Alibaba Profit Soars 77% in FY 2025; Temu Sees 25% U.S. Sales Drop
Latest news and analysis on China’s global e-sellers
Here’s our pick for last week’s news:
Temu Sees 25% U.S. Sales Drop
Shein Seeks Rare Confidential IPO in Hong Kong
Alibaba Profit Soars 77% in FY 2025
Temu Deepens U.S. Roots with Oracle Cloud Deal
Alibaba.com Expands B2B Reach with Spanish Alliance
TikTok Shop Mexico to Open Self-Run Model to Chinese Sellers
Temu Climbs to No. 2 in Colombia Online Market
Pop Mart Spark Global Livestream Craze on AliExpress
Unitree Robotics Hits $140M Revenue Milestone
Roborock Targets HK IPO
Standard Robotics Files for HK Listing
Xiaomi Opens First Store in South Korea
Temu Sees 25% U.S. Sales Drop
Temu's US sales are plunging, with weekly revenue down more than 25% between May and June as the online marketplace slashes ad spending in the U.S., Bloomberg Second Measure data shows. The steep decline follows President Donald Trump's aggressive tariff campaign, prompting Temu to scale back its U.S. push just as rivals like Shein, Walmart, and Amazon rebound, regaining year-over-year growth since the trade truce in mid-May. The move signals a strategic retreat amid mounting trade tensions and shifting market priorities. (Bloomberg)
Shein Seeks Rare Confidential IPO in Hong Kong
Shein is quietly preparing to file confidentially for a Hong Kong IPO as early as this week, marking a rare break from the city's typically transparent listing norms. The move, Shein's third IPO attempt after setbacks in the U.S. and U.K., would require a waiver from the Hong Kong exchange and keep key financials under wraps during regulatory review. If approved, the IPO could become one of the city's biggest this year. Unlike U.S. markets, Hong Kong rarely permits such secrecy, especially for first-time listings, though exceptions have been made for spinoffs and secondary floats. (Reuters)
Alibaba Profit Soars 77% in FY 2025
Alibaba Group reported a strong rebound in its fiscal 2025 earnings on June 26, posting revenue of RMB 996.3 billion (nearly $140 billion) and a 77% jump in net profit to RMB 125.98 billion (nearly $18 billion). Driving much of the momentum was its international e-commerce arm, which raked in RMB 132.3 billion (about $18.5 billion) in revenue—a 29% increase—fueled by robust growth across AliExpress, Trendyol, and Lazada. Localization and operational streamlining paid off, with AliExpress now reaching over 200 global markets. Lazada also made strides, putting Alibaba's overseas division on track for its first quarterly profit in the upcoming fiscal year. (STCN)
Temu Deepens U.S. Roots with Oracle Cloud Deal
Temu has inked a major cloud deal with Oracle as part of its aggressive push to localize operations in the U.S., joining its existing partners Google and Microsoft. Oracle Chairman Larry Ellison called it a "gigantic contract," signaling Temu's rapid growth and shift of core infrastructure stateside. The company is also recruiting U.S. merchants to sell on its platform, underscoring its strategy to root deeper into the American market amid geopolitical scrutiny. (Bloomberg)
Alibaba.com Expands B2B Reach with Spanish Alliance
Alibaba.com has struck a strategic partnership with Atradius Collections to expand its B2B e-commerce reach, offering Spanish and global exporters—especially SMEs—free access to its global marketplace and personalized onboarding support. The move, aimed at lowering entry barriers and accelerating cross-border trade, positions Alibaba.com as a key enabler for European firms eyeing international growth. By integrating credit management and seller verification tools, Alibaba.com is deepening its presence in Europe while reinforcing its push to become the go-to platform for global B2B commerce. (Cross-Border Magazine)
TikTok Shop Mexico to Open Self-Run Model to Chinese Sellers
TikTok Shop is gaining serious traction in Mexico, just months after its February debut. Initially limited to local sellers, the platform has seen some merchants hit thousands of daily orders, while the number of daily active buyers more than tripled from March to May. Its recent Hot Sale event pushed GMV to record highs, underscoring the rising spending power of Mexican consumers. Now, with plans to open its self-operated POP model to Chinese cross-border sellers, TikTok aims to replicate its U.S. success in one of Latin America's fastest-growing digital economies. (TikTok Shop)
Temu Climbs to No. 2 in Colombia Online Market
In less than a year since launching in Colombia, Temu has rocketed to the No. 2 spot in national e-commerce traffic, racking up 24.8 million visits and trailing only Mercado Libre, as online sales in the country hit $27.3 billion in Q1—up 16% from last year. Temu's rapid rise reflects Colombia's post-pandemic digital shopping boom and underscores the growing influence of Chinese platforms, which benefit from VAT exemptions by shipping through the U.S. under free trade rules—a competitive edge now drawing scrutiny from local industry leaders. (La República)
Pop Mart Spark Global Livestream Craze on AliExpress
Pop Mart's first international livestream on AliExpress drew 240,000 viewers from markets like the UK, Canada, and Australia, and sold out over 10 top items—including the viral Labubu—within seconds. Hosted by influencer Teala Dunn, the event marked a milestone in Alibaba's push to globalize its e-commerce reach and Pop Mart's rise as a Gen Z cult favorite. With millions of units already sold on Chinese JD.com and Tmall, and international fans lining up at flagship stores in Paris and London, the collaboration underscores how AliExpress is becoming a launchpad for Chinese pop culture exports. (Securities Times & Global Times)
Unitree Robotics Hits $140M Revenue Milestone
At the 2025 Summer Davos Forum in Tianjin, Unitree Robotics founder and CEO Wang Xingxing unveiled a major milestone: the once one-man startup has surged to nearly RMB 1 billion (about $140 million) in annual revenue and grown into a 1,000-strong workforce. Wang emphasized a relentless drive for "one progress per month" as the company braces for stiffening competition in the fast-evolving quadruped robotic market, signaling both ambition and urgency as Unitree aims to solidify its position in global burgeoning robotics sector. (Tech in Asia)
Roborock Targets HK IPO
Roborock, the world's top-selling robot vacuum brand by both GMV and unit sales in 2024, has filed for a listing on the Hong Kong Stock Exchange's Main Board. The smart home robotics powerhouse saw its revenue surge to RMB 11.9 billion (about 1.66 billiob) last year, fueled by global demand that pushed its products into over 20 million households across 170+ countries. With overseas sales growing 51% YoY and a 24.9% CAGR in vacuum units shipped since 2022, Roborock is positioning its IPO as a launchpad for deeper international expansion. (Roborock Prospectus)
Standard Robotics Files for HK Listing
Standard Robotics, the world's fifth-largest provider of industrial mobile robot solutions, has filed to go public on the main board of the Hong Kong Stock Exchange, aiming to capitalize on booming global demand for automation. With a customer base spanning the high-tech 3C, automotive, and semiconductor sectors, the company has commercialized its embodied intelligence robotics across Asia, pushing overseas revenue to 24% of total sales in 2024—up from just 10% two years prior. Its IPO marks a major step in its bid to expand further beyond China and scale its smart manufacturing footprint. (Standard Robots Prospectus)
Xiaomi Opens First Store in South Korea
Xiaomi has opened its first brick-and-mortar store in South Korea, planting its flag in Seoul's Yeouido district just six months after launching online operations—an aggressive bid to challenge Samsung and LG on their home turf. The Chinese tech giant will roll out smartphones, tablets, and small appliances first, with plans to introduce large appliances and local after-sales service next year. Long seen as a budget brand, Xiaomi is now targeting Korea's high-end electronics market, hoping sleek premium offerings will finally win over consumers who've remained loyal to domestic giants. (The Korea Economic Daily)