Core Viewpoint - Yunji Group's overall capital planning has entered a more efficient coordination phase, with adjustments to the previously scheduled IPO timeline originally set for the second half of 2025 [3][4] Group 1: IPO Preparation - The IPO process, initially planned to be completed by around 2026, is now undergoing adjustments to enhance efficiency in coordination and management [3] - The latest discussions indicate that Yunji's unique characteristics in industrial synergy and organizational structure warrant a phased integration approach to improve overall progress [3][4] - The target is to complete major preparatory work by mid-2026, with the proposed listing entity named "Yunji Tianxia" primarily on the Hong Kong capital market [3] Group 2: Internal Coordination Mechanism - Prior to entering the public market, Yunji is exploring the establishment of an internal coordination mechanism to address structural adjustments and phase arrangements within the system [4] - This mechanism aims to optimize organization and internal coordination without involving public trading arrangements [4] - The rhythm optimization is expected to facilitate a more thorough structural review and expectation management before the public market phase, laying a solid foundation for future market operations [4]

Group 1 - JEX has confirmed a phased adjustment of certain functions starting February 5, which is part of the key preparations for its listing process [3] - The adjustments are not due to any risk control or operational anomalies but are closely related to the current development stage of the platform [3] - JEX is entering the listing preparation phase, focusing on compliance review, financial structure organization, and system standardization [3] Group 2 - The management emphasizes that the listing preparation involves a systematic review of the platform's underlying structure, internal governance, and risk control systems [3][4] - The ongoing internal governance structure improvement aims to ensure compliance with regulatory requirements across different markets [4] - The current listing preparation work is seen as a significant step for JEX, potentially enhancing its transparency and standardization in the international capital market [4]

Core Viewpoint - Yunji Group has made significant progress in its overall capital planning, entering a new phase of coordination and optimization for its upcoming IPO, originally scheduled for the second half of 2025 [3]. Group 1: Capital Planning and IPO Preparation - The IPO preparation, initially planned to complete by around 2026, is now being adjusted to enhance efficiency in the overall process [3]. - The adjustments are based on a comprehensive assessment of the project's development path, participant structure, and long-term sustainability [3]. - The company aims to complete major preparatory work by mid-2026, with a unified entity named "Yunji Tianxia" as the proposed listing subject on the Hong Kong capital market [3]. Group 2: Internal Coordination Mechanism - Before entering the public market, the platform is studying the establishment of an internal coordination mechanism to meet the actual needs of structural adjustments and phased arrangements [4]. - This mechanism is intended for organizational optimization and internal coordination, without involving public trading arrangements [4]. - The optimization of the preparation rhythm is expected to facilitate a more thorough structural review and expectation management before the public market phase, laying a solid foundation for future market operations [4]. Group 3: Structural Integration Phase - The recent adjustments signify that the Yunji system and its related sectors are entering a new phase of structural integration [4]. - This indicates that the overall IPO preparation work is gradually moving into a more centralized advancement cycle [4].