shareholders for computing basic net loss per ordinary shares	(161,898,979)	(25,293,145)	(95,935,539)
Continuing operations	(161,898,979)	(25,293,145)	(104,646,123)
Discontinued operations	$ 0	$ 0	$ 8,710,584
Denominator:
Weighted average ordinary shares outstanding used in computing basic net loss per shares	1,476,144,194	1,474,087,060	1,001,754,524
Weighted average ordinary shares outstanding used in computing diluted net loss per ordinary shares	1,476,144,194	1,474,087,060	1,001,754,524
Net loss per ordinary shares
Basic	$ (0.11)	$ (0.02)	$ (0.09)
Diluted	(0.11)	(0.02)	(0.09)
Net loss per ordinary share from continuing operations
Basic	(0.11)	(0.02)	(0.1)
Diluted	(0.11)	(0.02)	(0.1)
Net (loss)/income per share from discontinued operations
Basic	0	0	0.01
Diluted	$ 0	$ 0	$ 0.01
Basic
Continuing operations	1,476,144,194	1,474,087,060	1,001,754,524
Discontinued operations	0	0	1,001,754,524
Diluted
Continuing operations	1,476,144,194	1,474,087,060	1,001,754,524
Discontinued operations	0	0	1,043,473,265
Options [Member] | Continuing operations [Member]
Weighted average shares used in calculating net loss per
Anti-dilutive ordinary shares excluded from the calculation of diluted net income per share	0	0	18,224,699
Options [Member] | Discontinued operations [Member]
Weighted average shares used in calculating net loss per
Anti-dilutive ordinary shares excluded from the calculation of diluted net income per share	22,195,156	35,190,467	59,943,440
Series A-1 Preferred Shares [Member]
Numerator:
Accretion for convertible redeemable preferred shares	$ 0	$ 0	$ (442,409)
Net income attributable to Preferred Shareholders for computing basic net income per Preferred Shares	$ 0	$ 0	$ 442,409
Denominator:
Weighted average ordinary shares outstanding used in computing basic net loss per shares	0	0	3,242,986
Net loss per ordinary shares
Basic	$ 0	$ 0	$ 0.14
Basic
Continuing operations	0	0	3,242,986
Weighted average shares used in calculating net loss per
Weighted average shares used in calculating net loss per preferred shares	0	0	3,242,986
Series A-2 Preferred Shares [Member]
Numerator:
Accretion for convertible redeemable preferred shares	$ 0	$ 0	$ (1,202,748)
Net income attributable to Preferred Shareholders for computing basic net income per Preferred Shares	$ 0	$ 0	$ 1,202,748
Denominator:
Weighted average ordinary shares outstanding used in computing basic net loss per shares	0	0	32,429,858
Net loss per ordinary shares
Basic	$ 0	$ 0	$ 0.04
Basic
Continuing operations	0	0	32,429,858
Weighted average shares used in calculating net loss per
Weighted average shares used in calculating net loss per preferred shares	0	0	32,429,858
Series B Preferred Shares [Member]
Numerator:
Accretion for convertible redeemable preferred shares	$ 0	$ 0	$ (720,194)
Net income attributable to Preferred Shareholders for computing basic net income per Preferred Shares	$ 0	$ 0	$ 720,194
Denominator:
Weighted average ordinary shares outstanding used in computing basic net loss per shares	0	0	8,107,465
Net loss per ordinary shares
Basic	$ 0	$ 0	$ 0.09
Basic
Continuing operations	0	0	8,107,465
Weighted average shares used in calculating net loss per
Weighted average shares used in calculating net loss per preferred shares	0	0	8,107,465

RELATED PARTY BALANCES AND TR84

RELATED PARTY BALANCES AND TRANSACTIONS - (Details) ¥ in Millions		12 Months Ended
		Dec. 31, 2017USD ($)		Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Jul. 31, 2017USD ($)	Jul. 31, 2017CNY (¥)
Related Party Transaction [Line Items]
Amounts due from related parties		$ 3,062,797		$ 212,805
Amounts due to related parties		603,883		1,711,028
Rental expense to related parties		0		218,212	$ 335,249
Revenue from related parties		17,485,226		10,078,276	541,758
Proceeds from Related Party Debt		5,685,971		6,024,096	0
Due to Related Parties, Noncurrent		5,685,971		0
Debt Instrument, Face Amount						$ 7,600,000	¥ 50
Service Fee [Member]
Related Party Transaction [Line Items]
Rental expense to related parties		164,215		169,741	0
Hong Kong Sunward Fishery Restaurant Management Co., Ltd. [Member]
Related Party Transaction [Line Items]
Amounts due to related parties		0	[1]	1,414
Revenue from related parties		471,129	[2]	460,132	0
Nanjing Xinzijin Sunward Fishery Restaurant Co., Ltd [Member]
Related Party Transaction [Line Items]
Amounts due from related parties		110,753	[3]	54,953
Amounts due to related parties		0	[1]	7,811
Revenue from related parties		60,536	[2]	82,155	38,179
Nanjing Jiangdong Sunward Fishery Restaurant Co., Ltd. [Member]
Related Party Transaction [Line Items]
Amounts due from related parties		32,823	[3]	22,129
Amounts due to related parties		0	[1]	11,271
Revenue from related parties				26,149	32,726
Nanjing Yongji Sunward Fishery Restaurant Co., Ltd [Member]
Related Party Transaction [Line Items]
Amounts due from related parties		32,266	[3]	12,018
Amounts due to related parties		0	[1]	8,426
Revenue from related parties		15,063	[2]	15,692	17,573
Ningbo Yinzhou Sunward Logistics Co., Ltd. [Member]
Related Party Transaction [Line Items]
Amounts due from related parties		0	[3]	984
Amounts due to related parties		1,649	[1]	0
Revenue from related parties		0	[2]	56,722	58,560
Zhejiang Sunward Fishery Restaurant Co., Ltd. [Member]
Related Party Transaction [Line Items]
Revenue from related parties	[2]	118,413
Shanghai Xiao Nan Guo Hai Zhi Yuan Restaurant Management Co.,Ltd. [Member]
Related Party Transaction [Line Items]
Amounts due from related parties		261,399	[3]	0
Amounts due to related parties		0	[1]	905,260
Revenue from related parties		8,571,389	[2]	2,296,225	393,147
WM Ming Hotel [Member]
Related Party Transaction [Line Items]
Amounts due to related parties		89,938	[1]	3,306
Revenue from related parties		11,737	[2]	37,631	1,573
WM Ming Hotel Management Co., Ltd. [Member]
Related Party Transaction [Line Items]
Amounts due from related parties		0	[3]	6,613
Shanghai MIN Hongshi Trading Co., Ltd. [Member]
Related Party Transaction [Line Items]
Amounts due from related parties		0	[3]	23,797
Amounts due to related parties		3,483	[1]	0
Shanghai Congshao Restaurant Management Co., Ltd [Member]
Related Party Transaction [Line Items]
Amounts due from related parties		154,276	[3]	71,031
Amounts due to related parties		0	[1]	69,935
Revenue from related parties		189,617	[2]	160,701	0
Shanghai Putuo Sunward Restaurant Co., Ltd [Member]
Related Party Transaction [Line Items]
Amounts due from related parties		24,974	[3]	6,235
Revenue from related parties		45,468	[2]	21,631	0
Supply Chain Management Co., Ltd [Member]
Related Party Transaction [Line Items]
Amounts due from related parties		59,610	[3]	14,437
CCLG [Member]
Related Party Transaction [Line Items]
Amounts due from related parties	[3]	17,467		608
CCLG [Member] | Service Fee [Member]
Related Party Transaction [Line Items]
Rental expense to related parties	[4]	164,215		169,741	0
Zhejiang Sunward Group Co., Ltd [Member]
Related Party Transaction [Line Items]
Amounts due from related parties		1,589,780	[3]	0
Zhejiang Zhonggangjumei Supply Chain Management Co., Ltd [Member]
Related Party Transaction [Line Items]
Revenue from related parties		51,484	[2]	296,727	0
Shanghai Congshao Dessert Co., Ltd [Member]
Related Party Transaction [Line Items]
Amounts due from related parties		373,704	[3]	0
Amounts due to related parties		0	[1]	361,356
Revenue from related parties		357,017	[2]	172,521	0
Tianjin Congshao Restaurant Management Co., Ltd [Member]
Related Party Transaction [Line Items]
Amounts due from related parties		3,036	[3]	0
Amounts due to related parties		0	[1]	134,703
Revenue from related parties		28,345	[2]	676	0
Shenzhen Congshao Restaurant Management Co., Ltd [Member]
Related Party Transaction [Line Items]
Amounts due from related parties		1,517	[3]	0
Amounts due to related parties		0	[1]	92,369
Revenue from related parties		5,135	[2]	865	0
Wuhan Congshao Restaurant Management Co., Ltd [Member]
Related Party Transaction [Line Items]
Amounts due from related parties		210	[3]	0
Amounts due to related parties		0	[1]	91,845
Revenue from related parties		620	[2]	0	0
Chung So Si Fong Dessert Limited [Member]
Related Party Transaction [Line Items]
Amounts due to related parties		84,054	[1]	23,332
Revenue from related parties		1,391,080	[2]	388,618	0
Xiao Nan Guo Holdings Limited [Member]
Related Party Transaction [Line Items]
Revenue from related parties		6,108,606	[2]	6,056,439	0
Shenzhen Xiao Nan Guo Restaurant Management Co., Ltd [Member]
Related Party Transaction [Line Items]
Revenue from related parties		0	[2]	5,392	0
Xiao Nan Guo Group Co., Ltd [Member]
Related Party Transaction [Line Items]
Rental expense to related parties		0	[5]	218,212	335,249
Proceeds from Related Party Debt		0	[6]	6,024,096	0
Shanghai Zhongxiao Brand Management Co., Ltd. [Member]
Related Party Transaction [Line Items]
Amounts due from related parties		113,018	[3]	0
Shanghai Zhonghengkuaijian Brand Management Co., Ltd. [Member]
Related Party Transaction [Line Items]
Amounts due from related parties		136,392	[3]	0
Shenzhen Bangrun Commercial factoring Co., Ltd. [Member]
Related Party Transaction [Line Items]
Amounts due from related parties		117,615	[3]	0
Shanghai Zhongyou Information Technology Co., Ltd. [Member]
Related Party Transaction [Line Items]
Amounts due from related parties		32,309	[3]	0
Ningbo Tianyi Sunward Fishery Restaurant Co., Ltd. [Member]
Related Party Transaction [Line Items]
Amounts due from related parties		1,648	[3]	0
Ms. Zhu [Member]
Related Party Transaction [Line Items]
Amounts due to related parties		385,123	[1]	0
Proceeds from Related Party Debt		5,685,971	[7]	0	0
Due to Related Parties, Noncurrent		$ 5,685,971	[8]	0
Debt Instrument, Interest Rate, Stated Percentage		6.00%
Debt Instrument, Maturity Date		Jul. 1, 2019
Ningbo dongqian lake tourist resort Xiyue leisure tourism Co., Ltd. [Member]
Related Party Transaction [Line Items]
Amounts due to related parties		$ 38,424	[1]	0
Cong Shao Macao Star Dessert Co., Ltd. [Member]
Related Party Transaction [Line Items]
Amounts due to related parties		1,212	[1]	0
Revenue from related parties		58,159	[2]	0	0
Ningbo Jiangbei Sunward Fishery Restaurant Co., Ltd. [Member]
Related Party Transaction [Line Items]
Revenue from related parties		$ 1,428	[2]	$ 0	$ 0
[1]	The amounts represent the payables due to related parties relating to online direct sales and online platform services.
[2]	The amounts represent the revenue generated from the Group’s online direct sales.
[3]	The amounts represent the receivables due from related parties relating to the online direct sales and online platform services.
[4]	The amount represents the logistics fee charged by the related party for the Group’s online direct sales.
[5]	The amount represents the rental expense paid for the Group’s office.
[6]	The amount represent the interest-free loan borrowed by the Group from related party, which has been repaid by the Group in 2016.
[7]	The amount represents the interest-bearing loan borrowed from Ms. Zhu with interest rate of 6.0% p.a. and maturity date on July 1, 2019.
[8]	The amount represents the balance due to related parties relating to the loan borrowed from Ms. Zhu, with interest rate of 6.0% p.a. and maturity date on July 1, 2019.

COMMITMENTS AND CONTINGENCIES85

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
COMMITMENTS AND CONTINGENCIES [Abstract]
Rental expenses under operating leases	$ 1,223,390	$ 2,243,907	$ 985,214
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity
2,018	1,622,226
2,019	1,441,236
2,020	1,492,308
2,021	1,566,186
2,022	1,645,521
Thereafter	14,329,743
Total	22,097,220
Capital Commitment	$ 2,300,000	$ 2,200,000

MAINLAND CHINA CONTRIBUTION P86

MAINLAND CHINA CONTRIBUTION PLAN (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Operating expense [Member]
Defined Contribution Plan Disclosure [Line Items]
Total provisions for employee benefits	$ 1,656,561	$ 1,297,485	$ 902,418

STATUTORY RESERVES AND RESTRI87

STATUTORY RESERVES AND RESTRICTED NET ASSETS (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
STATUTORY RESERVES AND RESTRICTED NET ASSETS [Line Item]
Required minimum percentage of annual appropriations to general reserve fund	10.00%
Statutory threshold percentage of the reserve fund to the registered capital of the respective company, above which the appropriation is not required	50.00%
Restricted net assets	$ 28,213,892	$ 28,213,892
VIEs [Member]
STATUTORY RESERVES AND RESTRICTED NET ASSETS [Line Item]
Restricted net assets	$ 1,614,140	$ 1,614,140