SFC Holdings Valuation Multiples

Alibaba is the world's largest online and mobile commerce company as measured by gross merchandise volume. It operates China's online marketplaces, including Taobao (consumer-to-consumer) and Tmall (business-to-consumer). The China retail e-commerce platform is the most valuable cash flow-generating business at Alibaba. Additional revenue sources include China wholesale e-commerce, international retail and wholesale e-commerce, local consumer services, travel services, cloud computing, digital media and entertainment, Cainiao logistics services, and other businesses.

PDD Holdings operates commerce businesses in over 80 countries globally. Its main operations are Pinduoduo, a social commerce platform in China, and Temu, a global e-commerce marketplace. PDD also has a community group purchase business in China. PDD has built a network of sourcing, logistics, and fulfillment capabilities that support its underlying businesses.

MercadoLibre runs the largest e-commerce marketplace in Latin America, with about 150 million active users and more than 600 million active listings across 18 countries stitching into its commerce network or fintech solutions when last reported. The company operates a host of complementary businesses to its core online shop, with shipping solutions (Mercado Envios), a payment and financing operation (Mercado Pago and Mercado Credito), advertisements (Mercado Clics), classifieds, and a turnkey e-commerce solution (Mercado Shops) rounding out its arsenal. MercadoLibre generates revenue from final value fees, advertising royalties, payment processing, insertion fees, subscription fees, and interest income from consumer and small-business lending.

Sea started as a gaming business, Garena, but in 2015 expanded into e-commerce. Sea operates Southeast Asia's largest e-commerce company, Shopee, in terms of gross merchandise value. Shopee is a hybrid C2C and B2C marketplace platform operating in Indonesia, Taiwan, Vietnam, Thailand, Malaysia, the Philippines, and Brazil. For Garena, Free Fire is the key revenue generating game. Sea’s third business, SeaMoney, provides lending, payment, digital banking, and insurance services.As of March 31, 2025, Forrest Xiaodong Li, the founder, chairman and CEO, owned 59.1% of voting power. Tencent owned 18.5% of issued shares with no voting power.

JD.com is the third-largest Chinese e-commerce platform by gross merchandise volume in 2024. it offers a wide selection of authentic products with speedy and reliable delivery. The company has built its own nationwide fulfilment infrastructure and last-mile delivery network, staffed by its own employees, which supports both its online direct sales, its online marketplace and omnichannel businesses.

Coupang is South Korea’s largest e-commerce platform that sells both owned and third-party inventory. Headquartered in the US, Coupang operates e-commerce businesses mainly in South Korea and Taiwan. The company has built an integrated logistics network that covers the entirety of South Korea, with extensive fulfillment centers that ensure timely delivery, even for orders placed seconds before midnight. Outside of its bread-and-butter e-commerce business, Coupang has expanded into Rocket delivery services to third-party merchants (fulfillment and logistics by Coupang), online grocery delivery Rocket Fresh, online meal delivery (Eats), e-commerce in Taiwan, luxury e-commerce (Farfetch), and travel.

LY is a leading Japanese internet services conglomerate. Its main services are Yahoo Japan, the oldest portal site in Japan that offers a wide variety of services, such as news, e-commerce, financial information, and Line, a national messenger application. In 2019, the company acquired Zozo, a leading online apparel retailer, to grow its e-commerce business. In 2022, LY consolidated with its wholly owned subsidiary PayPay, the most popular QR code payment service in Japan.

Rakuten is a leading e-commerce and fintech service provider in Japan. It has built up a comprehensive Rakuten ecosystem in Japan, including Rakuten Ichiba for e-commerce, Rakuten Travel, Rakuten Card, Rakuten Bank, Rakuten Securities, and became the fourth mobile network operator in Japan in April 2020. The loyalty program, Rakuten Super Points, has encouraged cross-use of services in its ecosystem. About 90% of its revenue is generated from the Japanese market.

Meesho Ltd is a technology platform that integrates commerce, logistics, and content creation to support e-commerce activities under the Meesho brand. The Company also provides digital financial services by facilitating financing arrangements between non-banking financial companies and sellers to support access to credit, and it operates a supply-chain service for the delivery of groceries and other products. The Company operates through the Marketplace segment, which is a technology platform connecting consumers, sellers, logistics partners, and content creators, and the New Initiatives segment, which includes a low-cost local logistics network for daily essentials and a digital financial services platform. The majority of the Company's revenue is generated from the Marketplace segment.

MonotaRO Co is a Japanese e-commerce company selling industrial supply products.

Vishal Mega Mart Ltd is engaged in the wholesale and retail trade of apparel, fast-moving consumer goods, and general merchandise. The group offers products across three product categories: apparel, general merchandise, and fast-moving consumer goods through a pan-India network of nearly 645 Vishal Mega Mart stores. Its brands are Yellow Hippo, Wavelength, Brink, Home Pure, Outshine, Tandem, Home Finery, and Others. The Group operates in the reportable segment of Contract Manufacturing and Wholesale and Retail Trading.

Global E Online Ltd provides e-commerce solutions. The company offers a platform to enable and accelerate direct-to-consumer cross-border e-commerce. The platform was purpose-built for international shoppers to buy seamlessly online and for merchants to sell from and anywhere in the world. The company localizes the shopper experience to make international transactions as seamless as domestic ones. The platform increases the conversion of international traffic into sales by removing much of the complexity associated with international e-commerce. The company derives maximum revenue from the United States.

Mango Excellent Media Co Ltd is a China-based company engaged in the provision of E-commerce services through Television, Internet, Catalogs, and other multimedia channels. The company operates three main business segments. The Mango Television Internet Video Business segment delivers content such as variety shows, TV dramas, films, movies, animations, and short videos. The New Media Interactive Entertainment Content Production Business segment covers the creation and operation of dramas, variety programs, and games, alongside artist management, music copyrights, and game development. The Media Retail Business segment focuses on TV shopping, media e-commerce, and overseas-related operations. The company generates maximum revenue from the Mango Television internet video business segment.

PT Global Digital Niaga Tbk is engaged in the business of Retail Trading and programming Activities, as well as Web Portals and/or Digital Platforms. Its segments are Online Retail (First party and Third party), Institution, and Physical store.

Beijing United Information Technology Co Ltd operates business to business e-commerce platform. The company provides online commodity trading, commercial information services, and Internet technology for industrial products and raw materials for related industries. It also provides online commodity trading services for upstream and downstream industries such as coating chemicals, sanitary products, and glass, including self-operated e-commerce, third-party e-commerce, and SaaS services.

momo.com Inc is an e-commerce company that serves Taiwan. The company is engaged in TV and radio production, radio and TV program distribution, radio and TV commercial, video program distribution, issuing of magazine, retailing, and retail sale no storefront. The Group has two reporting segments: E-commerce division and Multimedia business division. It derives maximum revenue from E-Commerce Segment.

DeNA Co Ltd is a social media service provider in Japan. It generates majority of the portion of its revenue by providing social media and Internet marketing-related services through its Social Media segment. The E-commerce segment offers E-Commerce related services, including the operation of auction shopping and cellular phone websites under the names DeNA shopping and Mobaoku, respectively. The Others segment is engaged in travel agency and insurance agency services, and professional baseball related business. The company has its primary market in North America.

Suning.com Co Ltd, formerly Suning Commerce Group Co Ltd, is a retail shop offering electronic appliances such as air-conditioners, refrigerators, washing machines, color TVs, audio-video products, small home appliances, communication products, computers and digital products.

Focus Technology Co Ltd is an Internet carrier in China. By introducing the Internet respectively into foreign trade, insurance, corporate procurement, medical, and other fields, Focus Tech successfully developed the following products: Made-in-China.com, Abiz.com, xyz.cn, StudyFun, Jiankang51.cn, and others.

E-MART Inc. is a hypermarket retail company in Korea. The company mainly operates its businesses through seven divisions: domestic hypermarket, tourism hotel, food, supermarket, resort, overseas hypermarket, and bakery. It operates around148 branch locations in Korea (including Emart Traders) and approximately 16 branches in China under management. In addition, by 2023, it plans to expand presence throughout the projected 200 store locations of more, while penetrating into overseas markets in Vietnam and Mongolia.

Akso Health Group is a social e-commerce platform based in China. The company collaborates with domestic e-commerce platforms and offers users a wide selection of high-quality and affordable products on its social e-commerce platform. It generates majority of the revenues from sale of medical devices business.

Hangzhou Onechance Tech Crop is a Fast-Moving Consumer Goods (FMCG) vertical marketing e-commerce operator. The major business of the company is providing e-commerce operating service which is covering all channels of the network for well-known FMCG brands at home and abroad. It offers one package service which contains image-building of brand, design and planning of product, integrated marketing planning, visual design, big data analysis, online brand operation, precise advertising, CRM management, pre-sales and after-sales service, warehousing and logistics, which will assist brands to improve their popularity and market share.

Sailvan Times Co Ltd  is a technology-driven export cross-border brand e-commerce. The company sells high-quality and individuality to global consumers through third-party e-commerce platforms such as Amazon, Walmart, eBay, Wish, and vertical category self-operated websites such as SHESHOW and Retro Stage. It offers modern lifestyle products, including clothing accessories, sports and entertainment, department stores and home furnishings and others. The company also provides logistics services to third parties based on its comprehensive cross-border warehousing and logistics system.

D-MARKET Electronic Services & Trading offers an e-commerce platform in Turkey and the surrounding region. The company is comprised of one reportable segment, namely e-commerce operations. The Group derives revenue from the sales of goods, marketplace revenues and other revenues.

Jumia Technologies AG is the pan-African e-commerce platform. The company's platform consists of a marketplace that connects sellers with consumers. The logistics services of the company enables the shipment and delivery of packages from sellers to consumers, and the company's payment service facilitates transactions among participants active on its platform in selected markets. The company generates revenue from first-party sales, third-party sales, marketing and advertising, and the provision of other services. Its geographical segments are West Africa, North Africa, East & South Africa, Europe, and United Arab Emirates. The firm generates majority of its revenue from the West Africa segment.

THG PLC is an online retailer. It provides an end-to-end direct-to-consumer ("D2C") e-commerce solution for consumer brand owners under a Software as a Service, in addition to stand-alone services, including hosting, content creation and translation. Its business is operated through four businesses: THG Ingenuity, THG Nutrition, THG Beauty and Other. The company operates in the United Kingdom.

ASKUL Corp is a Japanese company mainly offering office products and accessories. The business has two main segments: the office-related products and other delivery. The office-related product segment consists of personal computer and accessories, office supplies, and furniture. The other delivery segment provides cargo transportation services for corporations.

PT Bukalapak.com Tbk engages mainly in activities related to web portals, holding activities, and other management consulting activities. The company operates an all-commerce platform in Indonesia that caters to both Micro Small and Medium Enterprises (MSMEs) and consumers. Its business lines include marketplace, offline to online, business-to-business (b2b), financial services, logistics, and many others, with the focus on serving merchants and mitra as customers. The company's reportable segments are Marketplace, Online to Offline, and Procurement. A majority of its revenue is generated from the Marketplace segment, which offers physical and virtual products across various categories, including electronics, fashion, FMCG, automotive and accessories, gaming, and more.

Hyundai Home Shopping Network Corp is engaged in the retail domain in Korea. The company's business involves the management of online shopping malls offering a wide range of products including apparel, sportswear, accessories, consumer electronics, household appliances, and beauty products.

Bed Bath & Beyond Inc is an e-commerce-focused retailer with an affinity model that owns or has ownership interests in various retail brands, offering products and services that enable its customers to enhance everyday life through quality, style, and value. The company currently owns Bed Bath & Beyond, Overstock, buybuy BABY, and other related brands and websites, as well as a blockchain asset portfolio. Its e-commerce platforms, www.bedbathandbeyond.com and www.overstock.com, are targeted at customers seeking various products such as furniture, bedding, area rugs, tabletop and cookware, decor, storage, jewelry, etc, at affordable prices. In addition to products, the company also offers add-on services across platforms, including warranties, shipping insurance, and installation services.

ZKH Group Ltd engages in providing MRO procurement service platform in China. It provides one-stop MRO procurement and management services for its customers, and offers digital and fulfillment solutions for participants along the industry value chain. It offers a broad range of MRO product offerings covering all MRO product lines on its platform, including spare parts, chemicals, manufacturing parts, general consumables, and office supplies. All of the Group’s revenues are derived from the PRC.

ContextLogic Holdings Inc Formerly ContextLogic Inc is an online shopping store. The store provides personalized products, clothing products, accessories, gaming products and equipment, cosmetics, plastic products, mobile covers, and other products. Geographically, it derives majority of its revenue from Europe and also has a presence in North America; South America, and other countries.

Fanli Digital Technology Co Ltd formerly Jiangxi Changjiu Biochemical Industry Co Ltd is a coal chemical company in Jiangxi, China. Its products include synthetic ammonia, urea, methanol, acrylamide, hydrogen peroxide, silica hydrated, liquid carbon dioxide, plastic pipes and oxygen. Geographically, the activities are carried out through China.

Scroll Corp offers online shopping services through its site and printed catalogs. It provides travel business, solution business, e-commerce business, and Ken Cosmetics business, among others. The group operates in four segments, which include Solutions Business, Mail Order Business, E-commerce Business, and Group-controlled businesses.

Kogan.com is an Australian pure-play online retailer. It caters to value-driven consumers through its exclusive brands, spanning multiple categories including consumer electronics, furniture, and fitness. For brand-conscious consumers, Kogan also offers a wide range of products from well-known third-party brands such as Apple, Samsung, and Google. Additionally, Kogan competes in the online marketplace industry, providing a platform and customer base for approved sellers in exchange for a commission. Finally, the firm sells multiple white-labeled products and services including prepaid mobile phone plans, insurance, and travel packages.

PChome Online Inc is an E-commerce service provider. It is focused on providing an e-commerce platform for online shopping, entrance websites, telecommunication, and other related services. The group's reportable segments are the E-Commerce-Sales, Market Place, Fintech and Other segment. The E-Commerce-Sales segment represents the revenue collected from the online platform from the sale of goods whereas The other segment is the revenue generated from the online platform to provide search engine services, telecommunication, and communication services. The majority of the revenue is generated from the E-Commerce-Sales segment of the company.

Bike24 Holding AG offers an e-commerce platform in Europe. Its online shop offers customers a range of bike products in the European market, including parts, accessories, and clothing, traditional bikes and e-bikes, as well as adjacent sports, electric and outdoor products. It operates in the Full Bikes product segment. Its geographic segment is Germany, Austria, and Switzerland, the Rest of Europe, Rest of the world, and the majority of the revenue comes from Germany. Its Brands include Asics, Cube, Endura, Fox, Garmin, and others.

Baozun Inc is engaged to provide its customers with end-to-end e-commerce solutions including the sales of apparel, home and electronic products, online store design and setup, visual merchandising and marketing, online store operations, customer services, warehousing and order fulfillment, as well as the holistic brand management, including strategy and tactic positioning, branding and marketing, retail and e-commerce operations, supply chain and logistics, and technology empowerment. It has two operating segments: E-Commerce (encompassing BEC and BZI) and Brand Management (representing BBM). The company generates maximum of its revenue from E-Commerce (encompassing BEC and BZI) segment.

Daiichi Co Ltd is engaged in the business of food supermarket, real estate and rental business.

Hong Kong Technology Venture Co Ltd is included in the business of Ecommerce business which cover end-to end online shopping platform operation (including fulfillment and logistics), multimedia production and other related services; and New venture projects performing research and development activities on technologies, and operating business by adopting the technologies globally; and research, development and provision of technology solutions as a service including end-to-end digital retailing and retail store automation. The company has two reporting segments: Hong Kong Ecommerce business and New Ventures and Technology business, out of which the Hong Kong Ecommerce business derives the maximum revenue.

Boutiques Inc is engaged in the internet sales of nursing care products and others, organizing exhibitions related to nursing care, and M&A intermediary services to nursing care facilities, and web matching business which include matching opportunities for sellers and buyers in the nursing care and elderly market.

Raccoon Holdings Inc operates as an online discount wholesaler. It primarily offers apparel goods.

Gradiant Corp operates in the retail domain in Korea. Its principal business comprises managing internet-based shopping sites. The company, through its website, sells a range of products including beauty products, fashion wear, household appliances, and food products.

LightInTheBox Holding Co Ltd is an online retail company delivering products directly to consumers across the world. It provides apparel products including customized, special occasion and fast fashion apparel products; and other general merchandise products, such as accessories and gadgets, home and garden products, electronics and communication devices, and other products. The company operates in two segments: Product sales which consisted of online retailing of consumer products and sales to third-party sellers, and Services which consisted of provision of logistic services to companies and to individual customers. It derives maximum revenue from Product Sales. Geographically, it operates in Europe which is the key revenue driver, North America, and other countries.

111 Inc operates an integrated online and offline platform in the healthcare ecosystem in China, whereby the Group is engaged in the sales of medical and wellness products through online retail and wholesale pharmacies and offline retail pharmacies, as well as the provision of certain value-added services, such as online consultation services and e-prescription services to consumers in the People’s Republic of China. The company has two operating segments: the B2C segment and B2B segment whereby the B2C business represents revenue generated from individual consumers while the B2B business represents revenue generated from corporate customers. It derives a majority of its revenue from the B2B segment.

RedCloud Holdings PLC developed and operates the RedCloud Platform, which facilitates the trading of everyday consumer supplies of fast-moving consumer goods (FMCG) products across business supply chains. The Platform solves old problem of how to unlock and enable access of key purchase and sales data between brands, distributors and retailers in growth consumer markets. Its Platform has AI and machine learning capabilities that provide brands, distributors and retailers with trading and product insights and data to help make commercial decisions regarding their business operations. Geographically, Key revenue is generated from Nigeria.

Senshukai Co Ltd is a Japan-based company operates in the catalog business. It provides customers with lifestyle ideas in a wide variety of genres through a range of catalogs and the online shop "Belle Maison Net. The segments in which the group operates includes Mail-order, Bridal, Corporate, and Others business. It offers accessories, living sundries, and furniture and interior goods for a specialty store-type product lineup. SENSHUKAI also provides travel and credit cards, and insurance services.

Digital Brands Group Inc offers a variety of apparel through numerous brands on a both direct-to-consumer and wholesale basis. It has expanded into an omnichannel brand offering the styles and content not only online but at selected wholesale and retail storefronts. Its brand portfolio consists of Bailey 44, DSTLD, Harper & Jones, Stateside, and Sundry.