Temu, the cross-border e-commerce platform of PDD (PDD.US) , set up a branch in South Korea, Whaleco Korea, in February 2024, but did not commence its business directly in South Korea, only carrying out overseas online shopping intermediary business there, Yonhap News Agency reported.
Temu has not sent permanent staff to South Korea, and has not carried out recruitment either, report said. The company only handles business through publicity agencies. It is believed that Temu will not consider mimicking the business model of BABA-SW (09988.HK) -0.950 (-1.262%) Short selling $583.25M; Ratio 14.072% 's AliExpress, which directly entered the South Korean market.
Temu's South Korean users surged to 8.296 million in March from 5.806 million in February, according to a survey. The e-commerce platform APP rankings in pecking order with the most users in South Korea last month were Coupang, AliExpress and Temu.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-04-29 16:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)
