1.Temu's GMV Reaches $20 Billion in the First Half of 2024

On July 24, it was reported that Temu, the e-commerce platform under Pinduoduo, achieved a GMV (Gross Merchandise Volume) exceeding $20 billion in the first half of 2024, surpassing the total GMV for the previous year. In the first half of this year, Temu's sales reached approximately $20 billion, with the second quarter's GMV around $12 billion and the US market accounting for nearly 45%. In comparison, the total sales for 2023 were $18 billion, while TikTok's e-commerce transaction volume in 2023 was about $20 billion.  

Source: 36Kr

2. World's Largest Freight Forwarder Reports H1 Performance

On July 24, Kuehne+Nagel, the world’s largest sea and air freight forwarder, released its performance report for the second quarter and first half of 2024. For the first half of the year, net turnover was CHF 11.554 billion (approximately $12.981 billion), down 9% year-over-year; EBITDA was CHF 1.185 billion (approximately $1.331 billion), a 22% decrease; EBIT was CHF 778 million (approximately $874 million), down 32%. In the second quarter alone, net turnover was CHF 6.046 billion (approximately $6.792 billion), up 1% year-over-year. Specifically, in the sea freight segment, net turnover was CHF 4.057 billion, a 17% decline year-over-year; in air freight logistics, net turnover was CHF 3.392 billion, down 4% year-over-year; air cargo volume reached 1 million tons, a 5% increase. Kuehne+Nagel attributed strong air freight demand to the Red Sea crisis, which led some clients to seek faster transport solutions.  

Source: Kuehne+Nagel

3.Cainiao Successfully Transports Materials for Paris Olympics  

On July 24, With the Paris 2024 Olympics approaching, the General Administration of Sport of China and Cainiao Group held a logistics donation and handover ceremony at Cainiao’s Paris distribution center. Cainiao’s Vice President, Niu Zhijing, announced that Cainiao will provide full-chain cross-border express services for the “China House,” “Training Camp,” and “Support Camp” materials, ensuring their safe delivery. The materials, which varied in shape, weight, and volume, were successfully transported from China to Paris using Cainiao’s French logistics network. Cainiao currently covers over 200 countries and regions with its global smart logistics network. In France, Cainiao has established a local delivery network with pick-up points, overseas warehouses, and distribution centers, covering most cities and regions.  

Source: Cainiao Group

4.UPS Announces Acquisition of Parcel Company

On July 24, UPS announced that it has agreed to acquire Mexican parcel delivery company Estafeta to expand its nearshore operations. UPS stated that this acquisition is an extension of the commercial agreement reached between the two companies in 2020. The company did not disclose the financial terms of the transaction. The deal is expected to be completed by the end of this year.  

Source: Global Market News

5.SF Express Completes $500 Million Bond Issuance

On July 24, SF Express announced that its wholly-owned subsidiary, Tyson Holdings, has completed the issuance of corporate bonds (Phase 2) for 2024 aimed at professional investors. The issuance amount is RMB 500 million. This not only benefits SF Express’s business development but also demonstrates SF Express’s strength in the capital market and market confidence in its long-term strategy.  

Source: Logistics Network

6. Shenzhen Airport's Air Cargo for Cross-Border E-commerce Reaches 138,000 Tons  

On July 24, Shenzhen Airport Co., Ltd. announced that in the first half of 2024, it opened new direct air cargo routes for cross-border e-commerce to Paris, London, Mexico City, and other destinations. This has driven continued high growth in air cargo for cross-border e-commerce. As of the end of June 2024, the airport's air cargo volume for cross-border e-commerce reached 138,000 tons, a 68.5% year-over-year increase.  

Source: Shenzhen Business News

7. Amazon Global Store Launches on JD.com

On July 24, Amazon Global Store announced that its official flagship store has launched on JD.com and entered trial operation. The store is set to officially open during the global shopping season on Black Friday 2024.  

Source: China Securities Net

8. TikTok Shop Plans to Launch in Spain and Ireland in October

On July 24, TikTok announced plans to launch its in-app shopping platform, TikTok Shop, in Spain and Ireland as early as October. The company has recently informed partners, including merchants and content creators, about the upcoming launch. TikTok Shop has already recruited a team of around 40 people in Spain and is also hiring Spanish-speaking staff in Madrid and London for logistics, compliance, and strategy roles.  

Source: Interface News

9. TikTok Shop Introduces Peak Season Strategy for the US Market  

On July 24, TikTok Shop's cross-border e-commerce platform launched a peak season strategy for the US market, aimed at helping merchants achieve pulse growth. During the major sales event in the first half of the year, TikTok Shop achieved significant results, with a record GMV for a single day during the mid-year sale.  

Source: AMZ123

10. Savi Technology Reports H1 Performance

On July 24, Savi Technology disclosed its performance forecast, expecting revenue for the first half of 2024 to be between RMB 4.15 billion and RMB 4.25 billion, a year-over-year increase of 49.66%-53.26%. Net profit attributable to shareholders is expected to be between RMB 228 million and RMB 248 million, up 51.64%-64.94% year-over-year. The non-recurring net profit is forecasted to be between RMB 202 million and RMB 222 million, up 41.84%-55.88%. As of the close on July 18, Savi Technology's current P/E ratio (TTM) is approximately 20.32-21.3 times, P/B ratio (LF) is about 3.67 times, and P/S ratio (TTM) is about 1.1 times.  

Source: China Securities Journal

11. Alibaba to Launch B2B Platform for South Korean Companies

On July 24, Alibaba announced that it will officially launch a B2B platform dedicated to South Korean companies on August 8, expanding its reach into South Korean product direct sales overseas. The platform will offer Korean and English translation APIs to help small and medium-sized Korean enterprises promote their products to global buyers without barriers. Alibaba aims to support more than 5,000 South Korean SMEs in entering the global B2B market.  

Source: Gelo Exchange

12. Cathay Pacific's Cargo Volume Up 12% in June

On July 24, benefiting from increased pharmaceutical cargo and continued growth in cross-border e-commerce, Cathay Pacific's cargo volume grew by 12% in June. The airline transported 124,600 tons of cargo in June, with revenue ton kilometers (RFTKs) up 5.6% year-over-year. Cargo load factor decreased by 2.1 percentage points to 59.6%, while available cargo ton kilometers (AFTKs) increased by 9.4%. Compared to the same period in 2023, the cargo volume for the first six months of 2024 grew by 10.5% to 719,500 tons, and AFTKs increased by 11.4%, with RFTKs up by 4.6%.  

Source: Air Cargo News

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