1. SHEIN Announces New Partnership with MONSE

On August 8th, fashion and lifestyle online retailer SHEIN announced a new partnership with luxury fashion brand MONSE. Previously, SHEIN has launched co-branded products with several IPs, including Superman, Batman, Tom and Jerry, and Harry Potter, and sold them globally through its platform.

Source: 36Kr

2. Cainiao Exits Worldwide Logistics Shareholder List

On August 8th, Shanghai Worldwide Logistics (Group) Co., Ltd. underwent a business change, with its registered capital reduced from 8.79267 trillion RMB to 4.633 trillion RMB. Data shows that Zhejiang Cainiao Supply Chain Management Co., Ltd. exited the shareholder list, previously holding a 13.53% stake. On September 7, 2020, Zhejiang Cainiao Supply Chain Management Co., Ltd. became an investor in Shanghai Worldwide Logistics, holding a 10.33% stake, making it the third-largest shareholder. On that day, Worldwide Logistics' registered capital increased to 115 million RMB. On January 30, 2022, Cainiao Supply Chain increased its stake in Worldwide Logistics to 13.53%.

Source: Express Ecosystem

3. Cross-Border Brand "Stepin" Secures Tens of Millions in Financing

 On August 8th, cross-border jewelry brand "Stepin" recently completed an angel round financing of tens of millions of RMB, led by New Moon Capital and 99 Capital, with other industry institutions and angel investors participating, and Wave Capital acting as the exclusive financial advisor. This round of funding will be used for product development and technology research, expanding channel capabilities, recruiting professional talent, and conducting intelligent product testing for different country markets.

 Source: 36Kr Pro

4. Jiahong Logistics' Half-Year Net Profit Increases by 20% Year-On-Year

 On August 8th, Jiahong Logistics announced that compared to the same period in 2023, the group’s EBITDA for the six months ending June 30, 2024, is expected to increase by no less than 40%. It is also expected that the group’s net profit and revenue for the six months ending June 30, 2024, will increase by no less than 20% and 15%, respectively, compared to the same period in 2023.

Source: Jiahong Logistics

5. TEMU Faces Increased Regulation in Another Country

On August 8th, it was reported that Thailand has officially moved to include Chinese e-commerce platform TEMU in its tax system. The government has also tightened regulations on imported products, requiring all imported electrical products to meet standards and obtain certification marks. Previously, TEMU was listed by the EU as a very large online platform, requiring more resources and effort to ensure compliance with EU legal standards in tax compliance and overseas warehouse coordination. TEMU has also been certified under a Brazilian government tax incentive program, exempting import fees for goods under $50.

 Source: Cross-Border E-Commerce Logistics Expert

6. Incheon Air to Acquire Asiana Cargo Business for 470 Billion KRW

On August 8th, Korean Air announced that Incheon Air has signed an agreement to acquire Asiana Airlines’ cargo business for 470 billion KRW. Earlier reports indicated that Korean Air planned to acquire nearly two-thirds of Asiana Airlines for approximately $1.4 billion, but the EU antitrust authorities required the sale of Asiana Airlines’ cargo business before approving the transaction.

Source: Reuters

7. Maersk Releases Second Quarter Financial Report 

On August 8th, Maersk released its unaudited financial results for the second quarter and the first half of 2024. In Q2 2024, Maersk achieved a revenue of $12.77 billion, a 1.7% year-on-year decrease; EBIT was $960 million, a 40.1% year-on-year decrease; and net profit was $830 million. For the first half of 2024, Maersk's revenue was $25.13 billion, a 7.6% year-on-year decrease; EBIT was $1.14 billion, a 71.0% year-on-year decrease; and net profit for the first half was $1.04 billion. Logistics and services business grew by 7% compared to the same period last year, with increased volumes across all product lines offsetting the impact of lower freight rates. The profitability of logistics and services improved both quarter-on-quarter and year-on-year. In Q2, logistics and services revenue reached $3.63 billion; EBITDA was $350 million, EBIT was $130 million, and EBIT margin was 3.5%.

Source: Shipping Industry

8. Amazon Japan Expands Next-Day Delivery Service

 On August 8th, Amazon Japan announced it will use air transport in Hokkaido and expand next-day delivery service within the prefecture. Amazon plans to use the cargo hold of passenger flights from Haneda to New Chitose Airport to transport hundreds of thousands of items monthly. This move will ensure that customers in Hokkaido (excluding remote islands) who place orders by noon the previous day can receive their items the next day. Additionally, some areas in Hokkaido, such as Sapporo, Asahikawa, Hakodate, and Obihiro, will offer same-day delivery for approximately 200,000 items.

 Source: Amazon

9.Amazon Adjusts B2B Order Tax Calculation

On August 8th, Amazon announced that when calculating taxes for B2B orders, it will determine the tax based on the seller's actual registered address. Therefore, it is crucial for sellers to ensure that the address uploaded in the backend tax ID section is correct. If the address is incorrect, it may result in erroneous VAT calculations for B2B orders. To avoid misjudgment of B2B order tax rates, sellers must select their company's actual registered business address when uploading tax IDs.

 Source: Amazon

10.China's Imports and Exports Grew by 6.2% in the First Seven Months 

On August 8th, according to customs statistics, the total value of China's goods trade for the first seven months of 2024 reached 24.83 trillion RMB, a year-on-year increase of 6.2%. Exports were 14.26 trillion RMB, up 6.7%; imports were 10.57 trillion RMB, up 5.4%; and the trade surplus was 3.69 trillion RMB, up 10.6%. In USD terms, the total value of China's imports and exports for the first seven months was $3.5 trillion, up 3.5%. Exports were $2.01 trillion, up 4%; imports were $1.49 trillion, up 2.8%; and the trade surplus was $518 billion, up 7.9%.

Source: Customs Release

11. South Korea's Cross-Border E-commerce Imports Increased by 54.9% in the First Half of the Year

On August 8th, data submitted by the Korea Customs Service to lawmaker Park Sung-hoon of the National Assembly's Planning and Finance Committee showed that the total volume of cross-border e-commerce direct purchases in the first half of this year was 89.17 million items, up 54.9% year-on-year. The total value of cross-border e-commerce imports was $2.943 billion, up 18.3% year-on-year. The volume of direct purchases from China was 64.206 million items, up 74.3% year-on-year, a growth rate higher than the overall import volume (54.9%); the share of imports from China increased from 64% in the first half of last year to 72% in the first half of this year. During the same period, the value of direct purchases from China reached $1.571 billion, up 55.5% year-on-year.

Source: Yonhap News Agency

12.EU Plans to Impose Tariffs on Packages from Third Countries 

On August 8th, according to a recent report by Latvian television, the EU plans to impose import tariffs on goods valued at less than 150 euros purchased from non-EU e-commerce platforms. Under the current EU regulations, goods purchased online from non-EU countries valued at less than 150 euros are exempt from taxes. However, this policy is facing unprecedented challenges. With the influx of e-commerce platform packages into the EU, the proposed new regulations will apply to all online shopping goods sent to EU consumers from outside the EU.

Source: Ministry of Commerce Website

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