E-commerce

Smaller rivals are being pushed to the margins as online shopping booms in Thailand and Malaysia.

TikTok Shop’s growth across regions was a key driver.

Keeta is gaining traction in international markets as the company ramps up investments in AI and retail initiatives.

Qianniu sits at the center of the plan, evolving into an agentic AI platform to anchor a new token-based operating model.

The CEO talks of impending market saturation, “dark stores,” and entry into the Bangladesh market.

New subsidies, tools, and incentives aim to help sellers improve earnings in a more competitive market.

Adoption was strong during the campaign, but it remains unclear if user behavior will persist after incentives fade.

Increased spending on supply chains and merchant support also weighed on its 2025 results.