Morning news: Tmall’s Double 11 has over 1,300 offline stores that have achieved “shopping online and offline together”; 1688 platform’s special product/transaction dispute handling rules have added some new terms; “China Telecom and Alibaba signed a strategic cooperation agreement on November 2” is false; Gome was revealed to have stopped paying wages: employees will only be given social security before the end of December; Amazon suspends recruitment of employees for several months...
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E-commerce newsletter
1. Xiamen Double 11 e-commerce pre-sale volume is nearly 6 million pieces pre-sales exceed 3 billion yuan
On November 3, the Xiamen Municipal Bureau of Commerce released its pre-sale report card for Double 11 this year. According to monitoring data, the number of pre-sales of stores in Xiamen City participating in the "Double 11" pre-sales totaled 5.981 million pieces, ranking first in Fujian Province; the pre-sales reached 3.33 billion yuan, ranking first in Fujian Province. The top three physical industries in Xiamen's pre-sales are: clothing, shoes, hats, textiles, daily necessities, household appliances and audio-visual equipment, with pre-sales of 1.79 billion yuan, 540 million yuan and 440 million yuan respectively. (Xiamen Municipal Bureau of Commerce)
2. JD Supermarket B-end Business Double 11 Battle Report: Corporate Business Transactions Increase by more than 50%
On November 3, JD Supermarket’s B-end business released a good start on 11.11. As of 24:00 on November 1, the transaction volume of JD Supermarket’s corporate business exceeded 50% year-on-year; more than 16 brands of Jingxitong doubled from 618 month-on-month; and the transaction volume of more than 100 supermarkets and e-commerce platforms increased by 81% year-on-year. At the same time, the transaction volume of No. 1 member store increased by 8 times year-on-year; the transaction volume of its own brand One'sMember increased by 10 times year-on-year; and the customized products of corporate business increased by more than 150%. Specifically, during JD.com's 11.11, JD.com's B-end business drove high growth in categories through diversified procurement scenarios. (China Radio and Television)
3. Some new terms are added to the 1688 platform special commodity/transaction dispute handling rules
The announcement stated that in order to provide buyers with more efficient refund services and transaction experience, 1688.com will make adjustments to the "1688 Platform Special Commodity/Transaction Dispute Handling Rules". The announcement shows that the "1688 Platform Special Commodity/Transaction Dispute Handling Rules" adds Chapter 6 and Chapter 7. Specifically, for the second-hand products categories that are not allowed to be sold on the platform, the platform prohibits the sale of other second-hand products. If large items are returned, exchanged, reissue or repaired, the transaction shall be handled as follows according to the circumstances, and the parties shall follow the agreement if otherwise agreed. (1688 platform rules)
4. Tmall Double 11 has more than 1,300 offline stores to achieve "online and offline shopping"
Consumers can open their mobile phones and scan the QR code to purchase offline, and they can enjoy online prices and services simultaneously in these stores. Specifically, the merchants participating in the event provide more than one million shopping mall-like and super discounted products to online and offline consumers, covering comprehensive categories such as down jackets, woolen jackets, sweatshirts, men's and women's shoes, accessories, etc. Among them, brands such as Uniqlo, Luff Lauren and Maimeng can also provide consumers with hourly delivery to home services. (China.com Technology)
Internet news
5. Stripe will lay off 14% of its employees
According to reports on November 4, Stripe, a US digital payment processing service provider, recently announced that in order to control costs before the economic downturn, the company will lay off 14% of its employees, including about 1,000 people. In addition, Stripe needs to cut spending more broadly in response to the economic downturn. The two founders also said the recruitment business will be affected. Next year, the company will reduce the number of employees hiring. For outgoing employees, they will receive at least 14 weeks of severance payment. In addition, these employees will receive annual bonuses and unused paid leave. (Sina Technology)
6. Most popular Chinese stocks closed higher on Thursday and Pinduoduo rose by more than 6%.
According to news on November 4, most popular Chinese stocks closed higher on Thursday. At the same time, No. 1 High School Education fell by more than 31%, Huarui Clothing fell by more than 17%, Fangduoduo, Pintitanium fell by more than 13%, Jinyang Education fell by more than 11%, Boqi Pet, Lufax Holdings, Youxin, etc. fell by more than 10%, Weimei Hologram, Tuniu fell by more than 7%, Phoenix New Media fell by more than 6%, Qudian, Yingfeng Technology, China Net Locomotive, Huami, Xuming Optoelectronics, Danne Technology, Yingxi Group, Aurora, Xiaobai Mai Mai, Zhongbei Energy rose by more than 4%, Su Xuantang, Shanggao, Yangang Mingzhu, Kangnaide Biopharma, Secoo, China Pharmaceutical Holdings Co., Ltd., Lizhi fell by more than 3%. (Global Market Report)
7. Gome was revealed to have stopped paying wages: employees will only be given social insurance by the end of December
In addition, Gome’s announcement showed that on September 14 and 15, Huang Guangyu and Du Juan sold 1.528 billion shares of "Gome Retail" through three transactions, cashing out a total of HK$295 million. This triggered a sharp decline of Gome's stock price of more than 20% that day. By September 21, "Gome Retail" had fallen for seven consecutive trading days, with a total decline of more than 34%. According to statistics, since the end of December last year, Huang Guangyu and his wife have cashed out a total of HK$960 million, and their shareholding ratio has dropped from 61.50% to 42.80%. (36Kr)
8. The news of "China Telecom and Alibaba signed a strategic cooperation agreement on November 2" is untrue
According to November 3, media reports previously stated that on November 2, Alibaba and China Telecom signed a strategic cooperation agreement, and the two parties will carry out cooperation in the fields of platform-based smart cities, digital government, etc. China Securities Journal and China Securities Taurus learned from China Telecom Group that the report is completely false. According to official news from China Telecom Group, as early as May 2017, China Telecom Group signed a comprehensive strategic cooperation agreement with Alibaba in Beijing with a good foundation in business cooperation and rich experience and resources in their respective fields. (China Securities Journal)
9. JD Health canceled 6.48515 million shares repurchased on November 3
On November 3, JD Health issued an announcement today, canceling a total of 6.48515 million shares of repurchased shares on November 3, 2022. At the close of November 3, JD Health closed at HK$50.7, down 0.98%, with a total market value of HK$161.145 billion. (JD Health Official)
Cross-border information
10. Amazon suspends recruitment of employees for several months
On November 4, Amazon announced Thursday in a memo to employees that the company will suspend recruiting employees. Amazon's head of human resources Beth Galetti wrote in the memo that the company has further restricted new recruitment after rapid recruitment in recent years amid the deterioration of the economic outlook. “We expect to maintain this pause in the coming months and will continue to focus on economic and market dynamics to adjust our thinking,” Galetti said. (Cailianshe)
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