1. Temu's Q3 GMV Growth Rate Slows to 15%

On December 2, it was reported that Pinduoduo's latest quarterly report showed that its transaction services revenue, including Temu, reached RMB 50 billion. However, its growth rate dropped significantly from 234% in the previous quarter to 72%, missing market expectations by RMB 3 billion. Notably, the growth momentum of Temu, Pinduoduo's cross-border e-commerce platform, has slowed. In Q3, Temu's GMV was approximately $13-14 billion, with a quarter-on-quarter growth rate of around 15%, compared to about 50% in the previous quarter. Despite the slowdown, Temu continues its global expansion and plans to lease an entire floor at Cainiao's Hong Kong Smart Hub to serve as an export hub for some air freight operations.

Source: Guandian Net

2. A Logistics Giant Plans to List in Hong Kong

On December 2, it was reported that logistics company GLP is considering listing in Hong Kong as early as 2025, eight years after the Singapore-registered company was privatized by an investor group. According to insiders, GLP has held early discussions with a few financial advisors about its relisting plan. Additionally, the company's total asset net value has reached approximately $20 billion. GLP develops and operates logistics real estate, data centers, renewable energy, and related technologies across 17 countries, including Brazil, China, Europe, India, Japan, the U.S., and Vietnam.

Source: Reuters

3. China Southern Airlines' November Export Cargo Volume Increases by 10% Year-on-Year

On December 2, a China Southern Airlines CZ2537 flight took off from Guangzhou Baiyun Airport, carrying high-quality cross-border e-commerce products to Los Angeles. With the global e-commerce market booming, Chinese brands continue to shine in international markets, especially during the annual Black Friday shopping season. Since November 1, the total cargo volume shipped from within China to overseas destinations by logistics companies has increased by 10% year-on-year. On the highest single day in Guangzhou, over 1,500 tons of outbound cargo were shipped, helping Chinese brands achieve new milestones in the global market.

Source: China Southern Airlines Logistics

4. USPS Suspends Shipments to Canada

On December 2, due to a nationwide strike by the Canadian Union of Postal Workers, USPS has suspended mail and parcel deliveries to Canada. This decision affects several international postal services, including Priority Mail Express International, Priority Mail International, and First-Class Mail International. USPS advises customers not to send items to Canada during this time and notes that international mail received before November 15 is being stored in secure containers and has not yet been processed. Additionally, USPS informed customers on November 25 that all inbound mail to Canada is being received at airports, but there is no movement of mail within Canada.

Source: USPS

5. JD Logistics' European Self-operated Warehouses See Surge in Orders

On December 2, during this year's Black Friday promotion, several self-operated JD Logistics overseas warehouses in Europe saw a significant surge in orders. Thanks to various measures, the timely shipment rate from overseas warehouses reached 99%. JD Logistics now operates dozens of self-operated overseas warehouses and third-party collaborative warehouses in countries such as the Netherlands, the UK, France, Poland, Germany, and Spain, all of which were fully deployed for the Black Friday global promotion. JD's integrated supply chain logistics services now cover most countries and regions in Europe.

Source: JD Logistics Bulletin

6. China's Air Cargo Flights Surge

On December 2, it was reported that since Donald Trump won the U.S. election, the number of international cargo flights to and from China has been increasing, setting new records. Recently, China saw 3,485 international cargo flights per week, the highest in the data up to March 2023, as China reopened its borders following pandemic restrictions. According to the Ministry of Transport, this marked the third consecutive week with over 3,400 flights. China is in an export boom, and this year’s export value may hit a record high.

Source: Bloomberg

7. Hubei International Air Cargo Project Approved for $400 Million Loan

On December 2, the Asian Infrastructure Investment Bank (AIIB) approved a $400 million loan for the Hubei International Air Cargo Project, which aims to enhance the cargo capabilities of Ezhou Huahu International Airport and improve the comprehensive service capabilities of the international logistics hub. The project’s main construction includes customs supervision facilities, bonded warehousing and processing facilities, office buildings, photovoltaic rooftops, smart operational systems, and supporting infrastructure such as roads, drainage, and electrical systems. The loan amount is RMB 2.89 billion (equivalent to $400 million), with a loan term of 24.5 years, including a 6.5-year grace period.

Source: Ezhou Daily

8. Merger of Two Major South Korean Airlines Nears Completion

On December 2, after four years of negotiations, Korean Air's acquisition of Asiana Airlines is nearing completion. Recently, Korean Air announced that its merger with Asiana had received final approval from the European Commission. To facilitate the merger’s approval by antitrust regulators, Korean Air decided to divest Asiana's cargo business and transfer or return some flight slots. Korean Air plans to inject KRW 800 billion and acquire 63.9% of Asiana’s shares by December 20 to complete the long-awaited acquisition. After the merger, the new Korean Air will have more than 200 aircraft, making it one of the world’s top 10 airlines. The combined airline's competitiveness will be further enhanced by consolidating aviation resources.

Source: Korea Times

9. DHL Expands Cooperation with E-commerce Platform Allegro

On December 2, DHL eCommerce announced a strategic partnership with Polish e-commerce platform Allegro. DHL’s delivery services will be integrated into Allegro’s delivery plan to enhance the shopping experience in Poland’s e-commerce market and meet customer demand. Allegro customers will benefit from DHL's extensive logistics network, including 27,000 pick-up points. The Polish e-commerce market has an annual growth rate of 9.63%, with projected revenue reaching €34.45 billion by 2029. According to DHL, 96% of Polish online shoppers say the delivery method affects their purchase decisions, with 64% preferring parcel locker deliveries. The partnership aims to provide reliable and efficient logistics solutions, supporting the further development of the Polish e-commerce market.

Source: Allegro

10. Temu Surpasses eBay's Market Share in Australia in October

On December 2, according to Fonto's latest data, Temu's market share in Australia’s pure online retail market jumped to 20% in October, surpassing eBay’s 17% for the first time, and maintaining strong growth momentum. Since Fonto began tracking data, eBay's market share has been steadily declining, from 43% at the start of 2022 to its current lowest point. Meanwhile, Amazon continues to dominate the market, accounting for more than 50% of online retail spending. Temu’s rise has not only squeezed eBay’s market share but also put pressure on local retailers like Kogan, Catch, and The Iconic, whose market shares have been declining since Temu's launch, indicating a rapidly changing competitive landscape.

Source: Fonto

11. Trendyol Plans $1 Billion Financing

On December 2, it was reported that Turkish e-commerce platform Trendyol is planning a $1 billion financing round, which may happen as early as the first quarter. Sources reveal that Trendyol is informally seeking potential investors for this new round of funding, which could begin as soon as next quarter. The plan is still in its early stages and may not materialize, as Trendyol has declined to comment, and Alibaba has yet to respond.

Source: 36Kr

12. MSC Upgrades East-West Independent Transport Network

On December 2, MSC announced the upgrade of its East-West Independent Transport Network, adding additional ports to optimize connections between Asia, Europe, the U.S., and Canada. MSC’s East-West Independent Transport Network will officially launch in February 2025, adjusting routes between Asia and Europe, the U.S., and Canada.

Source: MSC

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Public Account: Cross-border E-commerce Logistics Baixiaosheng