Core Viewpoint - The emergence of counterfeit diamonds and fake certificates on e-commerce platforms poses a significant threat to consumer rights and the reputation of the lab-grown diamond industry [1] Group 1: Industry Impact - E-commerce platforms are witnessing advertisements for diamonds at extremely low prices, such as a 2-carat lab-grown diamond ring for 153 yuan and a 99-carat imported diamond for 22 yuan, which are actually made of glass or synthetic cubic zirconia with minimal production costs [1] - The fraudulent activities create a "fake diamond + fake certificate" chain, severely disrupting market order and damaging the credibility of the lab-grown diamond sector [1] Group 2: Recommendations for Improvement - E-commerce platforms need to enhance their entry review processes to ensure that merchants possess legitimate qualifications and professional appraisal capabilities [1] - Regulatory authorities should strengthen cross-regional collaboration to trace and combat the production of fake certificates, establishing a comprehensive regulatory system from source to sale [1] - Increased public education on lab-grown diamonds is necessary to dispel misconceptions and promote a healthier market environment [1] Group 3: Consumer Awareness - Consumers are urged to remain vigilant and not to trust advertisements that defy common sense regarding pricing, contributing to the maintenance of a healthy market environment [1]

Core Insights - The article highlights the challenges faced by Haipai Ke, a maternal and infant e-commerce platform, including allegations of counterfeit products and declining growth, as it prepares for its IPO [1][11]. Company Overview - Haipai Ke, founded in 2015, focuses on the lower-tier market for maternal and infant products, connecting suppliers with retail stores and expanding into beauty and health products [1][9]. - The company claims a market share of 10.1% in the family care and nutrition product sector, with a projected transaction volume of 8.6 billion yuan in 2024 [1]. Counterfeit Allegations - The company has faced ongoing allegations of selling counterfeit products, with consumer complaints documented on third-party platforms [1][6]. - A specific case involved a purchase of Estee Lauder's product, which was later confirmed as counterfeit by a professional testing agency [2][4]. Supplier Management Issues - The investigation revealed significant issues in supplier management, with unauthorized products being listed on the platform [4][6]. - The company’s customer service has offered refunds and compensation for counterfeit claims, but enforcement against suppliers remains weak [4][6]. Retail Network Authenticity - Haipai Ke claims to connect approximately 290,000 retail stores, but the authenticity of this figure is questioned, as the registration process for stores appears to be lax [7][8]. - Reports indicate that individuals can easily register as retail stores without stringent verification, undermining the claimed network size [8]. Financial Performance - The company has experienced revenue fluctuations, with reported revenues of 895 million yuan in 2022, 1.067 billion yuan in 2023, and a decline to 1.032 billion yuan in 2024 [11]. - Despite a shift towards profitability, the company has accumulated losses of 1.854 billion yuan by the end of 2024 [11][12]. Investment and Shareholder Dynamics - Haipai Ke has undergone multiple rounds of financing, with significant investments from various firms, but has also seen several shareholders withdraw their investments [11][12]. - The company is under pressure to complete its IPO by the end of 2026, with potential consequences for failing to do so, including issuing new convertible notes [12].