New Consumer Daily, May 18. The main details of this week's cross-border overseas trips include: Shopee's revenue in the first quarter was 2.7 billion US dollars; Fujian Province's cross-border e-commerce exports reached a record high in the same period in the first 4 months; and the number of newcomers to Yiwu has increased by 77.5% since April.

Industry highlights

Mingchuang Premium accelerates overseas expansion plans to open 600 new stores

Zhang Jingjing, chief financial officer of Mingchuang Premium, said in an interview that the company plans to open nearly 400 stores in China this year and about 600 new stores overseas. Zhang Jingjing said that in the next two to three years, overseas markets are expected to account for more than half of Mingchuang Premium's sales, up from about 35% last year. Zhang Jingjing also revealed that currently over 10% of the company's sales come from online, compared to less than 1% before the pandemic.

Xiaopeng Motors will launch G6 and X9 models in Hong Kong

On May 17, Xiaopeng Motor said that the G6 electric SUV and X9 seven-seater will both land in Hong Kong in the second half of this year. The G6's “one-for-one” intended price starts at HK$299,900, and the X9 is within HK$500,000 before intention tax. The car will be equipped with a next-generation voice control system that can recognize Cantonese.

Amazon Japan announced a reduction in referral fees for products with low customer unit prices

On May 15, Amazon Japan announced that from June 1, the referral fee will be reduced to 5% for all products with a customer unit price of less than 750 yen (excluding books, music, DVD, video games, and Amazon device accessories), with a minimum charge of 30 yen. Additionally, starting June 1, Amazon will also charge a minimum referral fee of 30 yen per item for grocery food and beer products.

Since 2024, Amazon has announced a reduction in sales commissions for low customer unit price clothing products at various sites in the US, Europe, Japan, and Canada. This new initiative aims to drive and motivate sellers to provide customers with more products and competitive prices, while continuing to help sellers achieve business growth and success.

Ziyan Baiwei Chicken opens its first store in Australia

Ziyan Baiwei Chicken opened its first store in Australia on May 12. The store is located in BoxHill, Melbourne, Australia. According to reports, Ziyan Baiwei Chicken will further explore overseas markets and enter the Australian and US markets one after another. In addition to Melbourne, Ziyan Baiwei Chicken will later enter other Australian cities such as Sydney and Brisbane.

Shopee's revenue for the first quarter was $2.7 billion

Shopee's parent company, Sea Limited (Sea Limited), announced that total revenue for the first quarter of 2024 was US$3.7 billion, up 22.8% year on year; total net loss was US$23 million, compared with total net profit of US$87.3 million for the same period last year; adjusted EBITDA was US$401.1 million compared to US$507.2 million for the first quarter of 2023.

In the current quarter, total e-commerce business orders were 2.6 billion copies, up 56.8% year on year; GMV was US$23.6 billion, up 36.3% year on year; total revenue (US GAAP standards) was US$2.7 billion, up 32.9% year on year, including GAAP market revenue of US$2.4 billion.

Industry data at a glance

Fujian's cross-border e-commerce exports reached a record high in the same period in the first 4 months

Fujian's cross-border e-commerce exports in the first 4 months of this year reached 80.8 billion yuan, an increase of 105.5% over the same period last year, a record high for the same period in history. According to the data, cross-border e-commerce export trade in Fujian Province is dominated by direct cross-border purchases, accounting for 78.8% of total exports.

Among them, exports of mechanical and electrical products were 26.78 billion yuan, up 120.9% year on year; export value of clothing and accessories products was 7.6 billion yuan, up 193.6% year on year; export value of plastic products was 7.46 billion yuan, up 192.2% year on year. In addition, exports of cultural products and high-tech products increased by 194.5% and 189.8%, respectively.

The number of new Yiwu merchants going overseas has increased by 77.5% since April

According to data from Ali International Station, since April 2024, the number of new merchants on the international website in Yiwu has surged 77.5% over the same period last year. Recently, the Zhejiang Provincial Department of Commerce and the Yiwu Municipal Government and Ali International Station also launched the “Dynamic Zhejiang Merchants Overseas Insurance Plan” to provide definitive business opportunity guarantees, transaction efficiency, and talent transfer service systems for the vast majority of Zhejiang merchants, including Yiwu merchants.