Roundtable Forum: New Opportunities for Cross-border E-commerce Venture Capital| 36Kr Cross-border E-commerce Summit

On December 23rd, the first cross-border e-commerce summit of 36Kr was held in Shenzhen, and this year we took the theme of "New Cross-border, New Enterprises".

The scale of cross-border e-commerce in China has increased by nearly 10 times in the past 5 years, and on Amazon, the scale of Chinese brand sellers completing brand registration has increased 10 times from 2017 to 2019. Such a large market also continues to attract capital and talents.

At the threshold of cross-border e-commerce entering the 2.0 era, the old era dividend has faded and the new brand dividend has begun. How to become the most important company in the key chain has become the most concerned topic in the industry. But as long as you have a good product, you can always get the recognition of users.

Therefore, at the summit, 36Kr invited Li Cong, vice president of Zongteng Group, Wang Yangeng, co-founder of Xingyun Group, Shi Ben, head of TikTok's e-commerce cross-border business, Zheng Dong, chief architect of Tencent Cloud's overseas solutions, Pan Qi, director of key customer development and operation of Amazon Global Store, Wu Ying, managing director of Shanhang Capital, Qin Tianyi, vice president of Zhen Fund, Dai Linlin, founding partner of Qianyue Capital, Yang Fanyi, head of investment of SellerX China, and other guests to talk about industry trends. The guests gave their own professional judgments and suggestions from various aspects such as capital, third-party platforms, logistics payments, and new channels.

The following is the transcript of the theme roundtable forum "Cross-border E-commerce Venture Capital New Opportunities" (edited):

Moderator (Wei Wen): Hello guests! Hello everyone! Welcome to this roundtable forum, I am the moderator of this time, 36Kr analyst Wei Wen. This forum has the honor of inviting four investors in the investment circle, first of all, please introduce yourself.

Wu Ying: Hello everyone, I am Wu Ying of Shanxing Capital. It is a pleasure to meet you at the cross-border e-commerce conference held by 36Kr. A brief introduction to our fund. Founded in 2015, Shanxing Capital is a Founders Fund in China. Our two founding partners, Yang Haoyong, founder of Catch-up.com and Guazi Used Cars, and Xu Shi, founder of NetEase News, are excellent continuous entrepreneurs. At the same time, Shanxing Capital also has a team of risk partners composed of top entrepreneurs, and we are committed to helping entrepreneurs link core resources and accompany entrepreneurs to constantly break boundaries. We have some experience in starting a business and how to build an excellent enterprise, hoping to find the best entrepreneurs in the industry, accompany entrepreneurs to grow together, and be the founder's longest and closest partner.

In the field of investment, we have invested in some well-known companies, such as Yueke, Ideal Automobile and full speed companies in the field of cross-border e-commerce. We have a long-term focus on technology and consumer goods.

Dai Linlin: It's a pleasure to meet everyone! Founded in 2017, Cross-border is one of the areas we've been focusing on since 2017. From the earliest e-commerce platforms that serve cross-border e-commerce, seller website builders, and then to cross-border logistics service providers, Saas, and brand sellers. We have served a number of Chinese overseas companies, and in the process we have also assisted in the capitalization needs of many overseas local companies. In this field, Qianyue has served about 28 leading enterprises, and they have all received investment from domestic first-line institutions.

Since last year, we have not called it a cross-border track within Shallow Moon Capital, but globalization. Many of our customers have been doing global organizational research and development, production, collaboration and management since day1. We have long been optimistic that Chinese companies will stand out in the global competition, and Qianyue will unswervingly accompany these great enterprises to sail the sea.

Zhang Li: Hello everyone, I am Zhang Li of Haofang Venture Capital. Today is a special field, a look full of beautiful women, plus myself.

It should be said that Haofang Venture Capital actually has a lot of special labels, the first label is that it has 16 years of cross-border e-commerce accumulation; the second label is to do the early stage, it is as a companion for entrepreneurs, accompanying entrepreneurs to grow rapidly; the third label is a high success rate, it can be said that in the seventy or eighty cross-border related projects we invested, it should be said that in the relatively cold cross-border e-commerce atmosphere this year, they are not cold, because there are 5 vertical and product companies of cross-border e-commerce that have successfully obtained capital financing. It should be said that it is very excellent.

Therefore, these different labels have also cast Haofang Venture Capital, which has different investment options, and we also hope to take more opportunities to reach these excellent entrepreneurs, accompany them to grow, and in the process of his growth, it will also cast the growth of haofang.

My identity today is also very special, first of all, I am the vice president of Haofang Group and the founding partner of Haofang Venture Capital. 15 years ago, we walked into the field of cross-border e-commerce, 5 years ago we began to find some opportunities for these entrepreneurs who went out in China, especially product-based entrepreneurs, so we created the Haofang Venture Capital sector, and we hope that next we have the opportunity to contact more entrepreneurs, and at the same time, we can cooperate with venture capital institutions to do a better job in the cross-border e-commerce field. Thank you!

Yang Fanyi: Well, hello everyone, my name is Yang Fanyi, and I am the head of investment in China at SellerX Group. Seller is the Seller's English word, X is the English alphabet, and some Chinese sellers will call us SellerX. So it doesn't matter if people call us anything. Our business model is to propose a complete exit plan for cross-border sellers, that is, our company is doing Amazon store acquisitions, and we will also look at independent stations and so on.

Mr. Li, who has just been 36Kr, mentioned such a model in his opening speech, in fact, just now Mr. Qin of Zhen Fund used our weather today as a metaphor for the overall situation of the sea circuit this year, which may have a little cautious optimism, but the fortunate thing is that our subdivision track is still very, very hot this year, and this year should be the first year of store acquisition.

SellerX We are a German company, of European origin, founded 14 months ago with $700 million in financing and also announced last month as a unicorn company. We acquired amazon stores, from small to large, $1 million sales to $40 million sales we will see, we also have a very strong operation team, so we ourselves take the store to do operations, is a brand operation group model.

I don't know if the seller friends present will more or less hear such a success story about selling their own shop this year and then lying completely flat, if you are interested in a similar way of exiting, you are also welcome to communicate with me and my colleagues after the meeting. Thank you!

Moderator (Wei Wen): Thank you for your introduction! Everyone comes from different fields, but they are paying attention to the track of cross-border e-commerce. According to relevant data, the amount of funds for the entire cross-border e-commerce in the first half of the year reached 7 billion, and we are a very large track. I would like to ask you, what observations and thoughts do you have on cross-border e-commerce entrepreneurship and investment this year?

Wu Ying: Shanxing Capital has been paying attention to cross-border tracks for a long time. I especially agree with the guest: the "cross-border e-commerce" we are talking about is not limited to "cross-border", but more accurately described as "globalization". Is globalization a short-term or a long-term systemic opportunity? What is the driving force behind globalization? This is one of the key issues we have tried to understand in the past.

We see cross-border as a systemic opportunity to share a few numbers:

First of all, in the case of the impact of the macro economy on the epidemic, cross-border e-commerce has developed rapidly. In 2021, the GMV of China's cross-border B2C e-commerce has more than doubled compared with before the epidemic in 2019, and the results are very eye-catching. At present, China's e-commerce penetration rate is 30%, and overseas is far from reaching this level. We believe that with the increase in overseas online consumer penetration, the industry will have considerable development opportunities.

Second, new channels bring new user reach. In addition to Facebook and Google, there are many new channel increments, including TikTok, which brings you the possibility of reaching more abundant and diverse international users.

Coupled with the fact that China has many of the most advantageous industrial chain clusters in the world, such as clothing, small household appliances, 3C electronics, etc., China is bound to have excellent enterprises that can make good use of this advantage and reach global users through global channels. We believe that cross-border e-commerce is still only in a very good start, and there are still long-term opportunities for systematization in the future. Shanxing Capital will pay attention to the development of this track for a long time.

Moderator (Wei Wen): Thank you Mr. Wu Ying! It is true that we have a very complete supply chain in China, and the growth rate of the entire cross-border e-commerce in 2020 and 2021 is very fast year-on-year, indeed. I would like to ask Mr. Dai Linlin of Asamizuki Capital, what are your sharing and thoughts on this topic?

Dai Linlin: I would like to add here, because I started looking at some cross-border related companies in 2015, and today it is about 6 years, and there are actually several waves of different companies in the middle. We first saw more e-commerce trading platforms in 2015-2016, including some e-commerce companies that want to do infrastructure; 2016-2017, when the Indian market was also very hot, the Southeast Asian market was also very hot, and some of the emerging markets Chinese going to sea to do the infrastructure; until 2017-2018, we will look at DTC in the real sense, that is, start digitally integrating China's supply chain from the back end, and then do digital operations based on e-commerce platforms. To the front end, the C-end user digital experience and real-time feedback, thus opening up the entire chain through a business model.

Back to the point of Amazon sellers, Asazuki did not see Amazon sellers as a track, but as a channel. Last year, when the industry transaction was the hottest, on the contrary, I think this year's sentiment is a good timing for most entrepreneurs, you can stop and think clearly about your positioning: If you are a consumer electronics company, when you are facing the global market, are you competitive in products? Are you the most insightful into your users' needs? What is the intrinsic driving force behind your company's development? Instead of thinking about how to do Amazon operations, how to do Google or Facebook delivery. I think this is to make everyone think thoroughly and calmly, that is, what kind of company you are and what your core competitiveness is.

If you look at the development of the next decade, globalization is irreversible, and I believe that it must be globalization that conforms to the law of economic development.

In this market, we have also seen companies like Tik Tok this year, including companies like Kuaishou, actually elevate globalization to a higher dimension. So we believe that in the next decade, all Chinese companies will work together to build a global infrastructure, and there will be more and more opportunities for birth. We look at a company, not only to see how big their Chinese market can be, but also to pay attention to whether it has the opportunity to participate in global competition in the next decade and become a global excellent company.

So internally we feel that the theme of globalization has reopened the ceiling of this field, and it is a historic opportunity for every company, including Asami, which is some of our thoughts over the years and shared with you.

Moderator (Wei Wen): It is indeed a relatively new idea, from focusing on a wind direction to the essence of business. I would like to ask Zhang Li what thoughts and observations do you have on this year's hot cross-border e-commerce track?

Zhang Li: I have been engaged in cross-border e-commerce for 15 years, and I think this year is a special year. It should be said that since the beginning of this year, I think cross-border e-commerce has finally moved towards a rational, orderly and large-scale development path.

Because in 2015 or even earlier cross-border e-commerce, experienced small bags, experienced the sale of goods, this Amazon incident, in fact, let more cross-border people rationally look at how the industry should develop. I think this event is actually a historical one, I think it's a turning point.

After this incident, I think more sellers will think about what is really my ability to compete? What capabilities should there really be on the way to the sea that Chinese manufacturing enterprises, China's service facility enterprises, and China's service enterprises can consolidate their own capabilities? I think this is particularly important. In fact, this also makes many of our real brand companies, these manufacturing capabilities are very strong, R & D iteration ability is very strong these companies, finally have the opportunity to make their brands appear on the world stage, so that they can compete with those product brands in the traditional world now, they can stand on the same page with these traditional big names, with their high professionalism and high cost performance, to PK world-class brands. We have seen these opportunities one after another, which is also the most exciting year in our 15 years in the industry, so to speak, it is true that many cross-border e-commerce companies have suffered some unfortunate treatment this year, but this is a painful moment, and this moment brings us a strong take-off in the follow-up.

Moderator (Wei Wen): Thank you, it is indeed a relatively big turning point for our cross-border e-commerce industry. So on the one hand, the SellerX business is doing related acquisitions of these sellers and brands, what are your observations about a situation this year?

Yang Fanyi: I think it may be very similar to the feelings of several people, I think this year is also an opportunity for sellers, that is, the entire ecosystem of cross-border e-commerce tends to mature, including our SellerX, which is biased towards acquisition and integration, and also provides sellers with a relatively complete exit service. If we compare cross-border e-commerce to a highway, we may have very few exits before, and what we may see is all the way forward, or stop in the emergency lane, there may not be a good exit. But in the past two years, more and more feasible exports, such as meeting excellent equity investors, this is an export, and may also meet our SellerX company, make your store an acquisition, or do a two-year exit plan, I think these are services that provide sellers with a more complete ecosystem. That is to say, the small shop or super large store in your hand will have a more reasonable destination, not to say that everyone will not stop on an invisible highway to carry out a operation.

I think some of this year's events will also make sellers think about whether they should use the power of capital, or whether they should use the power of a brand group to hand over my carefully cultivated child-like stores. So I think this year's opportunity is actually very good, and it has led to the emergence of our integrated brand collection.

Moderator (Wei Wen): Thank you for sharing! Just now you also mentioned that some of our events in recent years have bred a lot of opportunities, such as the integration of the entire industry, its changes, including some new companies, such as the emergence of SellerX, have brought opportunities to this industry. So I would like to ask you, what are the new opportunities and opportunities that have been bred in this year's market? What kind of companies have you gained?

Zhang Li: It should be said that this year we actually gained a lot as Haofang Group, because during this period, we invested in incubation before, and we were also doing cross-border e-commerce operation services, and 5 companies successfully got financing with a good valuation; second, we also got good financing ourselves; third, more we found more successful ways in this regard, including a new product, a new brand on Amazon how to experience the climbing stage, starting from 0, to 100, To 1000 to 10000, we already have a very detailed methodology for this process.

At the same time, we are constantly consolidating in the process of infrastructure construction, and we also find that this process needs to be subtracted. It should be said that in the past 15 years, we have been doing subtraction, from the very beginning of our own self-operated big sales, hundreds of thousands of SKUs have been done, dozens of e-commerce platforms have been done, focusing on only Amazon, only the United States, Japan and Europe, only the service of the whole industry chain, there are only more than 200 brands, and only 1,000 SKUs.

In fact, this process can be said to be how painful, but what is behind the pain? We learned more new opportunities in this industry. So I'd especially like to talk about where are the new opportunities in this industry? From the supply chain end to have a very strong product, to be honest, no matter what kind of an operation service, how to import a traffic, the final decision to succeed or fail is the product, the product is not only the quality of Chinese manufacturing enterprises, but the recognition of the final experience of overseas end customers. At this point, I think it is necessary to cross the gap, this gap is actually a huge gap between Amazon's platform and manufacturing companies, and this gap is filled by? I believe it is filled in by many service providers in China's e-commerce. I think this will give rise to a lot of investment opportunities, a large number of companies will emerge from here, because in fact, the service is the same, is to learn to do subtraction, to do fine, is to do bullets, not to a handful of sand. The original kind of effect of throwing out a handful of loose sand did not have any competitive ability in the end. To serve every sector, every sector, or infrastructure, must be the bullet head of this sector, so this industry I think is also a process of sifting sand.

Moderator (Wei Wen): Mr. Wu, do you have any additional thoughts?

Wu Ying: In fact, I especially agree with Mr. Zhang's point of view. When looking at the investment opportunities in the cross-border e-commerce industry, Shanxing Capital will think about some underlying issues, such as what is the significance of cross-border e-commerce enterprises to our country and what is the value to the current industry? We've distilled a word called "product definition rights." In the past, Chinese companies were only responsible for manufacturing and acted as the world's factory; while overseas companies gained insight into user needs and defined products, they took the highest value link and the largest profit margin in the industrial chain.

In the future, if Chinese companies want to truly go global, from Made in China to directly serve consumers in destination markets, the most important thing is to get back the "right to define products".

With the development of the industry and the online and data-based access of users, we have been able to see many enterprises that can do a good job in global product definition. Many Chinese companies, including SheIn, have connected supply chain advantages to foreign demand very closely, redefining products and dispatching supply chains more efficiently. We believe this is a truly long-term opportunity to do a good job of demand insights, product definition, and supply chain organization.

Moderator (Wei Wen): Well, I would like to ask Mr. Dai, as a service-oriented capital institution, what suggestions do you think you can share in these investment institutions you have served, including some founding teams?

Dai Linlin: What we may see here are several types of companies, that is, we will look at it internally, one is to believe that the entire cross-border or Chinese companies will participate in the global competition in the future, there is a type of enterprise that is doing infrastructure, or doing related e-commerce services, including saaS, data services, including payment, logistics services, this type of company I think there are opportunities for the long term.

To expand, there is a category of domestic TMT entrepreneurs or some people in related industrial belts, who may be doing part of the business of grafting between China and overseas.

There is also an opportunity that we believe every end-consumer category has the opportunity to participate in globalization. For example, last year's hottest was the consumer electronics company on Amazon, which is very much in line with Amazon's needs, so like consumer electronics I think is a long-term opportunity. But in the future, it is not only driven by operations, but also driven by product innovation, and we think that this category may be more about products than channels.

Like we also serve some furniture companies this year, directly day1 on D2C, master the global supply chain, they may have some sofas to do in China. In the future, Chinese companies or Chinese people can grasp the advantages of the new supply chain, but also understand the user understand the e-commerce operation, you build a set of direct from the industrial chain, supply chain and then to the front-end user operation, this type of company has a chance.

In addition to furniture, China's advantageous categories such as consumer electronics, maternal and infant, toys and other vertical categories have great opportunities.

In addition, Qianyue Capital also sees a class of Opportunities for ToB enterprises, in the past, China may be pure PROCESSING, but there are constantly some Chinese companies that integrate the supply chain freely, and they themselves can directly do overseas users, do product definition and product development, so this part of the enterprise may re-enter our vision, such as auto parts, industrial products, chemicals, etc. This requires entrepreneurs or entrepreneurs in each industrial belt to examine and integrate China's intensive advantages in this category, and then expand overseas markets

Finally, there is a class of opportunities, which may have some differences with the concept of cross-border e-commerce, that is, day 1 is doing global infrastructure, including cloud native, as well as some underlying data services, which is also the focus of Qianyue Capital.

Moderator (Wei Wen): That is to say, in addition to some infrastructure, there are also some companies with deep industrial chains, and the three types of cross-border e-commerce tracks that are relatively hot in China are clothing, home and our clothing products, I want to ask yang Fanyi of our SellerX, when we acquire some, or look at some brand companies, which category are we more willing to contact?

Yang Fanyi: Overall, we are still very flexible in the category, as long as there are good products and a good supply chain, the overall ranking on Amazon is very good, and the link stores will be looked at. The preference is that the product iteration upgrade is relatively slow, such as 3C electronics, we look at the opportunity is not particularly much, or clothing, but other like the general household categories, pets, mothers and babies, just Dai mentioned that China is very advantageous in these supply chain aspects of these categories, we will look.

Moderator (Wei Wen): Okay, I would like to ask Mr. Zhang Li when we look at some overseas brands, which category do you pay more attention to?

Zhang Li: In fact, I think we are very different from them, in fact, when we do service or upgrade products, we have a product called "multiplication plan" this year, we like to choose in the Chinese supply chain, especially in South China, the supply chain system is very sound, very developed categories, including 3C electronics, mobile travel or home appliances. When they encounter bottlenecks, when they want to scale, when they want to standardize, what kind of help do they need? This is a project that we are probably looking forward to in particular next year.

In fact, I think that if the real Chinese products can come out of Amazon or other e-commerce platforms in the future, I think they must have three conditions: First, they must have strong research and development, continuous research and development and iteration capabilities. Can't say that a product one trick fresh eat for three years, in the Internet world is impossible, no matter which category of products you are, especially after the 90s, after 00, will not be loyal to a product for many years. So there must be continuous innovation and iteration ability, which is the first;

Second, there must be differentiation. This differentiated thing is either that you really have a strong cost differentiation ability in supply chain control, and this is more of a test of the ability of your factory or manufacturing base. Another differentiation is technological differentiation, and it is necessary to be truly different in this field. In fact, on the e-commerce platform, especially on Amazon, as long as it looks different, as long as it has different functions, as long as it makes others feel that my experience is different, it will sell at a different price. In fact, on Amazon, after many times of research, we will find that the same parameters, the same functions, but because of the different looks, the difference in customer acceptance of the price is more than 15%, which is too valuable for a manufacturing industry, which is their motivation to go to sea and their motivation to eliminate domestic rolls. So I would think this is the second one of it, that is, you have to be differentiated;

Third, it is true that I think that the investors here should pay special attention to, which is their supply chain capabilities. This supply chain capability is not to say their management ability, but more is their financial ability, in fact, many of these companies they have a very good team, have a very good product, but helpless, indeed have nothing outside the body, on this bit of employees, have this little asset, the bank can not get money, the supply chain company's funds are too expensive, there is some capital money left, to be honest, the pressure to gamble is also too large. So in this piece, if we have a breakthrough in this industry field, we will see a lot of niche, excellent product-type companies emerge, which I think is the new force in China's cross-border e-commerce industry. Real infrastructure, I personally think more will be replaced by the entry of large enterprises, whether it is logistics or payment, or settlement, these will be the final stage for the big guys.

So I think more should be on the subdivision of the product, the subdivision of the service to do the article, to do entrepreneurship, to do the dead, this time the craftsman spirit is particularly suitable for this.

Moderator (Wei Wen): I also had some exchanges with Mr. Wu just now, that is, the big track is a relatively small opportunity, can you share with us some of the opportunities you watched on the track?

Wu Ying: I try to share our observations with you from two dimensions. Just the point mentioned by the guests, especially large tracks, it is difficult to enter. I agree.

What are the two wings of e-commerce? It's payment and logistics. Looking deeper into the nature of business, logistics is a capex-heavy, capital- and manpower-intensive industry. Doing entrepreneurial innovation in this field will be a great challenge for most entrepreneurs.

We also did a very in-depth study of payments. Payment business and cloud computing business have similarities, both are infrastructure-level businesses. The core competitive advantage and long-term barrier to enterprises is scale. Manufacturers will form a high threshold and a strong scale effect through price reduction. At this point in time today, if you want to do a high-scale entrepreneurial operation that pays again, you need to find a breaking point.

Of course, there are still many good opportunities across borders, especially in industries where China has the advantage of a systematic supply chain. When Chinese enterprises compete with overseas enterprises for the right to define products, if they can define good products that solve the pain points of user needs, they will certainly be recognized by overseas users. Through continuous innovation and iteration, it will also bring long-term global accumulation to the brand. Efficient supply creates incremental demand.

We believe that the paradigm of innovative enterprises is: more advanced efficiency + more user value. The innovation paradigm of global enterprises is: more accurate user access and demand insight + better product definition + more efficient supply chain organization.

The future of cross-border e-commerce is a struggle between global enterprises. Chinese companies will compete with overseas companies for "product definition rights". Chinese enterprises have supply chain advantages, international Internet capabilities and cultural self-confidence of world powers, and we believe that the internationalization of Chinese enterprises is a long-term systematic opportunity.

Moderator (Wei Wen): Okay, we have one last question today, that is, what kind of preparation do you think we need to do to seize these opportunities that you have just discussed, whether it is for investors or entrepreneurs, please make a final sharing. Zhang Li always started first?

Zhang Li: Okay. It should be said that cross-border e-commerce will eventually go to the brand to go to sea, if you want to do the brand to go to sea, you must have a psychological preparation. If a traditional brand needs 5-8 years, then a good Internet product brand, please be prepared for 2-3 years, if there is this 2-3 years of preparation, you may really become a certain competitive advantage in the Internet, there is a certain definition of the product. So at this time, in fact, both investors and entrepreneurs must have patience and do better. I think you need to be patient, you have to have patience, and at the same time you have to keep sober and innovative, after these points are done, I think there will be opportunities.

Dai Linlin: I may first say that for most entrepreneurs, I think the biggest opportunity is the good products in various vertical categories, and then the branding of good products after making good products, I think most of the Chinese cross-border sellers are actually stuck in the brand, but have not yet entered the level of brand building. You may need to differentiate the product first, and be able to build your own supply chain-level product-level category definition or find a good subdivision of such an opportunity, I think this step if you can do a good job, coupled with your patience, plus you clearly know in the global market you are in the subdivision category who you really want to fight, and then where your competitive advantage is, and how do you continue to build your competitive advantage.

There are a lot of opportunities in the subdivision category, and I have been exposed to a lot this year that I have never heard of, but it can have a market segment of 10 billion in Europe and the United States, and maybe two traditional companies in Europe and the United States are doing it, and both companies have been established for 50 years. If you are a young person with ideals and ambitions, you find your own comparative advantage, spend 3-5 years, you have good channels including Amazon and independent sites, you can tear apart about 10% of the market, I think I can see dozens of opportunities for such segments.

So I think this opportunity for most of the traditional sellers of cross-border e-commerce, this opportunity is very large, and this opportunity is not to say that there is no next year, this window period is still 10 years, 20 years. We don't have to worry, as long as you find this opportunity, and then use your comparative advantage, and continue to be willing to invest money, into the supply chain, into the personnel, into research and development, no 3-5 years you don't have to think about the market 10%. Some of the entrepreneurs we met, they may have survived 3 years, 5 years, came up with the first explosive product, and then slowly built out the competitiveness and barriers, I think this track patience is the most important.

Secondly, there is also a big opportunity, that is, global data services, especially for China's future cross-border e-commerce practitioners.

Moderator (Wei Wen): Thank you for sharing. If you are a guest or an entrepreneur who has other questions and wants to communicate with our investors and our SellerX Yang Fanyi, welcome to our next exchange, thank you!