The path selected by e-commerce platforms around the world to go public in the US is like a “marathon.” On April 27, 2022, Global Choice secretly submitted a statement to the SEC, sounding the “trumpet” of the company's IPO in the US. At this point, only 7 months have passed since the establishment of Renmi (Hangzhou) Network Technology Co., Ltd., its domestic operating entity. The market was amazed by this speed.
However, I never thought that after the first public submission of the F-1 documents on February 7, 2024, the US stock listing has not been completed until today, and four and a half years have passed since the company first secretly submitted the forms.
The Zhitong Finance App observed that the world selected the latest listing news and updated the prospectus for the fourth time on June 11, 2026. According to the prospectus, selected applications from around the world are listed on the NASDAQ under the code “QQJ”. It wants to issue 5 million shares in this IPO. The issue price is 5-7 US dollars, and the maximum capital raised is 35 million US dollars.
Notably, the company's previous fund-raising plan was to issue 2.25 million shares at a price of 4-5 US dollars, raising up to 11.25 million US dollars. This means that the most recent amount of capital raised by global companies has more than tripled compared to the previous one, and the company's valuation has also risen.
However, its performance was contrary to the valuation. In fiscal year 2025 (12 months ending September 30), the revenue of selected global companies was approximately US$10.2731 million, down 17.7% year on year, and net profit was US$1.8303 million, down 65.8% year on year.
As the scissor gap between upward valuation and downward performance widens markedly, it is still unknown whether Global Select will be fully subscribed by the market to achieve a smooth listing. So, what exactly motivates the world's top picks to hit the NASDAQ?
There was a “contrarian trend” during the dividend period due to multi-dimensional factors
Looking back on the development of the e-commerce industry, Global Select, which was established at the critical time point in 2021, can be said to have stepped on a “small trend against the trend” when the dividends of the social e-commerce industry have subsided.
In the middle of this year, the “Social E-commerce Enterprise Operation Service Code” group standard was officially implemented in February, and the industry was cleared at an accelerated pace as policy supervision continued to be tightened; moreover, in September, the Ministry of Industry and Information Technology requested the unblocking of external links, WeChat opened peer-to-peer Taobao and Douyin backlinks in November, and the launch of e-commerce links for group chats. This means that in the past, social e-commerce relied on “WeChat closed ecology+induced sharing+fission posters” traffic arbitrage space.
This trend quickly spread to the primary market. According to online economic and social standards, the number of social e-commerce financing incidents in 2021 decreased by about 22% year-on-year. After capital cooled down, the platform stopped burning money to make up commissions, price-sensitive users lost subsidies, and the early dividends of distributing fissile social e-commerce began to fade at an accelerated pace.
More importantly, the main battleground of live e-commerce, which is in full swing in 2021, is “rejuvenation+contentization”, which mainly targets the growth of young people in the market, but the trust-based consumption of middle-aged people aged 40 and above has not been fully exploited.
Due to the combined effects of the above factors, a “vacuum zone” has emerged in the market. Previously, small B-side users who made money with WeChat still had the mentality of “starting a business lightly, saving money by sharing,” but platforms such as Beidian, Gongji, and Taoxiaopou under the old model have gone bankrupt, and the market urgently needs compliant and reliable platforms to meet this part of the actual demand.
In order to solve this pain point of demand, Global Home Selection was established in 2021 to create a comprehensive ecosystem integrating commerce, shopping, entertainment, and social networking for people aged 40 and above. It stepped on the gap between the “old distribution type social e-commerce credit ruin” and “the new live e-commerce does not cover the population”. This position, which seemed unpopular at the time, was actually the most reasonable opening point for changing industry trends.
Global Select does not set an “entry fee” threshold, does not set multi-level team rewards, and does not use leading as a source of profit to avoid the compliance risks of traditional distribution models from the bottom up. Based on this, the company relied on the S2B2C business model to transform a large number of small B-side users into private service nodes, and implemented “light entrepreneurship” into sustainable service profit sharing with a perfect supply chain system and digital center capabilities to meet the existing demand released by the market.
GMV grew by nearly 10%, and operating indicators were divided
After nearly five years of development and accumulation, a selection of global players who have stepped on the “bucking the trend” has begun to take shape, and this has been shown in every dimension. According to the prospectus, at the supplier level, the company selects suppliers through a strict screening process to provide all categories of products; in fiscal year 2025, 1,386 partner suppliers from selected platforms were launched in 17 categories, with a total of 40,909 SKUs, all from third-party suppliers, focusing on an asset-light expansion.
At the user level, from operation in June 2021 to September 30, 2025, the global selection platform reached a total of 839,400 consumers, including 466,600 on the B-side and 372,800 on the C-side, covering 31 provincial administrative regions in mainland China.
While the platform reached more than 800,000 consumers, there was a clear divergence in some of the operating indicators selected by global households. In fiscal year 2025, the GMV selected by the world was 46.4 million US dollars, an increase of 9.18% over the previous year. However, the number of orders during the reporting period was 1.3 million, a year-on-year decrease of 38.5%.
The decline in order volume by nearly 40% indicates that the platform's underlying trading activity and the basic market for private distribution are shrinking. However, the reason behind the decline in order volume and the increase in GMU is due to the increase in average customer unit price, which supports the platform's overall trading market.
However, GMV's high unit growth did not reverse the decline in the company's revenue side. According to the data, in fiscal year 2025, selected global revenue was US$10.2731 million, down 17.7% year on year, close to 20%.
The divergence between GMV and revenue is because the company uses the S2B2C model. Revenue is not fully recognized according to GMV. It is recorded through net amounts such as platform service fees and supplier service fees. After the monetization rate narrowed, revenue also declined.
On this basis, as B-side distribution rebate expenses doubled and directly squeezed gross profit due to the contraction in order frequency, the gross margin was reduced from 49% to 42%. Coupled with the rigidity of R&D, sales, and management costs, these two major factors further suppressed the company's profit release. Although income such as short-term investment income was recorded under other income, it was difficult to overcome the weakness on the profit side, and net profit for fiscal year 2025 fell 65.8%.
It can be seen from this that the decline in the FY2025 results of Global Choice is due to a contraction in the active efficiency of private distribution networks, leading to the erosion of the monetization base of high-profit platforms, and a combination of factors such as the reverse increase in distribution rebate costs and suppression of profit release.
The decline of giants intensifies external squeeze, and a listing to raise capital may open up an adjustment window
If Global Choice has stepped on top of the gap between “the credit ruin of old distribution-type social e-commerce” and “the lack of coverage of people by new live streaming e-commerce,” then this survival gap has gradually narrowed as the external squeeze has intensified in recent years.
In terms of live e-commerce, Douyin and video channels promote live streaming on Yinfa, using public domain content to directly reach middle-aged users and divert private purchase traffic. In terms of traditional shelf e-commerce, Taobao launched the senior model, and JD Health is deeply involved in family health consumption, seizing the health category customer base with genuine product endorsements and mature supply chains. In terms of social e-commerce, Pinduoduo relies on a massive white-label supply chain to form strong price competition in categories such as household necessities and basic food.
Major e-commerce giants are exploiting the value of middle-aged users at an accelerated pace, eating away at the potential growth space of global home selection, and health-related products account for a high share of health-related products, making Global Home Choice less resilient in the face of external pressure.
Although the number of SKUs selected by the world in FY2025 reached 40,909, the company actually carried GMV as a core category of health-related products. In FY2023, health-related products accounted for 48.74% of the GMV, which is close to half. Although there was no GMV disclosure for the 2025 fiscal year, judging from the category strategy, health consumption is still the core support for the platform's private repurchase and high-customer order conversion.
Obviously, in the face of the multi-dimensional downturn of e-commerce giants, global selections that do not develop all categories may have fallen into a trending development dilemma, and the decline in order volume of nearly 40% in FY2025 is a key sign worth watching. This may indicate that the platform's underlying trading activity and the basic market for private distribution have begun to shrink.
Faced with this difficult situation, the use of capital raised from the listing can reflect the company's “coping approach” to a certain extent. According to the prospectus, the net amount raised by Global Select will be used for user growth and channel expansion, small B-terminal training, mobile and mid-platform technology upgrades, supply chain expansion, and quality control.
It is easy to see that the primary goal of Global Home Selection is still to revitalize the basic private sector market for middle-aged people, promote the development of users from stock repurchase to break the circle of new customers, and stabilize health categories at the two levels of China and Taiwan technology and supply chain, while expanding categories to meet the diverse needs of users.
If Global Choice can be successfully listed and the efficient implementation of the above layout is promoted, then the company is expected to win a valuable adjustment window in a market environment where external competition continues to intensify, but if progress falls short of expectations, then fund-raising will only slow down the slope rather than reverse the trend of shrinking the company's fundamentals.