TikTok Hits Record with $6B in Annual In-App Purchases; Temu Partners with Nuvei to Expand Global Payment Options
Latest news and analysis on China’s global e-sellers
Here’s our pick for last week’s news:
TikTok Hits Record with $6 Billion in Annual In-App Purchases
Temu to Launch Local-to-Local Model in Canada
SHEIN Overtakes Rivals as World's Most Visited Fashion Site
AliExpress Sees over 100% Surge in Projector Sales in 2024
Temu Partners with Nuvei to Expand Global Payment Options
TikTok Doubles Down on Thailand with $8.8 Billion Investment
Insta360 Poised to Go Public on China's STAR Market
IAG Group Files for Beijing IPO
Rongpeng Air Tools Targets 202 Million RMB in Beijing IPO
TCL Becomes Official Partner of the Olympics
Xiaomi Auto Set for Global Launch by 2027
TikTok Hits Record with $6 Billion in Annual In-App Purchases
In 2024, TikTok (including Douyin) became the first app to exceed $6 billion in annual in-app purchase (IAP) revenue. In comparison, Monopoly GO, a major U.S. game, earned nearly $2.6 billion, less than half of TikTok's total. TikTok's IAP revenue comes mainly from TikTok Coins, used for tipping creators, buying virtual goods, or unlocking exclusive content. The platform takes a 50% cut from virtual gift transactions. Sensor Tower data shows TikTok set a record of $1.9 billion in IAP revenue in Q4 2024. Among non-gaming apps, only YouTube and Google One generated more revenue annually than TikTok did in just one quarter.
Temu to Launch Local-to-Local Model in Canada
This month, Temu will open its platform to Canadian sellers, with the local-to-local model requiring merchants to be registered in Canada and handle inventory and fulfillment locally. After entering Canada in 2023, Temu became the country's most downloaded app by the end of 2024. The model has already been rolled out in over ten markets like the U.S., U.K., Mexico, and Spain. In 2024, Temu topped app download charts in over 40 countries, with downloads up 69% YoY, reaching 550 million. By December, global downloads neared 900 million.
SHEIN Overtakes Rivals as World's Most Visited Fashion Site
As of January 2025, SHEIN (shein.com) has claimed the top spot as the world's most visited fashion and apparel shopping site, according to Semrush data. It surpasses competitors Mercari (mercari.com) and Zara (zara.com), which rank second and third. Remarkably, SHEIN's monthly traffic is double that of Zara's.
AliExpress Sees over 100% Surge in Projector Sales in 2024
Global projector shipments are estimated to reach 19.77 million units in 2024, a 5.4% increase, with overseas markets growing faster at 8.3%, according to RUNTO data. China continues to dominate, controlling 80% of global LCD optical engine shipments in 2023, a share that's rising in 2024. AliExpress reports a 100%+ increase in projector sales in 2024, with European and North American markets growing over 200%. High-end models like 4K and smart projectors now account for nearly half of sales, driving Chinese manufacturers up the value chain. And new brands like Shenzhen-based Magcubic, launched in 2023, have already cracked the global top 10.
Temu Partners with Nuvei to Expand Global Payment Options
On February 28, Temu revealed a new partnership with Canadian fintech firm Nuvei to offer more localized payment options for its global users. Operating in over 200 markets, Nuvei supports 150 currencies and 720 alternative payment methods, covering 50 regions. This collaboration brings a range of local payment solutions to Temu users, including Konbini, au Pay, and Payeasy in Japan, MBWay, Blik, and P24 in Poland, Bancontact in Belgium, iDeal in the Netherlands, and Multibanco in Portugal. The service will soon expand to Colombia, Chile, and Canada.
TikTok Doubles Down on Thailand with $8.8 Billion Investment
After regulatory challenges in the U.S. and Indonesia, TikTok is taking a proactive approach. The company's VP of Public Policy, Helena Lersch, met with Thailand's Prime Minister and announced an $8.8 billion investment over five years to enhance the country's digital infrastructure, including data centers and content hubs. Thailand is Southeast Asia's fastest-growing e-commerce market, with TikTok Shop reaching $5.9 billion in sales last year and more than 3 million Thai sellers on the platform.
Insta360 Poised to Go Public on China's STAR Market
On February 27, the China Securities Regulatory Commission approved Insta360's IPO registration on the China's STAR Market, officially known as the Shanghai Stock Exchange Science and Technology Innovation Board. Founded in 2015, Insta360 has led innovation in intelligent imaging. The company surpassed 1 billion RMB ($137.62 million) in revenue for the first time in 2021 and doubled that figure to 2 billion RMB ($275.24 million) in 2022. In 2023, Insta360 achieved nearly 4 billion RMB ($550.48 million) in revenue, with around 80% from international markets, particularly in Europe, the U.S., Japan, and South Korea. The company's products are now sold in over 200 countries and regions globally.
IAG Group Files for Beijing IPO
Shenzhen-based IAG Group Ltd has filed for an IPO on the Beijing Stock Exchange after debuting on the New Third Board in October 2024. Founded in the 1990s, the company offers home audio systems and professional audio equipment. In 2022 and 2023, IAG's revenue reached $56.70 million and $62.19 million, with net profits of $4.55 million and $7.37 million, respectively. A big chunk of their income comes from abroad, particularly Japan, the UK, the US, and Germany, which together accounted for nearly 37% of their total revenue in both years.
Rongpeng Air Tools Targets 202 Million RMB in Beijing IPO
Zhejiang Rongpeng Air Tools, a leading pneumatic tools manufacturer, is seeking an IPO on the Beijing Stock Exchange, with its listing currently under inquiry. The company aims to raise 202 million RMB ($27.73 million). Established in 1998, Rongpeng specializes in pneumatic tools like nail guns, spray guns, and impact wrenches. Its products are sold in over 100 countries, including major markets in Europe, the Americas, and Asia. From 2021 to 2023 and the first half of 2024, the company saw revenue of $75.92 million, $66.86 million, $58.76 million, and $30.34 million, respectively.
TCL Becomes Official Partner of the Olympics
The International Olympic Committee (IOC) has named TCL a Worldwide Olympic and Paralympic Partner through 2032, making the global tech giant the official partner in the Home Audiovisual Equipment and Home Appliances category.
Following the announcement, TCL's founder and chairman, Li Dongsheng, discussed the ongoing shifts in the global industrial landscape, highlighting the growing trend toward regionalization and localization. Li identified emerging markets, particularly Brazil, as key growth areas for Chinese manufacturing. With manufacturing bases in nine countries, including Brazil, Vietnam, and Mexico, TCL is strategically positioned to serve key regions such as Southeast Asia, Europe, and the Americas, with plans to continue expanding in these emerging markets.
Xiaomi Auto Set for Global Launch by 2027
Xiaomi president William Lu revealed plans to take the company's automotive business global by 2027 during his visit to the Mobile World Congress in March. He also outlined a 2025 strategy to expand Xiaomi's home appliances internationally. At MWC, the company unveiled the SU7 Ultra luxury sedan and the Xiaomi SU7, though neither is available in overseas markets yet.
On February 27, Xiaomi launched its new flagship phone and car model. The SU7 Ultra, priced at 529,900 RMB ($72,750), started deliveries in April 2024, having sold 135,000 units that year. For 2025, the company aims to hit 300,000 car sales. Xiaomi's Q3 2024 earnings showed a 52.3% growth in its automotive and innovation sectors, generating 9.7 billion RMB ($1.33 billion) in revenue.
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