The Minister of Trade (Mendag) emphasized that he will not allow the e-commerce application from China, namely Temu, to enter Indonesia and has not approved its entry application. In addition, he also mentioned unresolved e-commerce issues but did not elaborate further. He simply stated that the ministry will not approve the entry application and will not allow it to stifle local industries. On the same occasion, the Director General of Domestic Trade at the Ministry of Trade also denied rumors that Temu would partner with Bukalapak to enter Indonesia. Recently, there have been rumors that the Chinese e-commerce app Temu intends to acquire PT Bukalapak.com Tbk (BUKA). Temu has repeatedly attempted to enter the Indonesian market but has been rejected by the government on the grounds that it threatens the sustainable development of local MSMEs, as Temu’s business model is said to directly connect producers with end consumers, bypassing retailers and affiliates.
This has sparked speculation that Temu might follow the same strategy as TikTok and Tokopedia by acquiring Bukalapak to obtain government approval. Bukalapak stated that it is not aware of any information regarding Temu’s planned acquisition through e-commerce, and it will disclose information in accordance with applicable laws and regulations after receiving verified information about the acquisition plan.
Market speculation is beyond the company’s control, so the company urges public shareholders and investors to pay attention to the information disclosures submitted by the company before making investment decisions related to the company.
The Minister of Trade (Mendag) emphasized that he will not allow the e-commerce application from China, namely Temu, to enter Indonesia and has not approved its entry application. In addition, he also mentioned unresolved e-commerce issues but did not elaborate further. He simply stated that the ministry will not approve the entry application and will not allow it to stifle local industries. On the same occasion, the Director General of Domestic Trade at the Ministry of Trade also denied rumors that Temu would partner with Bukalapak to enter Indonesia. Recently, there have been rumors that the Chinese e-commerce app Temu intends to acquire PT Bukalapak.com Tbk (BUKA). Temu has repeatedly attempted to enter the Indonesian market but has been rejected by the government on the grounds that it threatens the sustainable development of local MSMEs, as Temu’s business model is said to directly connect producers with end consumers, bypassing retailers and affiliates.
This has sparked speculation that Temu might follow the same strategy as TikTok and Tokopedia by acquiring Bukalapak to obtain government approval. Bukalapak stated that it is not aware of any information regarding Temu’s planned acquisition through e-commerce, and it will disclose information in accordance with applicable laws and regulations after receiving verified information about the acquisition plan.
Market speculation is beyond the company’s control, so the company urges public shareholders and investors to pay attention to the information disclosures submitted by the company before making investment decisions related to the company.