📈 Massive Share Trade Amid Acquisition Buzz
On Wednesday, October 9, 2024, Bukalapak.com saw a massive share trade on the Indonesia Stock Exchange (IDX), with 13.4 billion shares changing hands. The transaction totaled Rp 2.08 trillion ($135M). This surge followed rumors that Chinese e-commerce giant Temu might be planning to acquire Bukalapak. Shares were sold at two price points: Rp 120 and Rp 250. Bukalapak's stock rose by 2.04% in regular trading, reaching Rp 150 per share.
🤔 Bukalapak Denies Acquisition Talks
Bukalapak's management, however, quickly dispelled the acquisition rumors. The company's secretary, Cut Fika Lutfi, stated that they are "unaware of any information regarding the plan for acquisition by the e-commerce platform Temu." Bukalapak assured that they would comply with transparency regulations if further details emerged. The speculation comes at a time when Indonesian companies are seeing increased interest from international players like Temu.
🇨🇳 Temu Faces Local Scrutiny
Temu, a Chinese online marketplace, has faced mounting concerns in Indonesia. The Indonesian government is considering a potential ban on Temu due to fears that it may harm local small and medium-sized enterprises (SMEs). Fiki Satari, an advisor to the Cooperatives and SMEs Minister, emphasized that Temu's operations, which connect Chinese producers directly with global consumers, could undercut local businesses.
📉 Impact on Indonesian E-commerce
Bukalapak is one of Indonesia’s leading e-commerce platforms, and any potential foreign acquisition would significantly affect the market. Local e-commerce players like Bukalapak, Tokopedia, and Shopee are vital for Indonesia’s SMEs. The rising influence of global giants such as Temu has raised concerns about market dominance. Investors and industry watchers are now closely monitoring developments in Indonesia's digital economy and possible government intervention in the sector.
Will Bukalapak remain independent or fall under Temu’s influence?
