Week #28: Alibaba Upgrades to Dual Primary Listing in Hong Kong | Anker Innovations' H1 2024 Financials: Amazon Revenue Hits $700M
Latest news and analysis on China’s global e-sellers
Here’s our pick for last week’s news:
Lanyu Digital Targets ChiNext IPO to Raise 500M RMB
UPPERVOID Secures Multi-Million RMB in New Funding
EasyYa Bags 150M RMB to Boost AI-Driven SaaS System
Alibaba Upgrades to Dual Primary Listing in Hong Kong
Anker Innovations' H1 2024 Financials: Amazon Revenue Hits $700M
Chervon H1 2024: Revenue Hits $816M with Profit Soaring 25.6% Amid Sales Recovery
UGREEN's Overseas Sales Surge 44.43% to Dominate Over Half of Total Revenue in H1 2024
Huakai Yibai H1 2024: Revenue Reaches $494.36M, with 72.75% from Amazon
SHEIN Officially Announces Its Entry into the Colombian Market
MINISO's 2024 H1: Overseas Sales Jump 43% to $383.52M, with Global Stores Reaching 6,868
Roborock's 2024 H1: Revenue Hits $620.37M with Profits up 51.57%
Lanyu Digital Targets ChiNext IPO to Raise 500M RMB
Lanyu Digital is gearing up for an IPO on the ChiNext board, aiming to raise around 500 million RMB ($70.24 million). Since its founding in 2010, the company has emerged as the leader in China's digital textile printing industry. The company's innovations have reduced reliance on imported inks and cut costs for customers, driving the industry towards more eco-friendly practices.
Lanyu ranks in the top three for digital ink in China and has seen steady global growth, reaching a 10.66% share by 2023. With a presence in key domestic and international markets, including Los Angeles and Surat, Lanyu's overseas revenue, particularly from India, Pakistan, and Mexico, has significantly increased, making up over 32% of its business income in recent years.
UPPERVOID Secures Multi-Million RMB in New Funding
UPPERVOID has secured a new round of funding amounting to tens of millions of RMB. The investment was led by One Capital, along with strategic partner MEIER FASHION, a key supplier for major global brands like ESPRIT. This marks UPPERVOID's third round of funding, following previous investments from K2VC and One Capital.
Founded in 2021, UPPERVOID has been making high-quality outdoor gear with cutting-edge materials and craftsmanship, with offerings include gear for hiking, trekking, trail running, and snow sports. UPPERVOID now has three stores of its own and over 20 partner retailers.
In 2024, the brand is ramping up their global presence, already in places like France, Italy, and Japan, with plans to open over 400 new sales locations in Europe and North America over the next three years. The brand has also set up operations in Switzerland and the US, with a new website launching in August to serve customers in more than 15 countries. UPPERVOID is also working with major US outdoor retailers REI and BASS PRO SHOP to expand its international reach, with its first quarter of overseas sales already outpacing those of Greater China.
EasyYa Bags 150M RMB to Boost AI-Driven SaaS System
EasyYa, the leading data-driven platform for cross-border supply chain, has wrapped up a new financing of 150 million RMB ($21.07 million). The money will be directed towards enhancing their intelligence SaaS system for factories, expanding product selection tools for platforms like TikTok, and furthering their international market expansion with a diverse range of channels.
Founded in 2020 and headquartered in Guangzhou, EasyYa offers e-commerce analytic tool, supply chain procurement platform and related financial products for e-commerce sellers around the world. As of May 2024, EasyYa boasts over 20,000 daily active users, more than 150,000 registered sellers, and over 4,000 factories. In 2023, the GMV of EasyYa's self-operated products on the e-mall exceeded 1 billion RMB ($140.48 million).
Alibaba Upgrades to Dual Primary Listing in Hong Kong
On August 28, Alibaba Group announced its successful dual primary listing, marking a new milestone with its presence on both the Hong Kong and New York stock exchanges. This dual listing opens up broader investor opportunities and enhances market recognition, providing investors with more choices and better protection. With this setup, Alibaba's status on the Hong Kong stock market remains secure even if it delists from the U.S., ensuring a more stable future and safeguarding against potential short-selling by institutions like Muddy Waters. The move also brings more certainty to Alibaba's market position and reassures investors.
On August 23, 2024, Alibaba announced its intention to list primarily in Hong Kong, with the official listing taking place on August 28. Following the announcement, Alibaba's stock surged by 3% in the U.S., hitting a new high since May, and the company's market value exceeded $200 billion, or about 1.4 trillion RMB. Additionally, Alibaba’s recent Q2 earnings report shows growth in both revenue and profit. The company is on a path to reclaim its former glory.
Anker Innovations' H1 2024 Financials: Amazon Revenue Hits $700M
On August 29, Anker Innovations released its financial results for the first half of 2024. The company saw strong performance, with revenue surpassing $1.35 billion, a 36.55% increase over the previous year, and a net profit of about $122.5 million. Anker's diverse product range includes six key brands, such as Anker for charging devices, eufy for smart home products, and soundcore for Bluetooth audio, among others. These brands fall into three main categories: energy storage, smart innovations, and smart audio-visual products.
In the first half of the year, Anker's energy storage products generated $698.9 million, growing 42.81% from the previous year and making up over half of the company's total revenue. The smart innovation products brought in $331.54 million, a 35.33% increase, while the smart audio-visual category earned $324.38 million, up 30.84%.
North America continues to be Anker's largest market, contributing nearly 48% of revenue. Europe and Japan are also significant markets for the company. On the sales front, Anker earned $708.32 million through Amazon, up 27.71% year-over-year, while revenue from its six independent websites surged by 102.85% to 129.95 million.
Chervon H1 2024: Revenue Hits $816M with Profit Soaring 25.6% Amid Sales Recovery
Chervon Group released its financial results for the first half of 2024, reporting $816 million in revenue, a 10.5% year-over-year increase. The company's profit for the period reached $62 million, marking a 25.6% rise from the previous year, with adjusted net profit also at $62 million, up 24.4%. This positive growth is attributed to the recovery in terminal sales and an increase in customer orders.
Founded in 1993, Chervon is a top player in the global market for power tools and garden tools, with products available in over 100 countries. Up to now, Chervon has taken two entities public: Chervon Auto on the China stock in 2019 and Chervon Holdings on the Hong Kong Stock Exchange in 2021, making it the first power tool company listed on the exchange. The company owns five key brands: EGO, FLEX, SKIL, DEVON, and X-TRON.
Today, Chervon operates across multiple regions, including Nanjing, North America, Europe, Australia, Vietnam, and Japan, with a global workforce of over 10,000 employees. In 2023, the company generated $1.375 billion in revenue. In the first half of 2024, Chervon earned $552 million from North America (up 13.8%), $172 million from Europe (down 1.5%), $64 million from China (up 18.2%), and $27 million from other regions (up 11.8%).
UGREEN's Overseas Sales Surge 44.43% to Dominate Over Half of Total Revenue in H1 2024
UGREEN reported its half-year financial results for 2024. The company pulled in $385.34 million in revenue, up 29.31% from last year, while net profit attributable to shareholders rose by 11.30% to $29.08 million. Breaking it down by market, UGREEN's domestic revenue saw a 14.37% rise to $172.09 million, while international revenue soared by 44.43% to $212.97 million, making up 55.31% of total revenue.
Founded in 2012 in Shenzhen, UGREEN specializes in the R&D, production, and sales of 3C consumer electronics, with products spanning five categories: transmission, audio-video, charging, mobile peripherals, and storage. With the "UGREEN" brand as its foundation, the company's overseas customers primarily hail from developed markets like Europe and the Americas. During the reporting period, revenue from Europe and the Americas grew by 43.90% and 54.14%, respectively. The company is also pouring more money into R&D, with a 42.42% increase to $19.53 million, far outpacing its revenue growth.
Huakai Yibai H1 2024: Revenue Reaches $494.36M, with 72.75% from Amazon
Shenzhen-based top seller Huakai Yibai announced its financial performance for the first half of 2024. The company reported a revenue of $494.36 million, up 17.6% from last year, but their profits saw a sharp drop of 41.5% to $18.68 million. A significant portion of the revenue, $359.64 million, came from Amazon, accounting for 72.75% of the total revenue, while new platforms like Temu and TikTok contributed around 13.50%.
The decline in profit was mainly due to the company's expansion into new markets and the need for stocking up ahead of the peak season. Currently, The company's main markets are in Europe and North America, but it's also eyeing Asia and Africa. The expansion has led to increased labor and operational costs as new business teams are set up.
Huakai Yibai started out with a huge variety of products and has since built a vast inventory of around 1.04 million SKUs by 2023. These SKUs cover various categories, like automotive parts, industrial goods, home and garden items, health and beauty products, and outdoor gear. Most of the categories have stable demand, less competition, and typically feature products priced between $10 and $20, with long life cycles and slow turnover.
SHEIN Officially Announces Its Entry into the Colombian Market
SHEIN has made its debut in Colombia. In Q1 2024, Colombia's online transactions totaled 15.4 trillion pesos ($3.7 billion), up 1.73% from last year, with 93 million orders placed, a 6.65% increase, according to the Colombian eCommerce Association. With its entry, SHEIN will offer a full range of services, including online payments, free shipping, and a virtual mall, breathing new life into Colombia's digital marketplace while also creating challenges for local small and medium fashion businesses.
MINISO's 2024 H1: Overseas Sales Jump 43% to $383.52M, with Global Stores Reaching 6,868
MINISO has unveiled its 2024 half-year performance. The company achieved a revenue of $1.09 billion, up 25% from last year. Domestic sales brought in $706.63 million, up 17%, while overseas sales hit $383.52 million, a 43% jump, with more than half of that coming from self-run stores. By mid-2024, MINISO had expanded to 6,868 stores worldwide, with 455 new stores added.
In China alone, the store count reached 4,115 with 189 new openings. The company's overseas business also saw significant growth, with 266 new stores, marking the highest mid-year increase since its global expansion. In the U.S., where MINISO now operates over 200 stores, it has become the largest Asian retail brand in terms of physical store presence, covering 40 states.
Roborock's 2024 H1: Revenue Hits $620.37M with Profits up 51.57%
Roborock reported strong results for the first half of 2024, with revenue of $620.37 million, a 30.9% increase from last year, and profits soaring 51.57% to $157.48 million. The company also poured $57.60 million into R&D, growing its team by 57.52% to 786 people, and bagged 267 new patents.
Roborock's products are now available in over 170 countries, serving more than 15 million households globally. In 2023, the company topped the global market for robot vacuum sales, according to Euromonitor International. After entering the U.S. retail market last year, Roborock is now in over 1,400 Target and 1,000 BestBuy stores, covering more than 700 cities across the country.
In Europe, Roborock is a market leader in regions like Northern Europe and Germany, where they topped sales and revenue in Q1 2024. The Asia-Pacific region is also a stronghold for Roborock, with leading sales in markets like South Korea and Turkey. The company is now setting up local teams to tap into even more markets.