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In a surprising turn of events, Pingmin Market and Pingmin Hub have announced that they’re shutting down operations with immediate effect, citing a “serious scheme of fraud” discovered within the company.
The news broke on 6 Oct 2025 via an official statement from Black Onion Production (M) Sdn Bhd (BOP), the company behind both brands. According to them, the situation was severe enough that they could “no longer operate or conduct business affairs”.
They are now urging anyone who has recently worked with Pingmin to come forward with any documents or evidence that could help bring the perpetrators to justice.
To protect partners, suppliers, and venue providers from falling victim to potential scams, the company reminded everyone that all invoices must be issued directly under Black Onion Production (M) Sdn Bhd.
All payments must only be made to its official bank accounts — Public Bank (323 638 1428) and Affin Bank (1015 700 32193). Any payment made to unauthorised accounts will not be recognised, and no external company or individual has permission to collect money or issue invoices on their behalf.
Terrance Lim, co-founder of Pingmin Market, then released his own statement on Xiaohongshu alleging that the decision to shut down was made without his knowledge or consent.
Lim claimed that his fellow co-founder, Estica Teh, had published the announcement on social media without shareholder agreement, and his access to the company’s Facebook and Instagram accounts had been revoked — with all linked contact details changed to Teh’s personal information.
According to Lim, he attempted multiple times to reach her by phone, text, and even by visiting her home, but was unable to get any clarification. “This sudden and unilateral action has caused confusion and anxiety among our team and the many vendors who have supported us all these years,” he said.
Meanwhile, the public is left wondering whether any of Pingmin’s future events will still go on. So far, there’s been no official clarification. However, the Subang Peeps Community Market, which was supposed to run from 10 to 12 Oct, has already been cancelled.
As the dust settles, a shareholder meeting has been scheduled for 15 Oct to address the situation formally. For now, the future of Pingmin Market — once a vibrant weekend destination for small businesses, creators, and community events — remains uncertain.
