The GMV of Taobao Overseas, Alibaba's international business, exceeded US$20 billion this year, achieving double-digit growth year-on-year. Taobao Overseas is the overseas version of the Taobao APP, mainly targeting overseas Chinese consumer groups. The size of Taobao Overseas exceeds that of Temu last year and is comparable to that of Tiktok last year. Compared with the attention received by the "Four Little Dragons Going Overseas", Taobao Overseas is quite low-key. Looking back on its historical context, Taobao Overseas has been in operation for more than 10 years, and was established only a few years later than Shein, a senior cross-border player.