Pinduoduo plans to acquire Gearbest, a subsidiary of Cross-Border Communications. Cross-border response: no idea to sell

Thank you, Mr. Air, a netizen of CTOnews.com, for your clue delivery! CTOnews.com news on December 1, some investors recently asked questions on the interactive easy platform that pinduoduo is rumored to be planning to acquire Gearbest, a unit of Cross-Border Communications.

In response, a staff member of the Cross-Border Securities Department responded to a reporter from the China Securities News, "We have no idea of selling Gearbest. The company's main business is import and export, and Gearbest is an important platform under the company."

Pinduoduo recently entered the cross-border e-commerce business strongly. Temu, its cross-border e-commerce platform, was launched overseas on September 1. After entering the US market in its first stop, it once surpassed Amazon Shopping to top the list of App Store free shopping apps in the US. Temu means "Team Up,Price Down", which is similar to the domestic name pinduoduo. Similarly, Temu also focuses on the low-price strategy. It is reported that many products on the Temu platform are priced under $0.90. At present, the main pull parties of Temu include low prices, free freight for newly registered users, no threshold discount for the whole station, and old users with new people.

In addition, according to 36 Krypton reports, more than a month after its launch, pinduoduo's cross-border business Temu has an average daily GMV of US $1.5 million, with nearly 30, 000 merchants and a SKU of 30-400000, covering 24 first-tier categories. It is reported that Temu's GMV target is US $300 million to US $500 million by the end of the year and to reach US $3 billion in the coming year, which is equivalent to the current GMV volume of SHEIN.

CTOnews.com learned that Cross-Border Communications also revealed on the interactive easy platform that the company has not yet participated in pinduoduo's cross-border business Temu.