Driven by digital economic globalization

Chinese cross-border e-commerce platforms rely on asset-light operational models to achieve ultra-fast overseas expansion

whose internationalization paths cannot be fully interpreted by traditional international business theories formulated for asset-heavy multinationals. This paper selects Temu

PDD Holdings' cross-border platform that entered the U.S. market in September 2022

as a single case and adopts qualitative case study based on multi-source secondary data including corporate annual reports

U.S. regulatory documents and mainstream financial media reports. It systematically sorts out Temu's two-phase overseas expansion logic: the initial asset-light cross-border entry with minimal local fixed investment

and the subsequent strategic iteration featured by U.S. local warehouse deployment and opening marketplace access to American and European merchants. Relying on Dunning's OLI eclectic paradigm

the revised Uppsala internationalization model

resource-based view and dynamic capability theory

the research conducts multi-layer theoretical analysis on Temu's market entry and adaptive adjustment. The results show that Temu's replicable digital platform governance and integrated Chinese supply chain system constitute its core ownership advantages; the U.S. Section 321 de minimis policy delivers institutional location advantages that greatly cut cross-border logistics and tariff costs in its early growth. Its low-sunk-cost entry pattern matches the experiential learning mechanism of the updated Uppsala model

allowing continuous market learning without heavy asset risks. Nevertheless

over-reliance on temporary policy dividends brings severe regulatory risks. Faced with tightening trade supervision

Temu leverages dynamic capabilities to promote localization transformation

balancing cost advantages and operational stability. This research enriches the application boundary of classical international business theories within digital platform scenarios

supplements theoretical explanations for asset-light cross-border expansion

and provides actionable strategic references for Chinese e-commerce platforms seeking to enter developed Western markets.