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Core Viewpoint - The company, Lianlian Digital, has successfully turned a profit by selling part of its stake in a joint venture with American Express, achieving a net profit of 1.51 billion yuan in the first half of the year, a fivefold increase year-on-year [3][10]. Financial Performance - In the first half of the year, Lianlian Digital reported a net profit of 1.51 billion yuan, driven by asset sales [3]. - The sale of the joint venture stake generated an investment income of 1.6 billion yuan, significantly improving the company's financial standing [4][10]. - The total payment volume (TPV) for Lianlian's digital payment services reached 2.1 trillion yuan in the first half of the year [5]. Business Strategy - The company aims to focus on cross-border payment services, moving away from the highly competitive domestic market dominated by Alipay and WeChat [7]. - Lianlian Digital's global payment business achieved a gross margin of 72.7%, while its domestic payment business had a gross margin of less than 20% [6]. - The company is actively pursuing licenses to enhance its credibility and operational capabilities in the cross-border payment sector [14][15]. Regulatory Environment - The compliance costs for cross-border payment platforms are increasing, with specific requirements for licenses and technology investments [11][12]. - The company has obtained a total of 65 global payment licenses, including an EMI license from Luxembourg [21]. - Regulatory challenges include fragmented licensing requirements across different countries and the need to balance data protection with operational compliance [21][22]. Market Expansion - Lianlian Digital is expanding its services in both mature markets like Europe and North America, as well as emerging markets in Southeast Asia and the Middle East [19]. - Recent partnerships, such as with UnionPay International, aim to enhance cross-border remittance services [20]. - The company has served 7.9 million customers globally, indicating a strong market presence [18].