ByteDance Rides TikTok Wave to $39B in Overseas Sales; Amazon Cancels China Orders Amid Tariff Turmoil
Latest news and analysis on China’s global e-sellers
Here’s our pick for last week’s news:
Shein Gets UK approval for London IPO
TikTok Shop Eyes European Market Amid Trade Tensions
Temu Eyes Global Growth Beyond the U.S.
ByteDance Rides TikTok Wave to $39B in Overseas Sales
Amazon Cancels China Orders Amid Tariff Turmoil
Anker Hikes Prices on Amazon Amid Tariff Shock
TikTok Lays Off U.S. Staff in E-Commerce Revamp
SFC's Profits Plunge Despite Steady Sales
THINKRIDER Bets on AliExpress for Global Expansion
Apple Supplier Luxshare Bets on Vietnam Amid Tariff Talk
Alibaba & JD Open Doors to Exporters
Shein Gets UK approval for London IPO
Shein has received approval from the UK's Financial Conduct Authority (FCA) for its planned IPO in London, edging closer to going public. However, the company is still awaiting approval from Chinese regulators. With a valuation of about $50 billion, SHEIN filed for the IPO in June 2024. Despite FCA approval, challenges such as tax changes, global tariffs, supply chain issues, and potential price hikes complicate the timing of the listing. Although rumors about relocating 30% of its supply chain to Vietnam circulated, SHEIN denied them, reaffirming its commitment to China, where it has invested over 10 billion RMB in its major supply chain hub in Guangzhou.
TikTok Shop Eyes European Market Amid Trade Tensions
TikTok Shop is expanding in Europe by updating its cross-border POP (self-operated) entry requirements, now allowing merchants with proven experience on platforms like Amazon, eBay, or Wayfair to join, as long as they comply with EU regulations and offer local delivery. With the UK and Ireland already on board, TikTok Shop now operates in six major European markets, diversifying its presence amid rising trade tensions. Additionally, TikTok Shop USA announced a new policy for sellers, starting May 2, which imposes a 30% ad valorem tax and a phased duty on incoming goods due to the removal of the $800 duty-free threshold.
Temu Eyes Global Growth Beyond the U.S.
Temu has officially entered the Maldives, partnering with Maldives Post to improve delivery efficiency through options like pick-up points, home delivery, and in-store collection. The company has been scaling back in the U.S., where its sales share dropped from 60% in 2023 to a projected 33% in 2024, with further declines expected. Meanwhile, Temu is focusing on Europe, Japan, and South Korea, where its monthly active users in Europe have surpassed Amazon and AliExpress. Morgan Stanley's report from last year predicted that Europe would be Temu's largest GMV contributor in 2024, with Latin America seen as a potential growth engine.
ByteDance Rides TikTok Wave to $39B in Overseas Sales
ByteDance reported $33 billion in net profit for 2024, up just 6% from the previous year—a sharp slowdown as profit margins dip to 21%. Executives told investors margins may have peaked, with rising AI and global e-commerce investments driving up costs. Despite tightening profits, overseas business—led by TikTok—remains strong, with international revenue jumping 63% to $39 billion and making up a quarter of total revenue for the first time.
Amazon Cancels China Orders Amid Tariff Turmoil
Amazon has reportedly canceled a wave of product orders from China and other Asian countries, including Vietnam and Thailand. The move came after the U.S. announced plans on April 2 to impose new tariffs on imports from over 180 countries and regions. Affected items include beach chairs, scooters, and air conditioners. The abrupt, unannounced cancellations have left suppliers scrambling, with many linking the decision to shifting trade policies. Amazon has not commented on the matter.
Anker Hikes Prices on Amazon Amid Tariff Shock
Anker, one of Amazon's top sellers in electronics, has quietly raised prices on roughly 20% of its products, as the impact of new U.S. tariffs begins to ripple through e-commerce. According to data from SmartScout, 127 Anker items—ranging from power banks to phone cases—have jumped an average of 18% since April 3, with most increases landing just after President Donald Trump unveiled a 50% tariff on Chinese imports on April 7. The tariff costs are quickly being passed on to American consumers, even before broader supply chain adjustments take hold.
TikTok Lays Off U.S. Staff in E-Commerce Revamp
TikTok has laid off several U.S. e-commerce staff as part of a broader overhaul of its E-commerce's Governance and Experience (GNE) team, which oversees merchant compliance, product listings, and IP protection. The cuts follow February's downsizing of TikTok's Trust and Safety team, signaling tighter internal controls as the platform ramps up its e-commerce push.
SFC's Profits Plunge Despite Steady Sales
Shenzhen-based SFC Holdings saw flat revenue at 1.75 billion RMB ($239.99 million) in 2024, but net profit plunged 88.38% to 14.37 million RMB ($1.97 million) due to rising costs in logistics and labor and heavy investments in TikTok, Temu, and Shein. E-commerce sales rising 5.64% to 1.31 billion RMB ($179.65 million), with Amazon as the top channel (37%), followed by AliExpress (16.34%), eBay (13.79%), Shopee (12.76%), Mercado Libre (5.35%), Walmart (3.37%), and TikTok (2.73%). The company focuses on categories like hobbies, home goods, tools, and fashion.
THINKRIDER Bets on AliExpress for Global Expansion
THINKRIDER, a Chinese brand known for smart bike trainers, is shifting focus to global markets in 2025 with a target of 100 million RMB ($13.71 million) in overseas sales on AliExpress. With strongholds in Europe, South Korea, Brazil, and Mexico, the company has shipped 4,000 units abroad. Founded in 2008 and launched as a brand in 2015, THINKRIDER gained traction with aggressive pricing—its X2 model costs just a third of major global brands and dominates 80% of China's bike trainer market.
Apple Supplier Luxshare Bets on Vietnam Amid Tariff Talk
On April 10, Apple supplier Luxshare Precision said only a small share of its China-made goods is exported to the U.S. and has seen minor tariff impact so far. The company expects clients may shift production to lower-tariff countries, posing potential challenges. Luxshare clarified it doesn't bear tariff, logistics, or warehousing costs under standard trade terms. It also highlighted global expansion efforts, with facilities in Vietnam, Indonesia, Malaysia, Thailand, the U.S., Mexico, and Romania. Southeast Asia remains its top priority, especially Vietnam, unless tariff dynamics shift significantly.
Alibaba & JD Open Doors to Exporters
On April 11, JD.com unveiled a 200 billion RMB ($27.43 billion) initiative to help export-focused manufacturers tap into China's domestic market. Over the next year, JD will directly purchase goods from foreign trade firms, set up a dedicated section for high-quality exports, and offer marketing support without relying on price wars. Sellers will also receive training, subsidies, and operational resources. That same day, Alibaba's Freshippo announced it would open registration for foreign trade companies, offering a fast-track green channel for onboarding and plans to launch a dedicated foreign trade section on its platform.