Morning News: Hongxing Erke suspends live streaming and selling goods; Suning.com launches a "free home appliances clinic" campaign to support Henan's post-disaster reconstruction; Amazon denies that it will accept Bitcoin payments before the end of the year; Vietnam postpones the imposition of new e-commerce tax; Indian personal care brand Mamaearth received a financing of US$50 million and a valuation of US$730 million; Mogujie spent 50 million to increase its holdings in "Hangzhou Ruisha Technology".
Lao Gao provides everyone with the latest and most valuable Internet and e-commerce information every day.
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1. Hongxing Erke suspends live streaming and selling goods
On July 27, Hongxing Erke's official flagship store said that due to the enthusiastic purchases of fans and friends, Hongxing Erke's existing shipping labor cannot keep up with everyone's demand for delivery services. Now it has devoted its energy to after-sales services such as handling orders and shipments, and the live broadcast room has suspended live broadcasts. Third-party data shows that from the 23rd to the 24th, the sales of the Taobao live broadcast room of Hongxing Erke's official flagship store exceeded 107 million yuan, with a total sales volume of 645,000 pieces. (Yibang Power News)
2. Mogujie spent 50 million yuan to increase its holdings in "Hangzhou Ruisha Technology"
On July 27, Mogujie issued an announcement stating that on July 26, the company's merged subsidiary Hangzhou Juangua Network Co., Ltd., had signed a final agreement with Hangzhou Ruisha Technology Co., Ltd. to increase its holdings of Hangzhou Ruisha's controlling stake. After the transaction is completed, Mogujie will hold 59.62% of the equity of Hangzhou Ruisha. It is reported that Hangzhou Ruisha is committed to providing brands with one-stop customized all-region operation services, including rich and diverse operation services, data platforms and other software services, as well as value-added services such as traffic delivery. (E-commerce News)
3. Meituan: Resolutely implement the "Guiding Opinions on the Rights and Interests of Takeaway Delivery Staff"
On July 27, Meituan stated that it has received and carefully studied the "Guiding Opinions on Implementing the Responsibilities of Online Catering Platforms and Effectively Protecting the Rights and Interests of Takeaway Deliverers" jointly issued by the State Administration for Market Regulation and other departments. Meituan also said that it will resolutely implement and implement the guiding opinions, continue to actively improve, and effectively safeguard workers' rights and interests in many aspects such as labor security, distribution safety, rider welfare, and rider experience improvement, improve labor security level, and improve the quality of industry employment. (E-commerce News)
4. Most popular Chinese stocks closed down on Monday, JD.com and Pinduoduo fell by more than 8%.
On July 27, the US stock market closed on Monday, most popular Chinese stocks fell, Pinduoduo fell 8.84%, JD.com fell 8.59%, Bilibili fell 8.14%, Alibaba fell 7.15%, NetEase fell 13.65%, Baidu fell 5.96%, Tencent Music fell 3.06%; Beike fell 27.69%; NetEase Youdao fell 33.41%, New Oriental fell 33.79%, and Yi Education Technology fell 26.24%. (E-commerce News)
Cross-border newsletter
5. Indian personal care brand Mamaearth received a valuation of US$50 million in financing of US$730 million
On July 27, Mamaearth completed a $50 million round of financing, led by Belgian investment fund Sofina. This round of financing has brought the valuation of this D2C personal care brand to US$730 million, making it one of the highest valuation of the new era D2C brands in India. Alagh told ET that Mamaearth will use new funds to double the growth of its brand through deeper offline expansion, while also exploring acquisitions in the beauty and personal care sectors. (E-commerce News)
6. Vietnam postpones new e-commerce tax
According to July 27, Vietnam is postponing the new e-commerce tax that was originally scheduled to start on August 1, 2021, giving Alibaba's Lazada, Singapore's Shopee and local Tiki more time to comply with this regulation. As one of the fastest growing digital markets in the world, Vietnam has long tried to tighten taxes on e-commerce. On June 1, the Ministry of Finance of Vietnam issued Notice No. 40/2021, providing guidance on value-added tax, personal income tax and tax management for individual sellers of e-commerce platforms, which is scheduled to begin implementation on August 1, 2021. The notice pointed out that e-commerce websites should be responsible for their sellers’ tax returns and payments, and the platform needs to provide the tax bureau with information about the sellers, including income, bank accounts and products. After discussions between the State Administration of Taxation and relevant parties, the provision was postponed to come into effect until January 1, 2022. (E-commerce News)
7. OsakaKuma, a Japanese makeup brand, completed a US$6 million Pre-A round of financing
On July 27, OsakaKuma, a Japanese-made retail brand, completed a US$6 million Pre-A round of financing in July 2021. Founded in Singapore in 2020, OsakaKuma is committed to using data to achieve strict selection of beauty products. It has currently been sold in 6 countries and regions including Singapore and Japan, and has opened 7 physical stores and 15 online stores worldwide (built through Shopee, Lazada and other platforms). (Yibang Power News)
8. Amazon denies accepting Bitcoin payments by the end of the year
July 27th news, according to foreign media reports, e-commerce giant Amazon denied that it is preparing to accept Bitcoin payments by the end of the year. "Although we are interested in this field, speculations about the specific plans for cryptocurrencies are not real, and we are still focusing on exploring what this may be for Amazon customers," an Amazon spokesperson said.
Internet Information
9. Suning.com launches the "Free Free Home Appliances Clinic" activity to support Henan's post-disaster reconstruction
According to July 26, with the easing of the flood prevention pressure in Henan, many forces have begun to invest in post-disaster reconstruction. Suning.com immediately subsidized a special fund of 1 million yuan and officially launched the "Free Free Home Appliances Clinic" activity, launching free home inspection activities for home appliances that cannot be used due to water soaking or being impacted by rainwater, and actively supporting Henan's post-disaster reconstruction. It is reported that Suning's free home inspection service this time covers air conditioners, color TVs, refrigerators, washing machines, water heaters and other electrical appliances. It focuses on checking circuits, currents, voltages, and leakage, and investigates and solves abnormal problems such as inability to start and noise. (E-commerce News)
10. Xiaomi publishes a patent for "product description text generation method, etc."
According to news on July 26, Tianyan Check information shows that on July 23, Beijing Xiaomi Mobile Software Co., Ltd. disclosed an invention patent for "product description text generation method, device and storage medium". The disclosure number is CN113157910A, and the application date is April 28, 2021. The patent summary shows that the disclosure relates to a product description text generation method, device and storage medium. At the same time, the technical solutions provided by the present disclosure can incorporate key descriptors into the product title, ensuring that the product description text is generated based on the key information of the product, and improving the relevance of the product description text and the product. (E-commerce News)
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