E-commerce

Qianniu sits at the center of the plan, evolving into an agentic AI platform to anchor a new token-based operating model.

The CEO talks of impending market saturation, “dark stores,” and entry into the Bangladesh market.

New subsidies, tools, and incentives aim to help sellers improve earnings in a more competitive market.

Adoption was strong during the campaign, but it remains unclear if user behavior will persist after incentives fade.

Increased spending on supply chains and merchant support also weighed on its 2025 results.

The company has made progress in Brazil and Mexico, though its international business remains in the red.

The underlying economics of Shopee, Monee, and Garena may be behind the selloff.

The gap between the two players is narrowing, particularly in Vietnam, where TikTok Shop now commands more than 40% of the market.