Temu Restricts Store Openings to Two Per Entity; TikTok Shop Hits $32.6 Billion Global GMV
Latest news and analysis on China’s global e-sellers
Here’s our pick for last week’s news:
Easyhome to Launch Flagship Store on Lazada
SHARGE Debuts loomos AI Glasses at CES 2025
Temu Restricts Store Openings to Two Per Entity
Kuickwheel’s RICTOR Launches Skyrider X1 at CES 2025
TikTok Shop Hits $32.6 Billion Global GMV
TCL Smart Home to Invest RMB 490 Million in Southeast Asia
DAMODA Secures Hundreds of Millions in Series A Funding for Global Growth
Temu to Launch In-Platform Ads in Mid-January
MINISO to Raise USD 550 Million Through Convertible Bonds for Buybacks and Expansion
Beatbot Introduces RoboTurtle at CES 2025
Marketplace Pulse: Chinese Sellers Represent Over 50% of Top Amazon Sellers
Lenovo Partners with Alat in $2 Billion Deal to Boost MEA Presence
Tianlala Marks 10 Years with 8,000 Stores and 100 Abroad
Easyhome to Launch Flagship Store on Lazada
On January 7, Easyhome's Head of International Business, Xue Yaqi, announced plans to open a flagship store on Lazada, marking the company's entry into cross-border e-commerce as part of its 2025 global expansion strategy. The move aims to establish online presences in overseas markets and attract more home furnishing brands to the platform.
Founded in 1999, Easyhome specializes in home furnishings and consumer services, including design, renovation, logistics, and lifestyle supermarkets. After partnering with Alibaba, Taikang Life, and BBMG, Easyhome went public on the Shenzhen Stock Exchange in 2019. By October 2024, it had 405 home furnishing malls and 173 lifestyle supermarkets in China, with annual sales exceeding RMB 110 billion (USD 15 billion) and taxes over RMB 2 billion (USD 272.80 million).
SHARGE Debuts loomos AI Glasses at CES 2025
SHARGE launched its new sub-brand loomos at CES 2025 (Jan 7-10) in Las Vegas, introducing the loomos AI Glasses. These glasses offer 4K photo and 1080p video capture, open-ear Hi-Fi audio, and real-time assistance through a GPT-4o-powered voice assistant—all in a lightweight design with over 40 hours of standby. Founded in 2020, SHARGE first made waves with its 100W power bank, raising over USD 1 million on Kickstarter. In 2023, the company expanded into AI hardware, unveiling China's first mass-produced AI glasses in December 2024. SHARGE projects 2024 revenue to surpass RMB 200 million (USD 27.4 million).
Temu Restricts Store Openings to Two Per Entity
Temu has revised its store-opening policy, effective January 1, 2025. Businesses can now open only two stores per entity—one non-semi-managed and one semi-managed. Merchants with multiple store types cannot add more unless all existing stores are the same type, in which case, special approval may be granted for an additional store. This change aims to streamline platform management and improve service quality by encouraging merchants to focus on core operations. While some may need to consolidate stores, the new policy is designed to create a more sustainable, competitive marketplace.
Kuickwheel’s RICTOR Launches Skyrider X1 at CES 2025
At CES 2025, Kuickwheel's sub-brand RICTOR unveiled the Skyrider X1, the world's first amphibious flying passenger motorcycle. Equipped with four axles and eight propellers, it can reach speeds of 100 km/h and offers up to 40 minutes of flight time. Its smart navigation system autonomously plans routes and adjusts for real-time conditions. Priced at $50,000, the Skyrider X1 has already secured over 200 preorders.
Founded in 2014 in Nanjing, Kuickwheel is a high-tech unicorn focused on eco-friendly urban mobility solutions, including e-scooters, e-bikes, and electric motorcycles. The company excels in R&D, supply chain management, and vehicle production, with its products sold in over 100 countries and recognized for their innovation.
TikTok Shop Hits $32.6 Billion Global GMV
TikTok Shop's global GMV reached $32.6 billion, according to Momentum Works. The US is the largest market, with $9 billion in GMV, followed by Indonesia ($6.2 billion) and Thailand ($5.74 billion). Other notable markets include Vietnam ($4.45 billion), the Philippines ($3.12 billion), Malaysia ($2.72 billion), the UK ($1.55 billion), and Singapore ($39.1 million). The average transaction price in the US ($19.64) is nearly four times that of Indonesia ($4.98) and Malaysia ($4.64), but slightly lower than Singapore ($19.77).
TCL Smart Home to Invest RMB 490 Million in Southeast Asia
TCL Smart Home plans to establish a new production base in Southeast Asia as part of its global expansion strategy. The RMB 490 million (USD 66.84 million) project will cover land, factory construction, equipment, and working capital, with construction expected to take 24 months. The new facility will help meet rising global demand, expand market share, and strengthen product offerings, particularly in high-end cooling appliances. In the first half of 2024, TCL Smart Home saw overseas revenue grow 38% YoY to RMB 6.649 billion (USD 906.93 million), making up 74% of total revenue. Revenue from its own overseas brands surged 54%.
DAMODA Secures Hundreds of Millions in Series A Funding for Global Growth
DAMODA, a leader in drone automation, has raised several hundreds of millions of RMB in Series A funding to advance its AI-driven products and global expansion. Its flagship offering, an autonomous drone swarm system, includes drones, flight control systems, smart storage, and ground stations. Present in over 20 countries, including Japan, South Korea, the US, and the UK, DAMODA generates 30% of its revenue internationally. The company plans further global investment and product expansion, backed by 36 patents and a reputation for safe, high-performance drone shows, including at the CCTV Spring Festival Gala.
Temu to Launch In-Platform Ads in Mid-January
Temu is set to roll out an in-platform advertising feature in mid-January, aimed at helping sellers target and promote their products more efficiently. The tool, available through the seller dashboard, allows sellers to set bids, budgets, and optimize performance analytics to refine ad strategies.
The feature will undergo beta testing from January 11, accessible to U.S.-based semi-managed or local stores with high activity, multiple active product links, and a strong interest in advertising. While some sellers view this as a milestone in Temu's evolution toward a paid advertising model similar to Amazon's, others remain skeptical about the added expense given current limited profit margins.
MINISO to Raise USD 550 Million Through Convertible Bonds for Buybacks and Expansion
On January 6, MINISO Group announced plans to issue USD 550 million in convertible bonds, its first since its dual-primary listing. Half of the proceeds will fund stock buybacks, while the other half will support the company's push for overseas market expansion. Both moves aim to bolster long-term shareholder value and strengthen MINISO's global presence.
Beatbot Introduces RoboTurtle at CES 2025
At CES 2025, Beatbot introduced its RoboTurtle, an advanced amphibious pool-cleaning robot featuring water environment monitoring, biometric tracking, and AI-powered harmful substance sampling. Beatbot, which launched its first-generation products, Beatbot AquaSense Pro and AquaSense, in February, has captured 85% of the high-end pool-cleaning market, generating hundreds of millions in sales. In September 2024, the company completed its Series A financing, bringing its total funding to over RMB 500 million (USD 68.20 million).
Marketplace Pulse: Chinese Sellers Represent Over 50% of Top Amazon Sellers
According to Marketplace Pulse, Chinese sellers now account for over 50% of the top sellers on Amazon, with U.S. sellers at around 45%. The share of active Chinese sellers is even higher, as some international sellers incorporate in the U.S., reducing the actual share of U.S. sellers. Amazon Haul, a new section launched in November 2024, focuses on direct purchases from Chinese sellers, with all participants currently based in China. Meanwhile, Walmart's Chinese seller share has risen to 30% from 20%.
Lenovo Partners with Alat in $2 Billion Deal to Boost MEA Presence
Lenovo and Alat have completed a $2 billion investment deal, marking a key step in Lenovo's global transformation and expanding its presence in the Middle East and Africa (MEA) region. The deal, involving convertible bonds, includes a strategic collaboration to accelerate Lenovo's transformation, enhance its global footprint, and diversify manufacturing. Lenovo will establish a regional headquarters and a sustainable manufacturing plant in Riyadh, Saudi Arabia, contributing to the country's Vision 2030 goals. The facility will produce "Saudi Made" PCs and servers, with production expected to begin by 2026.
Tianlala Marks 10 Years with 8,000 Stores and 100 Abroad
On January 8, Tianlala Fresh Fruit Tea marked its 10th anniversary with over 8,000 stores globally by the end of 2024, across 27 provinces and nearly 100 international locations. Specializing in fresh ice cream, tea, and coffee, the brand has established a strong presence in China's beverage market, with stores in 261 cities and 563 counties. Tianlala has also created over 30,000 jobs and served more than 200 million customers, selling an average of 1.5 million cups of milk tea daily since its 2015 founding.