Core Insights - Recent easing of China-U.S. trade relations has led to potential recovery of Temu's full-service model for the U.S. market [2][10] - U.S. tariffs on small packages from China have significantly decreased, providing a favorable environment for cross-border e-commerce platforms like Temu [6][10] Tariff Adjustments - U.S. tariffs on Chinese goods have been reduced from 145% to 30%, with small package tariffs dropping from 120% to 54%, and currently, the effective rate is around 30% [2][6][10] - This reduction is expected to alleviate operational pressures on Temu and similar platforms, allowing them to resume direct shipments from China [6][11] Business Strategy Changes - Temu has announced plans to resume its full-service model, encouraging sellers to increase inventory by 30%-40% in anticipation of order growth [3][4] - The platform is also allowing sellers to relist previously delisted products due to cost disadvantages, taking advantage of the new tariff structure [4][5] Compliance and Operational Adjustments - New compliance requirements for Temu's full-service model include providing proof of non-Chinese origin for products, with some flexibility for high-scoring brands [4][11] - The platform is expected to enhance its logistics and supply chain management to adapt to the changing tariff landscape [10][12] Market Impact - Analysts predict an increase in the volume of products shipped from China to the U.S. in the coming weeks, as Temu and competitors like Shein adjust to the new tariff environment [5][11] - Price adjustments on Temu's platform reflect the ongoing adaptation to the new trade policies, with some products seeing price increases while others stabilize [5][10]

Core Viewpoint - Guangzhou's GDP growth has significantly lagged behind both national and provincial averages, raising concerns about its economic status as it drops from being one of China's top cities to a lower ranking [2][6][18]. Economic Performance - In Q1 2025, Guangzhou's GDP reached 753.25 billion yuan, with a year-on-year growth of 3.0%, which is below the provincial growth of 4.1% and national growth of 5.4% [3][5][6]. - Guangzhou's GDP growth has been declining for three to four years, with a notable drop to 1.02% in 2022, and a recovery to 4.55% in 2023, but still not keeping pace with other cities [11][12][13][18]. Comparison with Other Cities - Among the 27 cities with GDP over one trillion yuan, Guangzhou ranks second to last in growth, only ahead of Foshan [8]. - In the group of eight cities with GDP over two trillion yuan, Guangzhou ranks last in growth, with a nominal increase of over 20 billion yuan less than Hangzhou [9]. Economic Structure - The economic structure of Guangzhou is heavily reliant on the tertiary sector, which accounted for 91.4% of GDP growth in 2024, while the primary and secondary sectors contributed only 0.5% and 8.1% respectively [21][19]. - The real estate sector, a significant part of the tertiary industry, has been underperforming, negatively impacting overall economic growth [24][26]. Industry Challenges - The automotive industry, a key pillar of Guangzhou's economy, has faced challenges, with a 20.12% decline in production in 2024, leading to a drop in the city's ranking from first to third in automotive output [27][34]. - Guangzhou's industrial output in Q1 2025 showed a slight increase of 0.6%, indicating a potential stabilization, but traditional industries are struggling while new industries are not yet fully developed [32][34]. Emerging Industries - New growth points are emerging in sectors such as electric vehicles, with XPeng Motors showing a significant increase in deliveries, indicating a shift towards new energy vehicles [35][39]. - Guangzhou has established itself as a leader in live-streaming e-commerce, with a retail volume of 517.1 billion yuan in 2024, and has also become a major hub for cross-border e-commerce [41][41]. Conclusion - Guangzhou is currently undergoing a challenging transition, with old growth drivers declining and new ones developing slowly. The city's resilience and patience in navigating this transformation will be crucial for its economic recovery [29][40].

Group 1 - The company, Jihong Co., Ltd. (02603), plans to conduct an initial public offering (IPO) from May 19 to May 22, 2025, offering a total of 67.91 million shares, with 10% allocated for public sale in Hong Kong and 90% for international sale [1] - The proposed price range for the shares is between HKD 7.48 and HKD 10.68, with the expected listing date for H-shares on May 27, 2025 [1] - The company operates in cross-border social e-commerce and paper packaging for fast-moving consumer goods (FMCG), providing a one-stop service for FMCG clients since its establishment in 2003 [1] Group 2 - Following its listing on the Shenzhen Stock Exchange in 2016, the company has successfully transformed and expanded its business, achieving notable results in both operational and financial aspects [2] - According to Zhi Shi Consulting, the company ranks second among B2C export e-commerce companies in China with a market share of 1.3% in 2024, focusing on the Asian market [2] - The company is also the leading paper packaging company for FMCG in mainland China, holding a market share of 1.2% in 2024 [2] Group 3 - At an offering price of HKD 9.08 per share, the company expects to net approximately HKD 505.4 million from the global offering, with around 40% allocated for overseas market expansion [2] - Approximately 35% of the funds will be used for technology development, including enhancing research and development capabilities, data analysis, and expanding revenue sources through Jimiaoyun [2] - About 15% will be allocated to expanding the brand portfolio and developing existing proprietary brands, while 10% will be used for working capital and general corporate purposes [2] Group 4 - The company has entered into cornerstone investment agreements, with cornerstone investors agreeing to purchase shares worth USD 20 million at the offering price, including Timber Kangaroo Capital Limited and Yulong International Capital Limited [3] - Notable investors include Ms. Shen Zhenyu, the chairwoman of Harbin Yuheng Pharmaceutical Co., Ltd. (002437.SZ) [3]

Core Viewpoint - Xiamen Jihong Technology Co., Ltd. is set to become the first company from Xiamen to be listed on both A-share and H-share markets, having successfully passed the Hong Kong Stock Exchange IPO hearing [1][3][4]. Company Overview - Established in 2003, Jihong Technology focuses on providing integrated paper packaging products and services for fast-moving consumer goods (FMCG) companies, and it was listed on the Shenzhen Stock Exchange in 2016 [4]. - The company has two main business segments: cross-border e-commerce and paper packaging [5]. Business Operations - In the paper packaging sector, Jihong has over 20 years of industry experience and operates 10 large production bases across the country, offering a comprehensive service that includes marketing planning, design optimization, intelligent manufacturing, logistics, and sales [6]. - In 2024, Jihong plans to invest in a packaging production base and trade platform in the UAE, focusing on the Middle East and Africa for products such as tobacco packaging and environmentally friendly packaging [6]. Financial Performance - In 2024, paper packaging accounted for 38% of Jihong's total revenue, while cross-border e-commerce contributed 60.9% [10]. Market Position - Jihong ranks second in the domestic B2C export e-commerce market, holding a market share of 1.3% [13][14]. Future Plans - The funds raised from the Hong Kong IPO will be used for overseas market expansion, technology development, and brand expansion [14]. - The company aims to enter untapped Asian markets and expand its cross-border social e-commerce business in Europe and Latin America, as well as enhance its logistics and warehousing systems in mainland China [14]. - Jihong plans to improve its AI technology capabilities and recruit more R&D professionals to develop data analysis tools [16]. - For brand expansion, the company intends to acquire third-party businesses in the daily consumer goods sector within the Asian market [19].

Core Viewpoint - The company, Jihong Holdings (02603.HK), is planning a global offering of 67.91 million H-shares, with a price range of HKD 7.48 to HKD 10.68 per share, aiming to raise approximately HKD 505 million for various business expansions and developments [1][4]. Group 1: Company Overview - Jihong Holdings was established in 2003 and focuses on providing one-stop paper packaging products and services for fast-moving consumer goods (FMCG) companies, emphasizing marketing strategies and consumer demand [1]. - The company has successfully transformed and expanded its business since its listing on the Shenzhen Stock Exchange in 2016, achieving notable results in both business and financial aspects [2]. Group 2: Market Position - According to Zhi Shi Consulting, Jihong Holdings ranks second among B2C export e-commerce companies in China with a market share of 1.3% in 2024, focusing on the Asian market [2]. - The company is also the leading paper packaging company in mainland China, holding a market share of 1.2% in the same year [2]. Group 3: Investment and Use of Proceeds - The company has entered into cornerstone investment agreements, with investors agreeing to subscribe for shares totaling USD 20 million (approximately HKD 155 million), representing about 25.2% of the global offering [3]. - The net proceeds from the global offering are expected to be approximately HKD 505 million, with allocations planned for overseas market expansion (40%), technology development (35%), brand development (15%), and working capital (10%) [4].

Core Insights - Yangling Demonstration Zone is leveraging the Shanghai Cooperation Organization (SCO) agricultural technology exchange platform to enhance international agricultural trade cooperation, resulting in a busy export schedule for various fruits [1][2] - The establishment of an integrated supply chain system in Yangling, combining direct sourcing, quality inspection, sorting, and cross-border logistics, has facilitated the export of nearly 3,000 tons of fresh fruits to over 10 countries [2] Group 1: Export Activities - In early February, 260 tons of kiwifruit were exported to Russia and Central Asian countries; by the end of February, 14 tons of "Sunshine Rose" grapes were sent to Kazakhstan; and in early May, 760 kilograms of fresh blueberries arrived in Moscow [1] - Yangling Modern Agricultural International Cooperation Group has established partnerships with fruit companies in Xinjiang, Yunnan, and Shanxi to export various Chinese fruits to SCO countries [1] Group 2: Supply Chain and Infrastructure - Yangling has developed a one-stop supply chain system that includes direct sourcing, quality inspection, sorting, and cross-border logistics, enhancing the efficiency of fruit exports [2] - The company is focused on reducing fruit loss during long-distance transportation by engaging with local customers to understand their preferences and packaging needs [1] Group 3: E-commerce Initiatives - The upcoming launch of the Agricultural Cloud Bridge SCO Agricultural Base Cross-Border E-commerce Industrial Park aims to provide an integrated platform for cross-border e-commerce businesses, enhancing operational efficiency and competitiveness [4] - The industrial park will also support the incubation and development of start-up companies, contributing to the growth of the cross-border e-commerce sector [5]

XIAMEN JIHONG CO., LTD 廈門吉宏科技股份有限公司 股份代號: 2603 （於中華人民共和國註冊成立的股份有限公司） 全球發售 聯席保薦人、保薦人兼整體協調人、 聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 （按英文字母順序排列） 聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 （按英文字母順序排列） 廈門吉宏科技股份有限公司 重要提示 重要提示： 閣下如對本招股章程的任何內容有任何疑問，應徵詢獨立專業意見。 Xiamen Jihong Co., Ltd 廈門吉宏科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 全球發售 | 全球發售的發售股份數目 : 67,910,000股H股 | | | --- | --- | | : 香港發售股份數目 6,791,000股H股（可予重新分配） | | | 國際發售股份數目 : 61,119,000股H股（可予重新分配） | | | 最高發售價 : | 每股H股10.68港元（另加1%經紀佣金、 | | | 0.0027%證監會交易徵費、0.00015%會財局 | | | 交易徵費及0.00565%聯交所交易費，須於 | | | 申請時以 ...

5月16日，跨境电商平台责任规则国际研讨会在杭州举办。本次研讨会由联合国国际贸易法委员会主办，浙江省自由贸易发展中心和中国（杭州）跨境电 子商务综合试验区共同承办，浙江省法学会数字法治研究会、浙江大学涉外法治研究基地协办。 联合国国际贸易法委员会秘书长 安娜·茹班-布雷致辞 安娜在致辞中强调了平台责任在跨境电子商务中的关键作用，并指出随着数字服务在国际贸易中的地位提升，新的法律问题随之而来，需要确保各方权益 的公平对待和法律的明确性。 来自联合国贸法会、国内外产业界、法学界、司法实务界和商务部、浙江省相关部门的近100多位代表和嘉宾出席。联合国国际贸易法委员会秘书长安娜· 茹班-布雷视频致辞，商务部条法司二级巡视员（副司级）田涯、浙江省商务厅副厅长胡真舫出席研讨会并致辞。浙江省自由贸易发展中心陈巧艳主任主 持研讨会。 商务部条法司二级巡视员（副司级） 田涯致辞 田涯指出，不同国家和地区关于跨境电商商事法律规则不统一给跨境电商发展带来挑战，并强调解决平台法律定位与责任分担问题的重要性。 浙江省商务厅副厅长胡真舫致辞 ( United Nations United Nations United United 胡真 ...

Group 1 - The core viewpoint of the articles highlights the significant growth in exports from the Beijing-Tianjin-Hebei region, with a total export value of 4,454.6 billion yuan in the first four months of the year, marking a historical high for the same period and a growth of 1.7% [1] - In April alone, exports reached 1,216.6 billion yuan, achieving a historical high for the month with an 8% increase, the highest growth rate since June 2024 [1] - Beijing's share of exports in the region increased to 45%, up 1.4 percentage points from the previous year, indicating its crucial role in driving export growth in the region [1] Group 2 - Private enterprises have shown remarkable performance, becoming a key driver of export growth in the region, with the number of exporting companies increasing by 10.1% to 31,274 [1] - The number of private enterprises rose by 11.7% to 27,465, contributing 2,000.1 billion yuan in exports, which is an 11.3% increase and accounts for 44.9% of the region's total exports, up 3.9 percentage points [1] - Emerging industries such as automotive parts, information technology, aerospace, shipbuilding, and trendy toys have contributed significantly to the overall export growth, with specific export increases of 19.5%, 39.4%, 4.4%, 45.1%, and 47% respectively [2] Group 3 - The Daxing Airport Customs has reported a significant increase in import and export activities, with the comprehensive bonded zone's import and export values reaching 26.7 billion yuan in the first four months, a 50.9% year-on-year increase [3] - The establishment of the "smart port" initiative aims to enhance logistics services and streamline customs processes, thereby improving the overall efficiency of trade in the Beijing-Tianjin-Hebei region [3] - The Daxing Airport has launched its first international all-cargo flight route, facilitating cross-border e-commerce and enhancing international trade connections for local enterprises [2][3]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 33.67 CNY, based on a projected PE of 10.8x for 2025 [4][9][13]. Core Views - The company is positioned as a leading exporter of office furniture, benefiting from a recovery in U.S. home demand and a robust cross-border e-commerce strategy. The integration of multiple quality acquisitions is expected to gradually contribute to performance, with long-term growth prospects remaining strong [9][11][13]. Financial Performance Summary - In 2024, the company achieved a revenue of 11.03 billion CNY, a year-on-year increase of 34.59%, while the net profit attributable to shareholders was 263 million CNY, a slight decrease of 0.02% [1]. - The first quarter of 2025 saw revenues of 2.65 billion CNY, up 12.74% year-on-year, but net profit dropped by 49.49% to 52 million CNY [1]. - The gross margin for 2024 was 18.64%, down 5.15 percentage points year-on-year, primarily due to increased shipping costs [4][11]. Business Segment Performance - The company's OBM (Original Brand Manufacturer) business generated 5.94 billion CNY in revenue in 2024, a significant increase of 76.97%, accounting for 53.86% of total revenue [2]. - International revenue reached 9.89 billion CNY in 2024, a growth of 48.88%, while domestic revenue fell by 27.45% to 1.11 billion CNY [3]. Strategic Initiatives - The company is actively expanding its cross-border e-commerce operations, establishing overseas warehouses for efficient logistics and building independent online platforms to enhance brand visibility [3][8]. - The company is also focusing on a "big home" strategy, upgrading product systems and expanding categories to enhance competitiveness [8][9]. Future Projections - Revenue forecasts for 2025-2027 are projected at 12.72 billion CNY, 14.51 billion CNY, and 16.80 billion CNY, with year-on-year growth rates of 15.30%, 14.07%, and 15.79% respectively [9][11]. - Net profit forecasts for the same period are 390 million CNY, 467 million CNY, and 577 million CNY, with growth rates of 48.44%, 19.53%, and 23.58% respectively [9][11].