TikTok Shop Soars to $6.5 Billion in U.S. Sales Through November; Bloks Group Seeks Up to $188 Million in Hong Kong IPO
Latest news and analysis on China’s global e-sellers
Here’s our pick for last week’s news:
TikTok Shop Gears Up for Netherlands Launch in 2025
Pimax Raises Hundreds of Millions in C1+ Funding
Chinese Apps Dominate South Korea's App Rankings
Heytea Expands Overseas with Over 70 Stores and 150 Million Members
TikTok Shop Soars to $6.5 Billion in U.S. Sales Through November
MIXUE Pushes for Hong Kong IPO After Record-Breaking Growth
TikTok Offers Refunds to Advertisers Amid U.S. Ban Threat
Bloks Group Seeks Up to $188 Million in Hong Kong IPO
TikTok Shop to Launch in Mexico with $3M in Subsidies and Local Seller Focus
TikTok Shop Gears Up for Netherlands Launch in 2025
TikTok is set to expand its e-commerce reach in Europe, targeting the Netherlands in 2025. In 2024, it laid a solid foundation, reaching 175 million monthly users in the region. TikTok Shop, initially launched in the UK, is now expanding in Spain, Ireland, and testing in Italy and Germany. It allows businesses and influencers to sell directly through videos and live streams, with live streaming surging 64% YoY. With nearly 43,000 global commercial users, TikTok Shop generates revenue from commissions (9% in the UK) and ads. TikTok's estimated first-half 2024 revenue is $17 billion, up 60% from last year.
Pimax Raises Hundreds of Millions in C1+ Funding
Pimax, a leading VR headset maker, has raised hundreds of millions of RMB in its C1+ funding, marking one of the largest investments in China's VR sector since 2024. Founded in 2015, the company specializes in advanced VR headsets for gaming, cultural tourism, education, and real estate, with 80% of its user base located overseas. Pimax has achieved nearly double revenue growth for three consecutive years. Known for its high-resolution, wide-field VR headsets, Pimax made headlines in 2017 with the launch of the Pimax 8K, the first VR headset with 8K resolution and a 200-degree field of view, raising over $4.23 million on Kickstarter.
Chinese Apps Dominate South Korea's App Rankings
Temu was the most downloaded app in South Korea from January to November 2024, with 18 million installs. According to IGA Works data, Temu surpassed TikTok Lite (10.22 million installs) and Instagram (9.34 million). AliExpress also joined the top five, ranking fifth with 6.58 million installs. This marks a strong year for Chinese apps in Korea, with three making the top five. In November, South Korea's online transactions hit a record of 21.22 trillion KRW (14.43 billion USD).
Heytea Expands Overseas with Over 70 Stores and 150 Million Members
Heytea, a leading Chinese new-style tea brand, has expanded internationally, opening over 70 stores in overseas markets including Singapore, the UK, Canada, Australia, Malaysia, and the US. Its membership base also surged to over 150 million in 2024, marking a 50 million increase from the previous year.
TikTok Shop Soars to $6.5 Billion in U.S. Sales Through November
Spending on TikTok Shop in the U.S. reached $6.5 billion from January to November 2024, with full-year figures expected to surpass $8 billion, driven by strong holiday shopping. Launched in September 2023, TikTok Shop has become the fastest-growing sales channel in U.S. history.
MIXUE Pushes for Hong Kong IPO After Record-Breaking Growth
MIXUE Group, a global bubble tea leader, has relaunched its Hong Kong IPO bid, seeking to capitalize on the booming boba market. The company submitted a new application to the Hong Kong Stock Exchange (HKEX) on January 1, 2025, marking its second consecutive year pursuing a listing, with backing from Bank of America, Goldman Sachs, and UBS, signaling strong investor confidence.
With over 45,000 stores in 11 countries by September 2024, MIXUE is the largest ready-to-drink tea company. Its revenue surged from RMB 22.8 billion (USD 3.11 billion) in 2021 to RMB 47.8 billion (USD 6.53 billion) in 2023, while net profit jumped 58.3% to RMB 3.2 billion (USD 437.12 million). In the first nine months of 2024, the company served 7.1 billion drinks, a 22.5% increase YoY, and reported revenue of RMB 18.7 billion (USD 2.55 billion), up 21.2%.
TikTok Offers Refunds to Advertisers Amid U.S. Ban Threat
Amid the threat of a U.S. ban, TikTok has promised advertisers refunds on down payments for ad campaigns, according to The Information. The move comes as the app faces a January 19 deadline for its Chinese parent, ByteDance, to divest or risk being banned. Despite this, TikTok is challenging the ban, with the U.S. Supreme Court set to hear arguments on January 10. Meanwhile, TikTok's ad sales team is pushing advertisers to boost 2025 spending, with one executive reporting a recommendation to increase ad budgets by 40%. ByteDance reported $17 billion in revenue for the first half of 2024, driven largely by TikTok's success.
Bloks Group Seeks Up to $188 Million in Hong Kong IPO
Bloks Group, a leading Chinese toy maker, is aiming to raise up to HK$1.46 billion ($188 million) through a Hong Kong IPO. The funds will support product development, production expansion, and a self-operated factory set to open in 2026. Known for assembling Ultraman and Transformer toys, Bloks dominates China's character toy market and ranks third globally.
Founded in 2014, Bloks has become China's largest building block toy company. In 2023, its GMV reached RMB 1.8 billion (USD 245.88 million), growing over 170%. Revenue grew from RMB 326 million (USD 44.53 million) in 2021 to RMB 877 million (USD 119.80 million) in 2023, while gross profit surged from RMB 123 million (USD 16.80 million) to RMB 415 million (USD 56.69 million).
TikTok Shop to Launch in Mexico with $3M in Subsidies and Local Seller Focus
TikTok Shop is reportedly to officially launch in Mexico on January 13, allowing local merchants and influencers to join the platform. The influencer sales feature will go live on February 6, followed by the full marketplace launch on February 13. Initially, the platform will feature local sellers, with top vendors from Mercado Libre, TikTok's US market, and Amazon receiving exclusive invites. TikTok is committing $2-3 million in product subsidies, alongside promotions such as half-price deals and two months of commission-free sales and free shipping for merchants. While the details are confirmed, the exact launch timing is still being finalized.