Temasek Holdings

Chinese social media Xiaohongxu moves closer to IPO as profits surge in 2024, sources say

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Chinese social media Xiaohongxu moves closer to IPO as profits surge in 2024, sources say

Social media platform Xiaohongshu, known as China’s Instagram, has the wind at its back in its pursuit of an initial public offering in Hong Kong, as its commercialisation efforts pay off, according to sources briefed on the matter. The Shanghai-based company, which is influential among young Chinese women with its user-generated lifestyle content, has selected … Read more

Temu, Shein halt Vietnam operations pending business registration

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Temu, Shein halt Vietnam operations pending business registration

Popular budget-shopping platforms Temu and Shein have suspended operations in Vietnam, as they await approval from authorities to restart their local services. The country’s Ministry of Industry and Trade ordered Temu, owned by Chinese e-commerce giant PDD Holdings, to halt its business after the platform failed to complete the required business registration process by the … Read more