Comment on Cross-border E-commerce Site Metao Scoops Funding as Chinese e-Shoppers Look Abroad by Chinese Cross-border Shopping Site Ymatou Pockets US$100M of Series Funding - TechNode

['Emma Lee', 'More Emma Lee', '.Wp-Block-Co-Authors-Plus-Coauthors.Is-Layout-Flow', 'Class', 'Wp-Block-Co-Authors-Plus', 'Display Inline', '.Wp-Block-Co-Authors-Plus-Avatar', 'Where Img', 'Height Auto Max-Width', 'Vertical-Align Bottom .Wp-Block-Co-Authors-Plus-Coauthors.Is-Layout-Flow .Wp-Block-Co-Authors-Plus-Avatar'] Comments for TechNode 2014-11-17 00:00:00

China’s e-commerce industry has been blooming rapidly, but the country’s online shoppers aren’t stopping at the border. Dubbed as Haitao (“buying overseas”), Chinese oversea online buyers can buy from foreign online retailers and have the goods directly delivered to their Chinese address. According to a Nielsen survey, there are 18 million Chinese cross-border online shoppers who spent RMB216 billion (US$35.24 billion) in 2013. Metao, a cross-border e-commerce site formerly known as CNTaotao, reportedly secured US$30 million of Series B financing led by Vertex Venture with participation of Morningside Ventures, Greenwoods Investment and Series A investor Matrix Partners. Launched on March 3 this year, Metao is an e-commerce platform principally engaged in cross-border commerce and the special sales of overseas brands.