Shein Shifts IPO Plans from London to Hong Kong; Temu and Shein Soar in Europe
Latest news and analysis on China’s global e-sellers
Here’s our pick for last week’s news:
Shein Shifts IPO Plans from London to Hong Kong
Temu and Shein Soar in Europe
TikTok Lowers Barriers for Korean Sellers to Enter U.S. Market
TikTok Shop to Cut Workforce by Half in Indonesia
AliExpress Launches Local+ Service in Germany
Kwai Hits First Overseas Profit
JD Central Rolls Out 618 Shopping Festival in Thailand
Amazon Top Seller SainStore Goes Public
Aiper Taps $100M From Fluidra
Dreame Mart Lands in the U.S.
Pop Mart Halts Labubu In-Store Sales Amid UK Frenzy
CHAGEE's Overseas Sales Surge 85% in Q1
Shein Shifts IPO Plans from London to Hong Kong
Shein is shifting its IPO plans to Hong Kong after Chinese regulators delayed approval for its London listing. The move marks a retreat from Shein's global ambitions for London and New York, potentially denting its Western appeal. Its valuation may drop to about $50 billion from $66 billion as U.S. tariffs on Chinese e-commerce parcels erode Shein's low-cost shipping edge. With 7,000 suppliers but no factories, Shein faces a challenging path to market amid growing trade and regulatory headwinds. (Reuters)
Temu and Shein Soar in Europe
Consumer Edge data shows Temu's EU sales jumped over 60% YoY in early May, nearly doubling in France, while Shein's growth in the U.K. hovers around 50%. Both cut U.S. ad spending amid a 30% sales drop for Temu and 20% for Shein but boosted ads in Europe by up to 40%, fueling their gains. With the end of the duty-free de minimis loophole, these retailers are betting big on the European market. Besides, Temu is strengthening its global competitiveness by shifting to localized procurement to reduce dependence on China's export routes and lowering costs to attract more platform merchants amid trade policy uncertainties. (Modern Retail)
TikTok Lowers Barriers for Korean Sellers to Enter U.S. Market
TikTok is easing access for Korean brands to the U.S. market with its new "Korea-US Cross-Border" solution, letting companies join TikTok Shop without a U.S. entity. Previously, vendors needed a U.S. address and bank account, but now Korean businesses can use their local credentials, a virtual bank account, and third-party U.S. logistics. This move aims to speed up global growth by simplifying entry and offering a full e-commerce suite of advertising, content, and logistics. TikTok Shop's vendor base has grown 60% last year, reaching 1.1 million globally. The program launches May 30 with promotional perks for new brands. (The Korea Times)
TikTok Shop to Cut Workforce by Half in Indonesia
TikTok Shop is set to cut several hundred jobs in Indonesia following its merger with Tokopedia last year, trimming teams across logistics, operations, marketing, and warehousing. Further cuts may follow in July, reducing the combined workforce from about 5,000 to roughly 2,500. Despite the downsizing, TikTok says it remains committed to investing in Indonesia and Tokopedia for sustainable growth. The $1.5 billion merger enabled ByteDance to relaunch TikTok Shop in Indonesia while navigating local regulations, keeping the country a key battleground against rivals Shopee and Lazada. (Bloomberg)
AliExpress Launches Local+ Service in Germany
AliExpress has opened its doors to local sellers in Germany, launching a "Local+" channel with delivery as fast as three days. To boost new sellers, AliExpress offers personalized onboarding, a billion-yuan subsidy fund, external traffic support, and local logistics. The platform is also expanding product categories, recruiting sellers in mobile phones, home appliances, electronics, office supplies, sports gear, furniture, toys, and more. (ebrun)
Kwai Hits First Overseas Profit
Kwai reported a 32.7% jump in Q1 2025 overseas revenue to RMB 1.32 billion (about $183 million), marking its first profitable quarter abroad. Its international business, including Kwai and SnackVideo, saw strong growth, with monthly active users topping 150 million by April. Key markets like South America and Southeast Asia drove expansion, with Brazil showing steady daily user growth and rising e-commerce orders. Kwai has also begun livestream shopping tests in Brazil. (Kwai)
JD Central Rolls Out 618 Shopping Festival in Thailand
JD Central, the Thai joint venture of JD.com, kicked off its largest annual sales event — the 618 Super Joy Shopping Fest — on May 29. Running through June 20, the campaign offers discounts from 6,500 brands, flash deals as low as 618 baht (about $20), and a final-day blowout with prices dropping to just 1 baht (about $0.03). Inspired by JD.com's flagship 618 festival in China, the Thai version promises 100% authentic products, coupon giveaways, and a full-service experience as JDC looks to win shopper trust and stimulate the local economy. (JD)
Amazon Top Seller SainStore Goes Public
SainStore, Dongguan-based Amazon seller with brands like ORORO and TURBRO, debuted on the New Third Board on May 27. Founded in 2011, the company focuses on functional apparel, home living, digital tech, and maker hardware. SainStore posted revenues of RMB 1.2 billion to 1.5 billion (about $167~208 million) over the past three years, with net profits rising to RMB 100 million (about $14 million) in 2024. Amazon drives 73% of sales, totaling RMB 1.04 billion (about $144 million) in 2023, followed by DTC sites at 21%. (cyzone.cn)
Aiper Taps $100M From Fluidra
Aiper, the Shenzhen-based cordless robotic pool cleaner brand, has landed a $100 million investment from Fluidra, a global leader in pool and wellness equipment. Announced in Singapore, the deal marks the largest single funding of the kind to date. The partnership will drive Aiper's global expansion and innovation in AI-powered, eco-friendly pool tech. Already active in 45 countries with over 2 million users, Aiper plans to scale its smart backyard ecosystem across Asia-Pacific, the Middle East, and Latin America, while teaming up with Fluidra on technology, branding, and global service networks to shape the future of pool care. (Aiper)
Dreame Mart Lands in the U.S.
Dreame Mart, the rising designer toy brand under Dreame, opened its first U.S. store at California's Brea Mall—blending AI-driven design, robotics, and interactive installations to create a next-gen retail experience tailored to Gen Z culture. The store marks a bold first step in Dreame Mart's global expansion strategy, with more openings slated across Asia, Europe, and North America. Already operating a concept store in Beijing, the brand's expansion plan includes culturally tailored experiences in countries like Thailand, Singapore, Vietnam, Canada, and Italy. (ebrun)
Pop Mart Halts Labubu In-Store Sales Amid UK Frenzy
Labubu mania is gripping the UK so fiercely that Pop Mart, the Chinese toymaker behind the $85 viral plush, has suspended all in-store and Roboshop sales across its 16 UK locations. Citing crowd surges and safety concerns, the company said online drops would continue while long queues—often caught on TikTok—have turned restock days into near stampedes. Sold in blind boxes, the serrated-tooth plushie has become a global sensation, fueling over $426 million in sales last year and making up nearly a quarter of Pop Mart's total revenue. (Business Insider)
CHAGEE's Overseas Sales Surge 85% in Q1
On May 30, CHAGEE released its first post-IPO financial report, showing strong growth with 6,681 stores globally and a Q1 GMV of RMB 8.23 billion (about $1.14 million)—a 38% jump YoY. Net revenue rose 35.4% to RMB 3.39 billion (about $470 million), while net profit climbed 13.8% to RMB 677 million (about $94 million). The company also revealed overseas sales surged 85.3% to RMB 178 million (about $25 million), with 169 stores abroad—mostly in Malaysia, plus Singapore and Thailand. (STCN)