Asia Tech Wire (July 23) -- Temu, the e-commerce platform owned by Chinese tech company Pinduoduo, reached sales of around $20 billion in the first half of this year, according to Chinese media outlet 36Kr.

Of that, Temu realized about $12 billion in gross merchandise volume (GMV) in the second quarter, with the U.S. market accounting for nearly 45%.

For comparison, Temu's annual sales in 2023 were $18 billion, and rival TikTok's e-commerce transactions were around $20 billion in the same year.

Temu, which debuted in the U.S. in September 2022 and is now present in at least 50 countries and regions, focuses on offering deeply discounted bargains on everything from apparel to electronics and furniture.

Pinduoduo set an aggressive GMV target for Temu this year: $30 billion, or more than double its 2023 GMV, Chinese media outlet LatePost reported last November.