Aihuishou debuts, Huitongda to come
Auihuishou is a used electronic reseller store. it has debuted on the New York Stock Exchange on June 18. Aihuishou is backed by JD.com. It saw its shares jumping up to 23% on the first trading day.
Huitongda is a supply chain service to users and retailers in China. It has filed for an IPO to be listed in Hong Kong on June 18. Its key investors include China International Capital Corporation, Citibank, and China Renaissance. The revenue has grown from RMB 29.8 billion to RMB 49 .6 billion from 2018 to 2020. This result has been seen despite operating at a loss.
618 shopping festival
The 618th shopping festival saw Chinese brands performing very well. According to Citic Securities, 73% of the local brands did more than RMB 100 million in sales. For example, Realme is a Chinese smartphone maker. It saw its sales surge 30 times from last year. Furthermore, domestic cosmetic brands Perfect Diary and Florasis topped the sales chart in the cosmetics and fragrance category.
JD.com’s total transaction volume increased by 28%, i.e. RMB 343.8 billion. While Suning.com’s sales volume was up 129% compared to last year. ByteDance’s short video platform, Douyin launched its own version of 618. They called it the “Good Things Festival.” They paired brands with live streamers in thousands of limited-time promotional events.
Amazon bans three Chinese brands
Amazon banned three Chinese merchants after they solicited positive reviews with gifts. The brands, RAVPower power banks, Taotronics earphones, and VAVA cameras, were found offering gift cards to customers in exchange for good reviews. Hence, they were subsequently barred from selling on the platform on June 16. Shenzhen-based electronics company Sunvalley owns the three brands.