Another cross-border e-commerce platform went public in the United States. It was once marked as "order with caution" and was also accused of selling counterfeit goods....

This has been called " the first domestic import cross-border e-commerce stock " by many media .

The prospectus shows that the group plans to use 50% of the net proceeds from this issuance to develop its own brands and brand partnerships, 20% to expand marketing and distribution channels, 5% to enhance technological capabilities, and 15% for working capital and other general corporate purposes, including potential strategic investments and acquisitions.

Onion Global’s full name is Guangzhou Onion Fashion Group Co., Ltd. It officially started operations in 2015 and its parent company is Onion Global Limited.

The parent company of Onion Group has nearly 50 subsidiaries at home and abroad, including Guangzhou Yueyang Wujie Internet Co., Ltd. and Guangzhou Ocean Infinity Technology Co., Ltd. Onion has three business modules: Onion OMALL , Yangtao Cross-border Supply Chain , and Yanghuo Encyclopedia YOUNGBKOR . Its business covers international product supply chain, international warehousing and logistics, and imported brand incubation services . Among them, the sale of products through the Omall e-commerce platform is the main source of revenue .

Among them, the most well-known is Onion Group, which has an e-commerce platform and a relatively complete cross-border supply chain. Its business covers more than 36 countries and regions including China, Australia, Germany, France, the United States, and Japan . On January 15, 2020, Onion Group was confirmed by the Ministry of Commerce as one of the first batch of digital commerce enterprises integrating online and offline development.

Since its operation in 2015, Onion Group has successively received four rounds of investment and financing of more than 500 million yuan from Guotai Junan Liding Investment, Xiangfeng Capital, Yilian Capital, and Asia Softbank SAIF Fund.

The cross-border e-commerce platform Onion O'MALL offers 23 categories of lifestyle products, including beauty products, maternal and child products, food and beverages, fast fashion and health products, etc. Onion OMALL aims to create an overseas direct mail platform for domestic consumers that includes global popular products.

In 2020, Onion O'MALL platform had 4,000 brands , 2.24 million active customers , 691,000 key opinion consumers, 15.12 million total registered users, and 15.8 million total orders.

According to the prospectus, from 2018 to 2020, Onion Group's revenue was 1.8 billion yuan, 2.85 billion yuan, and 3.81 billion yuan, respectively . The GMV generated by the sales of products on the e-commerce platform Omall was 2.07 billion yuan, 3.53 billion yuan, and 4.02 billion yuan , respectively. In three years, the revenue doubled, and the GMV also doubled.

At the same time, the GMV generated by the products sold by the company's brand partners on its self-operated retail platform was 428.8 million yuan in 2018, 966.8 million yuan in 2019, and 1.3099 billion yuan in 2020. The company processed 5.5 million, 10.3 million, and 15.8 million orders in the past three years, respectively.

In addition, the total number of brands of Onion Group and its O'Mall in 2018, 2019 and 2020 were 1,800, 2,900 and 4,000 respectively; the number of active buyers was 737,500, 963,900 and 2,239,500 respectively; and the number of registered users was 4,210,900, 7,923,800 and 15.117 million respectively.

At present, the group has completed six rounds of financing, including an angel round of financing of 35 million yuan , a Pre-A round of financing of 30 million yuan , a round A round of financing of 100 million yuan , a round B round of financing of 100 million yuan , and a round C round of financing of 200 million yuan .

In recent years, as Onion Group has continued to develop, there have also been many doubts and complaints.

According to the Black Cat complaint platform, there have been 321 complaints against Onion Omall . On April 1, a consumer complained to Onion Omall, demanding a refund of 10,000 yuan in service provider fees, and said that after joining the service provider, selling goods is not the first priority, but attracting people to join is the first priority . "I was asked to post on WeChat Moments all day long, but no one bought anything. I bought everything myself. If the price is less than 299, no free shipping. In order to make a profit, they bought a lot of goods, which caused a backlog of goods. It is very difficult to make a profit by selling goods."

In addition, data from another domestic complaint platform, DianSuBao, showed that Onion Group was rated as "not recommended to order" or "order with caution" in the quarterly and annual consumer ratings from September 2019 to the whole year of 2020 .

As early as February 2017, Onion Group was ordered by the Guangzhou Tianhe District Food and Drug Administration to stop selling counterfeit and shoddy cosmetics in accordance with Article 50, Paragraph 3 of the "Guangdong Province Regulations on the Investigation of Illegal Acts of Production and Sale of Counterfeit and Fake Goods", and was imposed an administrative penalty of confiscation of illegal gains and fines.