China's Temu, JD.com revamp models; Hong Kong IPO boom slows

· Economy · China · Hong Kong

Chinese e-commerce platforms Temu and JD.com are revamping their business models amid tariff headwinds, Nikkei Asia reported, as cross-border sellers adapt to higher US duties. In Hong Kong, the two-year fundraising boom is slowing, with the rate of abandoned stock listings spiking to the highest since the global financial crisis, Bloomberg reported. China also vowed to boost yuan liquidity and back Hong Kong markets as the city works to reinforce its position as a global financial centre. The developments show pressure on both China's export-facing e-commerce and its offshore capital-raising hub.

Why it matters：Trade barriers are forcing Chinese platforms to rework their models while Hong Kong's listing slowdown signals weaker capital flows, with consequences for Chinese firms seeking overseas funding.

Key points

  • Temu and JD.com are adjusting models amid US tariff headwinds.
  • Hong Kong's abandoned-listing rate is the highest since 2008.
  • China pledged to boost yuan liquidity and support Hong Kong markets.

Sources (original reporting)

More stories from this day