此次晚宴将在美国驻日大使乔治·格拉斯官邸举行，与会者还包括OpenAI联合创始人格雷格·布罗克曼、 本田汽车(HMC.US)社长三部敏宏，以及安杜里尔工业公司创始人帕尔默·勒基。 此次晚宴适逢白宫宣布新一轮对美经济投资承诺。根据今年早些时候达成的贸易框架，特朗普降低并设 定了日本商品关税上限，作为交换，日本承诺为美国项目提供5500亿美元资金支持。 智通财经APP获悉，美国总统特朗普在结束对东京的访问前夕，计划与多位企业领袖共进晚餐，届时将 宣布日本对美投资成果。受邀嘉宾包括赛富时(CRM.US)掌门马克·贝尼奥夫、东芝公司首席执行官岛田 太郎、乐天集团(RKUNY.US)创始人三木谷浩史等。 周二早些时候，部分晚宴嘉宾与美国商务部长卢特尼克共同公布了一系列潜在新项目。美日双方领导人 重点推介了制造业与能源领域的合作协议，并表示这些协议各自有望吸引的投资金额，从3.5亿美元到 高达1000亿美元不等。 卢特尼克在活动中表示："能与如此多的业界领袖共聚一堂实属难得。" 在特朗普与日本首相高市早苗早些时候的会谈中，日方向美方展示了一份地图，标注了特朗普第二任期 内已宣布的各项投资。文件内容包括新日铁收购美国钢铁、 ...

Core Viewpoint - Rakuten, a major player in the Japanese e-commerce and finance sectors, is considering an initial public offering (IPO) for its credit card business in the United States, as reported by sources familiar with the situation [1] Company Summary - Rakuten is exploring the possibility of launching an IPO for its credit card division, indicating a strategic move to expand its financial services footprint in the U.S. market [1]

Core Viewpoint - Rakuten is considering an initial public offering (IPO) in the United States for its credit card business, which is one of Japan's largest, amid rising competition and market dynamics [1][2]. Group 1: IPO Considerations - The potential U.S. IPO of Rakuten Card was influenced by rival SoftBank's plans to list PayPay in the U.S. [2] - The discussions regarding the IPO are in early stages, with alternative options including a stake sale to a strategic buyer [1][2]. Group 2: Business Valuation and Stake Acquisition - Mizuho Financial Group acquired a 15% stake in Rakuten Card for 165 billion yen ($1.1 billion), valuing the business at over 1 trillion yen ($7 billion) [3]. - Institutional investors anticipate a baseline valuation of 2 trillion yen for PayPay, with expectations that it could exceed 3 trillion yen during its IPO [3]. Group 3: Importance of Credit Cards to Rakuten - Credit cards are central to Rakuten's business model, which includes online shopping, banking, and travel services, allowing customers to earn loyalty reward points [4]. - Rakuten Card has issued over 30 million credit cards in Japan, with a non-GAAP operating profit growth of 20% to 62 billion yen last year, although it faced a 4.5% decline in the April-June quarter of this year due to increased costs [6]. Group 4: Market Context - The global IPO market is experiencing a resurgence, with the U.S. market having its busiest quarter since Q4 2021, raising $24 billion through first-time share sales in Q3 [7].

Market & Consumer Analysis - The Japanese cross-border e-commerce market is experiencing rapid growth and transformation, with a projected market size of $191.9 billion in 2024 and expected to exceed $260 billion by 2029, indicating stable growth [2] - The consumer demographic in Japan is diverse, with significant segments including the elderly population, which accounts for nearly 30% of the population aged 65 and above, holding over half of the national wealth and prioritizing quality and service [3] - The rise of the "solo economy" is notable, with over half of Tokyo's population living alone, leading to increased demand for small appliances and minimalist home products [4] - Working women in Japan seek efficiency in their purchases, favoring time-saving products in beauty, convenience foods, and home cleaning [5] - Generation Z, born between 1997 and 2012, is a key demographic, being digital natives who are active on social media and prefer personalized, niche brands [5] Major Platforms - The Japanese e-commerce market is dominated by three major platforms: - Rakuten, the largest local e-commerce platform, holds a market share of 28.8% with over 120 million members, known for high user loyalty [5] - Yahoo! Shopping, with an approximate market share of 18%, offers stable traffic and strong search capabilities, particularly for second-hand goods [7] - Amazon Japan, which has a market share of about 25%, is recognized for its diverse product categories and high consumer trust [9] - New emerging platforms such as Temu, TK, and Mercari are also gaining traction, suggesting sellers should test the market on a small scale before deeper engagement [10] Product Selection Recommendations - Popular product categories for sellers to consider include: - Home and living products that are eco-friendly, convenient, multifunctional, and storage-efficient, such as collapsible storage boxes and smart small appliances [11] - Fashion items, particularly workplace attire, with a preference for minimalist designs, indicating a trend towards simple yet professional clothing [13] - Beauty and skincare products, where Japanese consumers show a strong interest in quality and efficacy, particularly in skincare with whitening, moisturizing, and anti-aging properties [15] Conclusion - The Japanese cross-border market presents both opportunities and challenges, emphasizing the importance of selecting the right platform and adhering to precise product selection strategies for sellers of all sizes to find their niche and achieve growth [15]

Core Insights - The opening of the Rakuten Group's Hangzhou branch marks a significant step in enhancing Hangzhou's position as a global cross-border e-commerce hub [1][2] - Hangzhou's comprehensive pilot zone has leveraged policy advantages, industrial cluster benefits, and a strong digital economy foundation, making it a preferred location for global e-commerce giants targeting the Asia-Pacific market [1] - Rakuten's establishment of a core hub in East China in Hangzhou reflects its recognition of the city's cross-border e-commerce ecosystem [1] Company Developments - Rakuten Group, founded in 1997, is a benchmark enterprise in the global internet ecosystem, with extensive experience in e-commerce retail, cross-border payments, and digital marketing [1] - Since opening its doors to Chinese sellers in 2019, Rakuten has transitioned from a model where Japanese entities operated stores to allowing direct entry for Chinese companies, significantly lowering entry barriers for Chinese sellers [1] - The official operation of the Hangzhou branch will activate Rakuten's "East China engine" for its development in China [1] Industry Context - The CEO of Rakuten's China division highlighted that East China is one of the most economically vibrant regions in China, with strong manufacturing and supply chain advantages that align well with Japanese market demands [2] - Products from East China, such as outdoor goods, textiles, and household items, have maintained a significant presence in the Japanese market due to their high quality and innovation [2] - The establishment of the Hangzhou branch aims to bridge the final gap between Rakuten's ecosystem and East China's industries, facilitating efficient access for more East China sellers to Japanese and global consumers through digital tools and localized support [2]

Group 1 - The article focuses on value investing opportunities in Asia, particularly in Hong Kong, targeting stocks with significant discrepancies between market price and intrinsic value [1] - The investment strategy emphasizes deep value balance sheet bargains, such as net cash stocks and low price-to-book (P/B) stocks, as well as wide moat stocks that represent high-quality businesses [1] - The author provides a range of watch lists with monthly updates to assist investors in identifying potential investment opportunities [1]

Core Insights - Rakuten has launched the Rakuten American Express® Card in the U.S., exclusively for its members, enhancing the shopping experience with industry-leading Cash Back rewards and no annual fee [1][4] Group 1: Card Features - The Rakuten Card offers an additional 4% Cash Back on purchases made through Rakuten's platform, applicable up to the first $7,000 of spending each calendar year [2] - Cardholders earn an extra 5% Cash Back when dining at over 22,000 Rakuten partner restaurants, totaling 10% Cash Back on Rakuten Dining [2] - The card provides 2% Cash Back on groceries and restaurants, and 1% Cash Back on all other purchases outside of Rakuten's platform [3] Group 2: Partnerships and Technology - The card program is powered by Imprint and issued by First Electronic Bank through American Express' Agile Partner Platform [5] - The collaboration aims to deliver a digital and customer-first experience, combining Rakuten's Cash Back program with American Express's benefits [4][5] Group 3: Additional Benefits - Cardholders gain access to Amex Offers for shopping, dining, and travel, as well as Amex ExperiencesTM in music, entertainment, and theater [4] - Retail protections include Purchase Protection and Extended Warranty, enhancing the value proposition for cardholders [4] Group 4: Sign-Up Incentives - New cardholders receive a sign-up bonus of $25 Cash Back after spending $500 within the first 90 days [6] - Members referring new users can earn $30 Cash Back once the new member makes qualifying purchases totaling at least $30 within 90 days [6] Group 5: Company Background - Rakuten has become a leading shopping platform since its founding in 1999, with members earning $4.6 billion in Cash Back through its services [7]

Company Overview - Imprint, a 5-year-old credit card startup, has successfully secured a co-branded card deal with Rakuten, indicating its growing influence in the co-branded credit card market [1] - The company recently raised $70 million in additional capital, increasing its valuation by 50% to $900 million within less than a year [2] Industry Dynamics - The co-branded credit card sector is highly competitive, with major players including JPMorgan Chase, Capital One, Citigroup, and Synchrony vying for partnerships with retailers, airlines, and hotels [3] - Imprint is actively engaging with Fortune 500 companies to establish partnerships, positioning itself as a viable alternative to larger banks like Synchrony and Barclays [4] Financial Position - Imprint has raised a total of $330 million, primarily retained on its balance sheet, to demonstrate financial stability to potential partners [4] - The startup has access to approximately $1.5 billion in credit lines from banks such as Citigroup, Truist, and Mizuho, which it utilizes to extend loans to card customers [5]

Core Viewpoint - Rakuten Group Inc. will receive support from Meti in the development of artificial intelligence (AI) models [1] Group 1 - Rakuten Group Inc. is focusing on enhancing its capabilities in AI technology [1] - The collaboration with Meti is expected to bolster Rakuten's AI development efforts [1]

Core Insights - The article focuses on the Asia Value & Moat Stocks research service, which targets value investors looking for significant discrepancies between stock prices and intrinsic values, particularly in the Asian market, especially Hong Kong [1] Group 1: Investment Strategy - The service emphasizes deep value balance sheet bargains, such as net cash stocks, net-nets, low price-to-book (P/B) stocks, and sum-of-the-parts discounts [1] - It also highlights wide moat stocks, which are characterized by strong earnings power at discounted prices, including high-quality businesses and hidden champions [1] Group 2: Research Offerings - The author provides a range of watch lists with monthly updates to assist investors in identifying potential investment opportunities [1]