E-commerce

While Alibaba’s second-hand exchange platform Xianyu and Tencent-backed used electronic marketplaces are already big, startups look to niche verticals for opportunities.

Over 1,000 shops that buy goods on Lingshoutong have made more than RMB 1 million (USD 142,686) in net profits.

Social Bella has raised USD 110 million in funding from big-name investors like Temasek, East Ventures, Pavilion Capital, and Jungle Ventures.

Earlier this month, the firm received a USD 1.2 billion check from its parent, Walmart.

Nice Tuan completed three financing rounds this year alone.

Oway Ride has raised a total of USD 26 million from investors such as the World Bank’s International Finance Corporation, Openspace Ventures, Emerging Markets Group, and Daiwa PI Partners.

Traveloka said it witnessed “a historic drop” in business activity caused by the pandemic towards levels never seen before.

Earlier this year, Trip.com planned a secondary listing in Hong Kong, but reversed track due to the COVID-19 pandemic, which resulted in industry-wide losses.