Kuajing Haoyun (跨境好运) raised from Temasek to link sellers with freight — then vanished

Kuajing Haoyun (跨境好运), registered as Douhaoyun (Shenzhen) Technology Co., was founded in February 2021 as a freight-forwarding platform connecting small and medium cross-border e-commerce sellers with logistics providers. It offered route comparison, transaction guarantees, insurance and end-to-end tracking, aggregating more than 1,000 service providers and serving nearly 36,000 sellers at its peak.

In 2021 the company raised hundreds of millions of yuan in a round that included global investment firm Temasek. The money funded rapid growth in a sector riding the cross-border e-commerce boom. But the model generated thin margins — the platform took a cut of transactions that was never enough to cover operations at scale, and every new seller added more support cost than platform revenue.

By mid-2025 the industry was under pressure from US tariff policy changes, rising advertising costs (Amazon CPC up 15.1% in 2024, TikTok CPM up 12.28% YoY) and the cancellation of the de minimis $800 exemption, which raised freight costs roughly 25%. In June 2025 Kuajing Haoyun suddenly announced closure. Employees were dismissed, the legal representative Zhong Jinzhu lost contact, and sellers who had prepaid for freight services could not recover their money. The platform that had connected nearly 36,000 sellers to international logistics was gone in days.