Wish Debuts Stock in MexicoBy Jorge Ramos Zwanziger | Wed, 03/17/2021 - 17:35
E-commerce company Wish began trading this Tuesday through the International Quotation System (SIC) of the Mexican Stock Exchange (BMV), reported El Financiero. Founded by Peter Szulczewski and Danny Zhang back in 2010 in San Francisco, California, Wish is an app that allows users to create “wish lists” of products sold by different small retailers. The products it offers usually come from sellers from Southeast Asia as the company initially focused on China-based merchants that specialized in selling quality, unbranded products at highly competitive prices. Since then, the company has diversified. Currently, Wish has more than 1.5 million products for sale through more than 500,000 merchants around the world.
In 2020, the company registered more than 107 million monthly users, according to its 4Q20 financial statement. Wish also reported a revenue of US$794 million, a record high according to Szulczewski, Founder and CEO of Wish. He stated that the company grew 38 percent year-on-year due to increased demand for its marketplace and logistics spaces. “The opportunity in mobile e-commerce is massive. Wish is uniquely positioned to address the needs of an underserved group of billions of value-conscious consumers,” said Szulczewski.
In 4Q20, Wish launched a logistics-as-a-service platform for non-Wish merchants in select locations, which the company expects to significantly contribute to its growth over time, according to its financial statement. It forecasts between US$30 billion and US$33 billion in total orders this year, a 33 percent growth over 2020.
In Mexico, local investors will now be able to buy shares from the company under the keyword ‘WISH’. The firm’s stock debuted on NASDAQ on Dec. 16, 2020, currently valued at US$18.94. “So far, in 2021, its shares have accumulated a 4.5 percent yield on the stock exchange of origin,” said the BMV in a statement to El Economista.
The SIC platform, created by BMV in 2013, allows investors in Mexico to buy and sell stocks and ETFs listed in other markets. With the listing of Wish, SIC offers now 108 securities including Marriott, Epson and Miniso.