Guangzhou – Young Chinese are using the new and convenient smartphone app to buy high-end sneakers like stocks, pushing the market to speculative levels, and the price trend is much higher than the original retail price tag.
The enthusiasm of sneakers has worried the authorities, prompting the central bank to warn young traders of the danger of putting too much money into overheated markets.
A woman living in Guangdong Province recently received a text message from her brother’s home in college, asking her to buy some Nike basketball shoes. He said: “It is best to wear 43 yards of shoes, but I will choose anything between 40 and 45.”
So she gave him a pair, even though he was confused about his size description. Later, she was shocked to discover that he resold the shoes at twice the price of the application called Poizon.
At first glance, Poizon looks like another e-commerce application. But the platform only shows the lowest list of any kind of sneakers. It also tracks all past transactions, allowing users to determine market prices and has spawned many specialized shoe dealers.cheap golden goose
There is now even a service where individuals can trade the ownership of shoes without actually buying shoes to meet the needs of those who are only interested in profit. Some pairs are already 20 times the retail price.
Poizon is operated by Shanghai Shizhan Information Technology Co., Ltd., and each transaction is charged a small fee. According to local media reports, the April sports shoe bubble made the startup worth more than $1 billion, ensuring it entered the ranks of the world’s unicorn company.
The US-based StockX was a pioneer in the field when it began operations in 2016. The following year, Poizon launched the product in China. Since then, about 10 companies (including Nice and DoNew) have followed.
But the Chinese authorities worry that young businessmen may accumulate debt to invest in sports shoes. In mid-October, the People’s Bank of China warned financial institutions to conduct sneaky transactions, calling it a money game that anyone could lose at any time.
The younger generation in China is very interested in their parents because their parents have made a fortune in real estate and stocks. It remains to be seen how China will monitor the emergence of new investments.