Hot commodity? Rumor has it that Amazon and Pinduoduo are interested in acquiring Kuaishou

It is rumored online that Amazon is interested in acquiring Gearbest, an independent website platform under Cross-Border Communication, but this news has been denied by staff from the securities department of Cross-Border Communication.

However, the topic of "Amazon and Pinduoduo are both interested in acquiring Gearbest" has remained hot, and some netizens are even speculating who will get this "hot commodity" Gearbest.

As a self-operated comprehensive cross-border e-commerce platform under Cross-border Link, Gearbest was founded in 2014, focusing on electronic products, small appliances and fashionable men's clothing. It is not an exaggeration to describe it as a "hot commodity". Gearbest's revenue reached 4.591 billion yuan at its peak, with more than 5,000 top suppliers, and is recognized by the industry as one of the more valuable assets under Cross-border Link.

At its peak, Gearbest had over 40 million active users and 106 million monthly page views, which was better than the main websites of Banggood and Shein at the time. It was ahead of Shein and Zhiyu in the world rankings and was listed in the "BrandZ™ Top 50 Chinese Overseas Brands" for four consecutive years. At that time, Gearbest was leading in many dimensions and even overshadowed Shein .

Later, Gearbest was briefly shut down. According to the financial report revealed by Cross-Border Communication, Gearbest's revenue in 2022 was greatly reduced compared to its glorious period, but judging from the data accumulated over the years, it is still very valuable.

"If it weren't for those twists and turns in the middle, Gearbest's current development would be immeasurable," said an insider. Gearbest's strength has always been good, which is the evaluation of some industry insiders, and it may also be an important factor that attracts many industry giants to pay attention to it.

As early as the end of last year, an investor asked a question on the platform, saying that Pinduoduo was planning to acquire Gearbest, a subsidiary of Cross-border Communication. At that time, Temu, a subsidiary of Pinduoduo, landed in the United States and developed rapidly overseas. Industry insiders predicted that if it wanted to expand rapidly overseas, it would definitely eat up a lot of independent sites that relied on low prices to maintain their operations, and Gearbest was one of them.

However, at that time, Cross-Border Link stated that the company had no intention of selling Gearbest, but the rumors about Pinduoduo's acquisition of it did not dissipate.

In July, the resolution of Pinduoduo's board of directors meeting leaked that it would participate in the reorganization of Cross-Border Communication Co., Ltd., which once again made the topic of "acquisition of Gearbest" a hot topic. However, Cross-Border Communication Co., Ltd. stated that the company had not yet received any relevant notice or ruling from the court.

In August, there were rumors in the industry that Amazon was interested in acquiring Cross-Border Link's cross-border business assets, but Cross-Border Link denied it again.

Even though Cross-Border Link has denied it many times, some netizens still speak out: "Just because you don't have any ideas doesn't mean others don't have any ideas." Some netizens even voted on the future direction of Gearbest. However, given the uncertainty of the entire incident, we can only wait and see what the future direction of Gearbest will be.

Amazon

Pinduoduo

Cross-border communication