#Laogao E-commerce Newsletter# [E-commerce Morning News on August 19]

      Morning News: Vipshop's revenue in Q2 2021 was 29.6 billion yuan in net profit of 1.1 billion yuan; Suning.com received new credit support from six banks with 10 billion yuan; eBay restricted the sales rights of its largest trading card seller PWCC; PhonePe completed a new round of US$700 million financing for Walmart and other investments; Yangmatou luxury appraisal service scope has expanded to light luxury brands...

      Lao Gao provides everyone with the latest and most valuable Internet and e-commerce information every day.

E-commerce newsletter

1. Ministry of Transport: Online freight platforms must not compete in low prices

      On August 18, Li Huaqiang, head of the Transportation Service Department of the Ministry of Transport, said at the regular policy briefing of the State Council that in order to protect the legitimate rights and interests of truck drivers, transportation departments at all levels have set up 12328 transportation service supervision telephone numbers to optimize the complaint and reporting handling process. Recently, the Ministry of Transport, together with relevant departments, is studying and formulating policy documents on strengthening the protection of the rights and interests of truck drivers in a focus on further standardizing administrative law enforcement, smoothing the channels for complaints and reporting, improving work and rest conditions, optimizing the business environment, and improving the social security system. (E-commerce News)

2. Vipshop's revenue in Q2 2021 was 29.6 billion yuan in net profit of 1.1 billion yuan

      According to August 18, Vipshop released its second quarter financial report for 2021 today. During the reporting period, Vipshop's revenue was 29.6 billion yuan, a year-on-year increase of 22.8%; net profit attributable to shareholders was 1.1 billion yuan, compared with net profit of 1.5 billion yuan in the same period last year. In the second quarter, Vipshop's GMV was 48.1 billion yuan, a year-on-year increase of 25%; total orders increased by 30% year-on-year, from 170.5 million in the same period last year to 221.5 million. (E-commerce News)

3. Suning.com received new credit support from six banks with 10 billion yuan

      According to August 18, the Suning.com Joint Credit Commission was established in Nanjing recently, which will ensure a stable financial environment for Suning.com. It is reported that the Suning.com Joint Credit Committee is led by China Construction Bank and 12 banks including CITIC Bank and Bank of Communications participated. At the same time, six banks including Jiangsu Bank, Nanjing Bank, Construction Bank, Industrial and Commercial Bank of China, Agricultural Bank of China and Bank of China were the first to add 10 billion yuan of credit to Suning.com, further supporting Suning.com to improve its retail service and supply chain capabilities. (E-commerce News)

4. Xiaohongshu and Qibao Vanke Plaza create "Beauty7 Beauty Festival"

      According to reports on August 18, Xiaohongshu and Shanghai Qibao Vanke Plaza jointly launched the first "Beauty7 Beauty Festival" from August 14 to 29. Shanghai Qibao Vanke Plaza will present more than 14 flash check-in spaces, such as the time stage area of ​​Leju Plaza and the Moli District of Shuwu Plaza, etc., which will transform into offline display spaces for new online beauty brands. According to official data from Xiaohongshu, the number of open-screen advertisements on the Xiaohongshu APP during the Beauty Festival was exposed nearly 1.37 million times, the number of hot searches exceeded 3.34 million, and nearly 690,000 related topics. (E-commerce News)

Cross-border newsletter

5. eBay limits sales permissions of its largest transaction card seller PWCC

      August 18th news, recently, eBay said it would restrict the sales rights of its largest trading card seller PWCC, on the grounds that PWCC is suspected of "false bidding", a form of price manipulation and market manipulation that the eBay platform explicitly prohibits. eBay said it is committed to building a trusted market that allows users to trade in the community with confidence, and will take immediate action once a seller is found to have violated the rules. E-commerce News)

6. Former Uber's chief product officer joins Microsoft

      According to reports on August 18, Microsoft announced today that it has hired former Uber chief product officer Manik Gupta as corporate vice president to be responsible for Teams Consumer, Skype and GroupMe businesses. In addition to working at Uber, Gupta has also served as Google Maps product director at Google, and previously founded an e-commerce company BuyItTogether.co in Singapore, and recently became a startup investor and consultant. (E-commerce News)

7. PhonePe completes a new round of US$700 million in financing and participates in Walmart

      According to foreign media reports, a regulatory filing submitted by Indian digital payment company PhonePe recently showed that the company recently received US$350 million in financing. It is reported that the newly raised $350 million is part of the $700 million financing announced by PhonePe in December last year, and the company has raised $350 million in December last year. Over the past eight months, PhonePe has raised $700 million in two batches to complete the round of financing. (E-commerce News)

8. Shenzhen cross-border e-commerce encounters a "store closure wave" and losses exceed 100 billion yuan to promote industry reflection

      According to the latest statistics from Shenzhen Customs, in the first half of this year, the value of cross-border e-commerce goods regulated by Shenzhen Customs exceeded 100 billion yuan, exceeding the total volume for the whole year last year, and continues to lead the country. However, Amazon's "store closure trend" continues to spread. As the world's largest e-commerce platform, Amazon, which places buyers' comments in an extremely important position, gave the reason for closing the store because of "sellers abuse comments." According to statistics from the Shenzhen Cross-border E-commerce Association, since May, more than 50,000 Chinese sellers have been closed on Amazon's platform, and the amount of losses in the industry has been estimated to exceed 100 billion yuan. Cao Zhongxiong, executive director of the New Economic Research Institute of China (Shenzhen) Comprehensive Development Research Institute, said that enterprises should think carefully based on their own situation, whether to continue to adhere to a single dependency model or take the "diversification" path. (Yibang Power News)

Internet Information

9. Jin Qianchen, the head of Dali Education Enlightenment Business under ByteDance, was fired

      According to reports on August 19, it was reported that Jin Qianchen, the head of Dali Education Enlightenment Business of ByteDance, was fired on August 16 because of the illegal recruitment and illegal reimbursement. It is understood that byte management had a conversation with Jin Qianchen that day, and the decision to fire was made at the end of the conversation. At present, the enlightenment business has been handed over to Liu Xu. Although the internal appointment has not yet been formally appointed, the reporting relationship of each project leader has turned to Liu Xu. Liu Xu has joined ByteDance for about four years and was previously responsible for the procurement supply chain and public relations business of ByteDance's education business. (E-commerce News)

10. The scope of Yangmato luxury appraisal service has been expanded to light luxury brands

      According to the news on August 17, the WeChat Security Center stated that the platform has specially formulated the "Video Account Live Account Ladder Disposal Plan" and issued an announcement. Combined with the anchor's historical violations during the live broadcast, the anchor's security credit score is calculated, and measures such as ladder disposal are taken for anchor accounts that have violated regulations many times. According to the cumulative degree of violations of the account, the handling efforts gradually increase from mild current limit, moderate current limit, severe current limit, and ban broadcasting ladder. (E-commerce News)