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"But, for the most part, prices are negotiated well in advance so many will be incurring a significant blow to their profitability," Mond said.

"COVID-19 cases and hospitalizations are surging across the United States and Europe. The stock market appears to be taking note," analysts at Zacks Investment Management, said in a note Saturday.

"China is already a leader in e-commerce in many ways, especially in online payment that enables consumers in big cities to pay with mobile phones. Everything from supermarket shopping to utilities and taxi fares can be paid via an e-wallet," he said.

"By the end of August, we are expecting to open 200 more Bingobox stores," said Chen Zilin, CEO of Bingobox.

"But whether it could help increase the city's birthrate remains to be seen, as it is not easy to bring up a child in first tier cities," he said.