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Onion Global Limited (NYSE: OG) has partnered with Sunwah Chuanyu to form a joint venture named Xinyang Wujie. This initiative aims to enhance cross-border e-commerce in Southwest China by promoting local Sichuan products internationally while introducing foreign goods to the region. The venture is expected to tap into the evolving consumer market in Southwest China, leveraging Onion Global's extensive brand network and innovative marketing strategies. With a focus on the 'Big Healthcare' sector, the partnership positions both companies for significant growth opportunities.
Onion Global Limited (NYSE: OG) reported its first quarter 2021 financial results, with total revenues of RMB668.9 million (US$102.1 million), a decline from RMB709.4 million in Q1 2020. The gross profit also decreased to RMB125.7 million (US$19.2 million) from RMB187.8 million. Net income attributable to shareholders fell to RMB8.9 million (US$1.4 million), down significantly from RMB55.3 million the previous year. Despite revenue challenges, Onion Global highlighted a 149.1% increase in GMV from its private label brands, reaching RMB22.7 million (US$3.5 million). The company successfully completed its IPO in May 2021, raising US$70.4 million in gross proceeds.
On May 7, 2021, Onion Global Limited made its debut on the New York Stock Exchange under the ticker symbol OG, offering 12.5 million American depository shares at up to 11.71 USD per share, marking a 57% increase. The Company, a pioneer in China's lifestyle brand platforms, aims to capture the lucrative young consumer demographic, currently accounting for 54% of lifestyle market consumption. With annual revenues surpassing 3.8 billion yuan in 2020, Onion Global is positioned for significant growth in the evolving consumer landscape.
On May 7, 2021, Onion Global Limited made its debut on the New York Stock Exchange under the ticker symbol OG, successfully offering 12.5 million American depository shares (ADSs) at a par value of 11.71 USD each, marking a remarkable increase of over 57% on its first day. Established in 2015, Onion Global partners with over 4,000 brands globally and has achieved annual revenue exceeding 3.8 billion yuan in 2020, with a net profit of over 200 million yuan, doubling profits from the previous year. IPO proceeds will fund brand development, marketing expansion, technology enhancements, and general corporate purposes.
Onion Global Limited (NYSE: OG) has priced its initial public offering (IPO) at US$7.25 per American depositary share (ADS), raising approximately US$67.5 million. The offering includes 9,310,350 ADSs, with an option for underwriters to purchase an additional 1,396,550 ADSs. Trading is set to commence on May 7, 2021, with the IPO expected to close on May 11, 2021. Onion Global is a lifestyle brand platform targeting young consumers in China and Asia, with a robust portfolio of 4,001 brands across 23 product categories, leveraging technology and big data for marketing and distribution.
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