Are you saying that because they are backed by a big startup they can't be a fraud? China has a big problem with financial fraud of various kinds partly because of rapid growth and partly because of how regulation is shared between Beijing and the regions meaning some things fall between the cracks. https://www.ft.com/content/77f61cf0-5b9d-4ea8-854a-4f220039d...
Evergrande sold promises of houses, FTX and Lantian sold promises of huge investment gains. But if you buy something on Temu, it's actually delivered to you in a week.
The worst case is that the unsustainable growth is propped by VC money, like the early days of Uber, but the consumer is still the one that's profiting here.
Not sure the consumer is winning here. Eg the UK consumer advocacy organization "Which?" tested 3 electric heaters ordered on Temu and found all three unsafe[1].
The US bbb has them at a "C+" rating due to complaints about goods being ordered but not arriving etc[2]
At least you admit you don't know much about the space, though.