Temu's quarterly GMV increases to $5 billion, Jitu Express set to IPO in Hong Kong on Friday

[Ebrun Original] Temu's quarterly GMV has increased to $5 billion, while Wang Hai exposes fake Hetian jade being sold in Li Jiaqi's livestream; Jitu Express will be listed in Hong Kong on Friday An e-commerce newsletter

Hi, I'm Ebrun Xiaobai, and this is the CEO study room. I have compiled a study material to help you review the most discussed events in e-commerce.

Pinduoduo's sub-brand, Temu, sees a quarterly GMV increase to $5 billion, possibly exceeding annual targets

There are reports indicating that Temu's sales for the third quarter of this year have surpassed $5 billion. During the week of its launch in September, the daily GMV reached as high as $80 million. In the first half of this year, Temu's GMV was close to $3 billion, which means that in September alone, Temu's sales were approximately on par with the first half of the year.

Driven by "Black Friday" and Christmas promotions, Temu may surpass its annual GMV target of $15 billion. According to CICC's forecast, this figure could reach $18 billion, which is approximately 60% of SHEIN's GMV in 2022 (36Kr Future Consumption).

Wang Hai exposes fake Hetian jade sold in Li Jiaqi's livestream

On October 24th, well-known counterfeit exposer Wang Hai released a video, claiming that the Hetian jade sold in Li Jiaqi's livestream is fake. Wang Hai stated that consumers who purchased the "Mandarin Duck Golden Tower" and Hetian jade necklace in Li Jiaqi's livestream were identified by the NGTC laboratory as "carbonaceous-fluorite-jadeite", which "is not Hetian jade at all, and the appraisal certificate is also fake.” After consumers (complained to the merchant), "Mandarin Duck Golden Tower directly transferred 50,000 RMB to the consumers via WeChat in the hope of settling the matter, but this was rejected by the consumers." At present, the product has been removed from the shelves (Banzhizai Online).

Cainiao enhances Tmall's Double 11 logistics supply chain guarantee

During Tmall's Double 11 promotion, for "selected warehouse delivery" merchants, Cainiao will work with Taobao and Tmall to achieve end-to-end delivery to customers’ doorsteps, with timing commitments visible for consumers of electronic consumer goods, such as doorstep delivery and logistics timing information available before placing an order, among other locations on product description pages.

It is introduced that in Mainland China, Cainiao's warehouse and delivery form the integrated supply chain service of Cainiao Warehouse Distribution, which delivers presold parcels by sinking them to express delivery outlets in advance, realizing a greater scale of same-day delivery. Cainiao Express will continue to make doorstep delivery a standard feature, and Cainiao Post Stations will continue to provide on-demand doorstep services in core cities across the country.

Xicha announces plans to gradually disclose all product formula ingredients and related information

Xicha announced on Weibo that it will gradually disclose all formula ingredients, nutritional components, and ingredient traceability for all products currently on sale. Currently, Xicha has publicly disclosed the formula ingredients for over 40 products through the "Xicha GO" WeChat mini-program. The first batch of products that have completed third-party testing have also simultaneously launched nutritional component reports.

Hangzhou responds to rumors about banning livestreaming e-commerce: It's not true

Recently, the news that "Hangzhou has begun to implement a pilot program to ban livestreaming e-commerce in certain markets" has spread online, attracting attention. In response, the relevant person in charge of the Hangzhou Municipal Bureau of Commerce stated on the 24th,”The so-called 'Hangzhou announcement to ban livestreaming e-commerce' and 'has started implementing a pilot to ban livestreaming e-commerce in certain markets' is not true, this is a rumor!"

L'Occitane's sales in the first half of the year increased by 18.5% year-on-year

L'Occitane Group released its financial report for the first half of the 2023 financial year. In the six months ending in late September, L'Occitane's sales increased by 18.5% to 1.07 billion euros, representing a growth of 24.9% when calculated at a fixed exchange rate. The growth was mainly driven by the outstanding performance of its subsidiary brand, Sol de Janeiro, and the steady growth of the L'Occitane brand in China. According to the report, sales of the L'Occitane brand in China achieved double-digit growth in the first half of the year (Official Website)

Jitu Express to conduct Hong Kong IPO on Friday at an issue price of HK$12

Jitu Express's IPO issue price in Hong Kong has been set at HK$12 per share and is scheduled to be listed on the main board of the HKEX on October 27. It is expected that the net proceeds from the sale will be 3.53 billion Hong Kong dollars. The retail portion was oversubscribed 1.36 times (Cailian Press)

B2B logistics platform Inteluck secures $34 million in financing

Southeast Asia's technology-driven logistics platform Inteluck has announced the completion of a $34 million Series C financing. This round was led by private equity firm Navegar, which focuses on the Philippines market, with existing shareholder East Ventures continuing to invest, and Qianci Capital acting as the exclusive financial advisor. Established in 2014, Inteluck, headquartered in Singapore, is a B2B logistics platform serving Southeast Asian and Chinese overseas enterprises. Its business covers markets such as the Philippines, Thailand, and Vietnam, and is expanding continuously.